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AMERICAS
Ares Management and Blue Owl Capital are leading a group of private credit lenders providing $4.8bn of debt financing for the acquisition of pharmaceuticals manufacturer Catalent, Bloomberg reported.
The financing — one of the largest private credit transactions on record — will help fund the $16.5bn acquisition of Catalent by Novo, the controlling shareholder of weight loss drugmaker Novo Nordisk. The package is made up of a $4.2bn term loan and $575m revolving line.
Blue Owl Capital, a private equity firm, agreed to acquire Prima Capital Advisors, an investment advisor specializing in commercial mortgage investments, for $170m.
"In evaluating the next stage for how we can best serve our stakeholders, we identified Blue Owl as the clear value-driver given the strength of their management team, their exceptional capabilities and strong culture of collaboration. I along with Prima CIO Nilesh Patel, CFO Julia Tcherkassova, and the rest of the Prima team, are excited to join Blue Owl and continue the strong legacy we created over the past three decades," Gregory White, Prima CEO.
Prima Capital Advisors is advised by Morgan Stanley, Kramer Levin Naftalis & Frankel and Pillsbury Winthrop Shaw Pittman. Blue Owl Capital is advised by Newmark Group, Berkshire Global Advisors, JP Morgan, Natixis Corporate, Scotiabank, Wells Fargo Securities and Kirkland & Ellis.
Blackstone, an American alternative investment management company, agreed to acquire Apartment Income REIT, a publicly traded, self-administered real estate investment trust, for $10bn.
"I am proud of the AIR team and its remarkable culture. The transaction will strengthen the AIR mission to provide homes for others, be a great place to work, act as responsible stewards of AIR communities, and be a trusted partner to AIR investors. The business the AIR team has built will be improved and expanded by collaboration with Blackstone and a shared focus on serving residents and investing wisely. The AIR team is grateful to Blackstone for the opportunity and for its faith in what can be accomplished working together," Terry Considine, AIR Communities President & CEO.
Apartment Income REIT is advised by Citigroup and Skadden Arps Slate Meagher & Flom (led by Joseph Coco and Kyle Hatton). Blackstone is advised by Bank of America, Barclays, Goldman Sachs, Wells Fargo Securities and Simpson Thacher & Bartlett.
American Industrial Partners, a private equity firm, completed the acquisition of Boart Longyear Group, an international mineral exploration company, for $371m.
"The closing of this acquisition marks a new chapter in Boart Longyear's 134-year history. Boart Longyear has been an industry leader for more than a century, and we aspire to further strengthen that position in partnership with company management by deploying AIP skills across areas including product engineering, aftermarket, procurement, quality systems, logistics, LEAN, IT, and finance. We look forward to partnering with the Boart Longyear team to capitalize on the large growth opportunities we mutually envision for the Company," Zac Carson, AIP Partner.
Tradeweb, a global operator of electronic marketplaces for rates, credit, equities and money markets, agreed to acquire ICD, an institutional investment technology provider, from Parthenon Capital Partners, a private equity firm, for $785m.
"ICD is an exceptional opportunity to acquire a leading investment platform for corporate treasurers, a fast-growing channel within fixed income markets and a strong strategic fit for Tradeweb. Acquiring ICD will further diversify our client and business mix, advancing our track record of expanding into adjacent markets to improve client workflows. As part of Tradeweb, ICD will also be positioned to drive the adoption of electronic trading for corporate treasurers. We look forward to welcoming the talented ICD team onboard, who share Tradeweb's unwavering commitment to delivering innovative products and extraordinary service, and to jointly creating even greater value for our clients and shareholders," Billy Hult, Tradeweb CEO.
ICD is advised by Moelis & Co, Raymond James and Kirkland & Ellis. Tradeweb is advised by JP Morgan, Morgan Stanley and Fried Frank Harris Shriver & Jacobson.
One Equity Partners, a private equity firm, completed the acquisition of the Associated Spring and Hanggi businesses from Barnes Group, a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, for $175m.
"This acquisition is another example of OEP's ability to execute corporate carve-outs of attractive and specialized industrial assets from major industry players. We believe Associated Spring is well-positioned in the global springs and stampings production sector, and is primed for growth as a major industrial supplier to growing and attractive segments including the aerospace and medical end markets," Ante Kusurin, One Equity Partner.
Five Arrows, the alternative assets arm of Rothschild & Co., agreed to acquire Rimes, a provider of EDM -as-a-Service and investment platform solutions to the global investment community, from EQT, a private equity firm. Financial terms were not disclosed.
"Rimes has been on a significant growth trajectory over the last few years, and I am really proud of what our team has achieved. Today, Rimes combines the customer-centric ethos and deep domain expertise that has differentiated us since 1996 with the industry's most modern technology and an innovative, comprehensive product offering designed to address the investment data challenges of the future. This transformation would not have been possible without the support of EQT and our Board, and I would like to thank them for the highly successful partnership. We look forward to joining forces with Five Arrows to build upon our strong momentum going forward," Brad Hunt, Rimes CEO.
Rimes is advised by Evercore and Latham & Watkins. Five Arrows is advised by Jefferies & Company and Shoosmiths. EQT is advised by Evercore and Latham & Watkins.
General Atlantic, an American growth equity firm, led a $425m investment in Buyers Edge Platform, a data and software tools provider, with participation from Blackstone Tactical Opportunities and Morgan Stanley Tactical Value.
“Buyers Edge Platform has always been focused on driving better economic outcomes for foodservice stakeholders through technology. Our new partnership with GA Credit, Blackstone, and Morgan Stanley Tactical Value will enable us to fund key strategic initiatives and provide us with access to these firms’ global platforms and operational resources. Their support will allow us to continue on our mission of delivering even greater efficiency, connectivity, and value to the foodservice ecosystem," John Davie, Buyers Edge Platform Founder and CEO.
Washington Harbour Partners, a private investment firm, completed the $60m investment in Raft, a modern technology and data-focused, advanced software engineering firm.
“Our partnership with Washington Harbour will accelerate Raft’s mission of ushering in a new paradigm for the modern warfighter, across all domains of air, land, sea, space and cyber. Next generation, advanced technologies are transforming how wars are initiated, fought, resolved, won, and deterred. Washington Harbour’s deep knowledge of our industry, shared vision, and expansive strategic relationships all give me great confidence and excitement in continuing to serve our customers and our country, especially at the mission’s edge," Shubhi Mishra, Raft Founder & CEO.
Raft was advised by Holland & Knight. Washington Harbour Partners was advised by PricewaterhouseCoopers, Morrison & Foerster and Edelman (led by Katherine Colquitt).
Vista Equity Partners, an American private equity firm, agreed to acquire Model N, a provider of revenue optimization and compliance for pharmaceutical, medtech, and high-tech innovators, for $1.25bn.
"We are pleased to have reached this agreement with Vista, which is the culmination of a robust sale process led by our Board of Directors with the assistance of our financial and legal advisors. As the Board considered the long-term path for Model N, we unanimously determined that the transaction with Vista represents the best opportunity to deliver compelling, certain, and immediate cash value to our stockholders and is in their best interest in light of the challenges faced by Model N as a standalone public company," Baljit Dail, Model N Chairman of the Board.
Model N is advised by Jefferies & Company and Fenwick & West. Vista Equity Partners is advised by Kirkland & Ellis.
Peak Rock Capital, a private equity firm, agreed to acquire HuFriedyGroup, a dental instrument manufacturing company, from STERIS, a medical equipment company, for $800m.
“Since acquiring our Dental segment through the Cantel acquisition, we have focused on deploying lean manufacturing methods to drive operating efficiencies. We have been impressed with the strength of the team, their willingness to adopt lean philosophies, and the leadership position the business has with Customers. After a thorough review of strategic alternatives, we have decided to divest our Dental segment to allow us to focus on our Customers within our core markets in healthcare, pharma and MedTech who can most benefit from our full portfolio of products and services. We are confident this business will do well with the investment and support of Peak Rock Capital,” Dan Carestio, STERIS President and CEO.
General Atlantic, a global growth equity firm, completed the minority investment in PeakEquity Partners-backed HighLevel, a provider of sales and marketing automation software for marketing agencies, entrepreneurs, and small businesses. Financial terms were not disclosed.
“Our commitment to empowering businesses to connect with their customers in more meaningful ways remains central to our mission here at HighLevel. We’re not just about growth for the sake of growth – we’re about making a real difference in the lives of our users. General Atlantic’s four-decade track record of strategically supporting and scaling mission-driven technology companies aligns closely with our own growth trajectory and ambitions. This investment allows us to stay true to that goal while we continue to innovate and set ourselves apart in the industry," Shaun Clark, HighLevel Co-Founder and CEO.
HighLevel was advised by JP Morgan and O'Melveny & Myers. General Atlantic was advised by Paul Weiss Rifkind Wharton & Garrison.
Maverick Capital, a hedge fund firm, led a $70m round in SiMa.ai, a software-centric, embedded edge machine learning system-on-chip company, with participation from Point72, Jericho, Amplify Partners, Dell Technologies Capital, and Lip-Bu Tan.
"AI — particularly the rapid rise of generative AI — is fundamentally reshaping the way that humans and machines work together. Our customers are poised to benefit from giving sight, sound and speech to their edge devices, which is exactly what our next generation MLSoC is designed to do. We have established undeniable technology leadership with our first generation MLSoC and with that momentum, also recognised the imminent need to equip our customers with one software-centric platform that supports all modalities from computer vision to GenAI. To that end, we're accelerating our ability to execute and have strengthened our investor base even further with the addition of Maverick Capital, Point72 and others, as we remain laser focused on powering the edge the world relies on," Krishna Rangasayee, SiMa.ai Founder and CEO.
SiMa.ai was advised by JP Morgan and SBS Comms (led by Jordan Beadle).
Evolution Strategy Partners, a private equity firm focused on infrastructure and essential businesses, completed the acquisition of Amped Electric, an electrical service contractor. Financial terms were not disclosed.
"We are thrilled to welcome Amped Electric to the Evolution family. Mike and his team's proven track record of excellence and commitment to client satisfaction perfectly complement our goal to advance best-in-class infrastructure business solutions across America. This acquisition represents a significant opportunity for us to help expand Amped's service capabilities and geographic footprint so they can better serve the needs of clients in South Carolina and beyond," Stenning Schueppert, Evolution Managing Partner.
Evolution Strategy was advised by Morgan Lewis & Bockius (led by Jeffrey Dinerstein). Amped was advised by Purpose Equity Group.
Certares, an investment management company, and Belcourt Capital Partners to acquire Hilton Boston Back Bay, an investment company, for $171m.
"Boston is one of the only true 'seven-day-a-week' lodging markets in the US, with demand driven by a diverse set of corporate and leisure travelers. The city is home to major corporate tenants, world-class colleges and universities, numerous leading medical centers, state-of-the-art life science facilities and a wealth of after-work and weekend leisure activities, making this an incredibly attractive investment," Nolan Hecht, Certares Senior Managing Director and Head of Real Estate.
Certares is advised by Prosek Partners.
Surge Ventures, a new SaaS venture studio focused on the financial services and wealth management industries, completed the acquisition of Kovair Software, a software company that develops integrated application lifestyle management solutions for its clients. Financial terms were not disclosed.
"With this venture, we aim to tackle the problem of data management in the wealth management industry and to offer products that dramatically improve operational efficiency, data flow, and security across software applications, for wealth management firms, addressing the industry's demand for secure and unified data integration solutions. Surge Ventures will leverage Kovair's Omnibus platform to offer an unparalleled solution that simplifies complex integrations and empowers wealth management professionals with enhanced data-first capabilities," Sid Yenamandra, Surge Ventures, Founder, CEO and Managing Partner.
Surge Ventures was advised by Haven Tower Group (led by Mitch Manning).
Basis Vectors Capital, a private equity and technology investment firm, completed the acquisition of Cadient, a provider of talent acquisition solutions in the hourly hiring sector. Financial terms were not disclosed.
"At Cadient, we're thrilled to embark on this new chapter with a partner who shares our vision for transforming talent acquisition. By joining forces with Basis Vectors Capital, we're gaining access to their invaluable expertise in empowering and scaling SaaS businesses. This collaboration will fuel our ability to deliver exceptional value to our customers and achieve our ambitious market expansion goals. We'll leverage this partnership to propel Cadient's innovation and shape the future of hiring excellence," Jon Puckett, Cadient CEO.
AXA Investment Managers, an investment management firm, agreed to acquire W Capital Management, a private equity firm specialising in GP-led and direct secondary investments. Financial terms were not disclosed.
"We are delighted to join forces with W Capital Partners, which is well-established in the US and known for its strong expertise. It is a unique opportunity to provide our clients with access to new sources of value creation while scaling WCP's platform," Marco Morelli, AXA IM Executive Chairman.
Factor89, a specialized private equity firm, agreed to acquire Master Magnetics, an online store for magnets for B2B and B2C companies like automotive, construction, design, and agriculture. Financial terms were not disclosed.
"For 48 years, Master Magnetics has committed to delivering exceptional products and has built a strong customer base. Factor89's strategic approach and resources will enable the company to scale operations and innovate further to meet the market's evolving needs," Jennifer Brown, Master Magnetics CEO.
HIG Capital, a global alternative investment firm, completed the acquisition of Segers Aero, an aviation company. Financial terms were not disclosed.
“Over the last five decades, we have made substantial investments in our facility, expertise, and capabilities to position Segers as a best-in-class provider of repair and overhaul services. Given our reputation for safety and providing the highest quality services, our customers are increasingly turning to Segers to meet their needs. We are excited to partner with HIG to leverage their resources and experience to further invest in our capabilities and provide best-in-class service to our customers,” Christo Kok, Segers Aero CEO.
KKR weighs sale or IPO for $15bn BMC Software.
KKR is again reviewing options to exit IT solutions firm BMC Software, which could be worth about $15bn including debt in a sale or initial public offering, Bloomberg reported.
The buyout firm has received inbound interest from other private equity firms interested in potentially acquiring Houston-based BMC.
Carlyle mulls $10bn sale of StandardAero.
Private equity firm Carlyle Group is weighing strategic options, including a sale, for StandardAero that could value the US aircraft maintenance services provider at about $10bn, including debt, Reuters reported.
Carlyle's deliberations come as the aviation sector recovers from the slump of the Covid-19 pandemic and as its peers capitalise on a rise in mergers and acquisitions to cash out on their investments.
Silver Lake lines up $8.5bn financing for Endeavor buyout.
Silver Lake Management has lined up as much as $8.5bn of debt financing for its buyout of Endeavor Group, the talent agency and controlling investor in WWE and the Ultimate Fighting Championship, Bloomberg reported.
JP Morgan is leading underwriters on a portion of the financing structured as a leveraged loan. The makeup and amount of debt could still change.
Jersey Mike’s considers sale.
Jersey Mike’s Subs is considering a sale that could value the popular sandwich chain at $8bn, WSJ reported.
The closely held company has been in on-and-off discussions with Blackstone. Though those talks have cooled, Jersey Mike’s remains open to a deal with the private-equity firm or another suitor. It is possible the Manasquan, NJ-based chain will ultimately decide not to pursue a transaction.
Investors in talks to help Elon Musk’s xAI raise $3bn.
Investors close to Elon Musk are in talks to help xAI raise $3bn in a round that would value the tycoon’s artificial-intelligence startup at $18bn, WSJ reported.
The venture-capital firm Gigafund and Steve Jurvetson, a prominent Musk backer and co-founder of another venture firm, are among the backers considering investing in the round.
Bain Capital raises $429m with Axis Bank stake sale.
Bain Capital has sold its Axis Bank stake at INR1,071 ($12.87) per share to raise $429m, Reuters reported.
Bain Capital declined to comment and Axis Bank did not immediately respond to a request for comment. Bain sold 33.4m shares in the block trade.
Blackstone-backed hedge fund Antara freezes illiquid assets.
Antara Capital, a $1.3bn hedge fund backed by Blackstone, froze its hard-to-sell assets from redemptions after piling on losses, Bloomberg reported.
Money plowed into illiquid private investments has been withheld from redemptions and was placed in a so-called side pocket in February, after the firm posted a second straight year of slumping returns. The move is aimed at avoiding a fire sale of those investments, which drove declines in the hedge fund’s performance in 2023.
Ontario pension fund preaches patience in private equity’s long winter.
Private equity firms have been slow to cash out of holdings and hand money back to their investors. Executives at Investment Management Corporation of Ontario say they’re ready if that trend continues, Bloomberg reported.
“Most of our partners will probably say that the worst is over. We are just patient. We are prepared that we are not going to have exits for a while,” Rossitsa Stoyanova, Investment Management Corporation of Ontario CIO.
Thoma Bravo targets $20bn for next buyout fund.
Thoma Bravo is targeting to raise about $20bn for its next flagship buyout fund. The Chicago-based technology-focused firm is discussing commitments to Thoma Bravo Fund XVI with potential investors. The fund does not have a hard cap.
Thoma Bravo is separately seeking about $7bn for Discover Fund V, its new mid-market vehicle. Deliberations are ongoing and no final decisions on the size or timing of the fundraisings have been made.
Thoma Bravo collected more than $24bn from the likes of Canada Pension Plan Investment Board and California Public Employees' Retirement System for its last big buyout fund - Thoma Bravo XV - in late 2022. At the same time it revealed it had raised $6.2bn for Thoma Bravo Discover Fund IV and $1.8bn for the Thoma Bravo Explore Fund II, which invests in the lower end of the market, Bloomberg reported.
New Era for pay catapults Carlyle’s CEO past old Goldman rival. (People)
They were the two stars at Goldman Sachs Group in the race to become chief executive officer, Bloomberg reported.
One, David Solomon, spurned overtures to join Carlyle Group and reached the top of the investment bank, where he has won compensation awards valued at a total of $189m over the past six years.
The other, Harvey Schwartz, left Goldman, showed up at Carlyle after a lengthy hiatus, and scored pay packages pegged at $217m since arriving last year.
EMEA
The sale of Telecom Italia's network is the only "realistic" option for the group, as it grants the survival of the phone company, Italy's economy minister said on April 9, Reuters reported.
"TIM shareholders will decide if the sale of the fixed-line network to KKR will go ahead," Giancarlo Giorgetti, Italian Minister for Economic Development.
KKR is advised by Citigroup, Colombo & Associati (led by Paolo Colombo), JP Morgan, Morgan Stanley (led by Dominique Cahu), UBS (led by Riccardo Mulone), Freshfields Bruckhaus Deringer (led by Michael Hilton), Gianni Origoni Grippo Cappelli & Partners (led by Francesco Gianni) and Community Group (led by Pasquo Cicchini). Canada Pension Plan Investment Board is advised by Evercore. Telecom is advised by Equita SIM (led by Carlo Andrea Volpe), Goldman Sachs (led by Francesco Pascuzzi and Macario Prieto), LionTree Advisors (led by Jake Donavan), Mediobanca (led by Giuseppe Baldelli), UniCredit (led by Andrea Petruzzello), Vitale & Co (led by Francesco Garbin), Clifford Chance, Gatti Pavesi Bianchi Ludovici (led by Rossella Pappagallo), Studio Carbonetti (led by Fabrizio Carbonetti), Sullivan & Cromwell (led by Stephen M. Kotran) and Community Group (led by Auro Palomba). Vivendi is advised by Chiomenti (led by Filippo Modulo).
Verdane, a specialist growth investment firm, completed the acquisition of a majority stake in Corlytics, a company specialising in regulatory intelligence, content and automated policy compliance and attestation. Financial terms were not disclosed.
“Corlytics has successfully progressed in developing new products to further improve our value proposition to Tier 1e clients globally. This investment from Verdane ensures the continued growing market leadership for Corlytics. We look forward to partnering with the Verdane team and with their experience and expertise, we expect to accelerate organic growth and augment that with M&A activity," John Byrne, Corlytics Founder and CEO.
Corlytics was advised by BDO, Liberty Corporate Finance, Robert W Baird (led by Justin Prichard) and Dentons. Verdane was advised by PricewaterhouseCoopers, McKinsey & Company, Trinity Square, Burness Paull and Deloitte.
Bridgepoint rejected an offer from TKO Group for MotoGP that was €200m ($217m) higher than what Formula One-owner Liberty Media agreed to for the motorcycle series on April 1, FT reported.
"We know that our bid was worth €200m more than the Liberty bid," Ari Emanuel, TKO CEO, adding that he did not understand why Bridgepoint rejected the higher offer.
MotoGP is advised by Moelis & Co (led by Charles Barker) and Latham & Watkins. Liberty Media is advised by Goldman Sachs, O'Melveny & Myers (led by C. Brophy Christensen) and Sloane & Company. Debt financing is provided Goldman Sachs.
Symphony Technology Group, an American private equity firm, agreed to acquire Gresham Technologies, a mission-critical software and automation solutions provider, for £147m ($185m).
"We couldn't be more excited about bringing together two leading financial technology providers and leveraging the respective strengths of each company to drive greater value for our combined customers. By combining Gresham with Alveo we will create a capital markets data management specialist that offers clients greater scale and a range of solutions to facilitate their business processes. We look forward to welcoming Gresham to the STG family," Marc Bala, STG Partners Managing Director.
NRDC Equity Partners, a New York-based investment firm, and BB Kapital, Bernd Beetz’s family office, agreed to acquire Galeria Karstadt Kaufhof, a department store group in Europe. Financial terms were not disclosed.
“BB Kapital’s experience in supporting organizational development and managing and developing brands makes us very complementary with NRDC Equity Partners’ track record of improving retail infrastructure and systems. This will be a very strong combination for Galeria going forward,” Michèle d’Ancona, BB Kapital CEO.
Domino's Pizza Group, a United Kingdom-based master franchise of international fast food pizza delivery chain Domino's, completed the acquisition of the remaining stake in Shorecal, a Domino’s franchise business operating in the Republic of Ireland and Northern Ireland, from Charles Caldwell, Anne Caldwell and Adrian Caldwell, the owners, and Radcliff Management-backed SC Holdings I, an investment vehicle, for €72m ($78m).
“I’m delighted that we have been able to move quickly on the first part of the growth plan we set out in December and agree terms to acquire the remaining shares in Shorecal. We believe there is a significant opportunity for us in Ireland and we are now in an even stronger position to accelerate our growth, open new stores, and provide great service and great tasting products to our customers," Andrew Rennie, Domino's Pizza Group CEO.
EQT Partners, a Swedish global investment organization, agreed to acquire a majority stake in Universidad Europea, a private higher education platform in Spain and Portugal, from Permira, a private equity firm. Financial terms were not disclosed.
"With Permira as our trusted partner, we've achieved remarkable success over the past four years. Together, we have strengthened the quality of our academic model for our students and embarked on ambitious expansion initiatives, including the establishment of new campuses and infrastructures. None of these milestones would have been possible without the unwavering dedication and collaborative efforts of our teams. As we enter this new chapter, we extend a warm welcome to EQT and we are excited to explore the boundless opportunities that lie ahead in this extraordinary venture. Joining forces with EQT, alongside Permira, allows us to continue our journey of innovation and growth, furthering our mission of changing lives through higher education," Otilia de la Fuente, Universidad Europea CEO.
EQT Partners is advised by Deutsche Bank and Allen & Overy.
Hy24, an investment platform focused on clean hydrogen infrastructure, led a €200m ($218m) round in HysetCo, a hydrogen mobility start-up that is positioned both on the development of hydrogen refuelling stations and on the fleet, with participation from Eiffel Investment Group and Raise.
"The success of this fundraising closely of €200m marks the start of a new era for HysetCo. An era where we will accelerate our expansion in France and Europe to contribute even more actively in a transition towards a concrete, rapid and efficient decarbonized society, and improve air quality. We are enthusiastic and proud of Hy24's trust, historical shareholders and co-investors associated in this operation, which validates our mission and our ambition, and allows us to amplify our capacity to deploy mobility hydrogen on a large scale. This key step is historic, for all of our employees, of our customers and our partners engaged in the development of our sector," Loïc Voisin, HysetCo President.
Investment firm 777 Partners has pushed back its target date for buying Everton FC to the end of next month and is asking for more time to repay a £158m ($198m) loan related to the club's new stadium, Bloomberg reported.
The Miami-based firm had aimed to close the purchase of the Premier League football club at the end of this week. Everton and 777 face a deadline due April 15, when MSP Sports Capital, a rival American investor, is due to claim repayment of the loan it made to help it build a new state-of-the-art stadium in Liverpool's Bramley Docks.
ECI, a growth focused private equity group, completed the investment in Apiary Capital-backed TAG, a high-touch travel management company. Financial terms were not disclosed.
"Today is a fantastic milestone in our evolution, as we proudly announce the investment by ECI. With our entertainment and corporate clientele and the incredible TAG team, we are very confident that this partnership will deliver a host of new benefits and opportunities as we’re poised to elevate our standards even further, ensuring unparalleled service for our clients as we continue to shape the future of entertainment and high-end corporate travel management," Jens Penny, TAG CEO.
Apiary Capital was advised by Rothschild & Co.
Macquarie, abrdn, two investors, and Arjun Infrastructure, an asset management firm, agreed to acquire a fibre to the home network from Digi Spain Telecom, a telecom firm, for €750m ($812m).
"We established Onivia in 2019 as Spain's first independent wholesale fibre network operator. Alongside our long-term co-investors, Macquarie Capital are committed to supporting the continued growth and expansion of this truly national Spanish network, delivering reliable ultrafast broadband to both rural and urban areas and for ISPs large and small," Oliver Bradley, Macquarie Senior Managing Director.
NJJ, an investment firm, agreed to acquire Datagroup-Volia, an Ukrainian fixed connectivity and pay TV provider, from Horizon Capital, a private equity firm. Financial terms were not disclosed.
"I am pleased that we have achieved this major milestone with the regulatory approval for the acquisition of Datagroup-Volia, a significant step towards the creation of a national Ukrainian telecom champion, providing Ukrainians with safe, secure and reliable telecom services. Ukraine is home to an impressive tech sector with innovation in artificial intelligence, a high degree of digitalization and technological affinity. We are confident that our landmark transaction will serve as a signal to others that the time to invest in Ukraine is now, to support the rebuilding of the country and realize its potential. We look forward to working in the country and we are confident that our global telecoms activities, dedicated team and sector expertise, from France to Poland, from Italy to Sweden and the Baltics, will bring value to all stakeholders, including employees and customers, and to Ukraine as we work together to further develop the telecom offering, tech, artificial intelligence and other strategic areas of cooperation," Xavier Niel, NJJ Founder.
Deutsche Bahn invites fresh bids for €15bn logistics arm.
Deutsche Bahn is asking a select group of bidders to submit another round of non-binding offers for its DB Schenker logistics unit, which could be valued at as much as €15bn ($16bn).
The state-owned railroad operator is requesting confirmatory bids by late next month from suitors including European logistics firms DSV - Global Transport and Logistics, AP Moeller-Maersk and MSC Mediterranean Shipping. It has also invited Saudi shipping company Bahri and Abu Dhabi sovereign fund ADQ - which owns AD Ports Group - to move forward, Bloomberg reported.
Stada said to talk to buyout firms in €8bn sale.
Stada Arzneimittel has begun talking to potential buyers as the German generic-drug maker’s owners pursue a possible sale that could value the company at about €8bn ($8.7bn), Bloomberg reported.
The early-stage suitors include Clayton Dubilier & Rice, CVC Capital and KKR. Other firms looking at the business include GTCR, Canada Pension Plan Investment Board, Asia-based investment firm Hillhouse, Nordic Capital and Koch Industries.
Blackstone, CVC consider bids for Superstruct festivals firm.
Blackstone and CVC are among the potential bidders for European festival organizers Superstruct Entertainment. Superstruct, which runs events including electronic music festival Sonar in Spain and Mysteryland in the Netherlands, could be valued at as much as £1.5bn ($1.9bn) in a sale, Reuters reported.
Private equity owner Providence is working with advisers at Liontree and HSBC to gauge interest and is set to launch a formal auction process over the next month. Providence has been planning the sale since last summer as live music festivals rebounded after the end of COVID-19 lockdowns, which has encouraged investment.
Abu Dhabi’s Lunate, Saudi Group buy into iconic Dubai tower. (RE)
An Abu Dhabi investment firm and a Saudi conglomerate have bought into the largest office tower in Dubai’s financial hub, securing a slice of one of the world’s few upbeat commercial property markets, Bloomberg reported.
The $105bn fund Lunate and Saudi Arabia’s Olayan Financing have bought a 49% stake in ICD Brookfield Place in one of the largest commercial real estate transactions since the start of the pandemic. Financial details weren’t disclosed, though Bloomberg has previously reported the tower could be worth as much as $1.5bn.
Boehly's Eldridge said a finalist to buy private lender Hayfin.
Todd Boehly's Eldridge Industries is among final bidders in talks to acquire European private credit firm Hayfin Capital Management, Bloomberg reported.
A deal could value London-based Hayfin, which manages about €31bn ($33bn) of assets, at over €1.2bn ($1.3bn). Talks with multiple parties are ongoing and may not ultimately lead to a deal.
Focus Group founders dial up £800m sale to private equity firm Hg.
The founders of a business telecoms and IT services provider are on the brink of toasting a nine-figure windfall after entering advanced talks to sell it to one of Britain's leading private equity firms.
Focus Group is close to signing a deal to sell a majority stake to Hg Capital, the investor known for its successful bets on software and technology companies. The transaction would value Focus Group at just under £800m ($1bn), including debt, making it the latest addition to the ranks of Britain's private company unicorns.
Blackstone nears buyout of L’Occitane.
L’Occitane International’s billionaire owner Reinold Geiger is nearing a deal to take the skin-care company private with funding help from Blackstone, potentially ending its 14-year run on Hong Kong’s stock exchange, Bloomberg reported.
The world’s largest alternative asset manager may provide debt financing for the buyout. An announcement may come as soon as in the coming days. Trading of L’Occitane was suspended in Hong Kong on April 9, pending announcement related to takeover codes. The stock closed at HKD29.50 ($3.77) on April 8.
Activist fund Sachem Head to build stake in Delivery Hero.
Activist investor Sachem Head Capital Management has built a 3.6% position in Delivery Hero and may seek representation on the board of the German food delivery company, Bloomberg reported.
The New-York based fund may also seek to replace Delivery Hero Chief Executive Officer Niklas Oestberg. Sachem Head sees the firm’s operating performance and share price as disappointing compared with peers.
Clarins skincare heir is looking for her next big acquisition.
The heirs to France's Clarin's skincare fortune went up against industry giant L'Oreal in a battle for popular Australian brand Aesop and lost. But the contest drew dealmakers' attention to Famille C Participations, the investment arm created by the Courtin family to invest the dividends from closely held Clarins, Bloomberg reported.
Now, the clan is looking to capitalize on that recognition in its hunt for new investments, with a goal to double the value of its holdings by 2030.
Russian IPOs get a boost as regulator unlocks pension cash.
The revival of Russia’s IPO market is set to accelerate as authorities plan to give pension funds the green light to invest in smaller deals, Bloomberg reported
Initial public offerings may double this year to over $862m, according to estimates from Russian investment firm Aigenis, and could further increase if the pension rules are loosened.
ICG holds $1bn final close of debut LP secondaries fund.
Global alternative asset manager ICG, has completed the fundraising for its debut LP-led secondaries fund, ICG LP Secondaries I, which specialises in acquiring buyout fund interests from limited partners, at its hard cap of $1bn.
Including co-investment special purpose vehicles and separately managed accounts, total commitments to the fund, which was significantly oversubscribed, are $1.6bn.
China's CIC to back Investcorp's $800m Mideast fund.
China's sovereign wealth fund is in talks to back a roughly $800m investment vehicle that will take stakes in Middle East companies, the latest sign of the growing trade ties between Gulf oil exporters and the world's second-biggest economy.
China Investment Corporation is working with Investcorp to put money into the Bahrain-based company's Gulf-focused pre-IPO fund. CIC's investment in the fund, along with that of other major sovereign wealth funds from Abu Dhabi and Saudi Arabia, could be announced as soon as this month.
The partnership with Investcorp is part of CIC's plans to look at more deals in the Middle East. The investment by CIC, which manages about $1.3tn, and other sovereign funds has led Investcorp to increase the size of the fund from an initial target of $500m and the company is also planning to broaden the fund's focus to investing across the Middle East and Asia, Bloomberg reported.
Quantonation hits first close of $215m Fund II to double down on Asia's quantum startups.
Paris-based, quantum technologies-focused venture capital firm Quantonation Ventures has hit a €70m ($75.3m) first close for its €200m ($215m) Fund II, DealStreetAsia reported.
It is one of the earliest known venture capital funds dedicated to quantum technology and deep physics and remains one of the very few dedicated investors in the world investing in this rapidly emerging space. The VC has raised funds from a range of limited partners across sovereign wealth funds, fund-of-funds, corporates, and high-networth individuals globally.
Alpha Intelligence Capital raises $150m for second AI fund, targets $250m.
Alpha Intelligence Capital, a Luxembourg-based venture capital firm, has hit a $150m close for its second artificial intelligence fund which is targeting a corpus of at least $250m amid a boom in the sector, DealStreetAsia reported.
The firm is gearing towards a final close in September this year, after reaching the majority close earlier this week. AIC has roped in Taiwan's CDIB Capital Group, French sovereign wealth fund BpiFrance, and a Singapore sovereign wealth fund whose name was not disclosed as new limited partners. The fund writes cheques ranging from $500k to $15m to deep AI and machine learning technology-based companies from seed to Series B rounds.
APAC
National Investment and Infrastructure Fund, a government owned company which maintains infrastructure investments funds, completed the $200m investment in iBUS, a digital infrastructure solutions company in India.
“Bharat is one of the fastest growing economies in the world and is poised for a digital revolution. Digital infrastructure is critical to our country’s growth and with a 60% YoY growth, iBus is geared up to participate and contribute to the Bharat story. We were looking for the right investment partner and with NIIF we found partners who are completely aligned with our vision. iBUS can deliver at scale and we are here to transform connectivity in the country at scale, speed, and the right value," Ram Sellaratnam, iBUS CEO.
NIIF was advised by Adfactors PR.
Madison Dearborn Partners, a private equity firm, offered to acquire the remaining 71% stake in APM Human Services, a global health, employment, disability, and workplace services provider, for AUD910m ($600m).
"The IBC is focused on achieving an outcome that is fair and reasonable and in the best interests of all shareholders. The IBC notes that the offered price per share under the MDP Proposal is disappointing," Nev Power, APM Lead Independent Director of and Chair.
Warburg Pincus, a private equity firm, completed the investment in Appasamy Associates, a manufacturer of ophthalmic equipment and devices. Financial terms were not disclosed.
“We are witnessing a period of strong growth for the Indian healthcare sector, particularly ophthalmology, and we expect to see significant opportunities in both the domestic and export markets. As Appasamy progresses into this new era of expansion, we are excited to partner with Warburg Pincus given the firm’s global expertise in healthcare and its long-term business-building focus in India,” Senthil Kumar, Appasamy Associates CEO.
Shell, Aramco in final stages of Temasek-owned Pavilion Energy talks.
Shell and Saudi Aramco, which are competing to buy the assets of Temasek-owned liquefied natural gas trading firm Pavilion Energy, are now locked in price negotiations after completing the due diligence process, DealStreetAsia reported.
The potential sale comes a decade after the Singapore state investment firm set up Pavilion Energy to focus on LNG-related investments. The assets could fetch more than $2bn.
SAIC'S MG Motor India plans to rope in Indian investors, including JSW.
China's SAIC Motor said its unit MG Motor India plans to introduce investors including SW Ventures Singapore, through an equity transfer and by increasing share capital, DealStreetAsia reported.
As part of the deal, JSW Ventures, a unit of JSW International Tradecorp, will buy an aggregate 35% stake in MG Motor India for a total of INR35.77bn ($429m).
UBS weighs Credit Suisse China stake swap with Beijing government.
UBS Group is in discussions to attain full ownership of its China platform by swapping its holding in Credit Suisse’s onshore securities venture with a Beijing government investment fund, Bloomberg reported.
The Zurich-based lender is proposing to buy the 33% stake held by Beijing State-Owned Assets Management in their joint venture UBS Securities. In return, UBS will sell part of or its entire 51% stake in Credit Suisse Securities (China) to the Beijing government fund.
CDH buys 5% stake in Bach Hoa Xanh for $72m.
China's CDH Investments said that it completed an investment for a minority interest in grocery chain Bach Hoa Xanh, a unit of Vietnam’s biggest retail group by market value Mobile World.
The deal valued is at $72m and represents 5% of the firm’s charter capital.
SUSI Partners invests in Alba Renewables.
Swiss investment firm SUSI Partners, through the SUSI Asia Energy Transition Fund, has entered into an investment agreement with experienced Southeast Asian developer Alba Renewables to support the development, construction, and operation of utility-scale, ground-mounted solar photovoltaic and onshore wind projects in the Philippines.
The transaction will see SUSI participate in the buildout of a regional utility-scale renewables platform with a focus on the Philippines while supporting Alba’s broader growth plans across Southeast Asia.
IFC weighs $150m loan to Salcomp Tech.
World Bank Group member International Finance Corporation has proposed a $150m investment in Salcomp Tech, a manufacturer of consumer electronics parts in India, DealStreetAsia reported.
The proposed IFC investment will be in the form of a seven-year loan that will help finance the setting up of Salcom Tech’s new manufacturing capacities.
GIP Australia Fund II announces $2.6bn final closing.
Global Infrastructure Partners, an infrastructure investor, announced that the GIP Australia Fund II has completed fundraising with aggregate committed capital of $2.6bn, at the upper end of the target $2.0– $2.6bn range.
“GIP has deep experience in, and a strong track record of, investing across Australia. Australia has always been an important market for GIP and our Australia Fund Platforms are an important and natural extension of our global reach. We are excited by this successful fundraise, as we believe our team’s expertise and in-depth sector knowledge, combined with their ability to leverage GIP’s best-in-class infrastructure investing capabilities, will allow us to deliver on our investment objectives,” Bayo Ogunlesi, Global Infrastructure Partners Chairman and CEO.
Cornerstone launches $200m second fund.
Cornerstone Ventures, a Mumbai-headquartered venture capital firm, has launched its second investment vehicle, targeting a corpus of $200m. The amount includes a green-shoe option, DealStreetAsia reported.
The firm, founded by former Reliance executives Rajiv Vaishnav and Abhishek Prasad, Cornerstone Ventures follows a multi-stage strategy and plans to invest capital in the range of $5-15m in B2B tech startups from the new fund.
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