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AMERICAS
Webster Equity Partners, a middle market private equity firm, agreed to acquire Lifecore Biomedical, a fully integrated contract development and manufacturing organization, for $664m, according to press releases.
Lifecore is advised by Bourne Capital Partners, Craig-Hallum Capital Group, Ballard Spahr, Zukerman Gore Brandeis & Crossman and Vida Strategic Partners (led by Stephanie Diaz). Webster Equity is advised by Morgan Stanley and Goodwin. Debt financing is provided by Alcon Research Institute, BDT & MSD Partners and MidCap Financial Services, according to MergerLinks data and press releases.
Goldman Sachs AM and Charlesbank Capital-backed MyEyeDr, an optometry and vision-care platform, agreed to acquire the optometry business of Partners Group-backed EyeCare Partners, an eye-care services platform, according to press releases. Financial terms were not disclosed.
EyeCare Partners is advised by CapM Advisors, Centerview Partners, Guggenheim Partners, Moelis & Co, Davis Polk & Wardwell, Gibson Dunn & Crutcher and Kirkland & Ellis. MyEyeDr is advised by UBS, according to MergerLinks data and press releases.
Blue Sage Capital, a private equity firm, completed the investment in Clean Team, a provider of commercial janitorial and facilities-cleaning services, according to press releases. Financial terms were not disclosed.
Blue Sage Capital was advised by Kroll, Lockton Companies, Queen Saenz + Schutz and Cherry Bekaert. Debt financing was provided by Fifth Third and Capital One Financial Corporation. Clean Team was advised by BlackArch Partners and Holland & Knight, according to press releases.
GTCR, a private equity firm, completed the acquisition of Tactacam, a US manufacturer of cameras and surveillance technology for hunters and outdoor enthusiasts, from Bertram Capital, a private equity firm, according to press releases. Financial terms were not disclosed.
GTCR was advised by UBS, Kirkland & Ellis and Prosek Partners (led by Ryan Smith, Peter Gavaris and Joshua Clarkson). Tactacam was advised by Houlihan Lokey, JP Morgan, Jefferies & Company and Latham & Watkins, according to press releases.
Fusion Capital Partners, an operationally focused private equity firm, completed the acquisition of Pioneer Power Group, a provider of electrical power system studies and engineering services focused on electrical safety, reliability, and compliance, according to press releases. Financial terms were not disclosed.
Fusion Capital Partners was advised by AEC Advisors, BlackArch Partners, Jefferies & Company, Paul Hastings and Profile Advisors (led by Mike Geller). Pioneer Power Group was advised by Founders Advisors and Holland & Knight, according to press releases.
Capitolis, a financial technology company, agreed to acquire eSecLending, an independent securities financing business, from Parthenon Capital, a private equity firm, for $200m, according to press releases.
eSecLending is advised by Berenson & Co, Raymond James, Debevoise & Plimpton and Troutman Pepper Locke. Capitolis is advised by FT Partners, WilmerHale and Sloane & Company, according to MergerLinks data and press releases.
Transom Capital Group, a private equity firm, agreed to acquire SoundThinking, a public safety technology company, for approximately $159m, according to press releases.
SoundThinking is advised by Tidal Partners, Cooley, Joele Frank (led by Aaron Palash, Kara Grimaldi and Maggie Carangelo) and Solebury Strategic Communications. Transom Capital is advised by Kirkland & Ellis and Prosek Partners, according to MergerLinks data and press releases.
Madison Dearborn Partners, a private equity firm, agreed to acquire The Marygold Companies, a US-listed diversified holding company, for approximately $85.5m, according to press releases.
The Marygold Companies is advised by Holland & Hart and PondelWilkinson (led by Roger Pondel). Madison Dearborn Partners is advised by RBC Capital Markets, Morgan Lewis & Bockius, Paul Weiss Rifkind Wharton & Garrison (led by Adam M. Givertz) and H/Advisors (led by Dana Gorman), according to MergerLinks data and press releases.
Greenbriar Equity Group, a private equity firm, agreed to acquire Spectrum Control, a designer and manufacturer of highly engineered radio-frequency, microwave and electromagnetic-spectrum-management components, from AEA Investors, a private equity firm, according to press releases. Financial terms were not disclosed.
Spectrum Control is advised by Evercore, William Blair & Co, Fried Frank Harris Shriver & Jacobson and Joele Frank (led by Kate Thompson and Madeline Jones). Greenbriar is advised by Kirkland & Ellis, according to MergerLinks data and press releases.
Coalesce Capital, a private equity firm, completed an investment in ClearDefense Pest Control, a provider of residential and commercial pest management services, according to press releases. Financial terms were not disclosed.
ClearDefense Pest Control is advised by Citizens M&A and Orrick Herrington & Sutcliffe. Coalesce Capital is advised by Piper Sandler, Latham & Watkins and Joele Frank (led by Ed Trissel and Katharine Thompson), according to MergerLinks data and press releases.
Harrison Street, an investment management firm, and Kenon, an investment holding company, agreed to acquire a majority stake in Vicinity Energy, an operator of district energy systems, from Antin Infrastructure Partners, a private equity firm, at an enterprise value of $2.92bn. Kenon will acquire a 25% indirect interest in Vicinity for approximately $450m, according to press releases.
Vicinity Energy and Antin are advised by Evercore, Natixis Partners, TD Securities and Kirkland & Ellis. Antin is advised by Brunswick Group (led by Tristan Roquet Montegon), according to press releases.
DigitalBridge and Aberdeen Investments-backed ZEmobility, an electric bus fleet operator, completed the merger with VGMobility, an electric-mobility infrastructure platform, according to press releases. Financial terms were not disclosed.
ZEmobility was advised by Simpson Thacher & Bartlett (led by Gabriel Silva, Jiaying Zhang and Gabriela Astolphi). Vitol was advised by BTG Pactual, Cuatrecasas Goncalves Pereira and Latham & Watkins, according to MergerLinks data and press releases.
Madison Dearborn Partners-backed APM Group, a provider of health and human services, completed the acquisition of WorkCare, a provider of occupational health, wellness, injury management, workforce wellbeing, and absence management services, according to press releases. Financial terms were not disclosed.
WorkCare was advised by Citizens M&A (led by Kevin Davies). APM Human Services International is advised by Ernst & Young. Madison Dearborn Partners is advised by Alston & Bird (led by Jeremy C. Silverman) and H/Advisors Abernathy, according to press releases.
Luminate Capital Partners, a private equity firm, completed the investment in ITpipes, a developer of pipeline inspection and asset management software, according to press releases. Financial terms were not disclosed.
Luminate Capital Partners was advised by Kirkland & Ellis and Chris Tofalli Public Relations (led by Chris Tofalli). ITpipes was advised by Lincoln International and Holland & Knight, according to press releases.
Artemis-backed Optikos, a provider of engineering, manufacturing, and metrology expertise in optical systems, completed the merger with Omega Optical, a precision optical coatings and component designer and manufacturer, according to press releases. Financial terms were not disclosed.
Optikos was advised by Mintz Levin and Houlihan Lokey. Omega Optical was advised by TCF Law Group, according to press releases.
Arcline-backed DwyerOmega, a company specializing in measurement and control solutions, completed the acquisition of SOR Controls Group, a company focused on process instrumentation and measurement technologies for pressure, temperature, level, and flow applications, according to press releases. Financial terms were not disclosed.
TransDigm, a designer, producer and supplier of highly engineered aircraft components, completed the acquisition of Prince & Izant, a designer and manufacturer of highly engineered brazing alloys and specialty metal components, from Industrial Growth Partners, a specialist private investment partnership, for $1.066bn, according to press releases.
Prince & Izant was advised by William Blair & Co. IGP was advised by Paul Hastings (led by Brian F. Richards), according to MergerLinks data and press releases.
Sequoia, Benchmark, two venture capital firms, and Coatue, an investment manager, led a $1bn Series C round in Instinct, a company building a personal agent for everyday life, according to press releases.
Instinct was advised by JSA+Partners, according to press releases.
Fidelity Management & Research Company, an American multinational financial services corporation, and Amplify, a venture capital firm, led a $150m Series C round in SiMa.ai, a US-based startup that develops software-centric machine-learning system-on-chip platforms and accompanying tools, with participation from Alter Venture Partners, Dell Technologies Capital, Maverick Capital, +ND Capital, Point72, StepStone Group, AllianceBernstein, Baron Capital, JP Morgan, and the State of Michigan, according to press releases.
SiMa.ai was advised by Offleash PR, according to press releases.
RS2 Healthcare Partners, a private equity firm, completed the investment in KMM Group, a vertically integrated precision contract manufacturer, according to press releases. Financial terms were not disclosed.
RS2 Healthcare Partners was advised by Choate Hall & Stewart, according to press releases.
Bain Capital, a private investment firm, agreed to acquire a minority stake in Kahua, a developer of AI-powered construction project and capital program management software, at a valuation above $1bn, according to press releases.
CDW, a technology company specializing in IT solutions and services, completed the acquisition of Lovelytics, a data and AI consulting firm, from Databricks Ventures, a corporate venture capital arm of Databricks, for $525m, according to press releases.
Lux Capital and Natural Capital, the venture capital firms, led a $251m Series D round in Varda Space Industries, a microgravity-enabled life sciences company that processes materials in orbit and returns them to Earth, with participation from Founders Fund, Khosla Ventures, Caffeinated Capital, General Catalyst, 8090 Industries, Giant Step, and Also Capital, according to press releases.
ARCHIV, a new investment firm that specializes in AI and robotics, led a $223m Series B round in GMI Cloud, an AI-native cloud delivering high-performance GPU infrastructure and inference services, with participation from NVIDIA, DSC Investment, Trend Micro, KB Investment, Kyobo Life, and KT Corporation, according to press releases.
Gemspring Capital-backed TRG, a global managed services provider, completed the acquisition of Fentron, a cybersecurity and advisory firm, according to press releases. Financial terms were not disclosed.
RedBird Capital Partners, a private investment firm, agreed to acquire a majority stake in Puck, a subscription-based media company, from Standard Investments, an investment firm, and TPG, a private equity firm, according to press releases. Financial terms were not disclosed.
Bain Capital invests in construction tech firm Kahua at $1bn value. ( Bloomberg)
Bain Capital’s Tech Opportunities fund is acquiring a minority stake in AI-powered construction software platform Kahua in a transaction valuing the Georgia-based company at more than $1bn.
Bain is investing around $250m in Kahua, becoming the company’s largest external investor. The investment will support the construction technology firm as it expands its AI-enabled enterprise platform.
Simplify submits $2.25 per share alternative offer for Marygold Companies. ( Press Release)
The proposal is Simplify’s second offer for Marygold in recent days and is not subject to financing contingencies. Simplify said Marygold’s USCF ETF business would complement its alternatives- and income-focused ETF platform.
Accelevation IPO prices below range to raise $540m. ( Bloomberg)
Accelevation Holdings and backer Olympus Partners raised $540m in a US initial public offering, selling 30m shares at $18 each.
The data center infrastructure company had marketed the shares at $20–$24, with the IPO pricing below the expected range.
TPG raises $10bn for 2nd private equity climate fund. (Bloomberg)
TPG has raised $10bn for its second private equity fund focused on climate strategies.
The TPG Rise Climate II fund, first unveiled in late 2023, invests in private companies across sectors including clean energy, electric transportation and sustainable materials. The fund builds on TPG’s first climate-focused vehicle, launched in 2021.
Rising Point Capital Management closes inaugural fund at $325m. (Press Release)
Rising Point Capital Management has closed its inaugural institutional fund with $325m in commitments, exceeding its $250m target after an oversubscribed six-month fundraising process.
The fund will target founder- and family-led lower middle-market field-based services businesses across sectors including industrials, infrastructure, energy transition, environmental services and commercial services.
Protego Ventures closes $125m fund I to accelerate early-growth Israeli defense companies. ( Press Release)
Protego Ventures has closed its inaugural defense-focused fund at $125m, targeting early-growth Israeli companies developing technologies across autonomous systems, AI, sensing and navigation.
The fund has already backed companies including XTEND, ASIO, Prisma Photonics and Rilian. Protego is also preparing a second fund focused on early-growth defense companies in the US.
Private markets industry leader Mario Giannini to retire from Hamilton Lane. ( Press Release)
Hamilton Lane Executive Co-Chairman Mario Giannini will retire on March 31, 2027, concluding more than three decades with the private markets investment firm.
Giannini joined Hamilton Lane in 1993, served as CEO from 2001 to 2023 and helped oversee the firm’s expansion and 2017 IPO. Hartley Rogers will continue as Executive Chairman following his retirement.
EMEA
Bridgepoint, a private equity firm, agreed to acquire a majority stake in Altano Group, a equine veterinary group, from Ufenau Capital Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Bridgepoint is advised by Bain & Co, Ernst & Young, JP Morgan, KPMG, Rothschild & Co and Kirkland & Ellis (led by Sebastian Pitz, Tobias Larisch and Hendrik Braun). Ufenau Capital is advised by McKinsey & Company, Jefferies & Company, PricewaterhouseCoopers and GÖRG Partnerschaft von Rechtsanwälten, according to press releases.
Shareholders of British automotive software company Pinewood Technologies have approved Ridgeview Partners' £545m ($410m) take-private acquisition.
At a meeting held, 99.76% of votes cast supported the transaction, which values the company at £4.48 ($3.37) per share in cash and was unanimously recommended by Pinewood's board in August.
HICL Infrastructure and InfraRed, two investment companies, agreed to acquire Hector Rail, a private sector rail freight operator, from Ancala, an infrastructure investment manager, according to press releases. Financial terms were not disclosed.
The Visualize Group, a private investment company, completed the acquisition of eCOGRA, a London-based provider of testing, inspection, certification, and compliance services for online gambling, from Hanover Investors Management, an investment company, for $200m, according to press releases.
eCOGRA was advised by Macquarie Group and Willkie Farr & Gallagher. The Visualize Group was advised by Greenberg Traurig and Weil Gotshal and Manges (led by Lewis Blakey), according to MergerLinks data and press releases.
Emergence Capital, a private equity firm, led a $189m Series B investment in Verda, a Finnish full-stack AI cloud and computing infrastructure company, with participation from MUFG Innovation Partners, Supermicro, Varma Mutual Pension Insurance Company, Lifeline Ventures, Endur, 6 Degrees Capital (6DC), byFounders, Tesi (Finnish Industry Investment), and a group of angel investors including Ola Tørudbakken and Mark Saroufim, according to press releases.
Siris Capital Group, an operationally intensive private equity firm, agreed to acquire a 19.1% stake in Agfa-Gevaert, an imaging technology company, from Active Ownership, an independent investment firm, according to press releases. Financial terms were not disclosed.
Swiss entrepreneurs Sara and Christoph Hürlimann completed the acquisition of SF-Filter Group, a distributor of filtration products, from Equistone Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
SF-Filter Group was advised by Niederer Kraft & Frey (led by Roman Sturzenegger). Sara and Christoph Hürlimann were advised by Homburger (led by Frank Gerhard), according to press releases.
Mutares, a private equity investor, completed the acquisition of the Acrylate Monomers business from Synthomer, a supplier of high-performance, highly specialised polymers and ingredients, according to press releases. Financial terms were not disclosed.
Mutares was advised by Cross Alliance communication (led by Susan Hoffmeister). Synthomer was advised by FTI Consulting (led by Nick Hasell), according to press releases.
Temasek, a global investment company, completed the acquisition of a 9% stake in FSI, an asset management company, according to press releases. Financial terms were not disclosed.
Temasek was advised by Barabino & Partners (led by Marina Riva). FSI was advised by Community Group, according to press releases.
Ares Management, a global investment firm, and Eni, a major Italian multinational energy company, completed an additional €1.56bn ($1.77bn) investment in Plenitude, a renewables and retail energy company. Following the transaction, Ares holds 26.24% of Plenitude, Eni holds 65.03%, and Energy Infrastructure Partners holds 8.73%, according to press releases.
Ares Management was advised by Deutsche Bank. Eni was advised by Mediobanca, according to MergerLinks data.
Arcturus Therapeutics, a US biotechnology company, agreed to acquire myNEO, a Belgian precision medicine and biotechnology company, from Novalis Biotech, a private equity firm, according to press releases. Financial terms were not disclosed.
Novalis Biotech is advised by Van Lanschot Kempen, according to press releases and MergerLinks data.
HIG Capital, an alternative asset investment firm, completed the acquisition of Torque, a UK provider of omni-channel fulfilment services, according to press releases. Financial terms were not disclosed.
HIG Capital, an alternative asset investment firm, completed the acquisition of Arco, a specialist distributor of safety equipment and provider of safety services in the UK, according to press releases. Financial terms were not disclosed.
A.P. Moller Capital, a global institutional fund manager, agreed to acquire a 53.35% stake in Euroports, a bulk and breakbulk port-infrastructure operator, according to press releases. Financial terms were not disclosed.
Boots set to get carved out of private equity. (FT)
Canada’s Weston family is nearing a deal to acquire British pharmacy chain Boots for about $9bn. The transaction could be announced as soon as next week, although terms have not been finalized.
Apax nears deal to acquire Warburg Pincus' stake in Odido at €6.5bn valuation. ( FT)
Apax is nearing a deal to acquire Warburg Pincus' stake in Dutch telecoms group Odido, valuing the company at approximately €6.5bn ($7.4bn). Apax and Warburg Pincus currently jointly own the business.
The potential deal follows Odido's postponed Amsterdam IPO in February. The owners have also received interest from other suitors, including STC.
Bridgepoint, Astorg consider £2bn+ Fenergo sale. ( Reuters)
Bridgepoint and Astorg are considering a potential sale of Irish financial technology company Fenergo in a transaction that could value the business at more than £2bn ($2.7bn).
The private equity firms have begun discussions with potential buyers and are expected to appoint an investment bank later this year to advise on the process. The sale could attract interest from strategic buyers.
CVC has confirmed that it does not intend to make an offer for Bodycote, ending its pursuit of the UK thermal processing services group and clearing the way for Veritas Capital’s recommended takeover.
Veritas won Bodycote’s backing earlier this month with a £9.4 ($12.44) per share offer valuing the company at £1.85bn ($2.45bn), including debt. CVC and Veritas had submitted near-identical proposals in August, after Apollo withdrew a £1.52bn ($2.01bn) approach in June.
Partners Group considers sale of modular builder Parmaco. (Bloomberg)
Partners Group is exploring a potential sale of Finnish modular building maker Parmaco.
The Swiss private equity firm is working with Bank of America on the process, which could value Parmaco at about €1.5bn ($1.7bn). Talks are ongoing and may not result in a finalized transaction.
Liberty Global shortlists three bidders for stake in Belgium’s Wyre. (Bloomberg)
Liberty Global has shortlisted Ardian, InfraVia Capital Partners and Ontario Teachers’ Pension Plan for the next round of bidding for a stake in Belgian fibre network operator Wyre. Liberty Global is seeking to sell around half of its 66% interest in Wyre, with the stake previously indicated to be worth around €1bn ($1.2bn). Goldman Sachs is advising Liberty Global on the sale.
The sale process remains ongoing, and the size and timing of the transaction could still change, with no preferred bidder or final agreement announced. Liberty Global intends to retain its remaining interest in Wyre following the transaction, while proceeds from the stake sale are earmarked to support the deleveraging of Telenet.
Wellma owner seeks more than €1bn sale. ( Bloomberg)
Systematic Growth is planning a potential sale of Swedish health supplements maker Wellma that could value the company at more than €1bn ($1.1bn).
The firm is working with an adviser, with a sale process expected to launch in October.
ElevenLabs' valuation doubles to $22bn on surging Al voice-agent demand. (Press Release)
ElevenLabs has completed a $300m employee tender offer that valued the AI voice-generation startup at $22bn, double its valuation in a February funding round.
The tender was led by Wellington and T. Rowe Price, with participation from existing backers including Andreessen Horowitz and Lightspeed, as well as new investors such as EQT and Goldman Sachs.
Italy’s CDP in talks with Gulf investors over sale of up to 35% stake in Ansaldo Energia. (Reuters)
Italy’s state-backed Cassa Depositi e Prestiti is in talks with Gulf investors, including Abu Dhabi sovereign wealth fund Mubadala, over the potential sale of a 15%-35% stake in Ansaldo Energia. CDP, which owns 99.6% of the Italian energy engineering company through CDP Equity, is considering bringing in a minority investor while retaining control of the business.
Discussions with Mubadala are reportedly more advanced than those with other potential Gulf investors, although negotiations remain ongoing and no final agreement has been reached. The potential transaction could also involve a broader strategic partnership between Ansaldo Energia and the incoming investor. No valuation or definitive terms have been disclosed, and CDP, Mubadala and Ansaldo Energia declined to comment on the reported talks.
GM battery material supplier Vianode explores partnership or sale. ( Reuters)
Norwegian synthetic graphite producer Vianode is seeking a strategic or financial partner to support its next expansion phase and is open to options ranging from a partnership to a full sale. The company has hired JP Morgan to advise on the process.
Vianode, backed by private equity firm Altor, aims to secure a partner by year-end and requires additional funding to complete its planned synthetic graphite plant in Ontario.
Asterion, Teras said to weigh options for Spain’s Olin Telecom. ( Bloomberg)
Spanish private equity firms Asterion Industrial Partners and Teras Capital are exploring strategic options for their joint venture Olin Telecom, including potential combinations with other telecommunications operators.
Other options include separating the Spanish phone and internet provider into two businesses by splitting its wholesale fiber-optic network operations from its retail activities.
Banks add rare lender protection to Nestle water debt deal. ( Bloomberg)
The debt package includes an omniblocker designed to prevent the company from offering preferential terms to selected creditor groups.
Northcote Equity has closed its second fund at £250m ($331m) just ten weeks after launching the raise, less than two years after the firm was founded.
Fund II will invest £10m–£40m ($13.2m-$53m) of equity in founder-led technology and services businesses across the UK and Ireland, taking both minority and majority stakes.
Ardian launches Ardian Access Infrastructure ELTIF. ( Press Release)
Ardian has launched Ardian Access Infrastructure ELTIF, an evergreen fund giving eligible European investors access to its global infrastructure platform across direct investments, co-investments, secondaries and underlying funds.
The strategy will focus on energy, digital infrastructure and transport, with a €10k ($11.3k) minimum investment. Ardian manages $45bn in infrastructure assets and is launching the fund in partnership with iCapital.
APAC
Apollo Global Management, an alternative investment manager, completed the acquisition of Nippon Sheet Glass, a supplier of glass and glazing systems in the business areas of architectural, automotive and creative technology, for $3.7bn, according to press releases.
Apollo Global Management was advised by Paul Weiss Rifkind Wharton & Garrison (led by Tong Yu), O'Melveny & Myers (led by Eric Rothenberg and John Renneisen), Walkers (led by Sam Francis, Bicrom Das and James Murrie), Mitsubishi UFJ Morgan Stanley Securities, Deloitte, SMBC Nikko Securities and Akasaka International Accounting. Nippon Sheet Glass was advised by Freshfields (led by Edward Cole) and Mori Hamada & Matsumoto, according to MergerLinks data.
Carlyle Group, an American multinational private equity firm, completed the acquisition of a 45% stake in Nido Home Finance, a housing finance company, from Edelweiss, an investment and financial services company, for $230m, according to press releases.
A consortium led by Hanwha Life, a South Korean life insurance company, and Centroid, a South Korean private equity firm, agreed to acquire Acuon Capital, a South Korean non-bank financial services provider, from EQT, a Swedish global private markets investment firm, according to press releases. Financial terms were not disclosed.
EQT is advised by UBS, Citigroup and Shin & Kim, according to press releases.
Transurban, a road operator company, agreed to acquire Australian toll road assets from CPP Investments, a global investment management organization, for AUD4.5bn, according to press releases. Under the terms of the transaction, Transurban will acquire an additional 10.5% interest in WestConnex and 25% interest in NorthWestern Roads Group.
KKR, a global investment firm, agreed to acquire a majority stake in Cisternina, a bulk liquid and gas storage and logistics business in India, according to press releases. Financial terms were not disclosed.
Actis is said to plan $2bn India renewable energy platform. ( Bloomberg)
Actis is planning to invest about $2bn in a new renewable energy platform in India, seeking to capitalize on rising power demand in the country.
The investment would mark Actis’ fourth clean energy platform in India, continuing its strategy of building large-scale renewable portfolios for eventual strategic exits.
Warburg Pincus makes improved $1.5bn offer for Australia’s Ingenia. ( ASX Announcement)
Ingenia Communities has received a further revised non-binding proposal from Warburg Pincus to acquire 100% of the company for AUD5.25 ($3.78) per stapled security, up from earlier proposals of AUD4.75 ($3.42) and AUD5.05 ($3.64). The board is assessing the proposal and has not yet formed a view or made a recommendation to securityholders.
The proposal requires Ingenia to agree to full due diligence and indicate its intention to recommend the offer by October 2. It is also conditional on Ingenia abandoning its proposed Peet acquisition, Warburg completing 6-8 weeks of due diligence, securing debt financing, and receiving final investment committee and regulatory approvals.
Japan’s Toho eyes KKR’s health device maker PHC for $1.3bn. (Bloomberg)
Toho Holdings is in talks to acquire PHC Holdings, backed by KKR, for more than JPY200bn ($1.3bn).
Toho has submitted an initial proposal and is conducting due diligence. Domestic investment funds have also expressed interest in PHC, but Toho is currently the only prospective buyer in concrete discussions.
South Korea to pay Elliott $48.49m over Samsung merger case. (Reuters)
South Korea has been ordered to pay Elliott Investment Management about $48.49m plus interest after an arbitration tribunal found the government’s involvement in the 2015 merger of Samsung C&T and Cheil Industries was causally linked to losses suffered by the US fund.
The ruling was disclosed by South Korea’s Justice Ministry.
KKR-backed Advanta said to start roadshow for $400m IPO. ( Bloomberg)
KKR-backed Advanta Enterprises has begun investor meetings for a proposed IPO in India that could raise as much as $400m.
The seeds producer is considering launching the offering as early as November, though timing and terms remain subject to change.
ADIA in talks to lead Primavera's new fund with ByteDance exposure. ( DealStreetAsia)
Abu Dhabi Investment Authority and Primavera Capital are exploring a potential sale of their stakes in ByteDance, the Chinese owner of TikTok, as existing shareholders assess opportunities to monetize their holdings.
The potential divestments come as ByteDance’s valuation continues to rise in private markets, creating opportunities for large institutional investors to exit or reduce their positions in the technology group.
Singapore's MAS to allocate $1.1b to asset managers to boost equities market. ( DealStreetAsia)
Singapore’s Monetary Authority will allocate SGD1.45bn ($1.1bn) to five asset managers as part of efforts to increase investment and liquidity in the country’s equities market. The allocation represents the third batch of funding under Singapore’s SGD6.5bn ($5.1bn) Equity Market Development Programme.
Amundi, Franklin Templeton, HSBC Asset Management, M&G Investments and Natixis Investment Managers will receive the capital. Singapore will also provide a SGD20m ($15.6m) grant aimed at supporting small- and mid-cap companies and new listings.
Excelsior Capital Vietnam closes second fund at over $170m. ( DealStreetAsia)
Excelsior Capital Vietnam has closed Excelsior Capital Vietnam Fund II at more than $170m, giving the private equity firm fresh capital to invest in Vietnam.
Swedfund, Sweden’s development finance institution, committed $15m to the fund. The close adds to recent fundraising activity by Vietnam-focused private equity managers as investor interest in the market continues.
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