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AMERICAS
Broadcom, a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions, completed the acquisition of VMware, an innovator in enterprise software, from Silver Lake, a private equity firm, for $69bn.
"We are excited to welcome VMware to Broadcom and bring together our engineering-first, innovation-centric teams as we take another important step forward in building the world's leading infrastructure technology company. With a shared focus on customer success, together we are well positioned to enable global enterprises to embrace private and hybrid cloud environments, making them more secure and resilient. Broadcom has a long track record of investing in the businesses we acquire to drive sustainable growth, and that will continue with VMware for the benefit of the stakeholders we serve," Hock Tan, Broadcom President and CEO.
VMware was advised by Goldman Sachs (led by Stephan Feldgoise and Sam Britton), JP Morgan (led by Madhu Namburi), Axinn Veltrop & Harkrider (led by John Harkrider), Gibson Dunn & Crutcher (led by Barbara Becker), Sullivan & Cromwell (led by Michael Rosenthal), and FGS Global (led by Paul Kranhold). Financial advisors were advised by Debevoise & Plimpton (led by Michael Diz) and Sullivan & Cromwell (led by John L. Savva). Broadcom was advised by Bank of America (led by Kevin Brunner and Ron Eliasek), Barclays (led by Richard Hardegree, Gary Posternack, and Laurence Braham), Citigroup (led by Tyler Dickson), Credit Suisse (led by David Wah), Morgan Stanley (led by Anthony Armstrong), Santander, Wells Fargo Securities, Cleary Gottlieb Steen & Hamilton, O'Melveny & Myers (led by Adit Khorana), Wachtell Lipton Rosen & Katz (led by Ronald Chen, Viktor Sapezhnikov, and David Karp), Brunswick Group (led by Simon Sporborg) and Joele Frank (led by Joele Frank). Financial advisors were advised by Cooley (led by Ben Beerle). Silver Lake was advised by Simpson Thacher & Bartlett (led by Atif Azher).
Rithm Capital, an asset manager focused on the real estate and financial services industries, completed the acquisition of Sculptor Capital Management, an alternative asset manager, for $720m.
“The completion of this transaction is a significant milestone for our team and an important next step in the growth and evolution of Rithm. We are excited to bring together our talented teams and create a superior global asset management business focused on delivering significant, long-term value for our shareholders and fund investors," Michael Nierenberg, Rithm Capital Chairman and CEO.
Cyxtera, a company in data center colocation, interconnection services, and digital infrastructure, announced that the US Bankruptcy Court for the District of New Jersey has approved the sale of substantially all of the company's assets to Brookfield Infrastructure Partners.
"We are pleased to be moving forward with our sale to Brookfield, which will provide Cyxtera with additional financial flexibility and enable us to benefit from Brookfield's global infrastructure expertise. Demand for our innovative data center services remains high, and we see significant opportunities ahead with our customers as we enter this next phase of growth," Nelson Fonseca, Cyxtera CEO.
Cyxtera is advised by AlixPartners, Guggenheim Partners, Kirkland & Ellis and Joele Frank (led by Aaron Palash). Brookfield is advised by Moelis & Co, TD Securities, Wells Fargo Securities, Paul Weiss Rifkind Wharton & Garrison (led by Edward Ackerman) and White & Case (led by Mathias Bogusch). Digital Realty is advised by Evercore and Weil Gotshal and Manges (led by Gavin Westerman and Jessica Liou). BC Partners is advised by Kekst CNC (led by Daniel Yunger).
Arlington Capital, a private equity firm, completed the acquisition of Exostar, a company specialising in business collaboration in highly regulated industries including aerospace and defense, healthcare and life sciences, from Thoma Bravo, a software investment firm. Financial terms were not disclosed.
"Exostar is a true industry leader with an expanding market opportunity, especially as the need for digital trust across organizations and geographies continues to grow rapidly and the security of global supply chains is top of mind to business leaders. We have great respect for what Richard Addi and the entire Exostar team have accomplished and look forward to working alongside them to drive continued success using our collective domain expertise," Michael Lustbader, Arlington Capital Managing Partner.
The US Federal Trade Commission is investigating whether Roark Capital's purchase of Subway for $10bn is legal under antitrust law, given that the private equity firm already owns Jimmy John's and Arby's, Reuters reported.
The probe highlights the fact that the Biden administration's antitrust enforcers are focusing their efforts on basic consumer goods. Private equity acquisitions have been another focus. The FTC is investigating whether buying Subway would give Roark too much power in fast food. Roark controls Inspire Brands, the owner of restaurant chains including Jimmy John's, Arby's, Baskin-Robbins, and Buffalo Wild Wings.
OpenGate Capital, a global private equity firm, agreed to acquire Player One Amusement Group, a Canadian arcade game distributor, from Cineplex, an entertainment and media company, for CAD155m ($113m).
"Player One represents a dynamic investment and opportunity to enter the resilient and growing amusement solutions market. As corporate carve-out specialists, we are ready to bring the full force of our operations team to support the business and management team in this next stage of growth," Andrew Nikou, OpenGate Capital Founder and Managing Partner.
OpenGate Capital is advised by Prosek Partners. Cineplex is advised by Scotiabank, TD Securities and Goodmans.
Steward Partners Global Advisory, a private equity firm, completed the acquisition of Freedom Street Partners, an asset management firm. Financial terms were not disclosed.
"Establishing this new division allows us to expand our business model and we believe it will be a key component of our future growth, attracting a new segment of advisors to Steward Partners. The acquisition of Freedom Street Partners' wealth management business is an important step in expanding our already successful business, and as we welcome our new partners to the Steward Partners family, we will work with them to continue to build this attractive opportunity," James Gold, Steward Partners Co-Founder and CEO.
Freedom Street Partners was advised by STS Capital Partners and Walter Haverfield. Steward Partners was advised by Eversheds Sutherland and JConnelly.
Stern Partners, a Canadian private investment company, agreed to acquire Grafton Apparel, a Canadian seller of men's apparel. Financial terms were not disclosed.
"The growth of the retail apparel market in Canada has been an area of interest for us. Grafton's commitment to delivering quality and value to consumers, backed by a strong team, has created a growth trajectory that we want to support. We are excited to partner with the strong team at Grafton as we turn the page into this next chapter together," Daniel Cairns, Stern Partners Associate.
Grafton Apparel is advised by National Bank Financial, Davies Ward Phillips & Vineberg and Strategic Objectives. Stern Partners is advised by Norton Rose Fulbright.
Bullish, a digital assets exchange completed the acquisition of CoinDesk, a news site specializing in bitcoin and digital currencies, from Digital Currency Group, a venture capital firm. Financial terms were not disclosed.
“With its acclaimed editorial coverage, premier events and market-leading data and indices, CoinDesk continues to shape the global crypto and blockchain ecosystem,” Tom Farley, Bullish CEO.
CoinDesk was advised by Lazard and Paul Weiss Rifkind Wharton & Garrison (led by Andrew Krause and Krishna Veeraraghavan). Bullish was advised by Citigroup and Morgan Lewis & Bockius.
New Mountain Capital, an alternative investment manager, and CapitalG, a private equity firm under Alphabet, agreed to acquire Broadcast Music, the world's largest music performing rights organization. Financial terms were not disclosed.
"Today marks an exciting new chapter for BMI that puts us in the best possible position to stay ahead of the evolving industry and ensure the long-term success of our music creators. New Mountain is an ideal partner because they believe in our mission and understand that the key to success for our company lies in delivering value to our affiliates. We are excited about the many ways New Mountain will accelerate our growth plan, bringing new vision, technological expertise and an outstanding track record of strengthening businesses, all of which will help us build an even stronger future for BMI and our songwriters, composers and publishers," Mike O'Neill, BMI President & CEO.
New Mountain Capital is advised by Moelis & Co and Simpson Thacher & Bartlett. Broadcast Music is advised by Goldman Sachs and Fried Frank Harris Shriver & Jacobson.
SK Capital Partners, a private investment firm, completed the acquisition of J&K Ingredients, a manufacturer in the world of bakery, food & beverage, and pet food ingredients, from CORE Industrial Partners, a private equity firm. Financial terms were not disclosed.
“Clean label food preservation technologies are an increasingly important pillar of sustainability by reducing food waste and the associated environmental footprint, and J&K has already established itself as a critical, value-added clean label partner to its bakery customers. We feel privileged to play a part in bringing clean label preservative solutions to the broader food and beverage industry with SOR-Mate, as well as in building out a more comprehensive suite of natural and clean label solutions as we embark on J&K’s next phase of growth,” Mario Toukan, SK Capital Managing Director.
SK Capital Partners was advised by BackBay Communications (led by Daniel Abramson). Debt financing was provided by Benefit Street Partners, Kayne Anderson Private Credit and KeyBanc Capital Markets.
SKKY Partners, a private equity firm, agreed to acquire a minority stake in TRUFF, a food producer. Financial terms were not disclosed.
“We are excited to back TRUFF for so many reasons: the passionate, visionary founders; the distinctive, category-defining nature of the products; and the unique brand positioning. The business has a very strong foundation and is now at the perfect juncture for us to bring our experience building and scaling unique consumer brands to help fuel the next stage of TRUFF’s growth,” Jay Sammons, SKKY Partners Co-Founder and Managing Partner.
SKKY Partners is advised by Kirkland & Ellis, FGS Global ( Brooke Gordon and Julie Rudnick) and Full Picture. TRUFF is advised by Buchalter.
GTCR, a private equity firm, agreed to acquire Cloudbreak Health, a provider of tech-enabled, healthcare-focused language interpretation services, from UpHealth, a multi-condition direct-to-patient healthcare platform, for $180m.
"We are excited to partner with Cloudbreak and its talented team to drive this market leading business forward. Cloudbreak delivers a strong value proposition to its healthcare clients, improving quality of care and patient satisfaction," Geoffrey Tresley, GTCR Principal.
Pelican Energy, a private equity firm, completed the acquisition of Springs Advanced Technology Group, a manufacturer and solutions provider of custom containment systems, from Machine Build Technologies, a manufacturing services provider. Financial terms were not disclosed.
"We are thrilled to partner with Pelican Energy Partners. They have a unique focus of investing in the nuclear sector and have been very enthusiastic about supporting our existing growth plan. Our business is in high growth mode and now we have all the financial resources we need to accomplish our goals," Kevin Oliver, ATG President.
Pelican Energy was advised by Locke Lord. Machine Build was advised by Dvorak Law.
Actis, a global investor in sustainable infrastructure, agreed to acquire a stake in the Peruvian generation assets of Enel, an Italian multinational manufacturer, for $1.4bn.
The transaction is in line with the Enel's strategic priorities, which envisage the repositioning of Enel on countries where the group has higher growth potential as well as an integrated presence, namely Italy, Spain, the United States, Brazil, Chile and Colombia.
Enel is advised by JP Morgan.
The Riverside Company, a private equity firm, completed the acquisition of Frenchies Modern Nail Care, a nail care studio. Financial terms were not disclosed.
“Frenchies is a natural addition to Bishops Cuts/Color and the thesis of creating a leading multi-brand franchisor of personal care service and health & wellness brands. Frenchies’ strong reputation and commitment to cleanliness and providing high quality nail care service offerings are a true differentiator in the nail salon industry. We are excited to partner with the Frenchies team to build upon Frenchies’ strong history and help expand the company’s services and geographic reach into more areas," Loren Schlachet, Riverside Managing Partner.
The Riverside Company was advised by Jones Day.
Morgan Stanley Infrastructure Partners, a company involved in private infrastructure equity investing, agreed to acquire a 70% stake in UltraEdge, a datacenter company, from Altice France, a provider of wireless telecommunication services, for €535m ($585m).
"The transaction reflects Altice France’s strategy around balance sheet management, which notably includes executing inorganic deleveraging through pro-active management of our non-core asset portfolio. Furthermore, the transaction will strengthen Altice France on its objectives to provide best in class telecommunication services to its clients as the datacenter infrastructure continues to be upgraded, expanded and densified," Altice France.
Seaside Equity Partners, a private equity firm, completed the acquisition of Frontier Services Group, a provider of emergency restoration services to residential and commercial clients. Financial terms were not disclosed.
"We are beyond excited to begin this new partnership with Seaside. Their focus on company culture and core values makes Seaside an excellent partner for our next phase of growth," Gregg Autrey, Frontier Co-Founder.
Blackstone is lead bidder in Signature Bank property-loan sale.
Blackstone is the frontrunner to win a roughly $17bn portfolio of commercial-property loans from the Federal Deposit Insurance's sale of Signature Bank debt, Bloomberg reported.
Regulators seized the failed bank in March and have been marketing loans backed by retail, industrial, office and apartment buildings. FDIC officials are now in final discussions to declare Blackstone’s bid as bringing the lowest costs to the agency.
Bankrupt WeWork enters financing agreements with certain lenders.
Coworking spaces startup WeWork said it had secured commitments for up to $683m in debtor-in-possession financing from some of its lenders, weeks after the shared office space provider filed for bankruptcy protection, Reuters reported.
The SoftBank-backed company is seeking to address more than $4bn in debt and unsustainable future rent costs through a bankruptcy plan.
Silver Lake looks to private credit for Ticketek owner dividend.
Silver Lake Management is seeking to tap private credit funds for a loan of around $624m for Ticketek-owner TEG in order to give itself a payout, Bloomberg reported.
The dividend recapitalization debt would have a five-year tenor. Goldman Sachs Group is the arranger, and the loan would be unitranche, a blend of senior and subordinated debt that's popular among private credit lenders.
Riverwood Capital raises $1.8bn for global technology fund.
Riverwood Capital, which invests in high-growth technology companies, closed $1.8bn in new commitments in the largest fundraising round since inception 15 years ago.
The Menlo Park, California-based firm with offices in Miami, New York and Sao Paulo, tapped pension funds, hospital systems, foundations, endowments, fund of funds, insurance companies and family offices among other investors.
Menlo Ventures raises $1.35bn in funds for AI investments.
Menlo Ventures, which backs startups including Chime and Harness, has raised $1.35bn for funds that will invest in technology companies related to artificial intelligence, Bloomberg reported.
The fresh capital will be divided between early-stage fund Menlo XVI and early growth fund Menlo Inflection III. Their investment will focus on nascent startups as well as those early in their momentum and will not make later-stage investments.
53 Stations launches inaugural $190m fund.
53 Stations, a venture capital firm that invests in early-stage companies across a range of industries, today announced its flagship $190m Fund I.
"Our founding team has firsthand experience as founders, investors and leaders of high growth teams; collectively, we favor collaborating with entrepreneurs in the earliest days to help identify market opportunities and the best paths to pursue them. Our investments to date share the potential to change how their industries operate and reflect a desire to channel the Pritzker legacy into cultivating a new era of lasting businesses," Jason Pritzker, 53 Stations Co-Founder and Managing Partner.
Blackstone to close multi-strategy fund after assets drop nearly 90%.
Blackstone plans to close a fund that exposes investors to a variety of hedge funds and trading strategies after assets fell almost 90% in four years, Reuters reported.
The US-based asset manager had informed clients after it decided in October that its Blackstone Diversified Multi-Strategy fund would close at the end of the year.
NRG replaces CEO after another battle with Elliott over strategy. (People)
For the second time in six years, NRG Energy is making a big change after activist investor Elliott Investment Management objected to the strategy being pursued by the independent US power producer, Bloomberg reported.
Anne Richards steps down as Fidelity International CEO. (People)
Asset manager Fidelity International announced that Anne Richards has stepped down as chief executive officer after five years and will become vice chair at the company, Reuters reported.
Richards, who has more than 30 years of experience in asset management, led M&G Investments before joining Fidelity as chief executive officer in 2018, replacing Brian Conroy. She was CIO at Aberdeen Asset Management before that. During her term as CEO, assets managed by Fidelity grew significantly, to $714.3bn.
Tiger Global’s private equity boss Shleifer to step down. (People)
Scott Shleifer, the head of the $30bn-plus private equity business at Chase Coleman’s $58bn hedge fund firm Tiger Global, is to step down from his role at the end of this year.
Shleifer will remain as a senior adviser to Tiger, while his private equity role will be replaced with an investment committee chaired by Coleman and consisting of Shleifer and partners Evan Feinberg, Eric Lane and Griffin Schroeder.
EMEA
A consortium led by private equity firms Permira and Blackstone offered to acquire Adevinta, a European online classifieds company, for NOK141bn ($13.2bn).
"We believe our offer provides attractive value and certainty for shareholders, whilst helping Adevinta take advantage of its long-term growth opportunities in a rapidly changing landscape. Access to flexible capital in a private context will ensure Adevinta remains competitive in this environment. We believe we can drive forward Adevinta's strategy in the interest of the company and its stakeholders," Lionel Assant, Blackstone Head of European Private Equity.
EU antitrust regulators will decide by December 22 whether to clear Swedish private equity group EQT's takeover bid for British veterinary pharmaceuticals maker Dechra Pharmaceuticals, Reuters reported.
EQT announced the cash acquisition in June, making it one of the biggest deals in the UK private equity sector this year. EQT sought approval from the EU competition enforcer on November 17.
Blackstone Group, an American alternative investment management company, agreed to acquire Civica, a provider of cloud software solutions, from Partners Group, a private equity firm. Financial terms were not disclosed.
"At Civica, our aspiration is to be a 'GovTech' champion, providing software that supports the needs of citizens and those that serve them. In partnership with Partners Group, we have significantly transformed our offering and increased growth momentum across cloud, digital enablement, software innovation, and data analytics. We have also cemented our position as an innovation leader. We now have over two decades of growth to build on and look forward to the next phase of our journey," Lee Perkins, Civica CEO.
Civica is advised by Arma Partners, Wyvern Partners and Travers Smith. Blackstone Group is advised by Barclays and DC Advisory. Partners Group is advised by Arma Partners and Clifford Chance.
GIC, a private equity firm, completed the acquisition of a minority stake in Messer, a privately held specialist for industrial, medical and specialty gases, for €2bn ($2.1bn).
"With the now approved partnership with GIC and the full acquisition of Messer Industries, Messer is opening a new chapter in its 125-year corporate history. As a gases group successful in Asia, Europe and the Americas, we will be even stronger and drive forward our ambitious plans with GIC as our new partner. Messer has enormous potential with its 11k employees worldwide. We want to move closer to the big players in the industry as the number one challenger," Bernd Eulitz, Messer CEO.
Messer Group was advised by Hengeler Mueller (led by Lucina Berger) and FGS Global (led by Alexander Geiser). GIC is advised by Jefferies & Company and UBS.
The so-called framework agreement unveiled five months ago between the PGA Tour, the US-based group, and the rival Saudi Public Investment Fund, which owns LIV, set a deadline of year-end for reaching a deal to unite golf under a single commercial entity.
Bregal Unternehmerkapital, a global private equity firm, agreed to acquire a majority stake in Netrics, a Swiss cloud and modern workplace provider, from Waterland Private Equity, an independent private equity investment company. Financial terms were not disclosed.
"We have developed rapidly in recent years. We would like to thank Waterland for their many years of support and are delighted to have found an experienced partner in BU for our next stage of growth. The acquisition by BU opens a wide range of opportunities, to expand our service offering and respond even better to the needs of our customers. Together, we will continue to deliver best-in-class technology solutions, maintain a clear focus on service quality, and contribute to the digital transformation," Pascal Kocher, Netrics CEO.
One Equity Partners, a private equity firm, agreed to acquire Measurement Solutions business from TechnipFMC, a global oil and gas company. Financial terms were not disclosed.
“The Business is an established global player with exciting growth potential as a standalone company. We are thrilled to be partnering with a strong management team and talented employees. One Equity has extensive experience in diversified industrials as well as corporate carve-outs, and we look forward to working with the team to help build the business through organic growth alongside transformational acquisitions, a hallmark of our strategy,” J.B. Cherry, One Equity Partners Senior Managing Director.
One Equity Partners is advised by Stanton PRM. TechnipFMC is advised by JP Morgan.
Antin, an infrastructure investment firm, agreed to acquire Consilium Safety, a producer of safety technologies for the marine, oil and gas, transport and building sectors, from Nordic Capital, a private equity firm. Financial terms were not disclosed.
"Nordic Capital's operational focus and expertise in how to fuel global expansion, have been instrumental in the growth of Consilium Safety Group. Together, we have achieved great results quicker than we expected. We thank them for their support and guidance as we take the next step of our journey. As we embark on the next chapter, we are very excited to partner with Antin. We will continue delivering mission-critical safety and operational resilience to our customers and with Antin's support, we look forward to investing further in the expansion of our offering, capabilities and presence," Philip Isell Lind af Hageby, Consilium Safety President and CEO.
Arctos Partners, a private equity firm, completed an investment in the Aston Martin Formula One Team. Financial terms were not disclosed.
"I am delighted to welcome Arctos Partners as a new partner and minority shareholder in the Aston Martin Aramco Cognizant Formula One Team. As investors in several leading sports franchises, Arctos brings deep industry knowledge, and I am thrilled that Aston Martin will be joining such a prestigious portfolio. Arctos see the potential and value of this project as we continue to build a world-class Formula One team. They share our vision for our ultra-luxury brand, and they are extremely passionate about the sport and its prospects," Lawrence Stroll, Aston Martin Formula One Chairman.
Aston Martin was advised by The Raine Group.
Gulf Investment, a Kuwait-based Gulf investment firm, completed the acquisition of a minority stake in Pipecare Group, a provider of pipeline inspection services. Financial terms were not disclosed.
"We are excited to enter a new phase in our company's growth in partnership with GIC to further develop our technology and play a critical role in supporting our customers in the safe delivery of energy," Khaled El-Shami, Pipecare Group Chairman.
Ackerley Partners, a privately held investment company, completed the acquisition of a minority stake in Leeds United, a football club, from 49ers Enterprises, a venture capital firm. Financial terms were not disclosed.
Ackerley Partners said it will provide strategic capital to expand the football and commercial operations of the club.
Company boards waffle over buyout bids in $40bn deal wave.
A wave of dealmaking has come to Europe, and corporate boards aren't sure what to do about it. Listed European companies have received about $40bn in takeover bids over the past three months, as everyone from Blackstone to Cinven hunts for bargains in the region's depressed stock markets, Bloomberg reported.
In several cases, the target's directors can't decide whether minority shareholders are getting a good deal. Adevinta, Synlab boards say offers are below long-term value. Directors refrain from making recommendations to shareholders.
Manchester United nears sale of 25% stake to Jim Ratcliffe in a $5.4bn deal.
Manchester United's American owners, the Glazer family, are set to finalise a $33 per share deal with Jim Ratcliffe that will see the British billionaire acquire a 25% stake in the English soccer club. Ratcliffe's offer represents a premium of 79.1% to the stock's Thursday closing price of $18.43, valuing the Old Trafford club at about $5.4bn excluding debt.
The deal will bring to an end a year-long sale process. The Glazer family announced last November that they were exploring "strategic alternatives" for the club, including a possible sale and were open to fresh investment. While the deal will not see the back of the Glazers, who are deeply unpopular with the fans of the 20-times English soccer champions, it will result in major changes to the way the club is run.
The deal values Manchester United above Premier League soccer rival Chelsea, which was sold by Russian businessman Roman Abramovich last May for $5.2bn - including debt and investments - to an investment group led by US billionaire Todd Boehly and private equity firm Clearlake Capital Group, Bloomberg reported.
Iberdrola mulls a $4.3bn bid for UK's Electricity North West.
Spanish utility Iberdrola is planning to make an offer for Electricity North West that could value the British power distribution network at up to $4.34bn.
ENWL's shareholders are working with investment bank Jefferies on a strategic review of the network operator, which delivers electricity to some five million customers in Manchester, Lancashire and Cumbria. Macquarie Group and KKR may also consider bids for ENWL.
Buying ENWL could help Iberdrola connect areas that it already serves through its Scottish Power business. This provides power to 3.6m customers in Merseyside, Cheshire, North Wales and North Shropshire in England and Central and Southern Scotland, its latest annual report shows, Reuters reported.
UK minded to intervene on Telegraph sale to Abu Dhabi-backed RedBird.
British media minister Lucy Frazer said on November 22 that she was "minded to" intervene in a proposed debt repayment deal that could see Abu Dhabi-backed RedBird IMI take ownership of the Daily Telegraph, saying she had concerns.
The sale of Telegraph Media Group and The Spectator magazine was paused from November 20 until December 4 to give Lloyds Banking Group time to consider a £1.2bn ($1.5bn) debt repayment plan put forward by previous owners, the Barclay family, backed by Redbird IMI. Under the plan, RedBird IMI, which is led by former CNN executive Jeff Zucker, could end up owning the titles through a debt-for-equity swap, Reuters reported.
Abris mulls sale of Polish healthcare company Scanmed.
Abris Capital Partners investment fund is mulling a sale of private healthcare provider Scanmed Group, with Polish cardiovascular care company American Heart of Poland being the most likely buyer, Reuters reported.
The Polish private healthcare sector is attracting investors as Poles' expenditures on health are growing rapidly. In 2022, expenditures on private healthcare grew by over 10% to almost $12.94bn.
Sweden starts corruption probe of Alecta's Heimstaden investment.
A Swedish prosecutor said on November 23 that he had begun a preliminary investigation into suspected corruption concerning investments made by pension manager Alecta, following a report to police last week by Sweden's financial watchdog, Reuters reported.
The FSA, in its report, asked police to investigate whether one or more people were guilty of corruption linked to Alecta's investment in property group Heimstaden Bostad. "I can confirm that a preliminary investigation has begun regarding the FSA's report concerning suspected corruption," Johan Lindmark prosecutor.
UK's Octopus Energy launches $3.7bn offshore wind fund with Tokyo Gas.
Britain's Octopus Energy said its renewables investing arm had launched a dedicated fund with Japan's Tokyo Gas to invest £3bn ($3.7bn) in offshore wind projects by 2030, Reuters reported.
The Octopus Energy Offshore Wind fund, set up with a £190m ($231m) cornerstone investment from Tokyo Gas, will invest in offshore wind farms as well as companies creating new offshore wind capacity, with a focus on Europe.
GAM's equity income teams to move to Jupiter.
GAM will transfer the UK equity income fund to Jupiter along with two portfolio managers, the Swiss asset manager said on Monday, Reuters reported.
"There will be a seamless transition for clients to continue to invest in the fund," GAM said in a statement.
The agreement to transfer the fund will result in a 12-month mutual revenue sharing arrangement. The fund will be transferred in 2024.
UK's musicMapgie in talks with BT Group-Aerulius on possible offer for sale.
MusicMagpie said on November 20 it was in early-stage talks with BT Group and Aurelius Group regarding a possible offer to buy the British online retailer of used smartphones and electronic products, Reuters reported.
The seller of second-hand DVDs and computer games said discussions on a possible offer were ongoing and remained at a "very early stage".
Activist investors pile pressure on Ladbrokes owner Entain.
Entain faces growing investor unrest after two more US activist hedge funds voiced concern over the gambling group’s languishing share price and the ability of chief executive Jette Nygaard-Andersen to revive the FTSE 100 company’s performance, FT reported.
New York-based funds Sachem Head Capital Management and Dendur Capital have built positions in the owner of Ladbrokes and Coral brands. They join Eminence Capital.
Z Capital Group partners with NSIA to establish a $2bn infrastructure fund for Africa.
The Nigerian Sovereign Investment Authority has agreed on a partnership with a US-based private equity firm, Z Capital, to establish an investment infrastructure fund for Africa.
ZCG and NSIA have outlined their intentions to invest in equity, debt, and a mix of financial instruments in various sectors, encompassing healthcare, digital and social infrastructure, renewable energy, and climate-smart agriculture. Zenni mentioned that the venture is targeting a fundraising goal of $1bn to $2bn.
APAC
EIG Partners CEO Blair Thomas said on November 23 that the consortium behind the $10.6bn bid for Origin Energy was "done" negotiating with top shareholder AustralianSuper in an attempt to gain its backing for the offer, Reuters reported.
Thomas said he believed AustralianSuper, which holds 16.5% of Origin, was acting against the best interests of the company's remaining shareholders. Origin Energy's top shareholder said on November 23 that it would reject a complex new offer by a Brookfield-led consortium to buy Australia's biggest energy retailer made after it became clear investors would vote down an earlier $10.6bn bid.
Origin Energy is advised by Barrenjoey Capital Partners, Jarden, and Herbert Smith Freehills (led by Rebecca Maslen-Stannage). EIG is advised by JP Morgan and FGS Global (led by Kelly Kimberly). Brookfield Renewable is advised by Citigroup, Allens, and White & Case (led by Christopher Flynn). GIC is advised by SEC Newgate.
Turn Capital, a venture capital firm, agreed to acquire the Thailand business of Flash Coffee, a tech-enabled coffee chain. Financial terms were not disclosed.
"We are impressed by what the team has built in Thailand over the past years and are excited to play a major role in the company's next growth phase. Turn Capital's focus and expertise is on the consumers, building digital-enabled and loyal consumer ecosystems by creating exciting products and services. We are excited to partner with Flash's management team to bring the tech-driven Flash Coffee brand to profitability, and to work with the young and energetic Thailand team to grow the company over the next few years," Shang Koo, Turn Capital Partner.
Apollo Global Management, a private equity firm, agreed to acquire a majority stake in Panasonic Automotive Systems, an automobile equipment manufacturer, from Panasonic, a business conglomerate. Financial terms were not disclosed.
"Through this partnership, a growth story will be shared, and PAS will gain access to large and new financing opportunities, including for strengthening development of growth businesses. The parties will continue discussions on an exclusive basis with the intention of finalising the details of the agreement by March 31, 2024," Panasonic.
BPEA EQT in talks to invest in IT services firm Trianz.
BPEA EQT, the Asian private equity arm of Swedish investment firm EQT, has initiated talks to acquire a stake in Trianz, a global digital transformation consulting and technology services firm with dual headquarters – in India and California, DealStreetAsia reported.
With offices in Silicon Valley, Washington DC Metro, Jersey City, Dubai, Bangalore, Hyderabad, Chennai, Delhi NCR, and Mumbai, Trianz serves Fortune 1000 and emerging organizations across industries globally.
Yuxiao Fund seeks to oust chairman of Northern Minerals.
A China-linked fund that is a major shareholder in Australia’s Northern Minerals has filed a motion to oust the rare earth developer’s chairman after the fund’s move for a higher stake was rejected on national interest grounds early this year, DealStreetAsia reported.
Singapore-based Yuxiao Fund, which owns a near 10% stake in Northern Minerals, proposed a shareholder’s resolution that Chairman Nicholas Curtis be immediately removed as a director.
Bain Capital raises $7.1bn in largest pan-Asia PE fund this year.
Bain Capital has completed the final close of its fifth pan-Asia private equity fund at $7.1bn, exceeding its target by 40%, amid a challenging macroeconomic and geopolitical environment that has otherwise impeded fundraising worldwide, Reuters reported.
Bain Capital said the firm itself committed $750m to Bain Capital Asia Fund V, alongside existing and new investors. At $7.1bn, the fund is Bain Capital's biggest to date for Asia and also the region's largest private equity fund raised this year.
China launches social security fund-backed $707m investment fund in Shanghai.
An investment fund backed by China's National Social Security Fund was launched in Shanghai, with a size of $707m for its first phase, the financial regulatory authority in Shanghai said on November 23.
The fund, to be managed by investment firm IDG Capital, will focus on supporting innovation in the city of Shanghai alongside the Yangtze River Delta region. The fund will invest in strategic areas such as integrated circuits, biopharma and life sciences, artificial intelligence, new energy vehicles, high-end equipment and advanced materials, Reuters reported.
Fidelity International raises $700m in its first China bond mutual fund.
Fidelity International has garnered $700m from investors for its first fixed-income mutual fund in China, deepening the asset manager's involvement in the $3.8tn mutual fund market, Reuters reported.
Fidelity China's Managing Director Helen Huang said that she is lobbying Chinese regulators to relax stringent data security rules to allow cross-border sharing of research so that it can better utilise its growing capabilities in the country.
Australia's ROC Partners in the market to raise $300m for its latest APAC fund.
Sydney-based alternative investment manager ROC Partners is in the market to raise its sixth Asia Pacific-focused fund, which has a target of $300m.
SEC filings typically reflect only the amount raised from US investors. The vehicle, ROC Asia Pacific Private Equity Fund VI, has so far raised at least $66m from three investors since its launch in late October, DealStreetAsia reported.
Sanjay Nayar-led Sorin Investments set to close debut fund above target at $156m.
Sorin Investments, the venture capital firm set up by former KKR India CEO Sanjay Nayar and Caravel Group’s Angad Banga, has surpassed the original fundraising target for its debut investment vehicle, raking in about INR1.3bn ($156m), DealStreetAsia reported.
Small Industries Development Bank of India and The National Small Industries will back Sorin Investments, former KKR India head said.
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