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AMERICAS
Britain's competition regulator said it was looking into whether US chipmaker Broadcom's $71.6bn acquisition of cloud computing company VMware may substantially lessen competition.
The Broadcom-VMware deal, announced in May, is the second biggest globally so far this year and marks Broadcom's attempt to diversify its business into enterprise software. The companies are also seeking European Union antitrust approval.
VMware is advised by Goldman Sachs, JP Morgan, Gibson Dunn & Crutcher (led by Barbara Becker and Andrew Kaplan) and FGS Global (led by Paul Kranhold). Financial advisors are advised by Debevoise & Plimpton (led by Jennifer Chu and William Regner) and Sullivan & Cromwell (led by Alison S. Ressler and John L. Savva). Broadcom is advised by Bank of America, Barclays, Citigroup, Credit Suisse, Morgan Stanley, Morgan Stanley, Wells Fargo Securities, Cleary Gottlieb Steen & Hamilton, O'Melveny & Myers (led by Adit Khorana), Wachtell Lipton Rosen & Katz (led by David Karp, Ronald Chen and Viktor Sapezhnikov), Brunswick Group and Joele Frank (led by Joele Frank). Financial advisors are advised by Cooley (led by Ben Beerle). Silver Lake is advised by Simpson Thacher & Bartlett (led by Atif Azher).
Hellman & Friedman and Permira-led consortium completed the acquisition of Zendesk, a customer experience software company, for $10.2bn, with participation from Abu Dhabi Investment Authority and GIC.
"Over the past 15 years, Zendesk has revolutionized how companies serve their customers and has become a leading platform within the customer experience ecosystem. We deeply believe in the company's growth opportunity as it continues to help businesses across the world delight their customers," Tarim Wasim, Hellman & Friedman Partner.
American hedge fund Standard General and TEGNA, a television stations operator, announced the National Telecommunications and Information Administration, on behalf of the Committee for the Assessment of Foreign Participation in the United States Telecommunications Services Sector, submitted a filing with the Federal Communications Commission confirming it has no objections to the transaction.
"Standard General has a proven track record of increasing investment in local journalism and bringing new ideas and perspectives to local broadcasting. The pending transaction with TEGNA is about investing in and further strengthening local stations, which brings value to our viewers and our communities. We look forward to creating the largest minority-owned and female-led television station group in US history and dramatically increasing minority broadcast ownership and viewpoint diversity," Soo Kim, Standard General Founding Partner.
TEGNA is advised by Evercore, Greenhill & Co, JP Morgan, Covington & Burling, Wachtell Lipton Rosen & Katz (led by Viktor Sapezhnikov, Igor Kirman, Victor Goldfeld and Andrew Brownstein) and FGS Global (led by George Sard). Financial advisors are advised by Freshfields Bruckhaus Deringer (led by Ethan A. Klingsberg). Standard General is advised by Goldman Sachs, Moelis & Co, RBC Capital Markets, Cooley (led by Robert McDowell), Fried Frank Harris Shriver & Jacobson (led by Warren S. de Wied and Roy Tannenbaum), Pillsbury Winthrop Shaw Pittman and Joele Frank (led by Andrew Brimmer and Jamie Moser). Debt is provided by RBC Capital Markets.
Apollo Global Management, an American global alternative investment management firm, completed the acquisition of Tenneco, an American automotive components original equipment manufacturer, for $7.1bn.
“We are excited for Tenneco to enter this exciting next chapter with Apollo and together see compelling opportunities to accelerate Tenneco’s growth trajectory and enhance operations. I look forward to leading the talented team at Tenneco and serving our customers and partners around the world," Jim Voss, Tenneco CEO.
QinetiQ, a defense company, completed the acquisition of Avantus Federal, a provider of mission-focused cyber, data analytics, and software development solutions, from NewSpring Capital, a private equity firm, for $590m.
"We believe that the combination of QinetiQ US and Avantus will create a unique business in the US and globally with a powerful performance culture and scaled technical differentiation. This acquisition is a transformational platform that delivers on our growth strategy of building a disruptive mid-tier defense and intelligence company," Shawn N. Purvis, QinetiQ US President and CEO.
Avantus Federal was advised by Baker Tilly, Guggenheim Partners, Blank Rome and Kirkland & Ellis. QintetiQ was advised by Ernst & Young, Citizens M&A, Gleacher Shacklock, Baker McKenzie (led by Marc Paul and Helen Bradley) and Citigate Dewe Rogerson (led by Lorna Cobbett).
Paine Schwartz Partners, a private equity firm, agreed to acquire AgroFresh, an AgTech innovator, for $159m.
“We know AgroFresh well and think highly of its solutions and technologies that enhance the quality and extend the shelf life of fresh produce for the benefit of the food supply chain and resource conservation. As a private company with additional support from Paine Schwartz, AgroFresh will have access to the financial resources it needs to invest further in R&D and expansion efforts, while enabling the Company to address its capital structure. We are pleased to continue our partnership with AgroFresh and look forward to supporting the Company's long-term growth and success,” Kevin Schwartz, Paine Schwartz CEO.
Paine Schwartz Partners is advised by Evercore, Kirkland & Ellis and Joele Frank (led by Andrew Brimmer and Aaron Palash). AgroFresh is advised by Perella Weinberg Partners, Morris Nichols, Morrison & Foerster, Buzz Monkeys (led by Mary Roberts) and ICR (led by Jeff Sonnek).
Tempo Automation, a software-accelerated electronics manufacturer, went public via a SPAC merger with ACE Convergence Acquisition in a $919m. PIPE investors include Point72 Ventures Investments, ACE Equity Partners ,Firsthand Funds and Lux Capital.
“We are excited to begin our journey as a publicly traded company and continue executing on our vision of building the preeminent electronics manufacturer serving the approximately $290bn US prototype and on-demand manufacturing market,” Joy Weiss, Tempo President and CEO.
NEXT Renewable Fuels, a producer of advanced biofuel, agreed to go public via a SPA merger with Texas Ventures-backed Industrial Tech Acquisitions II in a $666m deal.
"West Coast states are demanding a clean fuels conversion of the transportation and aviation industries with aggressive targets necessitating rapid increases in clean fuel supplies. NXT is advancing toward becoming one of the largest US-based suppliers of clean fuels for these markets and is investigating and pursuing potential vertical expansion into other clean fuels," Christopher Efird, NXT CEO and Executive Chairman.
NEXT Renewable Fuels is advised by ArentFox Schiff and MZ Group (led by Shannon Devine). Industrial Tech Acquisitions II is advised by England & Company and Ellenoff Grossman & Schole.
CIVC Partners, a Chicago-based private equity firm, completed the investment in Signers National, the holding company for a tech-enabled insurance distribution platform focused on serving niche insurance markets. Financial terms were not disclosed.
"We are thrilled to be partnering with the CIVC team. CIVC recognized our unique model and value proposition as a platform for organic growth and as an M&A engine. We welcome the value that CIVC will bring to our team as a minority partner. Marc and CIVC bring extensive industry experience and decades of success partnering with entrepreneurs and founders and will help us build on the industry- leading growth we have achieved to date. I am excited to partner with a firm that is aligned with our strategy and culture and shares our core values," Josh Lamberg, Signers National Founder and CEO.
Signers National was advised by Piper Sandler and Locke Lord. CIVC Partners was advised by Foley & Lardner and Ropes & Gray (led by Matthew Richards).
SoftBank Vision Fund 2, a fund with a goal to invest in AI-based technology, and Greenbacker, a green energy investment company, led a $120m funding round in Swell Energy, a renewable energy semiconductor manufacturing company, with participation from Ares Management and Ontario Power Generation.
“By coordinating distributed energy resources across the grid to intelligently meet fluctuating demand, Swell’s AI- and machine learning-driven platform helps address a major challenge of the energy transition, while also lowering customers’ bills. We are excited to support Swell’s team as they accelerate clean energy adoption,” Ben Parton, SoftBank Group Director.
Swell Energy was advised by Citigroup and Technica Communications (led by Jake Wengroff).
Beringer Capital, a sector-focused private equity firm, completed the investment in VeraData, a decision science and fundraising platform company that delivers industry-leading fundraising outcomes to not-for-profits. Financial terms were not disclosed.
"We're excited to partner with VeraData, a company that has disrupted the NFP market with its state-of-the-art analytical capabilities, industry expertise, and extremely capable team. What's more, we are highly gratified to be partners in a business that helps charitable missions achieve their worthwhile causes by driving acquisition and retention of passionate donors at a level of scale and efficiency that, historically, only the largest and most sophisticated commercial enterprises have been able to achieve," Gil Ozir, Beringer Capital Managing Partner.
Tenex Capital Management, a private equity firm, completed an investment in Rose Paving, a provider of parking lot maintenance and rehabilitation solutions. Financial terms were not disclosed.
“We are extremely pleased to work with Tenex to help accelerate Rose’s growth. In looking for a partner, we sought a group offering more than simply capital, but also operational expertise and a strong cultural fit. We believe Tenex’s shared values and proven track record in scaling companies organically and via acquisitions will enable Rose to continue to excel in our markets,"
Ed Campbell, Rose Paving CEO.
A group of investors including ARCH Venture Partners, Milky Way Investments, Fidelity Management & Research Company, VenBio Partners, Deerfield Management, GV, Cormorant Asset Management, T. Rowe Price Associates, Invus, Farallon Capital Management, HBM Healthcare Investments, Casdin Capital, and PagsGroup led a $178m Series D round in FogPharma, a biopharmaceutical company.
“FogPharma continues to make rapid progress on our moonshot mission to achieve universal druggability – a world where no targets are off-limits to medicine. We believe that Helicon polypeptides, a compelling new therapeutic modality, represent the future of precision medicine. We are thrilled by the support of our investors and will continue to build our platform capabilities, product pipeline which aims to address a significant percentage of cancer patient populations, and our phenomenal team across all levels as we aim to create one of the most impactful new classes of drugs in history," Gregory Verdine, FogPharma Founder, Chairman and CEO.
Fidelity Management and Research, an American multinational financial services corporation, led a $150m Series D round in Astera Labs, a provider of connectivity solutions for intelligent systems, with participation from Atreides Management, Intel Capital and Sutter Hill Ventures.
"Astera Labs continues to surpass every milestone for a technology start-up, and we are now deep into the next stage of evolution for our company as we accelerate growth. This latest funding round is a testament that we are not only invested in the right growth markets such as Cloud, Artificial Intelligence/Machine Learning, and Hyperscale infrastructure, but that we are also able to consistently execute and deliver breakthrough connectivity products that are critical to our customers and partners," Jitendra Mohan, Astera Labs CEO.
Newtech Holdings, a consumer products business operator, completed the acquisition of Craig Electronics, a consumer electronics company, from Nova Wildcat Fund, a student-run equity fund. Financial terms were not disclosed.
"We are beyond excited to be reacquiring a business that is part of our DNA. We look forward to working closely with our supplier partners to provide the exceptional level of service that our core group of retail customers expect and deserve from us while focusing on the expansion of our e-commerce business platform for additional consumer products," Michael Newman, Newtech CEO.
KKR looks to divest Westbrick for $1.5bn.
KKR is looking to sell its stake in Canadian oil and gas producer Westbrick Energy to raise approximately $1.13bn to $1.5bn. A potential sale of Westbrick would mark an exit for KKR from the Canadian oil and gas production business.
The move is part of KKR’s strategy to capitalise on surging energy prices. KKR intends to complete the sale by the end of this year. Despite this, KKR could still retain the Canadian unit if it fails to receive suitable offers.
CD&R is in talks to invest $1bn in Pegasystems.
Private equity firm Clayton Dubilier & Rice is in discussions to invest about $1bn in enterprise software provider Pegasystems, Bloomberg reported.
The investment is strategic for CD&R and not a prelude to a takeover of Pegasystems. Terms aren’t finalized and the discussions could still fall apart.
Morgan Stanley IM launches $1bn climate-focused private equity strategy.
Morgan Stanley Investment Management said it had launched a new $1bn private equity strategy to invest in companies which will remove 1 gigaton of carbon dioxide emissions from the atmosphere by 2050 or prevent that amount entering the atmosphere.
Companies need trillions of dollars of investment to help them reduce carbon emissions and to develop new low-carbon technologies to meet the aims of the Paris Agreement to limit global warming.
Independent Franchise Partners opposes the News-Fox merger plan.
Independent Franchise Partners, a major investor in News and Fox, opposes media mogul Rupert Murdoch's plan to recombine the companies, Reuters reported.
The London-based investment firm thinks a combination on its own would fail to realize the full value of the company. Independent is the second investor to express dissent over the plan.
Irenic Capital asks News to spin off units instead of Fox merger.
Activist investor Irenic Capital Management, which holds 2% of News Corp's Class B shares, sent a letter to the company suggesting a spin-off of its digital real estate business or Dow Jones as an alternative to a merger with Fox. Irenic said the combination with Fox does not serve News Corp's strategic goals.
In October, media mogul Rupert Murdoch proposed to reunite his media empire by combining News and Fox nearly a decade after the companies split. The companies formed special committees to evaluate the proposal, Reuters reported.
Palm Beach Capital exits Cadre investment.
Palm Beach Capital announced that it has fully exited its investment in Cadre, a manufacturer and distributor of safety and survivability equipment, and realized proceeds equal to 9.3 times its invested capital.
“We would like to sincerely thank the entire leadership team at Cadre for their vision and attention to detail in building the Company into a scalable global platform protecting and serving our first responders. We are very proud of the Company’s growth during our investment period, which is a testament to the strength and quality of the people, products, and brands at Cadre. We wish this exceptional Company and management team continued success in the years to come," Nate Ward, PBC Co-Founder and Managing Partner.
Vista Equity Partners is exploring a deal for Coupa Software.
Vista Equity Partners, an American investment firm, is exploring the acquisition of Coupa Software, a global technology platform, Bloomberg reported.
Vista has held talks with the San Mateo, California-based company, which is working with an adviser. Private-credit lenders could provide financing for a potential deal.
Astatine Investment looks to IPO infrastructure trust on London Stock Exchange.
Astatine Investment Partners, a US-based private equity firm, announced plans to list a new investment trust, AT85 Global Mid-Market Infrastructure Income, on the primary market of the London Stock Exchange.
The trust, managed by the firm's advisory arm Astatine Advisors, will invest in mid-cap, core-plus infrastructure assets in three key sectors; transport and logistics infrastructure, utility-related infrastructure, and digital infrastructure. The portfolio of investments will primarily be located in the US, Canada, UK, and Europe and be composed of assets and businesses with defensive and "largely uncorrelated" cashflows across investment themes and structured for exit visibility.
The group has set a target issue of 300m shares at £0.01 each in the company's capital at £1 per ordinary share. The trust has access to an initial portfolio of assets of £100m and a total pipeline of £540m.
Vista Equity Partners passes the halfway mark to the $20bn target for its latest flagship.
Vista Equity Partners, a private equity firm, has passed halfway mark for its latest flagship fund.
Vista Equity has raised $11bn for Vista Equity Partners VIII, a final close is expected by October 2023.
Capital raised for the vehicle will be used to make 18 to 25 control investments in large and upper mid-market enterprise software and technology companies primarily in North America.
Apollo closes on $2.4bn for Inaugural Accord+ Fund.
Apollo Global Management closed on $2.4bn in commitments for the Apollo Accord+ Fund, its commingled multi-asset opportunistic credit offering. These new commitments bring total fundraising for the overarching Accord strategy to approximately $11bn since inception, of which approximately $4.5bn was raised in the past 12 months.
"Accord+ is designed to provide investors with an efficient, streamlined offering that harnesses the depth and breadth of expertise resident within Apollo's Credit platform. The fund builds upon our significant experience and established track record in managing our Accord strategy and other related mandates," Chris Lahoud and Tristram Leach, Apollo Partners.
HarbourVest Partners closes sixth direct co-investment fund at $4.2bn.
HarbourVest Partners, a global private markets investment specialist, announced the final close of its sixth co-investment fund, HarbourVest Partners Co-Investment Fund VI, which closed above its $3.5bn target at $4.2bn, including the General Partner commitment.
“The continuation of our flagship co-investment program enables us to remain the partner of choice for GPs on a global level. In addition to being a provider of capital at scale, we continue to provide general partners with solutions that provide an access point for investors to gain exposure to market leading, private equity backed companies across industries and geographies,” Craig MacDonald, HarbourVest Partners Managing Director.
Carlyle seeks $1.6bn for second renewable energy fund.
Carlyle Group, a private equity firm, is seeking at least $1.6bn for its second private equity fund that will invest in assets focused on renewable energy and sustainability.
The Washington, D.C.-based firm began amassing capital this year for the new fund, dubbed Carlyle Renewable & Sustainable Energy Fund II. If it meets its fundraising target, it would be double the size of its predecessor fund, the Carlyle Renewable & Sustainable Energy Fund, which had collected $800m from investors, DealStreetAsia reported.
Fasanara Capital secures new $200m mandate from major Canadian pension fund.
Fasanara Capital, a London-based asset management and technology platform, has secured a strategic circa $200m mandate from one of Canada’s largest pension funds. These latest funds will be used by Fasanara Capital to support further expansion of its global fintech ecosystem.
Funds will be used to lend to the real economy, to either invoice receivables, working capital facilities, short term SME loans, and an array of specialty finance products.
Arizona Public Safety Personnel makes additional $125m PE allocation.
The Arizona Public Safety Personnel Retirement System, Phoenix, has made two new commitments to private equity investments with a combined value of $125m.
Christian Palmer, a spokesman for the $17.8bn pension finds as revealing that PA MAC Fund, a private equity fund managed by Portfolio Advisors has received a $75m commitment, while Mountain Capital Partners II, a buyout fund managed by Mountain Capital Management, has received $50m.
EnCap eyes first oil and gas production fund in five years.
EnCap Investments is raising its first private equity fund in five years dedicated to oil and gas production, making it an exception among US buyout firms that have fled the oil patch amid a scarcity of lucrative acreage and pressure from environmentalists.
Houston-based EnCap has approached investors in its previous funds to gauge their interest in participating in the new launch. It would be EnCap’s 12th flagship fund and it could be officially marketed to investors early in 2023, Reuters reported.
EMEA
Entain, a sports betting and gambling company, and EMMA Capital, an investment firm, completed the acquisition of SuperSport, an operator of a sports betting company, for €920m ($945m).
"I am looking forward to joining with Entain and further building on the significant opportunity presented in this region. The prospect of leading Entain CEE to drive expansion in fully regulated markets is an exciting opportunity, and EMMA's investment expertise combined with Entain's world-class platform will give us the competitive edge in delivering on the CEE opportunity," Radim Haluza, SuperSport CEO.
EMMA Capital was advised by Dentons (led by Petr Zákoucký and Rob Irving), GVZH Advocates and Lovrić Novokmet & Partners. Entain was advised by Morgan Stanley (led by Laurence Hopkins and Tom Perry), Freshfields Bruckhaus Deringer (led by Alastair Chapman and Aled Batey) and Powerscourt. Debt financing was provided by Deutsche Bank, Lloyds Bank, Mediobanca, NatWest Markets and Santander.
Astorg and Epiris completed the acquisition of Euromoney Institutional Investor for £1.66bn.
Private equity firms Astorg and Epiris completed the acquisition of Euromoney Institutional Investor, one of Europe's largest business and financial information companies which has interests in business and financial publishing and event organization, for £1.66bn.
"The Board believes the offer represents value for shareholders and reflects the attractions of Euromoney's business model and performance. I would like to recognise the exceptional contribution of our people. Their insight, talent and innovation has driven our successful transition to a fast-growing, high margin, 3.0, information-services business," Leslie Van de Walle, Euromoney Chair.
Euromoney was advised by Numis Securities (led by Mark Lander), Goldman Sachs (led by Khamran Ali), UBS (led by Jonathan Retter), Freshfields Bruckhaus Deringer (led by Rhys Evans and Oliver Lazenby) and FTI Consulting (led by Jamie Ricketts). Astorg was advised by Bank of America (led by Geoffrey Iles), Raymond James (led by Stuart Sparkes), Latham & Watkins (led by Richard Butterwick and Paul Dolman) and Greenbrook (led by Robert White). Financial advisors were advised by Norton Rose Fulbright (led by Paul Whitelock).
International Chemical Investors Group, the owner of WeylChem and various other chemical operations, completed the acquisition of Inprotec, a contract manufacturer for industrial drying and granulation services, from Paragon Partners, a Munich-based private equity firm. Financial terms were not disclosed.
"The acquisition of Inprotec aligns with our long-term strategy to expand our offering in innovative, first-class contract manufacturing services," Achim Riemann, ICIG Director.
ICIG was advised by PricewaterhouseCoopers, Value Partners, ERM Group and Taylor Wessing (led by Stephan Doom). Paragon Partners was advised by goetzpartners (led by Gerrit Schütte), PricewaterhouseCoopers, Houlihan Lokey (led by Martin Bastian), Clifford Chance and KPMG. Financial advisors were advised by Gutt Olk Feldhaus.
ResMed, a medical device company, completed the acquisition of MEDIFOX DAN, a software provider, from Hg, a private equity company, for $1bn.
“With the acquisition of MEDIFOX DAN, a fast-growing and innovative German healthcare software leader, we will expand ResMed’s SaaS business portfolio outside our current base in the US market and strengthen our position as the global leader in healthcare software solutions for lower-cost and lower-acuity care,” Mick Farrell, ResMed CEO.
Ares Management, a global alternative asset manager, led a €116m funding round in Oaktree Capital-backed UNAVETS, an operator of chain veterinary clinics and hospitals.
"We are thrilled Oaktree, and now Ares, as well, are backing our platform - helping to fuel our growth. As we continue to evolve UNAVETS, this financing will give us additional firepower to invest strategically across the veterinary sector - meaning in people, facilities, equipment, and innovation – to provide the best care for our pets and ongoing professional development and future for our vets," Junko Sheehan, UNAVETS CEO and Chairman.
Ares Management was advised by Macfarlanes and Uria Menendez. UNAVETS was advised by Houlihan Lokey, Cuatrecasas Goncalves Pereira, Weil Gotshal and Manges and Ernst & Young.
International Chemical Investors Group, a chemicals company, completed the acquisition of Benvic Compounds, a polymers manufacturer, from Investindustrial, a private equity firm, and Benvic Group, a specialty chemical group. Financial terms were not disclosed.
"Benvic has been transformed under Investindustrial's ownership over the last four years. Together we have taken the company to the next stage of its development, strengthening our global position in the compounding industry and improving our product offering to our customers through ongoing R&D and expansion into solutions for new applications. We look forward to further accelerating this growth with International Chemical Investors Group, who we consider to be an excellent partner to support Benvic in our next phase of development," Luc Mertens, Benvic CEO.
ICIG was advised by Dentons. Investindustrial was advised by Boston Consulting Group, KPMG, Rothschild & Co (led by Pierre Sader and Federico Mennella), William Blair & Co, Gide Loyrette Nouel and Maitland (led by David Sturken).
Jean-Pierre Conte has emerged as a significant backer of fellow US investor John Textor’s takeover of French football club Olympique Lyonnais.
The chairman of San Francisco-based private equity firm Genstar Capital said he is among a group of investors committing about $104m to support the deal. These investors will take equity stakes in Textor’s Eagle Football Holdings investment vehicle.
Olympique Lyonnais is advised by Ernst & Young and Gide Loyrette Nouel. Eagle Football is advised by DLA Piper. IDG Capital is advised by The Raine Group and Allen & Overy. Holnest is advised by Delsol Avocats.
Media group Vivendi's proposed acquisition of Lagardere, a content publishing, production, and broadcasting company, from Amber Capital, a private equity firm, is likely to face a full-scale EU antitrust investigation.
The proposed deal would combine France's two biggest publishing groups, Lagardere's Hachette and Vivendi's Editis, and has come in for criticism from rivals, including renowned peer Gallimard. To resolve EU antitrust concerns, Vivendi's top investor - billionaire Vincent Bollore - would sell all Editis shares he would receive after the transaction, which would consist of a simultaneous distribution of the publishing unit's shares to Vivendi shareholders and its listing, Reuters reported.
The European Commission is expected to launch an in-depth investigation after finishing its preliminary deal review on November 30.
Vivendi is advised by BNP Paribas, Societe Generale (led by Stephane Krief) and Cleary Gottlieb Steen & Hamilton. Lagardere is advised by Image Sept (led by Anne Meaux). Amber Capital is advised by White & Case (led by Saam Golshani).
Motive Partners, an investment firm focused on technology-enabled companies, agreed to acquire embedded/capital, a venture capital firm based in Hauptsitz. Financial terms were not disclosed.
"We are delighted to welcome the talented and accomplished embedded/capital team to the Motive family. We have known the team by a reputation for some time and have admired their prowess as both business builders and investors in leading entrepreneurs that are evolving the financial technology landscape. This acquisition not only adds depth and capability to our team but provides critical strategic benefits to the rest of the firm, including innovation insights and learning, attracting top talent, and enhanced sourcing networks," Blythe Masters, Motive Partners Founding Partner.
Motive Partners is advised by Gibson Dunn & Crutcher and Hengeler Mueller. embedded/capital is advised by P+P Poellath + Partners.
IDEX, a publicly traded company engaged in the development, design, and manufacture of fluidics systems and specialty engineered products, completed the acquisition of Muon Group, a micro-precision technology manufacturing company, from Rivean Capital, a European mid-market private equity firm, for €700m ($725m).
"The Muon Group companies are an IDEX-like collection of businesses, making precise, highly-engineered solutions for mission-critical applications, with a values-based culture that very much matches ours. I'm pleased to welcome the Muon Group team to the IDEX family," Eric Ashleman, IDEX CEO and President.
Muon was advised by William Blair & Co. Rivean Capital was advised by De Brauw Blackstone Westbroek (led by Lennard Keijzer).
Kirk Kapital, a private equity firm, agreed to acquire a majority stake in Mobilhouse, a provider of temporary modular buildings, from Adelis Equity Partners, a private equity firm. Financial terms were not disclosed.
“The activity level at Mobilhouse has never been higher and I am grateful for the support we have received from Adelis and the board of directors over these past years. I am looking forward to working with the new ownership group to continue the development of our business," Benny Moller, Mobilhouse CEO.
Adelis Equity Partners is advised by Carnegie Investment Bank and Kromann Reumert.
The Rohatyn Group, a specialized global asset management firm, agreed to acquire Ethos Private Equity, an alternative asset management firm in Africa. Financial terms were not disclosed.
"The philosophical and cultural similarities of TRG and Ethos were apparent from the start. We share a belief that multiple thematic cross-currents -- such as private credit, renewable energy, digitalization, and agriculture, among others -- will anchor future investment priorities for investors. Our combined firm, with almost $8bn in AUM, almost 400 institutional LPs, and the ability to offer solutions for de novo investing, as well as ongoing GP consolidations and fund restructurings, will occupy a unique position in our industry," Nicolas Rohatyn, The Rohatyn Group Founder and CEO.
Ethos Private Equity is advised by Edelman (led by Rachel Quigley). TRG is advised by Lazard.
Henderson Park, the private real estate investment fund manager, agreed to acquire a majority stake in GBI Holding, a residential real estate platform. Financial terms were not disclosed.
"We welcome Henderson Park as our new majority shareholder. We share the same vision as Henderson Park, who is investing on behalf of institutional clients with a strong focus on ESG. Equally, we are pleased that the Moses Mendelssohn Foundation, GBI's former majority shareholder, will stay invested in the company with a minority stake and our existing cooperation will continue," Reiner Nittka, GBI CEO.
GBI is advised by Rothschild & Co.
Eurazeo, a French investment company, agreed to invest €100m ($103m) in NeoXam, a provider of professional software for asset managers.
"With Eurazeo's support, NeoXam could add a new dimension to its international growth strategy. Our products, which are used by most of the global top 20 asset managers in locations such as NY, London and Singapore, have proven their value as extraordinarily useful tools, particularly in the rapidly developing fields of Data Management and Reporting. Eurazeo would be an ideal partner, combining extensive investment capabilities, an exceptional international network and a rare understanding of the entrepreneurs it supports. We hope to enter into a partnership in the very near future, to enable NeoXam to reach its full potential," Serge Delpla, NeoXam Founder.
777 Partners, a private equity firm, agreed to acquire a 64.7% stake in Hertha Berlin, a Bundesliga soccer team, from Lars Windhorst. Financial terms were not disclosed.
“We are excited to have the opportunity to partner with Hertha BSC and look forward to engaging with the club and its stakeholders," Josh Wander, 777 Partners Founder and Managing Partner.
Ontario Teachers leads bidding for the $12bn SSE Networks stake.
Ontario Teachers’ Pension Plan Board is emerging as the frontrunner to acquire a stake in energy company SSE's multibillion-pound electricity networks.
The Canadian pension fund is negotiating terms of a deal to invest in SSE’s transmission and distribution grid assets. SSE said in November last year it plans to sell about 25% of its transmission and distribution grid units to help fund an increase in spending on net-zero infrastructure. The assets could be valued at more than $12bn in any deal.
The stake sale is part of a strategic plan unveiled by SSE after it rejected a proposal from activist investor Elliott Investment Management to split the company in two by separating the renewables business, Bloomberg reported.
KKR, EQT, PAG vie for $10bn Global Switch deal.
Buyout firms EQT, KKR and PAG are the final bidders seeking to acquire data center company Global Switch, Bloomberg reported.
The investment firms are evaluating different financing structures as they weigh binding offers for the London-based company. Initial bids were not aligned with the valuation expectations of Global Switch’s owners, and financing markets for leveraged buyouts are expensive, both of which remain hurdles to any potential deal.
Wendel weighs a €2bn sale of Constantia Flexibles.
French investment group Wendel is considering a potential sale of Constantia Flexibles in a deal that could value the Austrian packaging firm at about €2bn ($2.1bn).
Wendel is in the early stages of working with advisers to identify potential buyers for the business. The investment firm is in no rush to kick off the sale and is waiting for financing markets to improve. A formal bidding process may launch in the second quarter of next year or later, Bloomberg reported.
Founder of Atoss Software weighs options, including sale.
The founder of software company Atoss Software is exploring strategic options for the German-listed developer after attracting takeover interest from private equity firms, Bloomberg reported.
Atoss Chairman Andreas Obereder is working with advisers as he discusses possibilities, including a sale. The company has attracted interest from buyout firms including Hg, as well as Carlyle Group and Permira, though some have dropped due to concerns over valuation.
Affirma Capital seeks to sell stake in Jordan's Fine Hygienic Holding.
Singapore-based buyout firm Affirma Capital is seeking to exit its stake in Jordan-based Fine Hygienic Holding, one of the Middle East’s largest makers of tissue and paper products, DealStreetAsia reported.
Affirma is working with Moelis & Co to arrange the sale of its significant minority stake in the company.
Cevian takes axe to Thyssenkrupp stake.
Activist fund Cevian has cut its stake in Thyssenkrupp to less than 1%, effectively ending its loss-making engagement with the German industrial group after years of restructuring that failed to boost its share price.
Cevian, which first disclosed a stake in Thyssenkrupp in 2013, had nearly halved its stake to 7.9% a year ago after a far-reaching overhaul it had long demanded arrived too late. It most recently reduced its holding to 6.6%.
"Cevian Capital reduced its ownership in Thyssenkrupp to a small residual position of less than 1%, driven by regular portfolio management decisions," Cevian.
Eurazeo holds first close of Transition Infrastructure Fund at €210m.
Eurazeo has held the first close of the Eurazeo Transition Infrastructure Fund at €210m ($217m) in capital commitments from the European Investment Fund, which has made a cornerstone €75m($77m) investment, and a range of other institutional investors.
The objective of the fund is to invest in transition infrastructure, including the energy transition, the digital transition, clean transport, and circular economy. The fund is classified as an Article 9 fund under the European Sustainable Finance Disclosure Regulation.
HIG Capital adds three to capital formation group. (People)
HIG Capital, a global alternative investment firm with over $52bn of capital under management, has added Daniel Rosenthal Ayash, Bernice Berschader and Micael Hagelin to its Capital Formation Group, based in HIG’s London office.
Rosenthal Ayash joins as a Managing Director and is responsible for managing HIG’s European client partnerships for the firm’s global private equity platform. Berschader joins as a Principal and is responsible for managing HIG’s European client partnerships for the firm’s global credit platform. Hagelin joins as a Managing Director and is responsible for managing HIG’s European client partnerships for the firm’s global credit platform.
APAC
Stonepeak, an alternative investment firm specializing in infrastructure and real assets, and Spirit Super, an Australian industry super fund, agreed to acquire GeelongPort, Victoria's second largest port located approximately 75km southwest of Melbourne. Financial terms were not disclosed.
"As a high-quality landlord port with operations that are critical to Australia's economy, GeelongPort is a natural fit for Stonepeak's core infrastructure strategy. It is a highly contracted entity with strong barriers to entry and stable and predictable demand drivers, which we believe are even more compelling when coupled with the port's meaningful opportunities for long-term growth through additional development to meet future import-export demand in the region. We look forward to working closely with the GeelongPort team to help further their objectives and invest behind this integral component of the Victorian economy," Darren Keogh, Stonepeak Senior Managing Director.
Stonepeak and Spirit Super are advised by Gresham, Clayton Utz, King & Wood Mallesons, Citadel Magnus (led by James Strong) and Mountain Media.
IFM Investors, an investment services provider, and UniSuper, an Australian superannuation fund, agreed to acquire a majority stake in PRP Diagnostics, a diagnostic imaging provider. Financial terms were not disclosed.
“PRP is a leading provider of high quality, advanced diagnostic imaging services and we are delighted to welcome IFM Investors and UniSuper as long-term partners to the business. We have attractive opportunities to grow and expand our business and look forward to working with IFM Investors and UniSuper as majority investors in our company," Paul Richard, PRP Diagnostics CEO.
PRP Diagnostics is advised by Morgan Stanley.
Viva China, an investment holding company, agreed to acquire a 49% stake in LionRock Capital, an investment company, for $133m.
“In view of the above, the board (including independent non-executive directors) considers that the Acquisition is in the ordinary and usual course of business. The terms of the acquisition are fair and Reasonable and in the interests of the group and the shareholders as a whole,” Viva China.
SC Capital Partners, a Singapore-based private equity real estate manger, and Abu Dhabi Investment Authority, a sovereign wealth fund owned by the Emirate of Abu Dhabi, agreed to form a joint venture to target data centre investments across the Asia Pacific region, with a primary focus on Japan, South Korea, Singapore, and Australia. Financial terms were not disclosed.
"This new programme complements our existing pan-Asian opportunistic strategy and allows us to significantly scale up our data centre capabilities and platform in the fastest developing data centre region in the world," Suchad Chiaranussati, SC Capital Partners Chairman and Founder.
Toshiba’s preferred bid group weighs lower offer after weak earnings.
A consortium led by Japan Industrial Partners is considering lowering its offer for Toshiba from about $16bn, Bloomberg reported.
While discussions are still ongoing, and no final decisions have been made, some members of the consortium have become hesitant about the proposed valuation for the company, citing its disappointing recent earnings. Earlier this month, Toshiba reported second quarter operating income of JPY7.55bn ($54.4m). It also cut its operating income forecast for the full year.
Affin Hwang seeks to add $5.5bn assets in 3 years.
Malaysian investment manager Affin Hwang Asset Management has rebranded to AHAM Asset Management, and is aiming for nearly $22bn in assets under administration by 2025, DealStreetAsia reported.
Mitsubishi UFJ to buy Home Credit's Indonesian, PH units for $620m.
Japan’s Mitsubishi UFJ Financial Group plans to buy the Philippines and Indonesian units of Dutch consumer finance company Home Credit Group for about $619m, DealStreetAsia reported.
The deal comes as Japan’s largest lender aims to beef up its business in Asia to tap growth in consumption in emerging markets, while ultra-low interest rates and an aging population limit business opportunities at home.
Morgan Stanley mulls sale of Coinage.
Morgan Stanley Private Equity Asia is considering selling Chinese financial education company Coinage International, Bloomberg reported.
The buyout firm could seek a valuation of about $500m for the education business in a deal. Morgan Stanley PE Asia has received interest from companies in the industry and financial sponsors.
IFC proposes to invest $320m in three Vietnamese commercial banks.
The International Finance Corporation, a member of the World Bank Group, has proposed a total investment of $320m in three Vietnamese banks to support their small and medium enterprises loan portfolio, DealStreetAsia reported.
The three banks receiving investments from IFC are Saigon-Hanoi Commercial Joint Stock Bank, Vietnam International Commercial Joint Stock Bank, and Oriental Commercial Joint Stock Bank.
Berkshire Hathaway sells $81m of shares in China's BYD.
Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 3.23m Hong Kong-listed shares of electric vehicle maker BYD for HKD630.33m ($80.67m), a stock exchange filing showed.
The sale lowered Berkshire's holdings in BYD's total issued H-shares to 15.99% on November 17, down from 16.28%, a filing to the Hong Kong Stock Exchange showed, Reuters reported.
Carlyle Group sells a 2.5% stake in Delhivery for $74m.
CA Swift Investments, a special-purpose vehicle, owned and controlled by Carlyle Group, divested a 2.5% stake in supply chain company Delhivery for $74m through the open market transaction.
Shares of Delhivery were down over 3% on Tuesday after the stock hit its 52-week lay on Monday on news of the block deal.
Buffett's Berkshire boosts stakes in Japan's five biggest trading houses.
Berkshire Hathaway, run by billionaire Warren Buffett, has raised its stakes in each of Japan's five biggest trading houses by at least 1 percentage point to more than 6%, regulatory filings showed on Monday, sending shares higher.
The move is line with Berkshire's statement in 2020 that its investments in the Japanese trading houses were for the long term and the stakes could rise to 9.9%, Reuters reported.
Lightspeed eyes investments in climate tech startups in India, SE Asia.
Lightspeed Venture Partners is aiming to allocate more capital to startups offering solutions for climate change, DealStreetAsia reported.
“We believe that the focus of climate tech has opened trillions of dollars of opportunities globally, so we’ll be focusing more on this,” Harsha Kumar, Lightspeed Partner.
Masayoshi Son owes $4.7bn to SoftBank after stock crash.
Masayoshi Son personally owes SoftBank close to $5bn because of growing losses on the Japanese conglomerate’s technology bets, which have also rendered the value of his stake in the group’s second Vision Fund worthless, DealStreetAsia reported.
The billionaire’s ballooning personal liabilities, discovered through a Financial Times analysis of SoftBank’s recent filings, comes as the world’s biggest tech investor was hammered by plunging tech stocks and valuations in private companies over the past year.
Blackstone files for Nexus Mall REIT IPO at $3bn value.
Blackstone, a private equity firm, filed its preliminary draft prospectus with the market regulator for an initial public offering of its Indian shopping mall portfolio.
Nexus Select Trust, a real estate investment trust, could raise as much as ₹16bn ($196m) from the primary issuance of shares, and may also sell existing shares.
The private equity firm’s retail portfolio in the country, which is held through its Nexus Malls unit, could be valued at about $3bn. The real estate investment trust may raise about $500m in total and be listed as soon as the first quarter of 2023, Bloomberg reported.
Fullerton said to be raising up to $1bn for new Asia-focused carbon fund.
Temasek-backed Fullerton Fund Management is raising a new carbon fund focused on Asia.
DealStreetAsia reported that the private equity investor is targeting to raise between $750m and $1bn for the fund, while a separate source said that the firm is seeking around $600m for the vehicle.
ESR's ARA joins China Exim Bank to close $1bn infrastructure fund.
ESR Group’s ARA Asset Management, a Singaporean real asset fund manager, has partnered with the Export-Import Bank of China for the final closing of Southeast Asia’s largest infrastructure fund, which now has $1bn in equity commitments.
Backed by China Exim Bank as its anchor investor, the China-ASEAN Investment Cooperation Fund II is a quasi-sovereign equity fund under the Xi Jinping government, DealStreetAsia reported.
Navis Capital Partners said to be raising $350m for maiden credit fund.
Southeast Asia-focused private equity firm Navis Capital Partners is understood to be seeking around $350m for its maiden credit fund, after recruiting BlackRock’s Asia credit business executive, Justin Ferrier, to lead its Navis Asia Credit platform launched in July, DealStreetAsia reported.
The Kuala Lumpur-headquartered private equity firm will make credit investments in sustainable-focused businesses or sectors primarily in Indonesia, Vietnam, Philippines, Laos and Cambodia.
SG's iGlobe Partners raising $200m fifth fund to back deeptech startups.
Singapore-based venture capital firm iGlobe Partners is raising a $200m fifth fund to back deeptech startups, DealStreetAsia reported.
The fund will be an extension of iGlobe’s existing strategy, which centres on intellectual property, and leveraging it to build commercial value. According to its official website, iGlobe focuses on startups in four main categories: smart cities; the future of money, the future of bio, and the future of health.
Heliconia Capital, Yangzijiang launch $109m PE fund.
Singapore-listed Yangzijiang Financial has teamed up with Temasek-backed Heliconia Capital to launch a $109m new fund that will invest in small and medium-sized enterprises in Singapore and Southeast Asia.
The newly-launched private equity fund, Heliconia Generation Fund, will co-invest alongside the other fund managed by Heliconia with a focus on promising SMEs in Singapore and Vietnam, DealStreetAsia reported.
Wavemaker Partners appoints ex-Facebook and Stripe executive as General Partner. (People)
Southeast Asian venture capital firm Wavemaker Partners has appointed Andy Hwang as a general partner, DealStreetAsia reported.
Hwang, a longtime angel investor with stints at Facebook and Stripe, will join Wavemaker’s investment committee and work closely with managing partner Paul Santos. He will also sit on the boards of portfolio companies.
AXA IM Alts appoints head of client group – Asia. (People)
AXA IM Alts, a specialist in alternative investments, has appointed Lu Gao as head of client group alts Asia. This appointment forms part of the recently announced evolution of AXA IM Alts' organisation structure into five dedicated business lines to prepare the business for its next stage of growth, and highlights the centrality of the APAC region in achieving these global growth ambitions.
The five dedicated business lines comprise Real Estate, Infrastructure, Alternative Credit, Natural Capital & Impact Investments and Chorus. Lu will work closely across all business lines to oversee the Client Group’s crucial role of raising new capital in Asia, expanding the business’ third-party client base and maintaining AXA IM Alts’ strong long-term relationships with existing clients. Based in Singapore, he will report directly to Florence Dard, Global Head of Client Group Alts.
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