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AMERICAS
Private equity firms Blackstone and Vista Equity Partners agreed to acquire Smartsheet, a cloud-based work management platform, for $8.4bn.
“For more than a decade, we have built a thriving community of employees, partners, and customers, each focused on building and benefiting from Smartsheet’s industry-leading work management platform. Our next phase of growth and customer success is underway, and we look forward to partnering with Blackstone and Vista Equity Partners to accelerate our vision of modernizing work management for enterprises, globally. This transaction is a testament to our employees’ outstanding work in serving customers and partners, and building an enterprise-grade, market-leading platform. As we look to the future, we are confident that Blackstone and Vista’s expertise and resources will help us ensure Smartsheet remains a great place to work where our employees thrive, while driving innovation and delivering even greater value for customers and stakeholders,” Mark Mader, Smartsheet CEO.
Smartsheet is advised by Qatalyst Partners, Fenwick & West and FGS Global. Financial advisor is advised by Goodwin Procter (led by Joshua Zachariah, James Ding and Deborah Birnbach). Blackstone and Vista Equity Partners are advised by Goldman Sachs, Morgan Stanley, Kirkland & Ellis and Simpson Thacher & Bartlett.
GCM Grosvenor, an alternative asset management firm, completed the acquisition of a 25% stake in Shepherds Flat, a wind farm, from Brookfield Asset Management. Financial terms were not disclosed. Financial terms were not disclosed.
"We believe Shepherds Flat presents a rare opportunity to invest in a high-quality, hard-to-replicate, sustainable infrastructure asset alongside an experienced owner, operator, and developer of clean power. The Infrastructure Advantage Strategy is pleased to invest in contracted renewable power generation in the Pacific Northwest energy market. We are confident we can deliver long-term value to our investors through this strategic acquisition," Matt Rinklin, GCM Grosvenor Managing Director.
GCM Grosvenor was advised by Thorndike Landing, Kirkland & Ellis (led by John Kaercher and Patrick Salvo) and H/Advisors Abernathy (led by Tom Johnson). Brookfield was advised by BMO Capital Markets, Wells Fargo Securities and King & Spalding.
Sixth Street, a global investment firm, agreed to acquire a minority stake in EdgeConneX, a provider of innovative edge infrastructure solutions, from EQT Partners, a private equity firm. Financial terms were not disclosed.
"With this transaction, EQT believes EdgeConneX is well-equipped to deliver scalable, high-performance data center solutions that will power the next generation of AI. As AI continues to drive significant changes and create new opportunities across industries, EQT remains committed to being at the forefront of developing the required datacenter, connectivity and energy infrastructure needed for AI and to ensuring that EdgeConneX and our partners across EQT Infrastructure will continue to capitalize on this powerful industry tailwind," Jan Vesely, EQT Infrastructure's Advisory Team Partner.
Sixth Street is advised by Centerview Partners and Debevoise & Plimpton. EQT is advised by Goldman Sachs, Morgan Stanley and Simpson Thacher & Bartlett.
Macquarie Asset Management, a financial services group, agreed to acquire a minority stake in D. E. Shaw Renewable Investments, a renewable energy firm, for $1.73bn.
“We are excited to invest in DESRI, an energy transition platform of scale with a proven, highly-regarded management team and a large base of operating assets which we expect will grow over the medium term through the successful completion of late-stage projects,” Christopher Frost, Macquarie Asset Management Senior Managing Director.
D. E. Shaw Renewable is advised by Goldman Sachs and Skadden Arps Slate Meagher & Flom (led by Christopher Barlow and Allison Schneirov). Macquarie Asset Management is advised by Lazard and King & Spalding.
Oravel Stays, the parent company of the global travel technology company OYO, agreed to acquire G6 Hospitality, an economy lodging franchisor, from Blackstone Real Estate, a real estate investor, for $525m.
"This acquisition is a significant milestone for a startup company like us to strengthen our international presence. Motel 6's strong brand recognition, financial profile and network in the US, combined with OYO's entrepreneurial spirit will be instrumental in charting a sustainable path forward for the company which will continue to operate as a separate entity," Gautam Swaroop, OYO CEO.
Blackstone is advised by Goldman Sachs, JLL Corporate Finance, PJT Partners and Simpson Thacher & Bartlett.
Perceptive Advisors, a health care investment firm, completed the acquisition of Vapotherm, a medical device manufacturer, for $150m.
"Vapotherm has done a significant amount of work to date to ensure it is able to deliver its technology to patients in respiratory distress. We believe the company has a clear vision to expand the use of high-velocity therapy in patients in need and look forward to supporting them in their next stages of growth," Konstantin Poukalov, Perceptive Managing Director and Discovery Co-Head.
Vapotherm was advised by Scalar and Ropes & Gray. Perceptive was advised by Cooley (led by Jean Park and Kevin Cooper). SLR was advised by Latham & Watkins (led by Daniel Mun).
Cydecor, a mission-enabling technology solutions provider, completed the acquisition of Artel, a mission-critical communications services firm, from TPG, an American private equity firm. Financial terms were not disclosed.
“The acquisition of Artel broadens and deepens our offerings while enhancing our ability to serve as an end-to-end solution provider for national security technology. Artel has a wonderful reputation for delivering excellence to the customer,” Nader Elguindi, Cydecor President and CEO.
Apogee Enterprises, an architectural services company, agreed to acquire UW Interco, a vertically integrated manufacturer of high-performance coated substrates, differentiated by its proprietary formulations and coating application processes, from Heartwood Partners, a middle market private equity firm, for $240m.
“UW Solutions is a highly strategic acquisition, aligned with our strategy of adding differentiated businesses with a track record of operating excellence to our portfolio. This acquisition will strengthen LSO, our most profitable business segment, and expands our offering of high-performance coated substrate solutions,” Ty R. Silberhorn, Apogee Chief Executive Officer.
Apogee Enterprises is advised by Centerview Partners and Cleary Gottlieb Steen & Hamilton.
Bain Capital Life Sciences, an investment company, agreed to invest $200m in Vivo Capital-backed Seran Bioscience, a contract development and manufacturing organization.
"This transaction is a significant milestone in Serán’s evolution, which will enable us to rapidly scale our clinical manufacturing capability to support launches of new medicines, as well as serve new clients seeking state-of-the-art commercial capacity. We are proud to have the additional support and resources of a preeminent life sciences investor in Bain Capital who shares our vision for expanding Serán’s science-based drug development capabilities to enable commercial manufacturing of complex medicines,” Dan Smithey, Seran Bioscience Co-Founder and CEO.
L Catterton, a private equity firm, agreed to acquire a majority stake in [solidcore], a network of fitness studios providing targeted strength training on custom-built reformers, from investment firms VMG Partners, Kohlberg & Company, and Peterson Partners. Financial terms were not disclosed.
"This partnership is an incredible affirmation of the very special company that we've built, and the transformative period of growth that the business has undergone over the last few years. As we considered potential partners, L Catterton quickly rose to the top of the list given our aligned values and their deep industry knowledge that give them a unique ability to accelerate our growth and success. This is truly just the beginning for [solidcore]," Bryan Myers, [solidcore] President & CEO.
CMA CGM, a global shipping and logistics company, agreed to acquire a 48% stake in Santos Brasil, a Brazilian logistics company, from Opportunity Fund, an investment company. Financial terms were not disclosed.
“I am pleased that the CMA CGM Group has concluded this strategic agreement for the acquisition of Santos Brasil, which operates five terminals in Brazil, including the largest container terminal in the Port of Santos, handling 40% of Brazilian volumes, as well as a logistics company. This significant investment reflects our commitment to strengthening our partnership with Brazil and supporting its growth in the coming years,” Rodolphe Saadé, CMA CGM CEO.
Opportunity Fund is advised by Rothschild & Co.
Vista Equity Partners, a global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, completed an investment in Gnosis Freight, a provider of supply chain visibility and execution software designed to manage the full lifecycle of the shipping container. Financial terms were not disclosed.
"We’ve added significant new product capabilities and welcomed a record number of new customers to Gnosis this year – but I believe we are just getting started. From the very beginning, we have focused on our customers' needs and successes as our north star. We are grateful for their support and encouragement, which reinforced our belief in the impact we can create. We feel confident our platform is precisely what our industry has been asking for, and we are eager to get it in the hands of more customers," Austin McCombs, Gnosis Freight CEO & Co-Founder.
HIG Capital, a private equity firm, completed an investment in Greenflash Infrastructure, an energy storage and power generation company. Financial terms were not disclosed.
"The Greenflash management team has a proven track record of successfully developing and operating numerous energy storage projects across multiple markets. We're extremely excited to partner with the team and look forward to leveraging HIG.'s capabilities and relationships to enhance the Company's growth in the rapidly expanding renewable energy market," George Watts, HIG Managing Director.
Apollo looking to invest in Intel.
Global investment manager Apollo Global Management has reportedly offered to make a multibillion-dollar investment in Intel, in a move that would be a vote of confidence in the chipmaker's turnaround strategy, Bloomberg reported.
The alternative asset manager has indicated in recent days it would be willing to make an equity-like investment of as much as $5bn in Intel, an American multinational corporation and technology company.
Lexmark owners weigh $2bn sale of printer maker.
Lexmark International’s owners are considering a sale of the laser printer maker, Bloomberg reported.
The company’s shareholders, which include Asian private equity firm PAG, are working with an adviser to gauge interest in the business. A sale of Lexmark is likely to attract other buyout funds and could fetch around $1.8bn to $2bn.
ADP nears $1.2bn deal for WorkForce Software.
Automatic Data Processing, the human-resources software provider, is in talks to buy WorkForce Software for about $1.2bn, Bloomberg reported.
ADP could announce a deal to acquire the Livonia, Michigan-based company from its backers including Elliott Investment Management and Insight Partners in the coming weeks.
Ontario Teachers’ Pension Plan to sell Brazil mall stake after two decades.
Ontario Teachers’ Pension Plan, one of Canada’s largest institutional investors, is set to unload its entire stake in Multiplan Empreendimentos Imobiliarios, the Brazilian mall operator in which it first invested in 2006, Bloomberg reported.
The Rio de Janeiro-based company agreed to buy back about 90m shares from the Canadian fund in a deal that still needs shareholder approval. The remaining 21.2m shares will be acquired by the controlling and founding Peres family. Ontario Teachers’ is likely to rake in about $450m.
Blackstone signals deal exits will remain muted this quarter.
Blackstone, the world’s largest alternative asset manager, signaled that profits from selling deals will remain subdued this quarter. The firm disclosed two preliminary profit measures tied to realizations from the start of the third quarter through September 24, Bloomberg reported.
It generated about $225m of realized performance revenue and roughly $45m of realized principal investment income.
Carlyle-backed StandardAero IPO seeks to raise $1.1bn.
StandardAero is seeking to raise $1.1bn in its initial public offering, after its backer Carlyle Group had decided to pursue a listing for the aircraft maintenance services provider rather than a sale, Bloomberg reported.
The company is offering 46.5m shares. The shares are being marketed for $20 to $23 each. There is a potential over-allotment of 6.975m shares from affiliates of Carlyle and Singaporean sovereign wealth investor GIC.
KKR closes Ascendant Fund at $4.6bn.
Global private investment firm KKR has held the final closing of KKR Ascendant Fund SCSP, an investment vehicle dedicated to investing in middle market businesses in North America, with $4.6bn in total capital commitments.
Launched in 2022 as part of KKR’s Americas Private Equity platform, Ascendant is the first KKR vehicle solely focused on opportunities in the middle market. The fund will target established companies across seven industry verticals: Consumer, Financial Services, Health Care, Industrials, Media, Software and Tech-Enabled Services.
Brookfield raises $2.4bn in initial close for UAE-backed climate fund.
Brookfield Asset Management has raised $2.4bn for the Catalytic Transition Fund (CTF), which is backed by the United Arab Emirates and aims to scale up climate finance in emerging markets, DSA reported.
CTF was launched at the COP28 climate talks in Dubai last December and was anchored by a $1bn commitment from ALTERRA, a $30bn UAE-based climate fund.
HarbourVest Partners names new MD. (People)
HarbourVest Partners, a private markets investment firm focused on primary funds, secondary transactions, direct co-investments, real assets, and private credit, has appointed Tjalling Halbertsma as Managing Director and Head of EMEA Investor Relations.
Halbertsma has almost 30 years of experience in finance and has extensive leadership experience in the European market, most recently as Head of Private Markets Distribution in Europe for Morgan Stanley. Prior to that he held senior roles at Eaton Vance, where he was Head of Global Distribution, and Nuveen Investments, where he was Head of EMEA.
EMEA
KKR, a global investment firm, completed the acquisition of a stake in Immedica, a pharmaceutical company, from Impilo, a Nordic healthcare investment firm. Financial terms were not disclosed.
“This collaboration with KKR and Impilo marks an exciting step forward in our mission to deliver innovative treatments to more patients with rare diseases. With their support, we are well-positioned to enhance our growth and continue addressing critical unmet medical needs across the globe,” Anders Edvell, Immedica CEO.
Immedica was advised by Morgan Stanley and Davis Polk & Wardwell. KKR was advised by Clearview Healthcare Partners, Alvarez & Marsal, Bank of America, PricewaterhouseCoopers, Cooley, Gibson Dunn & Crutcher (led by Wim De Vlieger), Kirkland & Ellis (led by Ian Barratt and Jia Meng), Setterwalls Advokatbyra, FGS Global (led by Alastair Elwen), Fogel & Partners, Alvarez & Marsal and PricewaterhouseCoopers. Impilo was advised by Boston Consulting Group, Morgan Stanley (led by David Kitterick, Erik Tregaard and Alberto Bertani), PricewaterhouseCoopers, Latham & Watkins (led by Robbie Mclaren), Mannheimer Swartling and PricewaterhouseCoopers.
Bridgepoint, a British private investment company, and General Atlantic, an American growth equity firm, agreed to acquire ESKER, a software development company, for $1.8bn.
“We are delighted to announce this next strategic step with Bridgepoint and General Atlantic. Their deep understanding of our ‘Office of the CFO’ market and their focus on growth were key factors in our choice. Working with French teams who share our values of profitable growth, employee motivation and technological innovation will enable us to strengthen our position and accelerate our development,” Jean-Michel Bérard, Esker Founder and CEO.
Masdar, a clean energy powerhouse, agreed to acquire Saeta, a renewable power assets operator, from Brookfield Renewable, an investment management company, for $1.4bn.
"With an operating capacity of 745MW of predominantly wind assets, and a 1.6GW development pipeline in Spain and Portugal, Saeta is a perfect complement to Masdar’s portfolio in Europe, following our recent partnership with Endesa for 2.5GW of solar energy. This deal consolidates our footprint in the Iberian market by acquiring a well-established renewable platform, with a strong operational portfolio and management team, and tangible near-term and long-term growth opportunities, supporting Masdar’s expansion plans to reach 100GW by 2030," Mohamed Jameel Al Ramahi, Masdar CEO.
Masdar is advised by Citigroup, KPMG and Linklaters. Brookfield is advised by Santander, Societe Generale, Uria Menendez, KPMG and G-advisory.
Stellex Capital, a middle-market private equity firm, agreed to acquire a majority stake in Fox Brothers, a service provider to the construction and infrastructure industry. Financial terms were not disclosed.
"We see strong potential in the company's capabilities and resources and look forward to working together with management and our operators to deliver on our value creation plan. This acquisition aligns with our strategy to identify companies where we believe we can introduce operational expertise in an effort to drive growth and better leverage companies' assets and resources," Mark Redman, Stellex Managing Partner.
Fox Brothers is advised by Grant Thornton and Hill Dickinson. Stellex is advised by A&O Shearman, Davis Polk & Wardwell and Marketcom PR (led by Rosalia Scampoli).
Insight Partners, a private equity firm, completed an investment in Flightkeys Group, a cloud-based flight planning and optimization software developer. Financial terms were not disclosed.
"We are delighted to be working with Insight Partners, who supports our vision of building world-class software solutions for airlines that make dispatchers and pilots more effective and allows airlines to improve operations for the benefit of their customers," Christoph Prinz and Raimund Zopp, Flightkeys Co-Founders.
Flightkeys Group was advised by Drake Star Partners, Jank Weiler Operenyi Rechtsanwaelte and Schonherr Rechtsanwalte. Insight Partners was advised by E+H Rechtsanwälte and Willkie Farr & Gallagher.
CDPQ, a global investment group, agreed to acquire a 25% stake in First Hydro, a critical electricity generation and storage facility in the United Kingdom, from Brookfield, an investment management company. Financial terms were not disclosed.
“First Hydro is playing a critical role in helping the United Kingdom manage its national electricity system and meet its net zero commitment by providing renewable electricity and storage capabilities. This investment marks CDPQ’s first foray into pumped hydro storage, and we are delighted to join forces with Engie, a longstanding partner for CDPQ and a world leader in the energy sector," Emmanuel Jaclot, CDPQ Executive Vice-President and Head of Infrastructure.
Brookfield is advised by Barclays. CDPQ is advised by UBS.
Macquarie, a global asset manager, completed the acquisition of the remaining 20% stake in National Gas, a gas supplier, from National Grid, an electricity and gas utility company. Financial terms were not disclosed.
“We would like to thank National Grid for its partnership over the past two years, during which time we have continued to invest in National Gas and supported the company’s ongoing role in delivering a safe and reliable supply of gas to domestic, commercial, and industrial energy users throughout Britain. This transaction underlines our commitment to National Gas and the critical role – which was emphasised again this month by both the Electricity System Operator and Ofgem – we believe its infrastructure will continue to play as the UK delivers its ambitious energy security and decarbonisation goals,” Will Price, Macquarie Asset Management Head of Utilities EMEA.
National Grid was advised by Barclays and Linklaters (led by Charles Turner).
Dgpays, a payment system provider, and Arcapita, an asset management firm, agreed to acquire a majority stake in NEOPAY from Mashreq, a private banking company, for $385m.
"The acquisition represents a significant milestone for NEOPAY as it aims to expand its presence in the rapidly growing digital payments sector in the Middle East. The strategic support of the Consortium, positions NEOPAY to further accelerate its growth trajectory and offer new services, leveraging Dgpays’ cutting-edge technology," Dgpays.
Gilde Equity Management, a private equity firm, agreed to acquire Dunlop Protective Footwear, a global manufacturer of protective wellington boots, from EQT Partners, a global investment organization. Financial terms were not disclosed.
"We would like to thank EQT for supporting us as responsible owners and helping us navigate the uncertain market environment over the last few years. Together, we have further professionalized Dunlop, enhanced our US go-to-market approach, and expanded our e-commerce platform. Today, we are well-equipped to continue on our growth journey with our new owners and dedicated colleagues. We look forward to continue working with our distribution partners and suppliers to deliver high-quality, safe, durable, and comfortable products to the end-customers," Maurice Hansté, Dunlop CEO.
Platinum Equity in talks to buy packaging maker Trivium.
Platinum Equity is in talks to buy Trivium Packaging for more than $3.5bn, Bloomberg reported.
The Los Angeles-based buyout firm, which has outlasted other suitors, is trying to finalize a deal with owners Ontario Teachers’ Pension Plan Board and Ardagh Group in the coming weeks.
EQT Partners plans to sell stake in IFS.
Swedish private equity group EQT Partners plans to sell a minority stake in the €15bn ($16.75bn) valued software group IFS, as buyout investors search for creative ways to return cash to their backers, FT reported.
Founded in 1983, IFS was delisted by EQT, one of the world's largest buyout groups, from the Stockholm stock exchange in 2016. Since then, it has grown by providing software to large businesses including via acquisitions.
Morrisons strikes £370m property deal in bid to shrink debt pile.
Morrisons, the supermarket chain, has struck a £370m ($494m) deal to unlock value from its vast property portfolio as its owners seek to further shrink the company’s debt pile. The private equity-backed grocer has agreed a mammoth ground rent transaction with Song Capital, a real estate investor, Sky News reported.
Song Capital will pay £370m ($494m) for the right to receive an income stream from 75 of the chain's supermarkets for the next 45 years.
Song Capital was advised by Rothschild & Co.
Revolut chairman among consortium to buy Monaco private bank.
Revolut chairman Martin Gilbert is part of a group in talks to buy the Monaco-based arm of Banque Havilland, which last month lost its license over concerns about its internal controls.
The private bank has entered into exclusive negotiations with Gilbert, the former chief executive officer of asset manager Abrdn, and other investors including motor racing entrepreneur Eddie Jordan and former Abrdn executive Ivan Murphy, to sell its Monaco business, Bloomberg reported.
NY Pension buying Vista stake tied to late Billionaire Brockman.
New York State Common Retirement Fund agreed to pay as much as $350m for Vista Equity Partners fund stakes tied to late billionaire Robert Brockman, an original investor in the private equity firm, Bloomberg reported.
The pension fund for New York state workers is buying part of the $1.46bn portfolio held by Point Investments, while Ardian is considering buying a stake that could be worth hundreds of millions of dollars. The pension has previously committed $5bn to Vista funds, and it would pay a 35% discount to the value of the Point stake.
EQT considers stake sale in hearing aid firm WS Audiology.
Buyout firm EQT is considering selling a small part of its ownership in WS Audiology, in a deal that could value one of the world’s largest hearing aid makers at about €7bn ($7.8bn) or more, Bloomberg reported.
Stockholm-based EQT is working with Goldman Sachs Group to help identify suitors for part of their 49% stake in the closely-held company. The stake sale could draw interest from other financial investors seeking to get exposure in the sector.
Springer Nature targets €4.7bn valuation in Frankfurt IPO.
Springer Nature, the private equity-backed academic publisher, is aiming for a valuation as high as €4.7bn ($5.2bn) in its initial public offering, Bloomberg reported.
The company and its backer, BC Partners, are offering up to 23.8m shares at a price range of €21.00 ($23.44) to €23.50 ($26.23). The deal could raise as much as €536m ($598), including €200m ($223) in new equity.
Vitruvian raises over $8bn for latest buyout fund.
Vitruvian Partners, a PE firm focused on investments in middle market companies, has closed its latest buyout fund, Vitruvian Investment Partnership V, at €7.3bn ($8.1bn) in total capital commitments, surpassing its initial target of €6.5bn ($7.2bn).
Law firm Kirkland & Ellis advised Vitruvian on the formation of the fund, which attracted commitments from over 200 global institutions, including sovereign wealth funds, public and corporate pension funds, funds of funds, banks, insurers, endowments, foundations, and private wealth clients.
HSBC AM launches fund for PE firms to borrow against assets.
HSBC's asset management arm has launched a net-asset-value financing strategy, a fund that will help private equity firms borrow against their portfolios, its first such offering as part of an expansion of its alternative credit business, Bloomberg reported.
The fund, which originates so-called NAV loans, is expected to raise as much as €1bn ($1.1bn), Borja Azpilicueta, the head of global capital solutions for HSBC Asset Management. HSBC AM is expecting the fund to make between 10 and 15 loans backed by private equity portfolios, the majority of which are set to be rated investment-grade.
Pictet raises over $200m for thematic private equity technology fund II.
Pictet Alternative Advisors, an independent unit of the Pictet Group which manages hedge fund PE and real estate investments, has held the final close of the second vintage of its technology-focused thematic private equity fund at more than $200m.
Managed by Stanislas Chanavat, Chuang Zhu, Nicolas Schwyn and Jacqueline Xu, the Technology strategy targets high-conviction investment opportunities in the key segments of enterprise software, data & AI, cybersecurity and fintech.
Ajeej Capital and Nuwa Capital launch $100m tech-focused private debt fund.
Dubai-based asset manager Ajeej Capital and venture capital firm Nuwa Capital have partnered to launch a $100m private debt fund aimed at providing debt capital to technology-focused companies across the MENAT region, with a particular focus on the GCC.
The new fund, called the Amplify Growth Partnership, is managed by Ajeej Capital, which is based in the Dubai International Financial Centre (DIFC), while Nuwa Capital serving as an advisor.
APAC
Altaris, a healthcare investment firm, agreed to acquire Minaris Regenerative Medicine, a global contract development and manufacturing organization, from Resonac, a chemical company. Financial terms were not disclosed.
"Minaris operates six facilities across the United States, Germany, and Japan and has more than 500 employees. Through its strategic footprint and manufacturing expertise, Minaris enables leading cell therapy companies to deliver life changing products to patients globally," Altaris.
Altaris is advised by JP Morgan and Kirkland & Ellis. Resonac is advised by Bank of America and TMI Associates.
Affinity Equity Partners, one of the largest dedicated Asian private equity firms, agreed to acquire Lumus Imaging, a diagnostic services provider, from Healius, a healthcare company, for AUD965m ($657m).
"Lumus Imaging is an exceptional business which aligns to Affinity's commitment of investing in high-quality companies that have significant growth potential. "Healthcare is a key investment area for Affinity, and we aim to support companies with the resources they need to expand, serve more patients and deliver improved services to all stakeholders –including Lumus Imaging's referrers and hospital clients," Mark Chudek, Affinity Equity Partners Managing Director.
Healius is advised by UBS and Herbert Smith Freehills.
MBK Partners, a private equity firm, offered to acquire Korea Zinc, a non-ferrous metal smelter company, for $11.6bn.
MBK Partners sweetened its unsolicited bid for control of Korea Zinc by about 14%, pushing the stock to a record and valuing the world’s biggest zinc smelter at KRW15.5tn ($11.6bn), Bloomberg reported.
The private equity fund is now offering KRW750k ($0.42) per share, compared with the previous offer of KRW660k ($0.37) each.
Australian fund manager Platinum Asset Management on September 26 rejected a takeover offer from hedge fund Regal Partners saying that the proposal undervalued the company, Reuters reported.
Regal Partners' non-binding proposal grants Platinum investors 0.274 shares and a special AUD0.20 ($0.14) dividend per holding. The offer, made on September 17, valued the fund manager at about AUD616.5m ($421m) and reflected Regal Partners' "broader growth ambitions".
EQT, a global investment organization, agreed to acquire Indostar Home Finance, a housing finance loan company offering affordable home loans, from Indostar Capital Finance, a structured term financing solutions provider, for $210m.
"Retail lending is a key investment theme for EQT within financial services in India. Building on our investment in the education finance sector through HDFC Credila last year, we are thrilled to welcome Indostar Home Finance to our portfolio. India's affordable housing finance sector represents a long-term growth opportunity supported by secular demand drivers, favorable government policies and resilient asset quality across economic cycle," Ashish Agrawal, EQT Partner, Private Capital Asia advisory team.
Hornbill Capital, a hedge fund, led a $210m Series B round in Physics Wallah, an Indian edtech startup, with participation from Lightspeed Ventures, WestBridge and GSV.
"The current fundraising process and the private market landscape have changed significantly compared to 2021 and early 2022. Back then, private markets were much more liberal, particularly regarding valuations. However, in the current environment, there is still considerable interest in high-quality assets, especially for businesses with strong core fundamentals in place," Prateek Maheshwari, Physics Wallah Co-Founder.
KKR, GIC hire banks to sell stakes in $3.2bn Metro Pacific Health.
KKR & Co and Singaporean sovereign wealth fund GIC have appointed Bank of America, Jefferies, and UBS to sell their majority stake in the Philippines’ Metro Pacific Health in a deal that could value the company at $3.2bn, DealStreetAsia reported.
A sale process could start as early as the fourth quarter of this year, or the first quarter of 2025. Global investment firm KKR and GIC together hold an 80% stake in Metro Pacific Health, the Philippines’s largest private healthcare group.
BC Partners in exclusive talks to invest in EuroLeague basketball competition.
Private equity firm BC Partners is discussing buying a minority stake in the EuroLeague basketball competition, edging out rivals including General Atlantic and Saudi Arabia's SURJ Sports Investment, Reuters reported.
London-based BC Partners could agree to a deal with the EuroLeague within a month. EuroLeague had drawn interest from private equity firms including EQT, BC Partners and General Atlantic.
Nomura, Mizuho are leading bidders for India’s Avendus Capital.
Nomura and Mizuho Financial Group are the leading bidders for a majority stake owned by KKR in one of India’s biggest investment banks, Bloomberg reported.
The two Japanese firms have made the highest preliminary bids for KKR’s 63% stake in Avendus Capital. The US private equity firm is seeking at least $400m for its stake, and as many as seven firms, including Carlyle Group, have expressed interest.
South Korea pension fund to relax FX rules to mitigate market impact.
South Korea‘s state pension fund will ease foreign exchange rules to minimise the market impact from its buying of dollars for overseas investments, the welfare ministry said on September 26, DealStreetAsia reported.
The National Pension Service will relax the limit on the amount of foreign exchange it can procure in advance to $6bn per quarter and $3bn per month, from the current $1bn per month.
Japan’s Kioxia postpones plans for IPO as chip stocks slide.
Japanese memory chipmaker Kioxia is pushing back plans for an initial public offering until later this year after a downturn in semiconductor stocks, Bloomberg reported.
Kioxia, which is majority-owned by private equity firm Bain Capital, is now targeting no earlier than November or December instead of October. The IPO, which Bloomberg reported could raise about $500m, is widely expected to be Japan’s biggest this year.
India's first AI unicorn Fractal said to weigh $500m IPO.
Fractal Analytics, a provider of artificial intelligence services, is considering filing for an initial public offering in India as soon as November to raise $500m, DealStreetAsia reported.
Fractal, known as India’s first AI unicorn, may seek a valuation of at least $3.5bn in the share sale. The firm became a unicorn in 2022 when it raised $360m in fresh financing from the global alternative asset firm TPG.
Singapore entertainment firm Neon is said to weigh IPO next year.
Immersive entertainment group Neon is considering an initial public offering in Singapore that may raise as much as $389m, Bloomberg reported.
The company, which is backed by Temasek's 65 Equity Partners, has interviewed financial advisers for a potential offering that could take place as soon as next year. A first-time share sale may raise $311m to $389m.
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