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AMERICAS
Brookfield, a global alternative asset manager, offered to acquire the remaining stake in American Equity Investment Life, an issuer of fixed index annuities, for $4.3bn.
"The Board will carefully review Brookfield Reinsurance's proposal in accordance with its fiduciary duties and in consultation with its independent financial and legal advisors. American Equity will have no further comment on the proposal until the Board has completed its review. It is important to note that there is no guarantee that an agreement will be reached or on what terms," American Equity.
American Equity is advised by Ardea Partners, JP Morgan, Sullivan & Cromwell and FGS Global (led by Robin Weinberg and Jared Levy).
SV Health Investors, a specialist healthcare fund manager, completed the investment in Packaging Compliance Labs, a provider of healthcare packaging engineering. Financial terms were not disclosed.
"PCL has developed an industry-leading reputation for white-glove technical testing services, while serving as a thought leader within the healthcare packaging industry. We look forward to partnering with PCL to support their continued growth through investment in rapidly expanding operations and strategic add-on acquisitions," A.J. Rossi, SV Health Investors Principal.
SV Health Investors was advised by Morgan Lewis & Bockius (led by Mark Opitz). Packaging Compliance was advised by Honigman Miller Schwartz & Cohn.
Tikehau Capital-backed Egis, a consulting, construction engineering and mobility services company, agreed to acquire McIntosh Perry Consulting Engineers, a consulting engineering company, from Signal Hill Equity Partners, a private equity firm. Financial terms were not disclosed.
"We look forward to welcoming McIntosh Perry and Beam, Longest & Neff to Egis. This acquisition contributes to our strategic vision of expanding into a key region, North America. McIntosh Perry's talented workforce and excellent client relationships will create a strong and stable base to build upon in North America and will place us among the top North American Engineering firms. Together, we will be able to offer a wider scope of services to our clients and contribute to the most important green infrastructure and climate resilience projects on the continent," Laurent Germain, Egis CEO.
Signal Hill is advised by AEC Advisors.
Thomson Reuters, a global content and technology company, agreed to acquire Casetext, a provider of technology for legal professionals, for $650m.
"The acquisition of Casetext is another step in our 'build, partner and buy' strategy to bring generative AI solutions to our customers. We believe that Casetext will accelerate and expand our market potential for these offerings - revolutionizing the way professionals work, and the work they do," Steve Hasker, Thomson Reuters President and CEO.
ThoughtSpot, an AI-powered analytics company, agreed to acquire Mode Analytics, a business intelligence platform, for $200m.
"Unless you've had your head in the sand, every leader in every organization knows they need to figure out how to leverage generative AI to move more quickly and deliver personalized, bespoke experiences to customers. Failing to do so is tantamount to admitting defeat. For too long, data teams have been held back by the last generation of archaic data visualization tools like Tableau that forced them to endlessly tweak and update dashboards. With this acquisition, we're giving both data teams and business users the tools they need to efficiently and quickly turn data into insights and those insights into actions. Whether you want to be code-free for your business users or code-first for your analytics engineers, now is the time to rethink business intelligence if you want to maximize value from your investments in the modern data stack. If you don't, your competitors will," Sudheesh Nair, ThoughtSpot CEO.
Sale of maker of Purell hand sanitizer falls flat.
The end of the Covid-19 pandemic has weighed not just on demand for Purell but also on efforts to sell the maker of the hand sanitizer, Reuters reported.
Gojo Industries, which invented Purell in 1988, was hoping to be valued at more than $2bn when it launched a process to sell itself earlier this year.
British Columbia mulls $2bn PE asset sale. (FS)
British Columbia Investment Management is mulling the sale of $2bn in private equity assets in the secondary market to raise capital for other investments, Bloomberg reported.
The pension fund is close to finalizing the sale of some of its Europe-focused investments and is in the middle of negotiations to reduce some of its US positions.
Brookfield increased loan to Compass ahead of $5.5bn buyout. (FS)
A unit of Brookfield Asset Management raised the size of a credit facility to Compass Datacenters shortly before Brookfield and other investors struck a deal to buy control of the Dallas-based company, Bloomberg reported.
Software company Enfusion draws takeover interest from private equity, Irenic Capital. (FS)
Software company Enfusion is attracting takeover interest from private equity firms and strategic buyers, Reuters reported.
Enfusion's management has been approached in recent months by Francisco Partners, Vista Equity Partners and investment firm Irenic Capital Management.
Blackstone is said to weigh offers for a stake in Bellagio casino in Las Vegas. (FS)
Blackstone is fielding offers for half of its interest in the real estate of the Bellagio hotel in Las Vegas, a property purchased almost four years ago for $4.2bn.
The New York-based investment firm is considering its options and hasn’t committed to a sale, Bloomberg reported.
EMEA
General Atlantic, a growth equity firm, completed a €150m ($163m) investment in Odoo, a provider of open-source integrated business software applications.
“We are proud of what Odoo has accomplished. We already offer a full spectrum of software applications to meet the unique needs of small and mid-sized businesses, and are constantly innovating beyond this. General Atlantic’s partnership, including the firm’s global platform and software experience, will be impactful as we focus on sustained, strategic growth worldwide," Fabien Pinckaers, Odoo Founder and CEO.
General Atlantic was advised by BNP Paribas, Morgan Stanley, Edelman (led by Jess Gill) and Wallonie Entreprendre.
Kering, a global luxury group, agreed to acquire Creed, a multi-national niche perfume house, from BlackRock, an asset management firm. Financial terms were not disclosed.
"The acquisition of Creed represents Kering Beauté's first strategic initiative, and demonstrates our commitment to developing a strong position in the luxury beauty segment. I am thrilled that today our stories and values come together around this spirit of family entrepreneurship and excellence to accelerate our journey in beauty, and I am delighted that the brand is joining Kering's collection of luxury Houses," François-Henri Pinault, Kering Chairman and CEO.
BlackRock is advised by JP Morgan.
New World Group-backed The Valesco Group, a real estate investment manager, completed the acquisition of Sequana Tower, an office skyscraper, for €460m ($502m).
"Sequana Tower represents the latest addition to our growing portfolio of mission critical, futureproof landmark assets. In Accor, with whom we have a very strong working relationship, we have added a global hospitality behemoth with a highly differentiated offering to our tenant roster," Shiraz Jiwa, The Valesco Group Founder and CEO.
Cerberus Capital-backed SourceCode, a provider of mobile and embedded computer and display solutions for mission-critical applications, agreed to acquire Boston, a provider of high-performance server and storage solutions. Financial terms were not disclosed.
"As the world moves towards intelligent infrastructure, the modern enterprise with its burgeoning specialized workloads demands a new approach to IT solutions. The addition of Boston, further enables us to address the industry's need for a new class of technology partner, one that delivers customer-first, engineering-led, best-in-class solutions — from intelligent edge devices to data centers and the cloud," Arthur Ataie, SourceCode CEO.
Generali $22bn portfolio sale to private equity complicated by rate surge. (FS)
Assicurazioni Generali's plans to shed up to $22bn of insurance liabilities are being hampered as a surge in interest rates has complicated talks with buyers, Reuters reported.
The Italian insurer embarked on a process late last year to sell a large batch of domestic life insurance contracts to free up capital. It has been working with Goldman Sachs to sound out buyers for the portfolio, including Portugal-based GamaLife, backed by Apax Partners, and Bermuda-based Athora, backed by Apollo Global Management.
Manchester United expects record revenues with sale dragging on.
Manchester United has predicted record annual revenue for the recent season, raising doubts about whether the Glazer family will sell the club, Bloomberg reported.
The Premier League football team has been courted by UK billionaire Jim Ratcliffe and Sheikh Jassim Al Thani, after a protracted bidding process that began in November.
EQT seeks more time to close €20bn flagship fund. (FS)
EQT is seeking more time to close its next flagship buyout fund, amid a difficult fundraising environment for private equity firms, Bloomberg reported.
The Swedish investment firm is planning to extend the deadline for closing the fund from August to February 2024. It has so far raised about €18bn ($19.6bn) for the vehicle, which has a target of €20bn ($21.8bn) and a hard cap of €21.5bn ($23.4bn).
UBS to announce changes to next management level soon. (People)
UBS will announce further changes to its management as it seeks to integrate Credit Suisse following the recent takeover of its former rival, Reuters reported.
APAC
Baird Medical, a medical technology company, agreed to go public via a merger with ExcelFin Acquisition, a special purpose acquisition company, in a $370m deal.
"The business combination with ExcelFin marks a significant milestone for Baird Medical. We believe ExcelFin's partnership and international connections will provide us with the necessary resources to further expand our presence in the global market, accelerate our growth trajectory, and continue delivering innovative medical solutions to patients worldwide. We are confident that this combination will unlock opportunities and drive our vision of transforming healthcare through advanced, minimally invasive treatments," Haimei Wu, Baird Medical Founder and CEO.
Apollo, an alternative asset manager, completed the investment in Health Management International, a healthcare provider. Financial terms were not disclosed.
“We are truly appreciative of Apollo Hybrid Value team’s support and commitment as our capital partner as we look to drive significant and sustained growth in the healthcare industry. At HMI, we strive to make a difference by realising the growth opportunities through the development of a scalable integrated healthcare platform. With our collective resources, expertise and shared vision, we are well-positioned to meet the evolving needs of patients and communities we serve. We look forward to driving innovation, improving patient outcomes, and delivering better value healthcare,” Chin Wei Jia, HMI Chief Executive Officer.
HMI was advised by Credit Suisse and White & Case. Apollo was advised by Maybank and King & Spalding.
Chow Tai Fook Enterprises, a conglomerate with holdings in the jewellery, property development, hotel, department store, offered to acquire a 97% stake in NWS for $4.53bn.
New World Development is set to bag as much as $2.78bn from the sale of a construction subsidiary to its major shareholder, in a buyout deal that would help it cut debt and pay a special dividend.
Chow Tai is advised by BOCI Asia, HSBC and ING Bank.
Warburg Pincus, a private equity firm, agreed to acquire a 67% stake in Watertec India, a bathroom accessories and fittings maker, for $228m.
"This investment will enable us to fortify our leadership position in the polymer-bath fittings market, enhance our brand equity, expand our product portfolio and extend our geographic presence to newer regions allowing us to serve customers and channel partners better," Ramesh Baliga, Watertec India Executive Director and CEO.
Creador, a private equity firm, completed the acquisition of a 40% stake in Pet World International, a pet food manufacturer. Financial terms were not disclosed.
"Creador is well-positioned to leverage on its regional expertise and M&A capabilities to help accelerate Pet World's international expansion," Brahmal Vasudevan, Creador Founder and CEO.
HDFC bank’s $173bn merger with its parent creates a ‘lucrative’ arbitrage trade in India.
With the merger likely to be effective July 1, domestic equity mutual fund managers bought a net $570m worth HDFC shares in May, the biggest monthly purchases since at least January 2016. At the same time, they sold HDFC Bank shares worth $370m, the most since February 2017. The deal will unite the two companies that had a combined market value of about $173bn.
World Bank to provide $500m for clean energy project in east Indonesia.
The World Bank said it has approved a $1.1bn project to expand access to cleaner electricity in eastern Indonesia, providing $500m in financial support, DealStreetAsia reported.
The electricity project will connect about 2m people to the electrical grid in eastern Indonesia, increase solar power investment and help Indonesia's state utility Perusahaan Listrik Negara improve its capacity to manage energy transition.
India’s Federal Bank pausing $244m unit stake sale.
India’s Federal Bank is holding off on a stake sale in its non-banking financial unit that could have raised as much as $244m, Bloomberg reported.
The Mumbai-listed bank has been unable to reach a consensus with prospective investors over the valuation of Fedbank Financial Services. Federal Bank also paused the deal because it wants to focus on a fundraise to tap investors for as much as $488m.
Japan's JIC sees M&A options in chipmaking niches after $6.4bn JSR buyout.
The comments from JIC Capital CEO Shogo Ikeuchi signal a potential shakeup of an industry critical to everything from smartphones to artificial intelligence that is a lynchpin of economic security in the world's third-largest economy.
Petronas, TotalEnergies and Mitsui ink carbon capture and storage project deal.
Petronas said it has signed a development agreement with TotalEnergies Carbon Neutrality Ventures and Mitsui & Co to collaborate on a carbon capture and storage (CCS) project in Malaysia, Reuters reported.
The agreement will cover all aspects of CCS development, from evaluating maturing depleted field and saline aquifers for storage, to identifying potential customers and establishing the necessary commercial and legal frameworks.
Byju’s seeks to raise $1bn to sidestep shareholder revolt.
Byju’s is in advanced talks with prospective new shareholders for a $1bn fundraising round, seeking to stave off attempts by some investors to clip founder Byju Raveendran’s control over the beleaguered tech startup, Bloomberg reported.
The Indian firm is offering sweeteners, including preferential treatment in the case of liquidation, to win over new backers. None of its existing shareholders have a so-called liquidation preference. Byju’s, which has been trying to raise fresh funds for months, seeks to close a round within two weeks.
India's Arkam Ventures launches the second fund at $180m. (FS)
Homegrown venture fund Arkam Ventures said it has launched its second fund with a target of $180m to invest in 20 startups in Series A to B stages, DealStreetAsia reported.
While Arkam will continue to invest in financial services, skilling, food, agriculture, healthcare, mobility, and SaaS, it will also focus on manufacturing tech and EVs.
India’s ASK plans to raise up to $122m for private credit. (FS)
ASK Group plans to raise as much as $122m for its debut private credit fund, Bloomberg reported.
The firm, which offers wealth and investment management services in India, has also hired Nomura’s former head of debt Shantanu Sahai as senior managing partner to spearhead the expansion of its business in the segment.
Carlyle Asia Partner Siewert to step down after 16-year stint. (FS, People)
Carlyle Patrick Siewert, one of the most senior executives of the buyout firm in Asia-Pacific, is stepping down after 16 years in Hong Kong to become a senior adviser, Bloomberg reported.
Siewert will retire as partner and head of consumer, media and retail next month. The moves comes as the firm is raising its biggest ever buyout fund in the region while wrestling with a global slump in dealmaking.
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