Platform Science, a software company in San Diego, agreed to acquire the global transportation telematics business of Trimble, an American software, hardware, and services technology company. Financial terms were not disclosed.
"This partnership marks the inflection point for a true platform approach to transportation technology. Now, powered by OEM-native software services, we will deliver unprecedented choice. We are confident choice will expand exponentially as existing providers and new developers now see the opportunity to reach vehicles everywhere with high-quality OEM data delivered in a consistent, reliable way. This finally empowers developers to easily address the endemic inefficiencies that have plagued transportation across vehicles globally," Jack Kennedy, Platform Science co-founder and CEO.
Platform Science is advised by JP Morgan, Fenwick & West, Fish & Richardson and Gibson Dunn & Crutcher. Trimble is advised by Centerview Partners, Goldman Sachs and Skadden Arps Slate Meagher & Flom (led by
Thomas Ivey and
Christopher Bors).
Labcorp, a laboratory services company, completed the acquisition of BioReference Health's select assets from OPKO Health, a multinational biopharmaceutical and diagnostics company, for $237m.
"Labcorp is committed to building on the excellent customer service that physicians and health systems have come to expect from BioReference Health, while expanding access and convenience for patients across the country. We look forward to working with the BioReference Health team to ensure a smooth transition following the close of the transaction. Combined with Labcorp's expertise and scale, we will help achieve better health outcomes for patients," Mark Schroeder, Labcorp Executive Vice President and President of Diagnostics Laboratories and Chief Operations Officer.
Labcorp was advised by Lazard, Hogan Lovells (led by
Allen Hicks), Kilpatrick Townsend and Parker Poe Adams & Bernstein. OPKO Health was advised by Piper Sandler and Greenberg Traurig.
RXO, a provider of full truckload freight transportation brokering services, completed the acquisition of Coyote Logistics, a global 3PL firm, from UPS, an American multinational shipping & receiving and supply chain management company, for $1bn.
"As UPS positions itself to become the premium small package provider and logistics partner in the world, the decision to sell our Coyote Logistics business allows an even greater focus on our core business," Carol B. Tomé, UPS CEO.
Apollo, a high-growth, global alternative asset manager, completed the investment in Freedom CNG, an owner and operator of compressed natural gas and renewable natural gas fueling infrastructure in Texas. Financial terms were not disclosed.
"Freedom has developed a strong portfolio of RNG fueling stations with meaningful growth potential driven by established relationships with blue-chip customers and attractive new development opportunities. We look forward to working with Bill, Ronny and the rest of the Freedom team to continue expanding Freedom's platform through organic and inorganic growth initiatives in a market where we see the need for significant investment given the tailwinds that exist. Apollo has deep expertise investing in the natural gas value chain as part of our broader strategy to serve as a key capital provider supporting the energy transition," Scott Browning, Apollo Partner.
Freedom CNG is advised by Raymond James, Baker Botts and Crady Jewett McCulley & Houren. Apollo is advised by Vinson & Elkins.
Carlyle, an American multinational private equity firm, agreed to invest $1bn in North Bridge, a provider of C-PACE financing for commercial real estate projects.
"Carlyle's $1bn commitment to C-PACE, the largest to date, enables North Bridge to lead the transformation of the industry to better meet the needs of institutional sponsors and their lenders. We are excited to partner with Carlyle, an established leader in the private credit space, given their exceptional track record of partnering with companies to drive growth," Laura Rapaport, North Bridge Founder and CEO.
Carlyle is advised by Paul Hastings and Berman Group (led by
Sarah Berman). North Bridge is advised by Chapman and Cutler and Latham & Watkins.
JTC, a global professional services provider, agreed to acquire the global fiduciary and trust administration services business or Citigroup, an American multinational investment bank and financial services company, for $80m.
"Citi Trust is one of the most established and well-respected providers of trust services globally and we are delighted to have been chosen as the future custodian of its employees and clients. The acquisition is extremely complementary to JTC's existing footprint. It is a transformational transaction for the Group and our Private Client Services Division, increases our presence in key growth markets in the US, Europe and Asia, and brings further resilient annuity driven revenue to the Group. We look forward to welcoming their highly experienced team to JTC, so that together we can capture the future growth opportunities that the global trust administration market offers," Nigel Le Quesne, JTC CEO.
CACI, an American multinational professional services and information technology company, agreed to acquire Azure Summit Technology, an engineering company that develops and delivers high-performance RF hardware and software-defined technologies for applications that deliver critical capabilities to address high-priority existing and emerging missions for national security, for $1.275bn.
"Azure Summit's core capabilities and technology bolster CACI's market-based strategy by expanding our offerings in intelligence, surveillance and reconnaissance (ISR), electronic warfare (EW), and signals intelligence (SIGINT) across multiple domains, platforms and customer sets. In an environment of escalating global threats, the employees of both CACI and Azure Summit are culturally aligned and driven to support the most critical, sophisticated missions of our nation and our allies," John Mengucci, CACI President and CEO.
BP to launch sale of US onshore wind power business.
BP plans to sell its onshore wind business in the US as it focuses on its solar arm Lightsource BP,
Bloomberg reported.
The company is set launch a sale process for BP Wind Energy shortly. It plans to integrate development of onshore renewable power into Lightsource.
Vista and Blackstone eye $3.2bn in private debt for Smartsheet deal. (FS)
Vista Equity Partners and Blackstone are in talks with private credit lenders to secure a $3.2bn debt package to support their planned acquisition of software maker Smartsheet.
The private equity firms are reportedly seeking a $2.9bn recurring revenue loan and an additional $300m revolving credit facility to acquire software provider currently valued at about $7bn. The discussions are still in the early stages, and the terms of the deal could change.
Insight Partners closes in on new $10bn fund. (FS)
Private equity firm Insight Partners is on the brink of closing a new $10bn-plus fund, roughly half the amount originally targeted,
Reuters reported.
Insight will not formally close its 13th fund until early next year, adding that the final figure may be closer to $12bn.
Insight is using a private equity-style structure to sell more than $1bn worth of stakes in start-ups and to free up cash to return to investors. One of the start-ups is Israeli cybersecurity firm Wiz, which had called off a $23bn deal with Google parent Alphabet in July.
Ares Management raises over $3.3bn of US opportunistic Real Estate Capital. (FS)
Ares Management, a global alternative investment manager, announced the final closing of Ares US Real Estate Opportunity Fund IV. Ares raised over $3.3bn to invest in opportunistic real estate in the US through equity commitments to the Fund and related transaction vehicles.
This marks the largest Ares Real Estate closed-end fundraise to date and is a significant increase from the $2.2bn of commitments raised for the predecessor fund and related transaction vehicles.
Moderne Ventures closes over $230m for MV Fund III, scaling its modern approach to venture investing. (FS)
Moderne Ventures, a generalist venture capital and growth equity firm with vertical specialties spanning multi trillion-dollar industries of real estate, finance, insurance and sustainability, announced it has raised over $230m for MV Core Fund III, exceeding the oversubscribed $200m MV Core Fund II and bringing the firm’s total assets under management to more than $500m.
Notable institutional investors include GCM Grosvenor and the Illinois Growth and Innovation Fund, and some of the world’s largest strategic partners like AvalonBay, Essent, and Leading Real Estate Companies of the World.
EMEA
Ma'aden, a Saudi state-owned mining company, agreed to acquire the remaining 25.1% stake in Alcoa Joint Venture from Alcoa, a Pittsburgh-based industrial corporation for $1.1bn.
"We deeply value our partnership with Ma'aden. We are confident that under the new arrangement, MBAC and MAC are well-positioned for success. The transaction simplifies our portfolio, enhances visibility in the value of our investment in Saudi Arabia and provides greater financial flexibility for Alcoa, an important part of improving our long-term competitiveness," William F. Oplinger, Alcoa President and CEO.
Alcoa is advised by Citigroup and White & Case.
Banca Generali, an Italian bank focused on private banking and wealth management, agreed to acquire Intermonte, an Italian investment bank and broker, for $109m.
Intermonte's investment banking capabilities would be useful to the small business owners that bank with Banca Generali who, in addition to wealth management, also need corporate advisory services.
Banca Generali is advised by UBS and Cappelli RCCD.
The Carlyle Group, an American multinational company with operations in private equity, alternative asset management and financial services, agreed to invest in Orifarm Group, one of the largest European suppliers of parallel imported and generic pharmaceuticals. Financial terms were not disclosed.
"This strategic investment will significantly enhance our ability to capitalise on the attractive opportunities, both organic and inorganic, that we positioned Orifarm for following the transformational asset deal with Takeda in 2020. We are confident that this marks the start of an exciting future for the business, our employees, and other stakeholders," Erik Sandberg, Orifarm Group CEO.
Orifarm Group is advised by Rothschild & Co (led by
Stefano Beschi) and Kromann Reumert.
Erste Asset Management, an international asset management company with a strong position in CEE region, agreed to acquire Impact Asset Management, a Vienna-based specialist asset manager. Financial terms were not disclosed.
The acquisition is part of Erste's strategy to enhance its position as a leading provider of ESG and sustainable investment solutions while expanding its reach in the German market.
Erste Asset Management is advised by DC Advisory (led by
Klaus Vukovich).
H.I.G. Capital, a global alternative investment firm, completed the investment in Ziegert Group, a fully integrated German real estate platform with a long-standing presence in the Berlin and Leipzig markets. Financial terms were not disclosed.
"We believe that certain segments of the German residential market are at an inflection point and are offering attractive investment opportunities. We are excited to partner with Ziegert Group and its strong management team to invest in value-add opportunities in the German residential market," Riccardo Dallolio, H.I.G. Managing Director and Head of Realty in Europe.
France's Rexel rebuffs $9.4bn offer from Brad Jacobs-led QXO.
QXO, the company billionaire Brad Jacobs is seeking to launch into building services, recently made an offer of around $9.4bn to acquire Rexel,
Reuters reported.
QXO's preliminary offer of as much as $31.45 a share "significantly undervalues the company and does not reflect its value creation potential through its Power Up 25 strategic plan," said Rexel.
The deal totaled $9.37bn. QXO is not currently planning to submit an improved bid.
Apollo inks $1bn deal with BP to fund stake in Trans Adriatic gas pipeline. (FS)
Apollo Global Management has signed a $1bn deal with British energy major BP to fund its stake in the Trans Adriatic natural gas pipeline,
Reuters reported.
The US-based asset management company would become a non-controlling shareholder in BP's unit that holds a 20% stake in Trans Adriatic Pipeline.
Other shareholders, with 20% stake each, are Azerbaijan's state energy company SOCAR, Italy's Snam, Belgium-based Fluxys, and Spain's Enagas.
Temasek said to near stake purchase in Blackstone-owned VFS. (FS)
Temasek is nearing a deal to buy a significant minority stake in VFS Global, a transaction that could value the visa outsourcing and technology services firm at about $7bn including debt,
Bloomberg reported.
The Singapore state-owned investor is poised to acquire about 20% in closely held VFS, which is controlled by US alternative asset manager Blackstone. Temasek and Blackstone are hammering out the details of a deal that could be announced as soon as this week.
UK insurer Phoenix halts SunLife sale on regulatory uncertainty. (FS)
British insurer Phoenix Group has stopped the sale process of its SunLife business, citing regulatory scrutiny into what is known as the pure protection insurance market, sending its shares lower,
Reuters reported.
Phoenix's pure protection products are designed to help policyholders manage their finances if they become unable to meet financial commitments. It distributes them through the SunLife brand, which earns commission.
Britain's financial watchdog in August launched a market study into sales of pure protection insurance products following concern the design of some commission structures could lead to poor outcomes for policyholders.
Deutsche Bank mulls ways to hinder Orcel’s Commerzbank move.
Deutsche Bank is exploring options to make it harder for UniCredit to buy Commerzbank as it considers how - or whether - to react to a potential deal that would create a huge competitor in its home market,
Bloomberg reported.
CEO Christian Sewing and his lieutenants have been analyzing the situation over the past few days. Options that have come up included buying part or all of the German government’s remaining 12% stake in Commerzbank.
