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AMERICAS
Cameco, one of the largest global providers of the uranium fuel, and Brookfield Renewable, a publicly traded limited partnership that owns and operates renewable power assets, completed the acquisition of Westinghouse Electric Company, an American nuclear power company, from Brookfield Business Partners, a global business services and industrial company, for $7.9bn.
"This is the start of an exciting new chapter for the Westinghouse team and for nuclear power. We are grateful to BBU for its stewardship and investments that have strengthened Westinghouse’s position in the nuclear power industry, and more broadly in the clean power world, for the long-term. Now we are proud to join Brookfield Renewable and Cameco, reaffirming the important role played by Westinghouse and nuclear power in enabling the world’s clean energy transition and energy security goals," Patrick Fragman, Westinghouse President and CEO.
Cameco was advised by CIBC World Markets, Goldman Sachs, Chiomenti (led by Filippo Modulo, Giulio Napolitano and Salvo Arena), Covington & Burling (led by Donald Ross, Patrick E. Manchester and J. D. Weinberg), Cuatrecasas Goncalves Pereira (led by Marcos García Gonzalez and Luis Perez De Ayala) and McCarthy Tetrault (led by David Lever). Financial advisors were advised by Skadden Arps Slate Meagher & Flom (led by Christopher Barlow). Brookfield Renewable was advised by Greenhill & Co, Cravath Swaine & Moore and Brunswick Group. Brookfield Business Partners was advised by BMO Capital Markets, RBC Capital Markets, Tudor Pickering Holt, Stikeman Elliott, Weil Gotshal and Manges (led by Michael Lubowitz) and Wolf Theiss (led by Tereza Naucova).
Private equity firms Francisco Partners and TPG completed the acquisition of New Relic, a US-based Web tracking and analytics company, for $6.5bn.
"Ever since our founding over 15 years ago, New Relic has created and delivered groundbreaking innovations, with a maniacal focus on delivering a leading observability platform to help our customers deliver better software faster. We are pleased to partner with Francisco Partners and TPG, who are committed to continuing to build upon New Relic's strong foundation and achieve its full potential," Lew Cirne, New Relic Founder and Executive Chairman.
New Relic was advised by Qatalyst Partners, Freshfields Bruckhaus Deringer (led by Sarah Solum), Latham & Watkins (led by Tad Freese and Mark Bekheit), and Joele Frank (led by Adam Pollack). Qatalyst Partners were advised by Morrison & Foerster (led by Spencer Klein). Francisco Partners and TPG were advised by Goldman Sachs, JP Morgan, Moelis & Co, Morgan Stanley, Davis Polk & Wardwell (led by Oliver Smith and Darren M. Schweiger), Kirkland & Ellis, Paul Hastings (led by Mike Kennedy and Jeffrey Wolf), and Sloane & Company (led by Whit Clay).
Crescent Point Energy, an oil and gas company, agreed to acquire Hammerhead Energy, an energy company, from Riverstone Holdings, a private markets asset management firm, for $1.9bn.
“We are exceptionally proud of having built a business that has proven to be a top tier asset that has delivered significant organic growth. A combination of asset quality, exceptional people and a solid business plan has positioned the company to be an attractive acquisition target that will benefit from a lower cost of capital inside of a larger enterprise. Since going public in early 2023, we have delivered attractive equity returns for our shareholders, and the ability to maintain a share position in Crescent Point provides our shareholders with the ability to benefit from the continued growth of the business,” Scott Sobie, Hammerhead Energy President and CEO.
Hammerhead Energy is advised by ATB Capital, CIBC World Markets, Peters & Co, Stifel, Blake Cassels & Graydon, Burnet Duckworth & Palmer and Paul Weiss Rifkind Wharton & Garrison (led by Adam M. Givertz). Riverstone Holdings is advised by Bennett Jones and Vinson & Elkins (led by Stancell Haigwood). Crescent Point Energy is advised by Norton Rose Fulbright, Scotiabank, BMO Capital Markets, and RBC Capital Markets.
Bain Capital, an American private investment firm, agreed to acquire Guidehouse, a global provider of consulting services to the public sector and commercial markets, from Veritas Capital, a longstanding technology investor, for $5.3bn.
"On behalf of the entire Guidehouse team, we're delighted to embark on the next phase of our growth in partnership with Bain Capital who shares our people-first culture, consulting heritage, and commitment to embracing complexity. Together, we see significant opportunities to capitalize on attractive marketplace dynamics to further grow the business with our best-in-class client delivery capabilities. We look forward to an impactful partnership with the Bain Capital team leveraging their resources and operational expertise as we work towards building our next generation consultancy with an unwavering commitment to creating the scalable, innovative solutions our clients need to succeed in this increasingly digital and complex environment," Scott McIntyre, Guidehouse CEO.
Guidehouse and Veritas Capital are advised by Goldman Sachs, Guggenheim Partners, Jefferies & Company, Covington & Burling, Milbank, Prosek Partners and S&C Public Relations (led by Cecile Fradkin). Bain Capital is advised by PricewaterhouseCoopers, Robert W Baird, Kirkland & Ellis and Stanton PRM (led by Charlyn Lusk).
CapVest, an international private equity investor, completed the acquisition of a majority stake in Recochem, a global company in manufacturing, marketing, and distributing aftermarket transportation and household fluids, from HIG Capital, an investment firm. Financial terms were not disclosed.
"HIG has been an outstanding partner to Recochem and instrumental in helping us execute on our strategic vision. HIG added significant value to our business and our leadership team while supporting investments across the Company, all of which have strengthened our ability to deliver high-quality products and best-in-class service to our customers. We are excited to partner with CapVest to support Recochem’s next phase of growth. Their track record, expertise, and experience make CapVest an ideal partner for us as we pursue our ambitious plans for the future,” Shawn Davies, Recochem President & CEO.
Recochem was advised by CG Sawaya Partners, Harris Williams & Co, Robert W Baird, Blake Cassels & Graydon, and McDermott Will & Emery. HIG Capital was advised by ReputationInc (led by Ben Valdimarsson). CapVest was advised by Jefferies & Company, Lincoln International, Truist Securities, Kirkland & Ellis, and Willkie Farr & Gallagher.
Fleming, a specialist run-off reinsurer, agreed to acquire JRG Reinsurance, a third-party casualty reinsurance business, from James River, a group that owns and operates a group of specialty insurance and reinsurance companies, for $277m.
“Today’s announcement represents a key milestone for James River and is strategically significant for both our Company and Fleming. The transaction aligns with James River’s strategy to focus our resources on core businesses where we have meaningful scale, including our E&S and fronting businesses. We are excited about the new partnership with Fleming, which we believe will be a great new home for the staff of JRG Re," Frank D’Orazio, James River Chief Executive Officer.
TJC-backed Sunny Sky Products, a producer of dispensed beverage solutions offering hot, cold, frozen, and beverage enhancer products for the convenience store and foodservice channels, completed the acquisition of Bevolution Group, a manufacturer of shelf-stable and frozen beverage products, and cocktail mixes, from Highlander Partners, a Dallas-based private investment firm. Financial terms were not disclosed.
"We are pleased with the sale of Bevolution, which, under our guidance, has evolved into a very broad and comprehensive beverage provider with marquee foodservice brands, robust manufacturing capabilities, and a broad spectrum of beverage solutions. Sunny Sky is a perfect partner to propel the business forward, and we are glad to see the Bevolution team partner with them for future growth. This platform was built through an active M&A strategy and having closed more than thirty transactions in the food and beverage category in recent years, Highlander continues to actively pursue high-quality businesses in this sector as new platforms and add-ons for its current portfolio companies," Jeff L. Hull, Highlander Partners President and CEO.
Highlander Partners was advised by Hennepin Partners and Katten Muchin Rosenman. Sunny Sky Products was advised by Kirkland & Ellis. TJC was advised by Prosek Partners (led by Jonathan Marino).
MidOcean, a private equity firm, completed the acquisition of Smith System, a B2B workplace safety training platform, from Levine Leichtman, a private equity firm. Financial terms were not disclosed.
“We’re thrilled to welcome Smith System into the MidOcean portfolio. The Company has clearly and consistently demonstrated the power and effectiveness of its unique approach to safety training, and we’re excited to continue building the premier B2B safety training platform alongside CEO Tony Douglas, Executive Chairman Derek Dunaway, and a great management team,” Marshall Phelps, MidOcean Partner.
RidgeLake, a strategic partnership between OA Private Capital and Apogem Capital, completed a minority investment in Gridiron Capital, a middle market private equity firm. Financial terms were not disclosed.
"We've been working with RidgeLake's advisers for years, and they uniquely understand our team culture and differentiation in the middle market. We are well-aligned and share the same long-term vision for Gridiron. We look forward to leveraging their strategic resources and expanding our relationship even further through this partnership," Kevin Jackson, Gridiron Managing Partner.
RidgeLake was advised by Gibson Dunn & Crutcher. Gridiron Capital was advised by Evercore and Ropes & Gray (led by Paul Van Houten and Debra Lussier).
Central Garden & Pet, a supplier of food and other products for dogs and cats, completed the acquisition of TDBBS, a provider of natural dog chews and treats, from Bregal Partners, a private equity firm. Financial terms were not disclosed.
"We are excited to welcome the TDBBS team into the Central Garden & Pet organization. Our Central to Home strategy is focused on building further scale in our two industries and growing leading brands consumers love. Adding TDBBS's established brands and digital capabilities solidifies our position in the large and growing dog treats and chews category and will strengthen our footprint with key customers," Beth Springer, Central Interim CEO.
TDBBS was advised by Lazard and Dechert. Central was advised by Orrick Herrington & Sutcliffe.
Nordic Capital, a private equity company, agreed to acquire a majority stake in IntegriChain, a cloud software company, from Accel-KKR, a technology-focused investment firm. Financial terms were not disclosed.
“We’re pleased to have Nordic Capital as a new partner to support us on our journey. We are immensely proud of the team at IntegriChain and how we help pharma manufacturers deliver winning commercialization strategies while optimizing their net revenue. With Nordic Capital’s invaluable healthcare and technology experience and expertise, I’m confident that this partnership will enable us to extend our position as a leading platform for pharma manufacturers to bring their science to market. We thank Accel-KKR for their many years of sound guidance and support to help us ready IntegriChain for this important next phase of our business development,” Josh Halpern, IntegriChain Co-Founder and CEO.
IntegriChain is advised by Harris Williams & Co, Morgan Stanley and Sage Strategic Marketing (led by Jennifer Guinan). Nordic Capital is advised by Evercore.
Ardian, a France-based, independent private equity investment company, completed the acquisition of a 20 limited partnership fund interests portfolio from CPP Investments, an investment management company, for $2.1bn.
"This transaction was undertaken as part of our active portfolio management activities. As a systematic buyer and seller in the secondaries market, we see this sale as an attractive opportunity to optimize the construction of our portfolio and to allow us to further support future investments," Suyi Kim, CPP Investments Senior Managing Director & Global Head of Private Equity.
Ardian was advised by The Neibart Group.
A group of investors, including British Columbia Investment Management, Microsoft, National Security Strategic Investment Fund, Inovia Capital and Amadeus Capital Partners, led a $100m round in Photonic, a quantum technologies company.
“Photonic’s game-changing approach to deliver on the decades-old promises of quantum computing continues to be fueled by our committed investors and best-in-class employees. The support of such knowledgeable investors who believe in our work is a testament to our team, our technology, and the direction we’re headed in,” Paul Terry, Photonic CEO.
Photonic is advised by Interprose.
Apollo, an alternative asset manager completed the acquisition of Modern Aviation, a US fixed base operator, from Tiger Infrastructure, a private equity firm. Financial terms were not disclosed.
"Modern Aviation is a good case study of how Tiger's approach to growth infrastructure investing can produce a step change in value by providing transformational growth capital and applying value-added resources. Exiting Modern now delivers another full realization for our 2017-vintage Fund II, following closely on the heels of our recently announced sale of Zenobē to KKR Infrastructure. These transactions exemplify our strategy of creating world-class, blue-chip infrastructure businesses that meet the demands of the real economy while providing growth platforms into which larger infrastructure investors can invest at scale. We call it "feeding the food chain" within the broader global infrastructure ecosystem," Emil W. Henry, Tiger CEO.
TA Associates, a global private equity firm, completed the investment in KatRisk, a global catastrophe modeling software company. Financial terms were not disclosed.
"We couldn't be more excited to work alongside TA to expand our product offerings and better serve our clients with additional resources. Our recent 5.0 release of SpatialKat covers Australia & New Zealand with TC wind, storm surge, inland flood and hail (US). We are also working to add more perils, such as wildfire & tornado, that we plan to release soon via hazard maps, APIs, our location-level loss product SoloKat, and our industry-leading SpatialKat platform. We are grateful to our clients for their continued collaboration as we begin the next chapter of our growth journey," Dag Lohmann, KatRisk CEO.
Platinum Equity nears a $3bn-plus deal for Kohler's generators unit.
Platinum Equity, a private equity firm, is in advanced talks to buy plumbing products manufacturer of Kohler's generators division for more than $3bn.
A deal could be announced in the coming days. No final decision has been made and Kohler could still opt to keep the unit or sell it to another buyer, Bloomberg reported.
Gridiron Capital sells minority stake to RidgeLake.
Gridiron Capital, a middle-market buyout firm, has agreed to sell a minority stake in itself to RidgeLake Partners, Bloomberg reported.
New Canaan, Connecticut-based Gridiron began communicating the transaction to its limited partners this week.
China's CICC sees an opportunity in Brazil, a possible office.
Securities firm China International Capital sees increased opportunities in Brazil for cross-border deals and may consider opening an office in the country, according to Lindsay Lin, CICC Head of Americas.
China is Brazil's largest trading partner; however, Chinese investments in Brazil fell 78% in 2022, the Brazil-China Business Council said in August. Lin said CICC identified real opportunities during a recent trip to Latin America as the region provides rich natural resources, which actually is a great complement to China, Reuters reported.
Calpers weighs a $53bn increase in climate investments.
The largest US pension fund is considering a $53bn increase in its climate-related investments by 2030 along with new guidelines for exiting or reducing its holdings in polluters, Bloomberg reported.
The climate push would roughly double the fund's exposure to areas such as wind, solar and carbon capture, bringing the total to $100bn. The divestment rules would be aimed at assets that pose a fiduciary risk because they "fail to present a credible net zero plan" for emissions.
TPG expects to close a $6bn Asia buyout fund in the first half of next year.
Private equity behemoth TPG is expecting the final close of its $6bn eighth flagship Asia buyout fund in the first half of next year after launching it in January 2022.
TPG Asia VIII had already gathered almost $4.3bn as of the third quarter of 2023, after announcing the first close at $3.4bn in November last year. The firm has so far raised $900m, for the fund in the past 12 months. Should the fund close on target, its Asian buyout platform will be substantially larger than its precursor fund, which raised $4.6bn in 2019, DealStreetAsia reported.
KKR raises $2.8bn for second global impact fund.
Private equity firm KKR has completed the raise of its second global impact fund dedicated to investments that advance sustainability and social equity, amassing $2.8bn, Reuters reported.
Ken Mehlman and Robert Antablin, the fund's co-heads, told Reuters in an interview that more opportunities to deploy capital led to the firm attracting commitments from investors for more than double its first $1.3bn impact fund raised in 2020.
PSG Equity holds final close of second European fund at over €2.6bn.
PSG Equity, a growth equity firm partnering with software and technology-enabled services companies in Europe, North America and Israel to help accelerate their growth, has held the final close of PSG Europe II, the firm's second Europe-focused fund, with more than €2.6bn ($2.8bn) in commitments.
PSGE II, one of the largest growth equity funds raised to invest exclusively in European software companies, exceeded PSG's initial target, and secured support from both new and existing investors globally including state pension funds, sovereign wealth funds, family offices and high net worth individuals.
Blue Owl’s Dyal plans $2bn middle-market stakes fund.
Blue Owl Capital's Dyal Capital Partners plans to raise at least $2bn for a new fund dedicated to buying minority stakes in mid-sized alternative asset managers, Bloomberg reported.
The effort is separate to Blue Owl’s flagship GP stakes strategy, which increasingly acquires stakes in larger managers in part because of the expanded size of its funds.
Rubicon Technology Partners closes $1.7bn Fund IV, its largest to date.
Rubicon Technology Partners, a leading private equity firm focused on enterprise software investments, announced the successful closing of its latest fund, Rubicon Technology Partners IV, at approximately $1.7bn.
This represents a 34% increase in size from its predecessor fund, Rubicon Technology Partners III, which closed in 2020.
Fund IV received strong support from both existing and new investors comprising a broad range of leading global institutions, including public and private pension funds, consultants, foundations, endowments, and family offices.
Granite Creek Capital closes oversubscribed fund at $300m.
Granite Creek Capital, a private investment firm based in Chicago, has held the oversubscribed closing of its third investment fund, Granite Creek FlexCap III.
FlexCap III fund is a $300m vehicle focused on providing flexible capital to growing lower middle market companies. With the fund, Granite Creek plans to invest in 15 to 20 companies.
Persistence Capital closes on over $275m to support Medspa Partners' growth.
Persistence Capital Partners, a leading Canadian private equity fund exclusively focused on high-growth opportunities in the healthcare field, announced the closing of its second investment vehicle, anchored by investment funds managed by Morgan Stanley Private Equity Secondaries, for MedSpa Partners, the leading acquirer and operator of top-tier medical aesthetics clinics in North America.
PCP MSP II raised over $275m of capital commitments, exceeding the Continuation Fund's target size and more than tripling the size of the initial investment vehicle for MSP that was committed in 2019. MSP II was heavily oversubscribed and received strong support from new and existing LPs.
EMEA
Keysight Technologies, an electronic equipment maker, completed the acquisition of a 50.6% stake in ESI Group, a software developer, in a $995m deal.
"The operation we are announcing today is the culmination of a well-considered process and several years of transformation. It accurately recognizes the value of the work carried out by the leadership team and reflects the significant role ESI holds in the industrial software ecosystem. I, along with the entire Board, unanimously welcome this operation, and believe that it is in the best interest of the company, its employees, its clients, its shareholders and all other key stakeholders," Alex Davern, ESI Group Chairman.
Telecom Italia's decision to sell its prized fixed-line grid to KKR is a "milestone" move for the former phone monopoly and falls within the exclusive competence of the board, Reuters reported.
CEO Pietro Labriola's comments follow criticism from top shareholder Vivendi, which has threatened a legal challenge to the plan to sell the grid, saying it considered the decision to proceed without a shareholder vote as "unlawful".
EQT, a Swedish global investment organization, agreed to acquire Statera, a UK-based battery storage and flexible generation infrastructure developer and operator, from InfraRed Capital, an investment firm. Financial terms were not disclosed.
"In a world increasingly reliant on intermittent renewables and striving to achieve Net Zero emissions, battery storage and other flexible generation solutions are imperative. Both the public and private sectors must commit time, expertise, and capital to innovative solutions that can expedite the energy transition. The partnership between EQT and Statera is an exciting step towards achieving this goal," Francesco Starace, EQT Partner.
EQT is advised by DC Ad visory and Simpson Thacher & Bartlett. Statera is advised by FTI Consulting (led by Elizabeth Adams). InfraRed Capital is advised by Brunswick Group.
KKR-backed IVI RMA, a clinic that specializes in human reproduction, developing reproductive medicine, and GED Capital, an independent private equity group, agreed to acquire Eugin Group, a fertility center group that provides customized solutions and services for assisted reproduction, from Fresenius, a global health care group, for €500m ($535m).
"We are thrilled to add Eugin's operations in the US and Canada to the IVI RMA group. Our ethos of compassionate, personalized care will help ensure we deliver a world-class patient experience and successful outcomes for more patients. We are pleased to have partnered with GED in this creative transaction. We're confident that our shared vision and complementary strengths make this partnership greater than the sum of its parts, allowing IVI RMA to continue its growth in North America and GED to invest behind a leading platform in Europe and Latin America," Javier Sanchez Prieto, IVI RMA CEO.
Fresenius is advised by Lazard and Freshfields Bruckhaus Deringer.
Sentinel Capital Partner, a private equity firm, agreed to invest in the Worldwide Home Care division of Sodexo, an in–home care in the United States, United Kingdom, Ireland, France, Denmark, Norway, Sweden, and Brazil. Financial terms were not disclosed.
"Comfort Keepers and the Company's other well-established global brands are leaders in their markets and represent an attractive, diversified business model," Paul Murphy, Sentinel Partner.
Innovation Park Artificial Intelligence, Bosch Ventures and Schwarz Group led a $500m Series B funding round in Aleph Alpha, an artificial intelligence startup.
“With this latest investment, we will continue to enhance our capabilities and enable our partners to be at the forefront of this technological development. To empower customers, Aleph Alpha will continue to expand its offerings while maintaining independence and flexibility for customers in infrastructure, cloud compatibility, on-premise support and hybrid setups. The ongoing developments will extend interfaces and customisation options tailored to business-critical requirements. For customers with a significant responsibility and in strategic environments where sovereignty is at risk, we will remain the best option,” Jonas Andrulis, Aleph Alpha founder and CEO.
Buyout firms progress in talks for eBay-backed Adevinta.
Adevinta's private equity suitors are progressing in negotiations on a takeover of the European online classifieds company, which is set to be one of the year's biggest buyouts, Bloomberg reported.
The consortium led by Permira and Blackstone is in advanced talks on terms of a potential deal and hopes to reach an agreement as soon as next week. A deal could give Adevinta an equity value of more than $12bn.
David Einhorn urges Vitesco to reject offer from rival German auto group Schaeffler.
Einhorn’s Greenlight Capital, which owns 3.5% of Vitesco, sent a letter to the Regensburg-based company, calling on its board to reject Schaeffler’s €91 ($97.13) per-share offer and “not to give it up at depressed prices to competitors who have missed the boat”.
The intervention for the deal, which places Vitesco’s enterprise value at €3bn ($3.2bn), will complicate plans of the billionaire Schaeffler family, which through its eponymous automotive supplier last month made an all-share offer to take over the smaller Vitesco.
Abu Dhabi fund joins KKR for Telecom Italia’s grid.
The Abu Dhabi Investment Authority, which controls almost $1tn in assets, is part of the KKR-led consortium acquiring Telecom Italia’s landline network, Bloomberg reported.
Credit Agricole, BAWAG poised to bid for Barclays German unit.
French bank Crédit Agricole and Austria's BAWAG Group are set to submit binding bids for Barclays' German consumer finance unit this week.
The banks are vying for the German business alongside private equity firm bidders Warburg Pincus and Centerbridge Partners, in the second stage of the process. Binding bids are due this week with final bidder selection later this month. The hope is to sign a deal this year.
The consumer finance arm, formerly known as Barclaycard, has around 700 employees and started operating in Germany in 1991. The unit, which started preparing for a sale earlier this year, offers flexible lending loans and also payment cards to around 2.5m clients, Reuters reported.
Space investor Seraphim explores capital-raise after share slump.
Britain's first listed investment trust focused on the final frontier is exploring alternative ways to raise capital after seeing its shares crash amid weakening investor sentiment.
Seraphim Space Investment Trust, which has backed innovative companies such as SatelliteVu, an infrared data business, and Altitude Angel, a drone technology developer, is examining plans to secure new funding outside its quoted company structure.
Billionaire Drahi's Altice to seek bids next month for key assets.
Billionaire Patrick Drahi's Altice is preparing to receive initial bids for its Portuguese business and a stake in its French unit as the tycoon grapples with his telecom empire's debt load, Bloomberg reported.
Altice has sent out information on the businesses to potential bidders and asked for first-round offers as soon as next month. The Portuguese unit, which runs the MEO carrier, is being studied by potential private equity suitors, including Apax Partners, Apollo Global Management, CVC Capital Partners, and Warburg Pincus.
Norway wealth fund CEO says it is using AI to deploy capital.
Norway's $1.4tn sovereign wealth fund is using artificial intelligence to help manage its investments, its CEO Nicolai Tangen said. The fund invests the Norwegian state's revenues from oil and gas production in equities, bonds, property, and renewable projects abroad. It is the world's largest sovereign wealth fund, holding stakes in more than 9,2k companies globally and owning 1.5% of all listed stocks, Reuters reported.
Tangen said he had set the fund an internal target to boost productivity by 10% over the next 12 months by using AI and had discussed the move recently with Sam Altman, the CEO of artificial intelligence company OpenAI.
SWEN Capital closes the second European infrastructure fund with €580m.
SWEN Capital, a European private equity firm with over €7.7bn ($8.2bn) in AUM, has held the final close of the second vintage of its European infrastructure fund, SWIFT 2, an impact fund dedicated to renewable gas investments at €580m ($620m).
The fund raised more than twice its original target, and more than three times the final close of its predecessor fund SWIFT 1.
Dubai launches $136m venture capital fund designed to finance technology startups.
Under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the Dubai Integrated Economic Zones Authority announced the launch of a venture capital fund worth $136m.
The fund is designed to finance technology startups and supports the economic objectives outlined in the Dubai Economic Agenda, D33 by promoting SMEs growth in various emerging sectors.
APAC
Private equity group Allegro Funds said on Monday it had received the final approval for its takeover of Scyne Advisory, PwC Australia's former government consulting wing, clearing the way for the deal to close this week, Reuters reported.
PwC Australia sold the business, once responsible for a fifth of revenue, in June for AUD1 ($0.65) as government departments cut ties with the "big four" firm because of a national scandal involving leaked tax plans.
PwC Australia is advised by Gilbert + Tobin. Allegro Funds is advised by Herbert Smith Freehills (led by Andrew Rich) and Domestique (led by Jon Snowball).
China Integrated Circuit Industry Investment Fund, a China Government Guidance Fund, led a $5.4bn funding round in Changxin Xinqiao Memory Technologies, an integrated design and manufacturing company specializing in dynamic random-access memory semiconductor products.
Changxin Xinqiao was created in 2021 in Hefei, Anhui province’s easternmost city, according to company registration website Qichacha.
GIC, a sovereign wealth fund established by the Government of Singapore, agreed to acquire a 33% stake in Margautama Nusantara, an Indonesian unit and toll roads operator, for $212m.
Marguartama Nusantara owns several toll road concessions in Indonesia, including Bintaro Serpong Damai, PT Makassar Metro Network; Jalan Tol Seksi Empat and Jakarta Lingkar Baratsatu, which connect the suburbs of the Indonesian capital, Jakarta.
Origin's top investor boosts stake after rejecting takeover bid while Brookfield rushes to save the deal.
Origin Energy's top investor AustralianSuper has raised its stake in the energy company after rejecting an improved AUD 19.4bn ($12.5bn) takeover offer from a Brookfield Asset Management-led consortium, Bloomberg reported.
PIF in talks to invest in chinese EV maker.
Saudi Arabia’s sovereign wealth fund is in talks to invest at least $250m in Chinese electric-vehicle maker Human Horizons Group, as part of the kingdom’s efforts to build a domestic auto industry, Bloomberg reported.
The Public Investment Fund could buy into the Shanghai-based firm at a $3bn valuation. An agreement may be reached as soon as this year, but could take longer as terms are still being finalized.
Human Horizons, which has been exploring strategic options, is weighing raising as much as $1bn from private investors to bolster growth.
Columbia Asia frontrunner to buy Malaysia's Ramsay Sime Darby for $1.5bn.
Columbia Asia, a Southeast Asian healthcare firm backed by TPG, has emerged as the frontrunner to buy Malaysia-based private hospitals operator Ramsay Sime Darby Health Care for around $1.5bn, DealStreetAsia reported.
The acquisition will be the largest Southeast Asian healthcare acquisition since 2019 when Malaysian conglomerate Hong Leong Group and alternative asset firm TPG bought Columbia Asia's assets for about $1.2bn.
Carlyle to sell Japanese cosmetics supplier Tokiwa in $1bn deal.
Carlyle Group is planning to sell Japanese cosmetics supplier Tokiwa in a deal that could fetch $1bn, Reuters reported.
The investment firm has tapped Jefferies and SMBC Nikko Securities as advisors to work on the sale of the 75-year-old company, which will kick off early next year. Carlyle invested an undisclosed amount in Tokiwa in 2019 via its third Japan-focused buyout fund to help the Nakatsugawa, Gifu-headquartered company expand overseas.
Silver Lake, General Atlantic, and Prosus-Backed Byju’s to Sell Epic to Joffre Capital for $400m.
Indian ed-tech firm Byju’s is in advanced talks to sell its US-based kids’ digital reading platform Epic! Creations for about $400m to private equity firm Joffre Capital, seeking funds to ease its financial pressures.
Byju’s has been looking to raise up to $1bn by selling two companies – Great Learning and Epic – in a bid to streamline its business and repay lenders.
Wise Road Capital in talks to acquire Innovalues from Northstar.
Chinese private equity firm Wise Road Capital is in advanced talks to buy Singapore's customized precision machine parts and components manufacturer Innovalues from Northstar Group, DealStreetAsia reported.
Singapore-headquartered private equity firm Northstar was aiming for a sale that could value the precision machine parts maker at over $377m.
EDBI establishes new $250m multi-stage investment firm August Global Partners.
EDBI, the corporate venture capital arm of the Singapore Economic Development Board, has spun out an independent fund management company called August Global Partners to look at venture- to growth-stage investments.
The multi-stage investment firm currently has $250m in assets under management across two funds: AGP Continuation Growth Fund and AGP Healthcare Fund. The continuation fund, which has been closed, targets growth equity investments in Southeast Asia-based companies in healthcare services and advanced manufacturing, according to its website. Dymon Asia Private Equity-backed Meiban is among its six underlying portfolio companies, DealStreetAsia reported.
"Having been deeply involved initially, with laying of the foundations and subsequently nurturing the growth of the biomedical industry in Singapore, I am excited to continue the journey at AGP," Chu Swee Yeok, August Global Partners Chairperson and Founder Partner.
Qatar Investment Authority eyeing opportunities in China's retail and tech sectors.
Qatar's sovereign wealth fund, Qatar Investment Authority, is examining opportunities to invest in China's retail, healthcare, tech, and logistics sectors, DealStreetAsia reported.
Those opportunities could involve public and private companies. Middle East investor activities in China have picked up as countries such as Saudi Arabia aim to cut oil dependence and boost new industries through partnerships with Chinese companies. Buyers from the Gulf have announced 13 acquisitions of Chinese targets so far this year, compared to just one during the same period last year and more than any other year since at least 1980.
India's Tata Technologies in talks with Morgan Stanley, US funds for IPO investment.
India's Tata Technologies is in talks with Morgan Stanley Investment Management, Blackrock, and some US hedge funds to invest in its initial public offering at a valuation of $2.5bn, Reuters reported.
Part of the conglomerate Tata Group, the company provides engineering services for companies in the auto and aerospace sectors, among others. Its IPO will be the first in two decades for a Tata Group company, which has many listed businesses, including in the auto and steel sectors. Ahead of its planned $350-375m IPO, Tata Technologies is holding talks with US asset managers Ghisallo Capital, Oaktree Capital, and Key Square Capital, as well as Blackrock and Morgan Stanley, for possible participation in the deal.
APAC investors commit $1.5bn to Brookfield's latest global infrastructure fund.
Canadian alternative investment firm Brookfield Asset Management announced that it secured $1.5bn in commitments from Asia Pacific-based investors for its latest global infrastructure debt fund, Brookfield Infrastructure Debt Fund III, DealStreetAsia reported.
The fund closed with over $6bn in total commitments, including over $400m in discretionary co-investment capital, making it the world's largest private infrastructure debt vehicle, per the announcement.
The fund is targetting a 10-20% capital allocation in the Asia Pacific region, with a focus on Australia, New Zealand, Japan, Korea, and Singapore. It invests in the renewable power, data, transport, utilities, and midstream sectors.
GLP Capital Partners closes $492m China income fund, seeded with Beijing office complex.
GLP Capital Partners, the investment and asset manager of Asia's warehouse giant GLP, has raised a new closed-end office income strategy with CNY 3.6bn ($492m) in total assets under management, DealStreetAsia reported.
GCP China Office Income Fund I, which is seeded with a high-quality, core office complex in Beijing from GLP's balance sheet, is anchored by an insurance institution in Asia.
SparkEdge Capital closes oversubscribed blind-pool fund at nearly $124m.
Venture capital firm SparkEdge Capital announced on November 6th that it has closed an oversubscribed Chinese yuan blind-pool fund at over CNY900m ($123.6m) to focus on the new energy sector, DealStreetAsia reported.
As its first blind-pool fund, the vehicle will also invest in the electronics and semiconductors industries, covering verticals including photovoltaics, energy storage, hydrogen energy, automotive electronics, and new energy power electronics.
MBK Partners is ready to start raising sixth flagship fund.
Private equity firm MBK Partners is in the market raising its sixth flagship fund, DealStreetAsia reported.
MBK, which manages over $25.6bn and invests exclusively in North Asian markets including China, Japan, and South Korea, disclosed in the SEC filing, dated November 2, of its plan to raise MBK Partners Fund VI.
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