Brookfield completed the acquisition of American Equity Investment Life for $4.3bn. (FS)
Brookfield, a global alternative asset manager, completed the acquisition of American Equity Investment Life, an issuer of fixed index annuities, for $4.3bn.
“We are excited to welcome AEL to our organization as we continue to grow, diversify and scale our retirement services capabilities. AEL’s strong franchise and track record of serving policyholders and distribution partners, coupled with the scale of our existing platform and offerings, will position us well for the next phase of growth," Jon Bayer, Brookfield Reinsurance Managing Partner.
AEL was advised by Ardea Partners, JP Morgan (led by Xavier Loriferne), Sullivan & Cromwell (led by Stephen M. Kotran) and FGS Global (led by George Sard). Financial advisors to AEL was advised by Freshfields Bruckhaus Deringer. Brookfield Reinsurance was advised by BMO Capital Markets and Cravath Swaine & Moore (led by Richard Hall and David Perkins). Brookfield was advised by Barclays, Debevoise & Plimpton (led by Drew Dutton, Andrew Jamieson and Nicholas Potter), Torys and Brunswick Group.
EQT to acquire Perficient for $3bn. (FS)
EQT, a private equity firm, agreed to acquire Perficient, a digital consultancy, for $3bn.
“Today marks a momentous next step for our company. This is an exciting new chapter that would not have been possible without our employees’ hard work and dedication to our clients, partners, and other stakeholders. EQT’s vision for Perficient aligns directly with ours, and I look forward to partnering with them as we continue on our global growth journey," Tom Hogan, Perficient President and CEO.
Perficient is advised by Bank of America, Wells Fargo Securities and Kirkland & Ellis. EQT is advised by JP Morgan, TD Securities and Simpson Thacher & Bartlett.
Brookfield Asset Management to acquire a 51% stake in Castlelake’s fee-related earnings, in a $1.5bn deal. (FS)
Brookfield Asset Management, a private equity firm, agreed to acquire a 51% stake in alternatives asset manager Castlelake's fee-related earnings, in a $1.5bn deal.
“In Brookfield, we believe we have found a like-minded partner that values experience and specialized expertise, and takes a disciplined, yet creative approach to delivering value for investors. We are excited about this partnership’s ability to enhance Castlelake’s value proposition, help accelerate its innovation, and scale its platform for the benefit of investors, business partners, and employees. Alongside the existing Executive Committee and senior leadership of Castlelake, and with the support of Brookfield’s significant credit franchise, we look forward to continuing to grow and evolve Castlelake into one of the foremost asset-based investment firms in the market," Rory O’Neill and Evan Carruthers, Castlelake Founders.
Brookfield is advised by Evercore and Paul Weiss Rifkind Wharton & Garrison (led by Edward T. Ackerman and Cullen L. Sinclair). Castlelake is advised by Colchester Partners, Goldman Sachs, Kirkland & Ellis and Prosek Partners.
Canada Pension Plan Investment Board and Global Infrastructure Partners to acquire ALLETE for $6.2bn. (FS)
Canada Pension Plan Investment Board and Global Infrastructure Partners, private equity firms, agreed to acquire ALLETE, an energy company, for $6.2bn.
“Our ‘Sustainability-in-Action' strategy has secured ALLETE’s place as a clean-energy leader. Through this transaction with CPP Investments and GIP, we will have access to the capital we need while keeping our customers, communities and co-workers at the forefront of all that we do, with continuity of our day-to-day operations, strategy and shared purpose and values. CPP Investments and GIP have a successful track record of long-term partnerships with infrastructure businesses, and they recognize the important role our ALLETE companies serve in our communities as well as our nation’s energy future. Together, we will continue to invest in the clean-energy transition and build on our 100 plus-year history of providing safe, reliable, affordable energy to our customers," Bethany Owen, ALLETE Chair, President, and CEO.
ALLETE is advised by Houlihan Lokey, JP Morgan and Skadden Arps Slate Meagher & Flom.
Traffic & Mobility Consultants completed the acquisition of Lincks & Associates.
Traffic & Mobility Consultants, a transportation planning and traffic engineering firm, completed the acquisition of Lincks & Associates, a transportation and traffic engineering services firm. Financial terms were not disclosed.
"We're thrilled to partner with Lincks & Associates and bring this outstanding team into the TMC group. Their relationships and stellar reputation in the Tampa area perfectly complement our shared vision and strategic growth objectives," Mohammed Abdallah, TMC CEO.
Lincks & Associates was advised by Shumacker. TMC was advised by Greenberg Traurig and BackBay Communications.
Canada Pension Plan Investment to invest $450m in CVC Capital-backed Ontic. (FS)
Canada Pension Plan Investment, a private equity firm, agreed to invest $450m in CVC Capital-backed Ontic, a provider of OEM licenced parts and repair services for established aerospace technologies.
"Ontic is a globally trusted aerospace partner, supporting and supplying established aircraft parts to the world's aerospace leaders. It is uniquely positioned to address the strong need for products and services necessary to extend longevity of existing aircraft fleets. We look forward to working alongside CVC, a long-standing partner to CPP Investments, and the Ontic leadership team, to support the business as it aims to continue its current growth trajectory, while delivering attractive risk-adjusted returns for CPP contributors and beneficiaries," Hafiz Lalani, CPP Investment Managing Director.
CPP Investments is advised by Citigroup.
US LBM completed the acquisition of Better Built Truss.
US LBM, a building materials company, completed the acquisition of Better Built Truss, a construction company. Financial terms were not disclosed.
"The team at Better Built Truss has great relationships with area builders in California, and a long history of providing exceptional service and solutions. We continue to see demand for structural building components in Northern California, and the addition of Better Built Truss allows us to increase our capabilities and expand our customer base in the area," L.T. Gibson, US LBM President and CEO.
Mind Body Optimization completed the acquisition of Mind Body Wellness.
Mind Body Optimization, a mental health clinic, completed the acquisition of Mind Body Wellness, providers of outpatient treatment for drug and alcohol addiction, along with co-occurring mental health conditions. Financial terms were not disclosed.
"Our approach is unique in that we focus on optimizing the body first, recognizing the powerful impact of physical wellness on mental health. By integrating traditional therapy with innovative approaches such as hormone testing, we aim to provide sustainable healing for our clients," Mike Sisk, Mind Body Optimization Founder.
Braskem tanks after Adnoc abandons talks for the stake.
The biggest oil producer in the United Arab Emirates is dropping its bid for a stake in Brazil's Braskem as the Middle Eastern company's aim to build a global chemical business runs into roadblocks over issues like valuation, Bloomberg reported.
Abu Dhabi National Oil informed Novonor, Braskem's main shareholder, that it was no longer interested in continuing due diligence and negotiations to acquire a stake. Braskem, Latin America's leading petrochemicals company, tumbled as much as 16% in New York.
GM-backed self-driving firm Momenta said to file for IPO in the US.
Chinese self-driving firm Beijing Momenta Technology has filed confidentially for an initial public offering in the US. Momenta is working with China International Capital, Goldman Sachs, and UBS Group on a potential listing that may happen as early as this year, Bloomberg reported.
It could raise $200m to $300m from the share sale. Deliberations are ongoing and the Chinese company may decide against an IPO in the US. Momenta was also said to be considering an IPO in the US or Hong Kong earlier last year, at the time aiming to raise as much as $1bn.
River SaaS Capital announces its newly launched equity fund. (FS)
River SaaS Capital provides alternative venture financing to growing software-as-a-service businesses. The company announced today its newly launched equity fund, TruWest Fund I. This new $50m fund will invest in US-based B2B software-as-a-service businesses and act as a continuum of capital for high potential companies in River SaaS Capital's venture debt portfolio.
This equity fund is the next step in River SaaS Capital's investing strategy. In 2015, they launched as a provider of alternative venture financing to early-stage SaaS companies throughout the US. With the success of the venture debt fund, the team then started making direct equity investments in select portfolio companies in 2019. Now, with both River SaaS Capital's venture debt offerings and equity capabilities, they'll be able to offer multiple capital options to their portfolio at scale.
EMEA
Teylor completed the acquisition of Creditshelf.
Teylor, an alternative credit platform, completed the acquisition of Creditshelf, a German SME financing platform. Financial terms were not disclosed.
"By taking over creditshelf, we are leveraging enormous synergies in our lending business, as we are serving a new market segment with new products, adopting a complementary technology platform and gaining highly qualified experts with many years of industry experience. This acquisition is an important milestone for Teylor and the first of many transactions," Patrick Stäuble, Teylor CEO.
Teylor was advised by Rothschild & Co, Advoro and White & Case.
Billionaire Kretinsky, OnePoint pitch competing offers for Atos. (FS)
Czech billionaire Daniel Kretinsky is facing off against David Layani's OnePoint in his latest attempt to rescue embattled French tech company Atos, Bloomberg reported.
Atos said on May 6 that it has received four proposals, including one it already rejected from private equity firm Bain Capital, to restore the group to financial health. The firm is seeking to reach a deal by the end of the month that would inject fresh funds and bring stability after clients began to hold off business. The third rescue offer is from a creditor group.
Bain Capital to hand precast concrete firm Consolis to creditors. (FS)
Creditors are set to take over Consolis, owned by Bain Capital, as part of an effort to slash €300m ($323m) in the building materials company's net debt, Bloomberg reported.
Consolis agreed to a deal under which it will receive €115m in additional liquidity from creditors via various facilities. At the same time, bondholders will see their holdings swapped for equity, and Bain's stake in the business will shrink by 4% after the transaction closes.
Shell confirms intention to exit South Africa operations.
Shell intends to exit shareholdings in its South African retail, transport and refining operations. The energy company made the decision after reviewing its downstream and renewables business across all regions and markets, Bloomberg reported.
Shell and BP's southern African unit jointly own the Sapref refinery, the nation's biggest, in Durban on the country's east coast. The 180k barrel-a-day facility halted operations ahead of a sale in 2022 and was subsequently damaged by floods. The government published new rules in 2022 that require refiners to meet low-sulfur fuel specifications by 2023, which rendered most of the nation's fleet obsolete.
Vinci begins CEO succession plan with the appointment of Pierre Anjolras as COO. (People)
Vinci has appointed company veteran Pierre Anjolras as chief operating officer, marking the first step in the process to name a successor for chief executive Xavier Huillard, whose term of office ends in 2025, WSJ reported.
Anjolras joined the French construction and infrastructure company in 1999. He acquired extensive experience in motorway concessions, becoming COO of Cofiroute in 2004 before being named CEO of ASF in 2007. Cofiroute and ASF are Vinci Autoroutes networks.
APAC
KKR to acquire Healthium Medtech from Apax Funds. (FS)
KKR, a private equity firm, agreed to acquire Healthium Medtech, an Indian medical devices company, from Apax Funds, a global private equity advisory firm. Financial terms were not disclosed.
“Under the leadership of Anish and his talented management team, Healthium has established itself as a leading homegrown producer of medical devices with a strong track record of delivering quality products and a wide distribution network both in India and globally. We look forward to leveraging our global network and healthcare expertise to accelerate its growth in this fast-growing sector and further scale its global business through organic and inorganic growth strategies,” Akshay Tanna, KKR Partner and Head of India Private Equity.
Apax Partners and Healthium Medtech are advised by Jefferies & Company and Kirkland & Ellis. KKR is advised by Moelis & Co, Simpson Thacher & Bartlett and AZB & Partners.
Port operator ICTSI is unfazed by trade turmoil, eyes new deals.
Philippine billionaire Enrique Razon's International Container Terminal Services is working on as many as four new port deals as the company expands its global footprint despite trade disruptions, Bloomberg reported.
The Philippines' largest port operator is in the early stages of exploring opportunities in West Africa and Central America, while a deal is actively progressing in Cambodia, ICTSI Executive Vice President Christian Gonzalez said in an interview on May 6. The projects are mostly government concessions.
JPMorgan's top China TMT banker Crystal Zhu said to join Morgan Stanley. (People)
JPMorgan Chase's head of China telecommunications, media and technology investment banking Crystal Zhu has left the US lender to join rival Morgan Stanley, Bloomberg reported.
Zhu will be co-head of Morgan Stanley's Asia Pacific technology team. She will work on mergers and acquisitions and initial public offerings of technology companies in the region and will likely remain based in Hong Kong.
