Citrix Systems' stockholders voted to approve Citrix's pending acquisition by affiliates of Vista Equity Partners and Evergreen Coast Capital, an affiliate of Elliott Investment Management, at Citrix's special meeting of stockholders.
The final voting results on the proposals voted on at the special meeting will be set forth in a Form 8-K filed by Citrix with the US Securities and Exchange Commission.
Citrix is advised by Qatalyst Partners, Goodwin Procter and Joele Frank. Evergreen Coast and Vista are advised by Bank of America, Barclays, Citigroup, Credit Suisse, Goldman Sachs, Lazard, Mizuho Securities, Morgan Stanley, Debevoise & Plimpton, Gibson Dunn & Crutcher and Kirkland & Ellis.
Clayton, Dubilier & Rice, a private investment firm, agreed to acquire a majority stake in the Kindred at Home Hospice and Personal Care divisions of Humana, a for-profit American health insurance company based in Louisville, Kentucky, for $2.8bn.
"While palliative and hospice services are important components in the continuum of care that Humana offers patients, we are confident that we can deliver desired patient outcomes and improved customer experiences through partnership models rather than fully owning KAH Hospice. We explored a broad range of alternatives and believe this transaction best allows Humana to divest majority ownership of these non-core businesses today, while still maintaining a strategic minority interest through our remaining stake. With CD&R's established physician relationships, value-based care expertise, and record of providing strategic capital to a wide range of businesses, we are certain that these divisions are well-positioned for success under the joint ownership of Humana and CD&R," Susan Diamond, Humana CFO.
Clayton, Dubilier & Rice is advised by Deutsche Bank, UBS, Debevoise & Plimpton and Ropes & Gray. Humana is advised by Barclays, Goldman Sachs, Fried Frank Harris Shriver & Jacobson and Manatt Phelps & Phillips.
The Jordan Company, a middle-market private equity firm, agreed to invest in Communications & Power Industries, a global manufacturer of electronic components, subsystems, and antenna systems for communications, government, and medical markets. Financial terms were not disclosed.
"At CPI, we are focused on accelerating innovation, by designing and manufacturing products that empower our customers both to implement and support today's advanced systems and to develop and create the groundbreaking systems of tomorrow. TJC supports our vision for growth, and their operational expertise will be invaluable as we continue to scale our business. We are thrilled to welcome a partner that shares our mission of delivering dependable, best-in-class technology solutions," Bob Fickett, CPI CEO.
Communications & Power Industries is advised by Goldman Sachs, Harris Williams & Co and Latham & Watkins. The Jordan Company is advised by Perella Weinberg Partners, RBC Capital Markets, Kirkland & Ellis and Prosek Partners.
SageView Advisory, an SEC-registered investment advisory firm, completed the acquisition of Capital One Investing, a personalized financial planning and wealth management services provider, from Capital One Financial, a bank holding company. Financial terms were not disclosed.
"We are thrilled to have completed this transaction and welcome so many talented professionals from around the country to the SageView family. Thanks to our incredible team and support from our private-equity partners at Aquiline, we will continue to execute our growth strategy that builds upon our historic focus on financial wellness and retirement plan support as we enhance our capabilities and expertise as a wealth management solutions provider of choice," Randy Long, SageView Founder and Managing Principal.
SageView was advised by Bryan Cave Leighton Paisner and Haven Tower Group. Capital One was advised by Centerview Partners and Wachtell Lipton Rosen & Katz.
Envista, a dental products company, completed the acquisition of the intra-oral scanner business of Carestream Dental, a provider of intraoral and extraoral imaging equipment, for $600m.
"Intra-oral scans are often the first step in the digital workflow and critical to many high-value dental procedures including implants, prosthetics, and aligners. We are excited to add a suite of world-class intra-oral scanners and software to our portfolio. This acquisition further enables our purpose of partnering with dental professionals to improve patients' lives by digitizing, personalizing, and democratizing dental care," Amir Aghdaei, Envista CEO.
Carestream Dental was advised by JP Morgan and Kirkland & Ellis. Envista was advised by Jefferies & Company and Debevoise & Plimpton.
Apollo Global Management, an American global alternative investment management firm, completed the acquisition of Tony's Fresh Market, a Chicago-based specialty grocer. Financial terms were not disclosed.
"My family has been feeding our communities for generations and are incredibly excited to partner with Apollo to build upon that legacy of fresh and healthy food, at an affordable price and delivered with respect to the many cultures of our customers," Frank Ingraffia, Tony's CEO.
Tony's Fresh Market was advised by Stout Capital and McDermott Will & Emery. Apollo was advised by Paul Weiss Rifkind Wharton & Garrison.
Angeles Equity Partners-backed Xanitos, a provider of hospital housekeeping, patient transport, and linen and laundry services, completed the acquisition of Legion Building Services, a provider of commercial cleaning exclusively to the healthcare market. Financial terms were not disclosed.
"By acquiring Legion Building Services, we expand our mission to help save lives into ambulatory spaces. Legion's specialist approach will offer our healthcare partners additional solutions. Bringing Legion into the Xanitos family is a key step forward in our mission to be the nation's preeminent cleaning partner for healthcare organizations," Dave Crothall, Xanitos CEO.
Xanitos was advised by Simpson Thacher & Bartlett and Chameleon Collective.
Kerrisdale Capital, a hedge fund, is betting against the shell company tied to Donald Trump, wagering that it will fail to get regulatory approval to merge with Trump Media & Technology, a media company, and take it public in a $825m deal, Bloomberg reporting.
Digital World Acquisition, a SPAC, gave misleading statements in registration documents and the high-profile nature of its potential combination with the former president's company, Trump Media & Technology Group, is an "ideal way" for regulators to send a message to the broader industry, said Kerrisdale.
Digital World Acquisition is advised by EF Hutton.
Hikma, a pharmaceutical company, completed the acquisition of Custopharm, a developer of complex sterile injectable generic products, from Water Street Healthcare Partners, a strategic partner and investor, for $425m.
"This acquisition provides Hikma with an attractive opportunity to further strengthen our US injectables business, by adding an attractive and profitable portfolio of marketed products and an exciting pipeline of future opportunities. Custopharm is an accomplished operator in the US injectables market with a first-class scientific team and a strong regulatory track record. This acquisition is highly complementary to our existing business and adds high-quality and differentiated growth potential," Siggi Olafsson, Hikma CEO.
PTC, an American computer software and services company, agreed to acquire Intland Software, a software development firm, for $280m.
"The entire Intland team is proud of the success we have had developing and delivering a modern ALM offering that has been widely accepted in the market. Our Codebeamer offerings are a perfect complement to PTC's portfolio of product development solutions, and we look forward to continuing our journey as part of PTC," Janos Koppany, Intland Software CEO.
Baillie Gifford, T. Rowe Price and Hercules Capital led a $260m funding in Convoy, a trucking software company, with participation from Park West, Generation Investment Management, Fidelity, Durable Capital Partners, Capital G, Lone Pine Capital, Greylock Partners, Y Combinator, Bill Gates, Jeff Bezos, Marc Benioff, Hadi Partovi and Ali Partovi.
"When we first invested in 2019, the trucking industry was ripe for disruption and we were impressed with Convoy's vision and early success in driving the future of freight. Since then, Convoy has built a world-class management team, including seasoned executives who've successfully led digital transformations in other industries and further enhanced its technology platform. They've been able to strengthen their relationships with shippers, expand their network of truckers, and deliver strong business growth. We're delighted to lead this round and look forward to supporting the Convoy team as they grow and scale the business in the years ahead to further transform the US trucking industry," Gary Robinson, Baillie Gifford Investment Manager.
Johnson Controls, a provider of solutions for smart, healthy and sustainable buildings, completed the acquisition of Security Enhancement Systems, a provider of mobile-based, keyless access control solutions used in critical infrastructure, including telecommunication towers for major providers. Financial terms were not disclosed.
"This combination validates our product realization efforts of the past seven years and we are excited that Johnson Controls will bring our technology into its product portfolio. This partnership will further benefit our current and future customers by providing a wide array of cost-effective security and productivity solutions," Philip Ufkes, SES President and Founder.
Security Enhancement Systems was advised by Raymond James.
The Riverside Company, a global private equity investor focused on the smaller end of the middle market, completed the acquisition of DSG Consulting, a tech-enabled sales consulting and training company. Financial terms were not disclosed.
"DSG is highly complementary for Corporate Visions. A key part of our investment thesis is to build out Corporate Visions as the leading sales enablement platform by adding more tech-enabled solutions to existing best-in-class content. DSG brings additive consulting and training services alongside subscription-based technology tools that will allow the combined business to better serve our customers," Peter Tsang, Riverside Capital Appreciation Fund Co-CIO.
3Phase Elevator, a family of independent elevator companies, completed the merger with TEC Elevator, a full-service elevator company based in Pennsauken, New Jersey. Financial terms were not disclosed.
"TEC has an outstanding reputation with their customers and is a market leader among area independents. This merger expands and strengthens our mutual abilities to service our customers. As the TEC and 3Phase teams collaborate with each other in the Philadelphia and New Jersey markets, we will have an opportunity to enhance our service capabilities and responsiveness to our existing customers while also accelerating growth with new customers," Mike Strachan, 3Phase Elevator CEO.
Woods Rogers, a full-service law firm, agreed to merge with Vandeventer Black, a dynamic business and litigation law firm. Financial terms were not disclosed.
"Mutual respect, cooperation, community leadership and an unwavering dedication to client service are deeply rooted traits our firms have in common. We share a vision with Vandeventer Black for the future of our business and look forward to bringing our collective talent and a wider range of specialties to clients as we grow stronger together," Daniel Summerlin, Woods Rogers President.
G2 Venture Partners led a $350m Series C funding round in Crusoe Energy Systems, an oil and gas company, with participation from Valor Equity Partners, Lowercarbon Capital, Polychain Capital, Bain Capital Ventures, Founders Fund, MCJ Collective, Winklevoss Capital, Zigg Capital, DRW Venture Capital, Atreides Management, Exor Seeds, CMT Digital, and Upper90, Inclusive Capital Partners, Engine No. 1, Tao Capital, Felicis Ventures, Castle Island Ventures, Mitsui & Co. and FootPrint Coalition Ventures.
"Eliminating methane emissions from flaring is an immediately actionable and impactful step toward mitigating climate change. Crusoe's technology converts stranded gas into valuable computing resources. After a deep dive into flare mitigation and modular data center technologies, we concluded that Crusoe is the clear leader in scale, operational excellence, talent, vision and proven commitment to environmental standards. This capital will enable Crusoe to deploy Digital Flare Mitigation at greater scale, to use its solution to accelerate renewable energy deployment, and to continue innovating its industry-leading technology," Ben Kortlang, G2 Venture Partners Partner.
Altimeter Capital and Coatue led a $220m Series D round in Reify Health, a provider of solutions that empower the clinical trial ecosystem, with participation from Dragoneer Investment Group, ICONIQ Growth, Adams Street, and Battery Ventures.
"Reify Health is making great strides to ensure patient and provider access to clinical trials is more equitable and diverse, working with key industry leaders and stakeholders. Altimeter is excited to be a part of Reify's journey to modernize clinical trials and address historical barriers to benefit more people in need faster," Pauline Yang, Altimeter Capital Partner.
Georgian led a $150m Series C round in Oyster, a global employment platform, with participation from Salesforce Ventures, Base10 Partners, Okta, LinkedIn, Endeavor Catalyst, Stripes, Emergence Capital, PayPal Ventures, Slack, Avid Ventures, People Tech Partners and Indeed.
This round of funding establishes Oyster as a unicorn less than two years after our launch and as one of the few B Corporations (certification pending) to achieve the milestone.
Blackstone eyes biotech and infrastructure with $140bn on hand for deals. (FS)
With almost $140bn on hand for deals, Blackstone President Jon Gray is ready to bet the firm can profit from recent technology sell-offs, the economy's reopening and a rebound in travel, Bloomberg reported.
A rough start to the year for Silicon Valley and biotechnology stocks opened up opportunities and will push pharmaceutical companies to seek private equity partners for drug development, said Jon Gray.
Banks win battle over private credit to fund KKR's latest buy. (FS)
Bloomberg reported that four banks are financing the debt package backing KKR & Co's acquisition of fertility treatment provider Ivirma Global, beating back the private credit firms that had also competed to bankroll the deal.
Morgan Stanley, Bank of America, Deutsche Bank and Credit Suisse have underwritten around $870m of senior term loans to back the acquisition. Other lenders are expected to join the line up shortly and the loan will be syndicated to institutional investors around September.
Shopify is in talks to acquire Deliverr.
Shopify, a Canadian multinational e-commerce company, is in talks to acquire Deliverr, an e-commerce fulfillment company, for more than $2bn.
Deliverr helps merchants on Amazon.com, eBay and other online marketplaces get products to consumers in two days or less. Fast shipping has become a must-have service for retailers, as the booming online shopping market became increasingly competitive during the pandemic, Bloomberg reported.
Jefferies weighs the sale of Oak Hill Capital Partners stake. (FS)
Jefferies Group, an American multinational independent investment bank and financial services company, is exploring the sale of its minority stake in Oak Hill Capital Partners, a private equity firm, Bloomberg reported.
L Catterton, a private equity firm, is exploring the sale of John Hardy, a jewelry brand, Bloomberg reported.
L Catterton seeks to fetch about $200m for the business. The private equity firm acquired John Hardy in 2014 from 3i Group, a London-based private equity firm, for an undisclosed price.
Blackstone raises $1.6bn for fund to establish new drugs. (FS)
The Blackstone Group raised $1.6bn for a fund to establish new drugs and therapies, expanding its role in the life sciences industry, Bloomberg reported.
The firm will invest in companies with products that have received regulatory approval for commercial use, said Nicholas Galakatos, Blackstone Head of Life-Sciences. It will also invest in royalties that could be tied to drug sales.
Fubon Life Insurance to invest $70m in Advent International's new global fund. (FS)
Fubon Life Insurance is set to commit up to $70m to a new fund launched by Advent International, a global private equity firm, DealStreetAsia reported.
Advent International first filed with the US Securities and Exchange Commission in January, 2022, about the launch of the new fund. The firm has not publicly specified its fundraising target. Based on Fubon Financial's disclosure, the fund aims to raise a staggering sum of over $23.3bn.
JP Morgan promotes equity capital market and legal heads to Managing Director. (People)
JP Morgan, an American multinational investment bank and financial services holding company, promoted the heads of its equity capital markets and legal divisions in India to managing director, Bloomberg reported.
The two executive directors, investment banker Abhinav Bharti and general counsel Yash Yadav, were promoted on April 20, 2022.
PIF-backed Savvy Gaming Group, a games and esports company, completed the acquisition of ESL Gaming, a German esports organizer and production company, from Modern Times Group, a strategic acquiror and operator of esports and gaming entertainment companies, for $1.5bn.
"MTG has a long history of identifying successful companies and leveraging talented teams to create shareholder value, including backing them with additional capital. We were in advanced discussions with FACEIT to merge the two businesses and received approaches from parties who shared our vision and who were interested in acquiring or investing in both companies. In response, we embarked on a process to review our options and the transaction announced today is the culmination of that process and represents an exceptional crystallization of value for MTG's shareholders. The merger with FACEIT will also enable the new company to bring gamers a wide range of new services and products. We are convinced that Savvy is the right owner who will continue to invest in the development of ESL FACEIT Group to nurture and entertain players and fans globally," Maria Redin, MTG CEO.
Savvy Gaming was advised by Aream & Co, Allen & Overy, Hannes Snellman and Latham & Watkins. MTG was advised by Ernst & Young, JP Morgan, Morgan Stanley, Gernandt & Danielsson and Norton Rose Fulbright.
Partners Group, a global private markets firm, agreed to acquire a majority stake in Version 1, a digital transformation services provider in the UK and Ireland, from Volpi Capital, a private equity firm. Financial terms were not disclosed.
"We are extremely pleased to have secured Partners Group as our new partner and majority shareholder. Throughout our process, the firm's core values, track record and ambition best matched those of Version 1. Partners Group's sectoral knowledge and international reach will be as important to Version 1 as their investment and endorsement of our growth strategy. We are also pleased for our customers and staff who will benefit as we continue to grow and add more great people to the Version 1 team," Tom O'Connor, Version 1 CEO.
Version 1 is advised by Blackthorn Capital, Jefferies & Company, Maples Group, Murray Consultants and PricewaterhouseCoopers.
Wallaby Medical, a medical technology company, completed the acquisition of phenox, a medical equipment manufacturing company, for $542m.
"The acquisition is a natural next step in the relationship of both companies and a transformational step in achieving our vision of saving the most lives affected by stroke. The Wallaby-phenox combination will have deep roots in Europe and China, with a strong presence in the US, and a recent entrance into the Japan market. By combining the highly complementary product pipelines of the two companies, we will be able to offer a full spectrum of world-class interventional neurovascular products and solutions. The broadened product portfolio, enhanced R&D capability and expanded geographic coverage will provide Wallaby-phenox with an unparalleled competitive edge as we strive to become a global leader in the neurovascular market," Michael Alper, Wallaby Medical CEO.
Prosus, one of the largest global technology investors in the world, and Sanabil Investments, a PIF-owned investment company, led a $170m Series C round in Foodics, a cloud-based technology and payments platform for restaurants in the MENA region, with participation from Sequoia Capital, STV and Endeavor Catalyst.
"Foodics has come a long way since our early days and we are proud to have been able to secure capital from premium international tech investors to further power our journey. This latest investment will enable us to accelerate the development of our end-to-end tech stack ecosystem to better support the F&B entrepreneurs and owners who make up the majority of our client community. We are thankful to our existing shareholders, Sanabil Investments and STV, for their trust in Foodics, and welcome our new investors Prosus and Sequoia Capital India to the Foodics family. We look forward to the exciting journey ahead together," Ahmad Al-Zaini, Foodics Co-Founder and CEO.
Public Investment Fund weighs stake in Thyssenkrupp's hydrogen unit. (FS)
Public Investment Fund, a sovereign wealth fund of Saudi Arabia, is considering buying a stake in Nucera, a green hydrogen business, from Thyssenkrupp, a German multinational conglomerate focusing on industrial engineering and steel production, Bloomberg reported.
The fund is in the early stages of studying a potential investment in the Nucera business. Thyssenkrupp has been preparing a listing of Nucera that could value it at $5.4bn.
Barclays sells its stake in Absa for $687m.
Barclays, a British multinational universal bank, headquartered in London, sold a 7.4% stake in former African unit Absa Group for $687m, cutting its holding by half.
Barclays, which said it would use the net proceeds for general corporate purposes, said the placing would raise the bank's core capital ratio by around ten basis points, and result in a loss on sale of $56m through the income statement.
Olympique Lyonnais gets 6 bids for stake. (FS)
Olympique Lyonnais, the French Ligue 1 football club, received 6 offers to acquire a stake in the football club.
A mix of American and European investors have made bids for a key stake in OL Groupe that's being sold by Pathe, a film equipment and production company, and IDG Capital, a private equity firm, Bloomberg reported.
China energy companies in talks to acquire Shell's Russian gas stake.
Chinese energy companies Cnooc, China National Petroleum and Sinopec Group are in talks with Shell, a publicly traded multinational oil and gas company, to buy its stake in a major Russian gas export project, Bloomberg reported.
Cnooc, CNPC and Sinopec Group are in joint discussions with Shell over the company's 27.5% holding in the Sakhalin-2 liquefied natural gas venture.
Clearway to take a stake in Glanbia. (FS)
Activist investor Clearway Capital reportedly acquired a minority stake in Ireland's Glanbia, after the food and nutritional products company last month released a weaker-than-expected outlook for the full year.
Frankfurt-based Clearway may communicate with Glanbia's management and propose a set of actions aimed at improving the company's valuation, Bloomberg reported.
Angolan Exchange to get the first IPO.
Angola's eight-year-old stock exchange can finally start trading equities on June 9, 2022. That's when Banco BAI plans to debut after an IPO.
Sonangol, a state-owned oil company, and Endiama, a diamond producer, are the two most significant shareholders in the bank, will tender 10% of their shares in the IPO. The shares are set to be priced at between $41.75 and $50.1, valuing the bank at about $972m, Bloomberg reported.
Taaleem picks banks for Dubai IPO.
Taaleem, a private school operator, picked EFG Hermes, an Egyptian financial services company, and Emirates NBD Bank, a state-owned bank, to lead a planned Dubai IPO, Bloomberg reported.
The listing could take place in Q4, 2022. Preparations for the IPO are ongoing and details such as timing could still change.
Tecom plans book-build IPO.
Tecom Group, a business park operator that houses offices of more than 6k companies, approved a plan to convert itself into a public joint-stock company ahead of a book-build IPO, Bloomberg reported.
Last month, shareholders approved the conversion from a limited liability company. Tecom plans to list its shares on the Dubai Financial Market.
EQT sets hard cap for EQT X at $23.3bn. (FS)
Private equity firm EQT Partners set the hard cap for investor commitments of $23.3bn for the EQT X fund. A hard cap refers to an upper limit on the amount of investor commitments accepted as part of the fund. The actual fund size is dependent on the outcome of the fundraising process.
As previously communicated, the target fund size for EQT X has been set to $21.6bn. The fund's investment strategy and commercial terms are expected to be materially in line with the predecessor fund EQT IX.
Oaktree-backed 17Capital raises $2.9bn for first credit fund. (FS)
Oaktree-backed 17Capital, a global private equity specialist, raised $2.9bn for its first credit fund.
"We lend to private equity funds and help them to make additional investments in existing companies, or to buy out co-investors so that they can create more value for their investors," Pierre-Antoine de Selancy, 17Capital Managing Partner.
TiLT Capital Partners holds the first close for energy transition-focused Fund I. (FS)
TiLT Capital Partners, a private equity asset management company, held the first close for energy transition sector-focused TiLT Capital Fund I on $156.5m.
"When we created TiLT, with Nicolas Lepareur and Nathanël Krivine, we saw that growth capital was an underserved market segment in Europe, in particular when it comes to energy transition, as Europe was effectively lagging way behind the United States and Asia," Nicolas Piau, TiLT Capital Partners Co-Founder and CEO.
Abu Dhabi Investment Authority is among investors in a consortium led by KKR & Co seeking to buy Australia's Ramsay Health Care for $14.8bn, Bloomberg reported.
The sovereign wealth fund is backing the offer along with other investors including pension funds. Australian health pension fund Health Employees Superannuation Trust Australia, or Hesta is part of the KKR-led group.
Ramsay Health Care is advised by UBS and Herbert Smith Freehills.
Hitachi to sell $1.6bn Hitachi Transport stake to KKR. (FS)
Hitachi, a Japanese multinational conglomerate corporation, plans to sell most of its 40% stake in Hitachi Transport System, a logistics company, to KKR for $1.6bn, Reuters reported.
Hitachi will retain a 10% stake in the company, while KKR is expected to launch a takeover bid to acquire the remaining 90%. KKR is expected to spend more than $4.7bn on the deal to take Hitachi Transport private.
I-Mab weighs options including a sale.
I-Mab, a Chinese biotechnology firm, is exploring options, including a sale of the business amid takeover interest from other global drugmakers, Bloomberg reported.
The firm is working with advisers on a strategic review after drawing interest from US and European pharmaceutical companies seeking to expand cancer therapies in China.
Toshiba to solicit proposals on strategic alternatives, including privatization.
Toshiba, a Japanese multinational conglomerate corporation, has resolved to solicit proposals on strategic alternatives, including privatization of the company, Reuters reported.
Toshiba said the evaluation would take into account the likelihood that the eventual transaction will be approved under competition and national securities laws.
Toshiba is advised by Nomura.
Gaw Capital-backed Gateway Strategic Acquisition is the latest to scrap NYSE IPO. (FS)
Gaw Capital-backed Gateway Strategic Acquisition, a SPAC, has shelved its plans to raise $200m in an IPO on the New York Stock Exchange.
A SPAC raises capital in an IPO and uses the proceeds to merge with a private company to take it public, usually within two years.
Fidelity ropes in Warburg China joint venture head to lead fund unit. (FS, People)
Fidelity International, an investment management services provider, hired the former head of a Warburg Pincus joint venture in China to lead its new fund management unit in China.
Helen Huang, Hwabao WP Fund Management CEO, 49% owned by US-based private equity major Warburg Pincus, has been appointed as Fidelity International's managing director in China.
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