The portfolio company of Wise - Tatuus Racing SpA acquired a 75% stake of Breda Racing Srl to further develop the “Italian Motorsport Excellences” project aiming at creating a pool of Made in Italy companies with leadership position in the motorsport segment, as the case with Tatuus Racing, Autotecnica Motori and Breda Racing. Financial terms were not disclosed.
“We are glad to strengthen the partnership among Tatuus Racing, Autotecnica Motori and Breda Racing, true leaders in their respective segments and outstanding examples of Italian excellences. The Group keeps moving along its journey towards the development of an excellences hub that nurtures the valorization of the competences of all the parties and the complementarity of their offers. This is in line with Wise
strategy of building niche champions, also through buy and build strategies." Fabrizio Medea Wise Senior Partner.
Wise was advised by Simmons & Simmons and Spada Partners. Breda Racing was advised by the Court of Bologna.
Elliot denied giving the mandate to sell a stake in AC Milan to UniCredit.
Activist investor Elliott has denied a report that it had given UniCredit or any other bank a mandate to sell a minority stake in soccer club AC Milan.
Elliott took control of the Italian soccer club in July, acquiring it from Chinese businessman Li Yonghong.
Liberty Global is strengthening its Swiss UPC video offering.
Liberty is looking to divest assets where it does not see a profitable way into mobile markets. It has sold its Austrian unit to Deutsche Telekom.
In Switzerland, there has been persistent speculation that UPC would merge with Sunrise Communications, whose German anchor investor Freenet has said it is also open to offers to sell its stake.
“We’re not desperate, that’s really important, it’s not like we have to do a deal on any terms. We’re ready to stand alone if we have to, and can stand alone. We feel strategically complete, there are no acquisitions that we need to do." Charlie Bracken Liberty Global CFO.
Elliot's raised stake in Uniper may lead to Uniper's acquisition by Fortum.
Activist fund Elliott’s raised stake in Uniper could pave the way for a new takeover attempt by Finland’s Fortum, which is the German energy group’s largest shareholder.
Elliott raised its stake to 16.5% up from 12.8%.
Fortum became Uniper’s largest investor in June after buying a 47% stake for €3.8bn ($4.3bn). Fortum had sought a full takeover of Uniper but was rebuffed by Uniper’s management who saw the offer as hostile.
Elliott’s stake in Uniper could now be used to force Uniper’s management to enter talks about how to implement a so-called profit transfer and domination agreement with Fortum.
An experimental real estate investment trust, announced that it has, together with Penn National Gaming entered into a definitive agreements to acquire the real property and operations of the Greektown Casino-Hotel, for approximately $1bn in cash. VICI Properties will acquire the land and real estate assets of Greektown for approximately $700m, and Penn National will acquire the operating assets of Greektown for approximately $300m.
"As the only casino located in Detroit’s historic Central Business District, Greektown, and its 30-story hotel tower, are ideally situated. The transaction represents another great example of VICI’s ability to source and execute accretive deals that bring value to our shareholders, while furthering our strategic goal to diversify our roster of best-in-class gaming operators.” John Payne VICI Properties President and CEO.
VICI was advised by Goldman Sachs and Kramer Levin Naftalis & Frankel.
Audax Private Equity acquired a controlling interest in Colony Hardware Corporation, a leading distributor of tools, safety products, and other contractor supplies. Tailwind Capital, the Company’s previous sponsor, will retain a minority stake, as will the Company’s management team. Financial terms were not disclosed.
“Colony is a leader in the consumable construction tools, safety equipment, and jobsite supply market. We believe the company is poised for growth as it continues to expand its presence throughout the United States." Geoffrey S. Rehnert Audax Group CO-CEO.
Colony Hardware and Tailwind Capital were advised by BB&T Capital Markets and Davis Polk & Wardwell. Audax was advised by Ropes & Gray.
Clearlake Capital Group acquired TEAM Technologies, in partnership with management, from The Riverside Company. TEAM Technologies is a leading custom design and manufacturing partner to many of the world’s leading brands in the dental, medical, and cosmetic industries. Financial terms were not disclosed.
“TEAM Technologies has long been a trusted innovation partner and a recognized supply chain leader across several highly attractive end markets. Our investment reflects our confidence in Marshall and his team’s ability to continue delivering the highest quality products and solutions to customers, and the unique opportunity to sponsor an attractive platform in a dynamic, but fragmented market. Jose E. Feliciano, Clearlake Co-Founder and Managing Partner.
TEAM Technologies and The Riverside were advised by William Blair & Co. Ares Management and Northwestern Mutual Capital provided financing for the transaction.
Dell raised its offer by $5bn to buy back shares tied to the VMware.
Dell Technologies raised its offer to buy back shares tied to its interest in software maker VMware to $120 per share, sweetening the deal for shareholders with an additional $5bn in cash.
The revised terms, announced ahead of a scheduled vote on the deal on Dec. 11, cap 1-1/2 weeks of negotiations between Dell and its private owners, and several large shareholders such as Elliott Management.
In July, the computer maker offered to pay $21.7 billion, or $109 per share, in cash and stock to buy back shares tied to its interest in VMware, returning the Dell to the stock market without an initial public offering.
Hedge fund manager Carl Icahn, who owns a 9.3% stake in Dell, had resisted the initial plan, saying the proposed deal massively undervalues the tracking stock.
Ardian, in a $1.3bn deal, acquired a portfolio from Florida State Board of Administration.
French PE firm acquired a portfolio of mostly private equity stakes, and a small amount of venture, from Florida State Board of Administration. The portfolio was valued at around $1.3bn.
Ardian was advised by Evercore.
Altaris Capital Partner's backed AGS Health is exploring a sale.
AGS Health, an offshore provider of healthcare revenue-cycle management to the US healthcare market, is evaluating a sale. The company is jointly owned by WindRose Health Investors and Altaris Capital Partners.
Altaris and Windrose are advised by Houlihan Lokey.
