EMEA
CVC to acquire a majority stake in APRIL from Evolem.
PSP Investments acquired a 32% stake in Wittur from Bain Capital.
Stirling Square Capital Partners buys stake in VERESCENCE from Oaktree.
AMERICAS
Dell returns on NYSE with $34bn listing.
GIC is the the lead investors in restructuring of Thomas H Lee Partners’ $8.1bn fund.
KKR writing down Blackstone's led loans after taking over management of Franklin Square loan fund.
APAC
Lemon Tree and Warburg Pincus formed a Joint Venture.
GLP has set up its third Japan-focused fund with $5.6bn.
Axiom Asia Private Capital raised $1.4bn for its fifth Asia-focused fund.
Chinese PE firm Huagai Capital raised $430m for its medical fund.
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EMEA
CVC is set to acquire a majority stake in APRIL from Evolem.
Evolem entered into exclusive negotiations with CVC Capital Partners regarding the transfer by Evolem of its majority shareholding in the Company to CVC in which Evolem would hold a minority stake alongside CVC and APRIL's management.
The transfer of the majority block would be carried out at a price of €22 ($25) per APRIL share, entailing a 27% premium over the last closing price before the announcement of the offer. APRIL’s Board of Directors favourably welcomed CVC's offer.
Upon completion of the block transfer, CVC will file a simplified public tender offer for the remainder of APRIL’s share capital at the same price as paid to Evolem.
PSP Investments acquired a 32% stake in Wittur from Bain Capital.
The Canada’s PSP Investment Board acquired a 32% stake in Wittur from Bain Capital. Financial terms were not disclosed.
“Urbanisation and the ageing population drive the global demand for elevators with ever increasing reliability and safety standards. Wittur benefits from those trends as the OEMs’ partner of choice, providing critical systems and components worldwide.” Przemek Obloj, PSP Managing Director.
Bain Capital was advised by Deutsche Bank and Goldman Sachs.
Glennmont Partners is to sell three operational, ground-mounted solar PV projects located in Veneto and Lazio, Italy, totaling 85.4MW, to Tages Capital. Financial terms were not disclosed.
“The acquisition of Glennmont’s portfolio is particularly important for Tages. It consolidates our position as Italy's second largest photovoltaic player and completes the investment programme for Tages Helios, our first photovoltaic fund, while at the same time initiating investments for Tages Helios II, the new fund launched last July. Tages Helios has thus fully invested the €253m ($289m) collected in high quality and return assets, as evidenced by the distributions to subscribers made so far. For Tages Helios II, this is an excellent start and will consolidate the ongoing funding effort." Umberto Quadrino, Tages Chairman.
Stirling Square Capital Partners buys stake in VERESCENCE from Oaktree.
Stirling Square Capital Partners has entered into exclusive negotiations with Oaktree Capital Management to acquire its entire stake in the VERESCENCE. Financial terms were not disclosed.
VERESCENCE is the global market leader in glass packaging manufacturing for the perfumery and cosmetics industry. In 2017 VERESCENCE employed 2.3k people across the globe and registered sales of over €280m ($319m).
“We are grateful to Oaktree for their support in helping us develop the business and accelerate the Company’s growth. The potential arrival of Stirling Square Capital Partners as new shareholder is in line with our strategy, in particular supporting us in the implementation of our transformation and investment plan and enabling exciting new growth opportunities going forward. We are convinced that this transaction would greatly benefit our employees in France and across the globe, as well as our customers and partners.” Thomas Riou, VERESCENCE CEO.
AMERICAS
Sears' Chairman Eddie Lampert submitted a $4.4bn takeover bid for the bankrupt US retailer. The bid was submitted by Transform Holdco, a subsidiary of Eddie Lampert's hedge fund ESL Investments.
“Factoring for all considerations, we believe that our going concern bid provides the best path forward for the company, the best option to save tens of thousands of jobs and is superior for all of Sears’ stakeholders to the alternative of a complete liquidation. Much work remains and there is no assurance our proposal will be completed.” ESL spokesperson.
BoA Merrill Lynch, Citigroup, and Royal Bank of Canada will provide financing for the transaction.
Dell returns on NYSE with $34bn listing.
Michael Dell made his return to the stock market after a long battle with investors. The listing on the New York Stock Exchange ended five years of private ownership by Michael Dell and his private equity partner Silverlake Capital.
Wall Street has put a value of $34bn on newly traded shares in the company.
GIC is the the lead investors in restructuring of Thomas H Lee Partners’ $8.1bn fund.
GIC is the the lead investors in restructuring of Thomas H Lee Partners’ $8.1bn fund.
Singapore’s sovereign wealth fund GIC alongside Coller Capital and Neuberger Berman have become the lead investors for the restructuring of Boston-based Thomas H Lee Partners’ largest $8.1bn fund.
Five assets under the fund, including Nasdaq-listed biopharmaceutical solutions firm Syneos Health, will be moved to a new vehicle.
KKR writing down Blackstone's led loans in the Franklin Square loan fund.
Value of Franklin Square loan fund has plunged by more than a quarter after switching management from Blackstone GSO to KKR.
Private lenders such as FS-KKR have become crucial sources of credit for medium-sized businesses, as regulators pushed banks away from an activity where pre-crisis losses were severe.
KKR executives have marked down the value of five large loans made by Blackstone in $2bn debt fund amid concerns over loose lending practices fears over taking the blame for risky loans made by an arch rival. KKR has also placed 28% of the portfolio at risk of losing money, according to securities filings.
“Business Development Corporations such as FS-KKR are working through a really tough environment,” said Ryan Lynch, an analyst at Keefe, Bruyette & Woods, who covers KKR’s listed debt fund and other business development corporations. “Leverage levels are high, spreads are low, and we’ve got more covenant-lite paper coming through.”
APAC
Lemon Tree and Warburg Pincus formed a Joint Venture.
Lemon Tree Hotels, India's largest hotel chain in the mid-priced sector has formed a JV with an affiliate of Warburg Pincus, Magnolia Grove. The JV marks Lemon Tree Hotel's entry into an adjacent but new business segment focusing on the development of institutional-grade rental housing accommodation serving both students and young working professionals across major educational clusters and key office markets in India. An affiliate of Warburg Pincus and Lemon Tree Hotels Limited will hold 68% and 30% stake, respectively in the JV, with the balance 2% to be held by Mr. Patanjali Keswani.
”We are delighted to once again partner with Warburg Pincus at an early stage of this exciting new business opportunity, which will allow Lemon Tree Hotels to move into a segment which is nascent but closely aligned to our existing target customers and which is expected to see tremendous growth, going forward. Driven by the lack of quality accommodation and high rental/capital costs across key Indian cities relative to salary levels, the rise of co-living spaces is a part of the evolution of the sharing economy that will continue to gain significant traction." Patanjali Keswani, Lemon Tree Hotels Founder, Chairman, and Managing Director.
GLP has set up its third Japan-focused fund with $5.6bn.
Singapore-based warehouse giant GLP, Asia’s top logistics facility provider, has set up its third Japan-focused logistics real estate fund – GLP Japan Development Partners III (GLP JDP III) – that is seeking to invest a $5.6bn.
Canada Pension Plan Investment Board will be the cornerstone and largest investor in the fund, along with several global investors, including sovereign wealth and pension funds that are investing in this vehicle.
With the establishment of GLP JDP III, which is also the largest Japan-focused logistics private realty fund, GLP Japan will be managing over $18bn in assets.
Axiom Asia Private Capital raised $1.4bn for its fifth Asia-focused fund.
Singapore-based Axiom Asia Private Capital has gathered $1.4bn for its fifth Asia-focused fund of funds, a vehicle that started raising late last year with a target to mop up over $1bn.
The target markets for the fund will be North Asia, China, Southeast Asia, Australasia and the Indian sub-continent.
Chinese PE firm Huagai Capital raised $430m for its medical fund.
Beijing-based private equity firm Huagai Capital is about to complete the RMB3bn ($430m) fundraising for its third medical vehicle. The government-based initiative Beijing Science and Technology Innovation Fund is said to be a cornerstone investor in the fund. Huagai Capital has been also involved in a partnership for the fund, including an executive from Boston Consulting Group.
Founded in 2012, Huagai Capital has made more than 100 investments across the TMT, cultural industries and medical sectors. The firm manages assets worth over RMB10bn ($1.45bn). In the medical sector, the firm focuses on biomedicine, medical equipment, and medical services. Its first two medical funds have invested in about 25 projects.
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