AMERICAS
JetBlue, a major American low-cost airline, offered to acquire Spirit Airlines, an ultra-low-cost carrier, for $7.3bn. JetBlue believes that its offer is superior to the $6.6bn merger agreement between Spirit and Indigo Partners-backed Frontier Airlines, an American ultra-low-cost carrier.
"Customers shouldn't have to choose between a low fare and a great experience, and JetBlue has shown it's possible to have both. When we grow and introduce our unique value proposition onto new routes, legacy carriers lower their fares and customers win with more choice. The combination of JetBlue and Spirit – coupled with the incredible benefits of our Northeast Alliance with American Airlines – would be a game-changer in our ability to deliver superior value on a national scale to customers, crewmembers, communities, and shareholders. The transaction would accelerate our strategic growth and create sustained, long-term value for the stakeholders in both companies," Robin Hayes, JetBlue CEO.
Spirit Airlines is advised by Barclays, Morgan Stanley, Debevoise & Plimpton and Sard Verbinnen & Co. Financial advisors are advised by Skadden Arps Slate Meagher & Flom and Sullivan & Cromwell. JetBlue is advised by Goldman Sachs and Shearman & Sterling. Debt financing is provided by Goldman Sachs. Indigo Partners is advised by Lambert & Co. Frontier Airlines is advised by Citigroup, Latham & Watkins and Joele Frank.
Atairos, an independent strategic investment company, and NBCUniversal, an American multinational mass media and entertainment conglomerate, agreed to acquire a 30% stake in Opry Entertainment Group, which owns iconic and emerging country music brands, from Ryman Hospitality Properties, a hotel, resort, entertainment, and media company, for $293m.
"OEG's dynamic collection of entertainment venues, digital content and iconic country music brands provide a strong foundation for continued growth as a fully-integrated country lifestyle platform. We are excited to partner with the RHP and OEG teams to explore new content distribution strategies and support their ambition of becoming the leading player in country lifestyle live entertainment and media content," Michael Angelakis, Atairos Chairman and CEO.
Atairos is advised by Moelis & Co, Davis Polk & Wardwell and Sard Verbinnen & Co. Debt financing is provided by JP Morgan and Morgan Stanley. Ryman Hospitality Properties is advised by Morgan Stanley, Bass Berry & Sims, Skadden Arps Slate Meagher & Flom and Alpha IR.
Dave & Buster's, an owner and operator of entertainment and dining venues, agreed to acquire Main Event, a family entertainment company, from Ardent Leisure Group, one of Australia's most successful leisure and entertainment groups, and RedBird Capital Partners, a private investment firm, for $835m.
"On behalf of the entire team at Main Event, we are excited to join the Dave & Buster's family. Together, we will be well-positioned to leverage our collective experience and provide our consumers with a category-defining entertainment experience," Chris Morris, Main Event CEO.
Main Event is advised by Goldman Sachs, JP Morgan and Weil Gotshal and Manges. Dave & Buster's is advised by Deutsche Bank and Kirkland & Ellis. Debt financing is provided by BMO Capital Markets, Deutsche Bank and JP Morgan. Ardent Leisure is advised by Gilbert + Tobin. RedBird Capital is advised by Fried Frank Harris Shriver & Jacobson.
Patient Square Capital, a health care investment firm, completed the acquisition of SOC Telemed, a provider of acute care telemedicine, for $300m.
"Patient Square Capital's acquisition of SOC Telemed, which is the culmination of a comprehensive process, represents a compelling opportunity for all stakeholders. After being approached by Patient Square Capital, we formed an independent committee of the Board, which thoroughly reviewed the proposal with the assistance of independent financial and legal advisors. Following the independent committee's unanimous recommendation, the Board unanimously determined that the all-cash offer unlocks maximum value to stockholders, and that the experience and resources of Patient Square Capital would best position the Company for growth in the years to come. Lastly, today's announcement is a testament to the hard work of the SOC Telemed team, which worked tirelessly to achieve an optimal outcome for our stakeholders," Steve Shulman, SOC Telemed Chairman.
SOC Telemed was advised by William Blair & Co, DLA Piper, Orrick Herrington & Sutcliffe and Dukas Linden Public Relations. Patient Square Capital was advised by Kirkland & Ellis and Latham & Watkins.
Stone Point Capital, a financial services-focused private equity firm based in Greenwich, agreed to acquire Tivity Health, a provider of healthy life-changing solutions, for $2bn.
"Stone Point recognizes the value of our brands, our well-known senior fitness and health improvement platform, and our world-class team. In the past two years, we have strengthened the business and look forward to working with Stone Point as we continue to innovate and expand on the healthy, life-changing solutions we provide to members, clients and partners," Richard Ashworth, Tivity Health President and CEO.
Tivity Health is advised by Lazard, Bass Berry & Sims and Sard Verbinnen & Co. Stone Point is advised by Truist Bank and Kirkland & Ellis.
Turn/River Capital, a technology investment fund, agreed to acquire Tufin, a security policy management company, for $580m.
“Today’s announcement is a testament to Tufin’s leadership in security policy management for hybrid networks and cloud environments. Since our inception nearly 20 years ago, we have made significant strides in developing our policy-based automation solution and have become a market leader. This deal represents an important milestone for Tufin, and as a private company, we will have the opportunity to accelerate our growth through investments in our technology, people, and go-to-market. The team at Turn/River specializes in helping software companies like Tufin, and with their partnership and expertise I am confident that we will be able to achieve our long-term goals faster," Ruvi Kitov, Tufin Chairman, CEO, and Co-Founder.
Tufin is advised by JP Morgan, Meitar Law Offices and White & Case. Turn/River is advised by Kirkland & Ellis and Bulleit Group.
Monarch Alternative Capital, an investment firm with approximately $9.5bn of assets under management, led a $150m funding round in The Honest Kitchen, the pioneer in human-grade pet food.
"The Honest Kitchen was founded with the mission to get as many pets as possible on the road to good health through good food. We're at a pivotal point for the business after many key wins last year, including our new manufacturing facility in Topeka and entering a completely new segment with our human-grade cat portfolio launch. We look forward to partnering with Monarch to push the brand further, expanding our human-grade production capabilities and reaching more pets," Michael Greenwell, The Honest Kitchen CEO.
The Honest Kitchen was advised by Goldman Sachs, Cowan DeBaets Abrahams & Sheppard and Power Digital. Monarch is advised by Davis Polk & Wardwell.
Janus Henderson, an asset management group, led $115m Series C round in IntelyCare, a nurse staffing platform, with participation from Longitude Capital, Leeds Illuminate, Endeavour Vision, Revelation Partners, and Kaiser Permanente Ventures.
"In 2016 we began working on a platform to disrupt an industry that was slow to innovate. We knew that a technology solution could change lives for both sides of the market and we're seeing that vision come to fruition as we now have over 30k nursing professionals working with IntelyCare at over 1.6k facilities across the country. We'll use this investment to continue redefining the future of work for our nation's nurses," David Coppins, IntelyCare CEO and Co-Founder.
IntelyCare was advised by Westwicke, William Blair & Co and Bospar.
York Private Equity, an alternative investment firm, completed the acquisition of a minority stake in Healthcare Linen Services Group, a provider of healthcare laundry services. Financial terms were not disclosed.
“I am looking forward to our new partnership with York Private Equity, and the growth opportunities they provide through both capital and expertise. Today’s Healthcare customers demand sustainability and scale to support their mission of quality care and geographical expansion. HLSG will leverage this new partnership with York to both solidify our footprint and enter new geographies via strategic acquisitions. We will also continue to invest in automating our existing facilities, accelerating our growth, and furthering our commitment to providing the highest level of quality and service to our customers," Joe LaPorta, HLSG CEO.
HLSG was advised by Lincoln International, Stephens and Gasthalter & Co. York Private Equity was advised by Solomon Partners.
DMI, a provider of digital transformation services, completed the acquisition of Aurotech, a provider of data science and engineering services. Financial terms were not disclosed.
"Aurotech brings services and expertise in key areas that can accelerate the expansion of our business and our competency in delivering digital transformation services to everyone we serve today and tomorrow. With this addition, we are better positioned to be the partner of choice across our entire client portfolio, and more specifically, the federal healthcare and adjacent civilian agencies being served today. We look forward to growing with our valued customers that trust DMI to help them transform the way the government operates and delivers services to its citizens," Sunny Bajaj, DMI Founder and CEO.
Aurotech was advised by G Squared Capital Partners. DMI was advised by Gibson Dunn & Crutcher and Strategic America.
Creative Planning, a registered investment advisor, completed the acquisition of Resource Management, an advisory firm. Financial terms were not disclosed.
"Randy and his team all exemplify what it is we look for in deals like these. Their expertise in working with closely-held businesses, professionals, and high net worth individuals along with their strong core values and beliefs made this a perfect fit and we are excited for what is to come," Peter Mallouk, Creative Planning President and CEO.
Resource Management was advised by DeVoe & Company. Creative Planning was advised by JConnelly.
Parts Town, a provider of OEM parts distribution and technology, completed the acquisition of Encompass Supply Chain Solutions, a national distributor of OEM repair parts for the home. Financial terms were not disclosed.
"We are excited to partner with Robert and the entire Encompass team. The business has grown impressively under Robert's leadership, and we are eager to support this great team in any way possible," David Wenger, Parts Town Group President.
Parts Town is advised by Skadden Arps Slate Meagher & Flom and Finn Partners.
Grain Management-backed Young's Communications, a premier Florida-based construction services provider serving telecommunications, utility, and power infrastructure companies, completed the acquisition of Atlantic Engineering Group, a high-growth construction services provider to the telecommunications industry. Financial terms were not disclosed.
"Y-COM continues to stay focused on its mission of achieving meaningful growth by identifying compelling strategic opportunities like this. We value the rich legacy that founder James Salter and his team at AEG brings to our business. We are truly excited about the prospect of moving forward as one company, offering a broad collection of services as we scale our operations and extend into new geographies," Chad Rasmussen, Y-COM CEO.
Atlantic Engineering Group was advised by Wilkinson Barker Knauer. Y-COM was advised by Morgan Lewis & Bockius.
Advanced Energy, a provider of highly engineered, precision power conversion, measurement and control solutions, agreed to acquire SL Power, a provider of customized power solutions, from Steel Partners, a global diversified holding company, for $144m.
"The addition of SL Power expands our offerings for industrial and medical applications. I believe SL Power's strong customer base, complementary product portfolio, and highly skilled team make it an ideal fit for Advanced Energy," Steve Kelley, Advanced Energy President and CEO.
Advanced Energy is advised by Evercore and Foley & Lardner.
Reverence Capital Partners, a private investment firm, agreed to invest $100m in CAIS, an alternative investment platform.
"Reverence Capital Partners has a long and successful track record as an investor in the independent wealth management community and understands the unique needs of both financial advisors and alternative asset managers. We are excited to have Reverence join our distinguished list of investors and look forward to tapping into the extensive knowledge and network that Milton and his team will bring to CAIS moving forward," Matt Brown, CAIS Founder and CEO.
CAIS is advised by Prosek Partners.
Abry Partners and Hoplon Capital-backed illumifin, an insurance third-party administration and software provider, completed the acquisition of LTCG, a provider of administrative solutions and clinical services to the long-term care insurance industry. Financial terms were not disclosed.
“Today marks an important milestone in illumifin’s journey to become the leading insurance services and software provider in our market. We are excited to drive transformation across the industry through our unique combination of insurance insight, operational excellence, and technology innovation," Phil Ratcliff, illumifin CEO.
illumifin was advised by Vantage Point Advisors.
Discovery Life Sciences, the biospecimen and biomarker specialists, completed the acquisition of the Gentest business of Corning, an American multinational technology company. Financial terms were not disclosed.
"We are excited to welcome the brilliant scientific experts and exceptional talent behind Corning's Gentest portfolio to the Discovery team. Our combined decades of experience in the application of in vitro experimental approaches in the evaluation of drug metabolism, drug-drug interactions, toxicology, and pharmacology, plus our combined unparalleled technologies, allow Discovery to provide the most advanced and highest quality in vitro products and research services to the research communities and drug development laboratories," Albert Li, Discovery Chief Scientific Officer of Pharmacology and Toxicology.
Corning was advised by Rothschild & Co.
SoftBank Vision Fund 2, a venture capital fund, led a $300m round in Remote, a remote-first workforces manager, with participation from Accel, Sequoia, Index Ventures, Two Sigma Ventures, General Catalyst, 9Yards, Adams Street and Base Growth.
“Remote’s mission from day one has been to help create a world where every person and business truly belongs in the global market. This significant show of support from investors along with the rapid growth of our business is proof that this need is not only palpable, but that the vision and solutions we offer are first-in-class innovation. With this additional funding, we will be able to build more products including contractor and global payroll platforms and expand on our premier service and benefits offering," Job van der Voort, Remote Co-Founder and CEO.
Charles River Laboratories, a pharmaceutical company, completed the acquisition of Explora BioLabs, a provider of contract vivarium research services, for $295m.
“With its presence in West Coast biohubs, the acquisition of Explora BioLabs complements our existing CRADL™ footprint and offers incremental opportunities to partner with an emerging, high-growth client base, many of which are engaged in cell and gene therapy development," James Foster, Charles River Laboratorie Chairman, President and CEO.
NEC, a Japanese multinational information technology and electronics corporation, led a $150m Series B round in BostonGene, a provider of biomedical software, with participation from Impact Investment Capital and Japan Industrial Partners.
"Many academic and community oncologists across the United States have already adopted BostonGene's Molecular Portrait Test to improve their patients' quality of care. NEC recently launched a healthcare and life science business unit that utilizes AI and other digital technologies as a key initiative within our 2025 Mid-term Management Plan. We are thrilled to expand on our strategic partnership with BostonGene to advance how physicians treat their patients and dramatically improve clinical outcomes in the US, Japan, and the rest of the world," Takayuki Morita, NEC President and CEO.
RPT Realty, a publicly-traded real estate investment trust, agreed to acquire The Crossings, a shopping center in Boston area, for $104m.
"The acquisition of The Crossings continues our trend of identifying off-market opportunities at accretive day one returns that are further enhanced through the sale of parcels to our net lease platform, allowing us to hit our target 8%-10% unlevered IRRs. The Crossings is a perfect complement to our high-quality, individually-curated Boston portfolio, which is now RPT's second-largest market, by annualized base rent, up from no exposure a year ago, reflecting our size advantage as we rapidly reshape our portfolio towards higher growth and more durable cash flow markets, centers, and tenants," Brian Harper, President and CEO.
Novaria Group, a family of precision component companies, completed the acquisition of Hohman Plating, a finishing and coatings business. Financial terms were not disclosed.
“We are thrilled to have Hohman as a valued resource and partner as we continue to expand our operations. The impressive approvals in metal finishing and proprietary coating options Hohman provides are unmatched in the industry and are fundamental to the customers we serve," Bryan Perkins, Novaria CEO.
Liquidity Group announces $775m in capital commitments led by Apollo and MUFG. (FS)
Liquidity Group, a credit-oriented fintech platform, announced that it has entered into agreements with respect to approximately $775m in capital commitments year-to-date 2022, led by funds and entities managed by affiliates of Apollo.
The commitments, which are subject to satisfaction of certain conditions, will include $425m from Apollo Funds for a credit facility to help Liquidity scale its lending activity for late-stage technology companies, $300m from MUFG Bank, for a debt fund JV named Mars Growth Capital, investing in future unicorn companies, as well as a $50m safe note investment by Apollo Funds, MUFG Innovation Partners and Spark Capital.
Fake $14.7bn Textron takeover bid leads to criminal charge.
A supposed $14.7bn offer to buy defense contractor and aircraft maker Textron in 2020 has resulted in criminal charges against the would-be acquirer.
Melville ten Cate, 53, a dual US-Netherlands citizen, was charged with fraud connected to several alleged schemes involving his now-defunct company, Xcalibur Aerospace, including the fake tender offer, Bloomberg reported.
Black Knight exploring a potential sale following takeover interest. (FS)
Mortgage lending software and analytics provider Black Knight is exploring a potential sale after receiving takeover interest, Bloomberg reported.
Private equity firms have been weighing bids for Black Knight. The company is working with advisers to assist.
Thoma Bravo announces $3.3bn close of Credit Fund II. (FS)
Thoma Bravo, a software investment firm, announced the completion of fundraising for Thoma Bravo Credit Fund II at $3.3bn in total available capital, including leverage.
“The successful closing of Credit Fund II demonstrates our ability to translate a deep understanding of the evolution of the software industry and broader market into differentiated investment opportunities,” Oliver Thym, Thoma Bravo Partner and Head of the Credit Platform.
BlackRock seeks $2bn for new co-investment fund as interest grows. (FS)
BlackRock is seeking as much as $2bn for a new co-investment fund, as it builds on a strategy gaining traction in the private equity industry. The PE giant has already raised more than $300m for the new vehicle, PitckBook reported.
Regulatory filings show that the firm began marketing the fund, BlackRock Private Opportunities Fund V, earlier this year.
GI Partners closes $1.45bn for the GI Real Estate Essential Tech + Science Fund. (FS)
GI Partners, a private investment firm in the technology and science real estate space, announced the conclusion of its initial fundraising period for the firm’s newest vehicle, the GI Real Estate Essential Tech + Science Fund.
The fundraise exceeded the hard cap with total commitments reaching $1.45bn and representing one of the largest initial raises for an open end real estate fund in recent years.
EMEA
Alpha Private Equity, a private equity investment firm, agreed to acquire Impact Field Marketing Group, a provider of solutions enabling its clients to roll-out their sales and marketing strategy across physical, mobile and digital channels, from 21 Invest, a European group investing in mid-market companies. Financial terms were not disclosed.
"This operation allows IFMG to continue its development. Our platform is ready to build a European leader in its market. We have, with 21 Invest, whom I would like to thank for the work done, transformed and prepared our company for the next phase. Today we provide solutions allowing us to implement the marketing and sales strategies of our customers. We are very happy to continue our entrepreneurial adventure with a leading financial partner. The Alpha teams immediately understood our strategy and were able to show us the added value they can bring to IFMG, both in supporting our international development and in enriching our solutions, particularly digital ones," Jean-Dominique Castellani, Impact Field Marketing Group CEO.
Impact Field Marketing Group is advised by LPA-CGR. Alpha is advised by AT Kearney, PricewaterhouseCoopers, Natixis Partners, DLA Piper, Shearman & Sterling and Winston & Strawn. Debt financing is provided by Eurazeo and Zencap. 21 Invest is advised by Indefi, Adviso Partners, Eight Advisory and De Pardieu Brocas Maffei.
Greencoat Renewables, an investor in euro-denominated renewable energy infrastructure assets, agreed to acquire a 50% stake in Borkum Riffgrund 1 wind farm from Kirkbi, Kirk Kristiansen family's private holding and investment company, and William Demant, an evergreen investment company, for €350m ($385m).
"We are very pleased to enter the continental offshore wind market with a significant strategic stake in Borkum Riffgrund 1. This acquisition will contribute to Greencoat Renewables' strategy to build a diversified portfolio of high-quality renewable electricity generation assets supported by strong contracted cash-flows and will support the Company's further expansion into continental Europe," Bertrand Gautier, Greencoat Renewables Investment Manager.
Greencoat is advised by RBC Capital Markets, Davy Corporate Finance and FTI Consulting.
Investment companies Tikehau Ace Capital, Bpifrance and Société Générale Capital Partenaires agreed to acquire Crouzet, a specialized manufacturer of mechatronic components, from LBO France, a private equity firm in France. Financial terms were not disclosed.
"Crouzet is a key manufacturer for demanding industries such as transportation, medical, energy or building. The diversity of market applications they serve brings a remarkable robustness in the face of crisis; during which the company growth remains solid – sustained by a strong demand for vehicle electrification, building electrification and machinery electrification," Thomas Boulman, LBO France Partner.
LBO France is advised by Shearman & Sterling. Tikehau is advised by Rothschild & Co.
Medline, a manufacturer and distributor of healthcare supplies, agreed to acquire ASID BONZ, a supplier to hospitals, from Medi-Globe, a manufacturer and distributer of medical devices. Financial terms are not disclosed.
“We are excited to increase our product offering and work with this award-winning organization with a renowned customer focus. Medline is a relatively new player in urology and anesthesia. This acquisition grows our presence in these areas of the hospital. ASID BONZ’s employees, products and service have a long-standing and trusted reputation and this combination will enable us to better meet the needs of our healthcare customers and become a more valued partner," Tripp Amdur, Medline President.
Medi-Globe is advised by braun communications.
IAG says Air Europa deal may take at least 18 months.
Luis Gallego, the chief executive of Aer Lingus and British Airways' parent IAG, said that a potential deal over the protracted acquisition of Spanish low-cost airline Air Europa might take at least 18 months.
IAG announced in late 2019 that it had agreed to buy its smaller rival for €1bn ($1.1bn) with the goal of building a big hub in Madrid, but the Covid pandemic and competition concerns derailed the merger, Reuters reported.
Advent and Centerbridge prepare new $2.2bn bid for Aareal. (FS)
A buyout group seeking to take over Germany’s Aareal Bank in a $2.2bn deal said on Tuesday that it had secured commitments from shareholders to tender around 37% of stock after it raised its offer price again.
Pagliuca approaches former Disney chief to back bid for Chelsea FC.
Stephen Pagliuca, the private equity billionaire who owns the Boston Celtics basketball team, approached a number of wealthy businessmen including the former Walt Disney chief Bob Iger about backing his bid to buy Chelsea Football Club, Sky News reported.
Pagliuca is in talks with a string of potential co-investors ahead of a deadline for final bids for the Premier League club.
Ingka Investments makes €340m investment in nine solar PV park projects in Europe. (FS)
Ingka Investments, the investment arm of Ingka Group, acquired nine solar PV park projects in Germany and Spain from solar PV developer Enerparc. The total investment in the solar PV development portfolio will amount to approximately €340m ($372m).
“We are delighted to be announcing this important initiative to enable renewable electricity consumption in Germany and Spain, which is another step in accelerating our energy production in Europe and North America. With our own solar parks and wind farms, we want to make renewable energy available throughout the IKEA value chain and beyond,” Krister Mattsson, Ingka Investments Managing Director.
Clayton, Dubilier & Rice begins carving up Morrisons with £500m sale. (FS)
Morrisons’ private equity owners will carve up the business and sell £500m ($655m) worth of manufacturing and distribution sites. Clayton, Dubilier & Rice is appointing advisers to oversee the disposal of the plants in a process set to begin ‘imminently’. When CD&R bought the supermarket group in October for £7bn ($9.2bn), the New York-based buyout house pledged not to engage in major sales and leasebacks of stores.
The pledges apply for a year but do not cover manufacturing and distribution facilities. The £500m ($655m) property sale will be one of the biggest shake-ups at the supermarket since CD&R took over. The deal was orchestrated by former Tesco boss Terry Leahy, who now works for the private equity group.
AXA IM Alts launches $500m private equity healthcare strategy alongside two senior appointments. (FS)
AXA IM Alts, a global leader in alternative investments with $200bn of assets under management, announced the launch of a Global Health Strategy following a $200m cornerstone commitment from AXA Group, as it builds on its existing offering in the sector. The strategy is actively managed without reference to any benchmark.
The strategy focuses specifically on four core areas of innovation: medical devices, biopharmaceuticals, vaccines, and diagnostics and on investments into healthcare companies that are in late-clinical and/or early commercial stages, which represent a key inflection point of a company’s organic growth trajectory.
Henderson Park in €1.25bn first close for second Europe value-add fund. (FS)
Henderson Park, the London-based private equity real estate firm founded by Nick Weber, has held a first closing for its second value-add and opportunistic pan-Europe real estate fund on €1.25bn ($1.4bn).
The launch of Henderson Park Real Estate Fund II last June, at which point the firm had already eyed an initial closing of more than €1bn ($1.1bn). It is understood that closing happened earlier this year at the higher amount. It is believed a further €150m ($164m) of commitments is expected to be finalized within weeks.
APAC
Virtus Health, an Australian healthcare firm, said it would consider the sweetened $518m bid by private equity firm and minority shareholder BGH Capital, weeks after it accepted a sweeter bid from rival suitor CapVest Partners.
"Virtus board is considering the BGH takeover bid, and in particular, whether it constitutes a 'superior proposal' under the transaction implementation deed signed with an entity controlled by CapVest Partners," Virtus.
Virtus Health is advised by Jefferies & Company, Gilbert + Tobin and Citadel Magnus. CapVest Partners is advised by Morgan Stanley and Ashurst.
HSBC, a British multinational investment bank and financial services holding company, completed the acquisition of an additional 39% stake in HSBC Qianhai Securities, its brokerage venture with Qianhai Securities, a financial services company, for $194m.
The London-based bank said the transaction had taken its stake in HSBC Qianhai Securities from 51% to 90%.
HSBC is advised by HSBC.
Canada Pension Plan Investment Board, a global investment management organization, led an $805m funding round in VerSe Innovation, a local language technology platform, with participation from Ontario Teachers' Pension Plan Board, Luxor Capital, Sumeru Ventures, Sofina Group and Baillie Gifford.
"India's digital content is experiencing phenomenal growth, and VerSe Innovation is well-positioned to be one of the leaders in the fast-growing short video and local language content space. This investment aligns with our approach of providing strategic capital to industry leaders in India's technology sector. We look forward to supporting the next phase of VerSe Innovation's growth journey, which we believe will deliver strong risk-adjusted returns for the CPP Fund," Frank Su, CPPIB Managing Director, Head of Private Equity Asia.
TPG and IHH Healthcare in deal talks. (FS)
Private equity firm TPG Capital is in talks to acquire the medical education arm of IHH Healthcare, an international private healthcare group focused on upmarket health services, for up to $300m.
A deal could be announced as early as this month. IHH started reaching out to prospective buyers last year. Discussions are still ongoing and there is no certainty that IHH will proceed with a transaction.
Invesco to cut stake in India's Zee by more than a third to 11%. (FS)
US investment firm Invesco is set to cut its holding in India's Zee Entertainment by more than a third to 11%, it said on Wednesday, days after abandoning an attempt to shake up the management at the Indian media company.
Invesco, which currently owns 18% of Zee through its funds, had earlier sought the ouster of Zee's chief executive officer and the appointment of new independent board members, alleging corporate governance issues, but later abandoned the plan. Zee has denied any wrongdoing, Reuters reported.
HEAL Partners announces strategic relationship with Elliott Investment Management and launches $500m growth fund II. (FS)
HEAL Partners, an Australia and Cayman-based global growth and follow-on fund specialising in health, education and lifestyle sector investments, announced it has signed a strategic relationship agreement with affiliates of Elliott Investment Management.
HEAL will launch its $350-500m fund II in H1 2022. As part of the strategic relationship, Elliott is expected to contribute a significant anchor commitment to HEAL’s Fund II.
Infrastructure investor Actis closes second Asia realty fund at $700m. (FS)
UK-based infrastructure private equity investor Actis has closed its second Asia real estate fund at $700m.
The total commitments into Actis Asia Real Estate 2 comprise limited partner funds and co-investment commitments. Meanwhile, additional co-investment opportunities are expected to deliver up to $1bn of investable capital during the life of the fund, Deal Street Asia reported.
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