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AMERICAS
Colorado’s attorney general filed a lawsuit on February 14 seeking to block Kroger's proposed $25bn acquisition of rival supermarket chain Albertsons, saying consumers would be hurt as the US Federal Trade Commission and other states continue to scrutinize the deal, Reuters reported.
“Would lead to stores closing, higher prices, fewer jobs, worse customer service, and less resilient supply chains,” Phil Weiser, Attorney General.
Albertsons is advised by Credit Suisse, Jenner & Block, Brunswick Group, Goldman Sachs (led by Timothy Ingrassia), Debevoise & Plimpton (led by Ted Hassi), Fried Frank Harris Shriver & Jacobson (led by Philip Richter), Wachtell Lipton Rosen & Katz (led by Zachary Podolsky and Adam Emmerich), and White & Case (led by George Paul). Financial advisors are advised by Alston & Bird (led by Stuart Rogers), Cravath Swaine & Moore (led by Robert I. Townsend and Sanjay Murti), and Davis Polk & Wardwell (led by Phillip R. Mills and Cheryl Chan). Kroger is advised by Wells Fargo Securities, Citigroup (led by Brian Anton and David Finkelstein), Arnold & Porter Kaye Scholer, Weil Gotshal and Manges (led by Michael J. Aiello), and Joele Frank (led by Tim Lynch, Mahmoud Siddig, and Steve Frankel). Cerberus Capital Management is advised by Dechert (led by Eric Siegel and Mark Thierfelder) and FGS Global (led by Andrew Cole).
Clayton Dubilier & Rice, an American private equity company, completed the acquisition of Shearer’s Foods, a contract manufacturer and private label supplier in the snack industry, from Ontario Teachers’ Pension Plan Board, a pension fund. Financial terms were not disclosed.
"The closing of this transaction is a testament to Shearer's differentiated capabilities and category leadership in salty snacks and cookies and crackers products. CD&R's understanding of our business, values and vision, combined with their strategic, operating and functional expertise, creates an incredible opportunity for Shearer's to accelerate our growth trajectory," Mark McNeil, Shearer’s Foods CEO.
Shearer’s Foods was advised by Kirkland & Ellis. OTPPB was advised by Kekst CNC (led by Oliver Mann). CD&R was advised by BMO Capital Markets, BNP Paribas, Deutsche Bank, Goldman Sachs (led by Ben Frost), RBC Capital Markets, TD Securities, Ubs and Debevoise & Plimpton (led by David Iozzi and Kevin M. Schmidt). Debt financing was provided by BMO Capital Markets, BNP Paribas, Blue Owl, Citizens M&A, Deutsche Bank, Goldman Sachs, Macquarie Group, Mizuho Securities, Natixis Partners, RBC Capital Markets, Rabo Securities USA, Stifel, TD Securities and UBS.
Sixth Street Partners is leading a group of private credit lenders providing $2bn of debt for the buyout of software developer Alteryx by Clearlake Capital and Insight Partners, Bloomberg reported.
Blackstone, Blue Owl Capital and Apollo Global Management are also part of the group, which includes around 20 lenders.
Alteryx is advised by Qatalyst Partners (led by George Boutros and Jeff Chang), Fenwick & West (led by Michael Pilo, Michael Brown, Ran Ben-Tzur, David Michaels, Elizabeth Gartland and Jonathan Millard), Wilson Sonsini Goodrich & Rosati and Joele Frank (led by Barrett Golden and Eric Brielmann). Insight Partners is advised by Willkie Farr & Gallagher (led by Erin Kinney and Matthew Guercio). Clearlake Capital is advised by Goldman Sachs (led by Ryan Limaye), Houlihan Lokey, JP Morgan, Morgan Stanley, Sidley Austin and Lambert & Co (led by Jennifer Hurson).
Campbell Soup said on February 13 that it expects to close its $2.3bn acquisition of Rao's Homemade items owner Sovos Brands within days of March 11 after receiving a certification of compliance from the United States Federal Trade Commission, Reuters reported.
The FTC had requested additional information on the transaction in October last year as part of its review of Campbell's proposed acquisition of Sovos, a premium Italian sauces maker.
Genstar Capital-backed Clarience Technologies, a global provider of visibility and safety technology solutions for transportation, completed the acquisition of Safe Fleet, a company specializing in safety solutions for fleet vehicles, from Oak Hill Capital, a private equity firm focused on the North America middle-market. Financial terms were not disclosed.
“Clarience Technologies and Safe Fleet share a common mission of making transportation safer and smarter through technology. The acquisition of Safe Fleet provides our company with critical technologies, deep vocational segment expertise and a portfolio of powerful and complementary safety products that support our vision to provide comprehensive solutions to a broader set of transportation customers around the world," Brian Kupchella, Clarience Technologies Chief Executive Officer.
Clarience Technologies was advised by BMO Capital Markets, KKR Capital Markets, UBS and Weil Gotshal and Manges. Safe Fleet was advised by KPMG, Harris Williams & Co and Robert W Baird. Oak Hill Capital was advised by Paul Weiss Rifkind Wharton & Garrison and Kekst CNC (led by Jeremy Fielding).
Sweat Oak, a Delaware limited liability company, agreed to acquire Whole Earth Brands, a food company enabling healthier lifestyles through premium plant-based sweeteners, flavor enhancers and other foods, for $209m.
“Following a comprehensive review of strategic alternatives, we are pleased to announce this transaction today, which we believe to be in the best interest of all our shareholders, providing them with the most compelling outcome in terms of maximizing value while offering immediate liquidity at a significant premium. From the beginning of this process, the Special Committee’s top priority has been to deliver an optimal outcome for all our shareholders, customers, and employees, and we believe we have achieved that with this transaction. We look forward to working with the Sweet Oak team to ensure a smooth and timely closing," Irwin D. Simon, Whole Earth Brands Executive Chairman.
Whole Earth Brands is advised by Jefferies & Company, DLA Piper and ICR (led by Jeff Sonnek). Sweat Oak is advised by Citigroup and Greenberg Traurig. Debt financing is provided by Fortress Investment Group and Silver Point Capital.
Capital Power, a North American independent power generation company, completed the acquisition of La Paloma, a company which owns the 1,062 MW La Paloma natural gas-fired generation facility in Kern County, California, and a stake in Harquahala, a company which owns the 1,092 MW Harquahala natural gas-fired generation facility in Maricopa County, Arizona, from CSG Investments, a global buy-and-hold institution for $1.1bn. BlackRock participated in the acquisition of Harquahala.
"Capital Power's acquisition of La Paloma and the partnership in Harquahala's gas generation assets marks a significant milestone in our strategic growth. These plants are well positioned to bolster our current portfolio and align with our commitment to providing reliable, affordable power solutions that support a balanced approach to the energy transition. This acquisition further unlocks an interesting market opportunity in WECC, where we can play a leading role in supporting the shift to low-carbon energy solutions through offering reliable generation while we grow our own renewables fleet. Lastly, this transaction underscores our dedication to delivering long-term value to our shareholders and advancing our position as a leader in the power generation sector," Avik Dey, Capital Power President and CEO.
Capital Power was advised by JP Morgan, TD Securities, Simpson Thacher & Bartlett and Winston & Strawn. CSG Investments was advised by PEI Global Partners and White & Case.
KKR, an American global investment company, agreed to acquire a 50% stake in Cotiviti, a healthcare data and technology business, from Veritas Capital, an investor at the intersection of technology and government, for $10.5bn.
“I am excited to continue our partnership with Veritas and welcome KKR as a new partner. Since initially partnering with Veritas in 2016, we have dramatically expanded our scale and enhanced our value proposition to our customers. I look forward to collaborating with both KKR and Veritas to leverage our highly differentiated solutions to improve the cost and quality within the healthcare system," Emad Rizk, Cotiviti Chairman, President, and CEO.
Cotiviti is advised by Skadden Arps Slate Meagher & Flom (led by Kenneth Wolff) and Aria Marketing (led by Ross Homer). KKR is advised by Barclays. Veritas Capital is advised by JP Morgan (led by Nick Richit) and Prosek Partners.
LPL Financial, a provider of investment and business solutions for independent financial advisors, agreed to acquire Atria Wealth Solutions, a wealth management solutions holding company. Financial terms were not disclosed.
“Atria has built a great community of advisors and institutions, led by their client-centered culture. We look forward to welcoming their advisors and institutions to the LPL family, and to helping them optimize their success by providing the capabilities, technology and services to differentiate and win in the marketplace and run thriving businesses," Dan Arnold, LPL Financial President and CEO.
Atria Wealth Solutions is advised by Ardea Partners, William Blair & Co and Ropes & Gray. LPL Financial is advised by Morgan Stanley and Allen & Overy.
Tuckahoe, a family-run diversified holding company, completed the acquisition of Gateway Dealer Network, a prominent provider of industrial equipment, from Brightstar Capital Partners, a middle market private equity firm. Financial terms were not disclosed.
"We have immense admiration for GDN’s business model and its ability to serve a broad range of customers. This acquisition fits perfectly with our focus of owning middle market companies for the long term. We are committed to working hand-in-hand with John and his team to unlock new opportunities and drive sustained growth," Peter and Stuart Farrell, Tuckahoe Managing Directors.
Gateway Dealer Network was advised by Jefferies & Company, TM Capital and Kirkland & Ellis. Tuckahoe was advised by Hirschler.
Connor, Clark & Lunn Infrastructure, an investor in middle-market infrastructure and infrastructure-like assets, agreed to acquire an 80% stake in Sharp Hills, an onshore wind farm in Canada with approximately 300MW of capacity, from EDP Renewables, a company active in the renewable energy sector, for $355m.
"The Sharp Hills wind farm is an attractive addition to our increasingly diverse portfolio of infrastructure assets. We look forward to working further with our partner, EDPR, in the safe and successful operation of this facility for years to come. CC&L Infrastructure has a long history and significant expertise as an owner of more than 80 clean energy projects. We are excited to continue expanding our asset base and are actively pursuing further investment opportunities created by the increasing demand for renewable power and the broader energy transition that is underway," Matt O'Brien, CC&L Infrastructure President.
Connor, Clark & Lunn Infrastructure is advised by National Bank Financial and Torys. EDP Renewables is advised by CIBC World Markets.
Clarion Capital Partners, a private equity firm, completed the investment in Narrative Strategies, an integrated public affairs and corporate reputation agency. Financial terms were not disclosed.
"The Narrative team and the business they have established fully aligns with our investment approach, market interests, and the value we place on collaboration, creativity, and discipline. Narrative's best-in-class team and exceptional growth trajectory – especially in the financial services, healthcare and life sciences sectors – attracted us to the business. We couldn't be more excited to partner with Narrative and bring additional resources to fully own the strategic communications process for their clients, from inception to execution," David Ragins, Clarion Managing Director.
Narrative Strategies was advised by BrightTower (led by Amir Akhavan) and Williams & Connolly. Clarion Capital was advised by Brownstein Hyatt Farber Schreck.
TA Associates, a global private equity firm, completed the acquisition of a majority stake in PMA Financial Network, a premier full-service provider of comprehensive financial and advisory services to municipalities, school districts and other local government entities, from Estancia Capital Partners, a private equity firm. Financial terms were not disclosed.
"We are excited to enter our next phase of growth with TA as our partner. Estancia has been a great partner for PMA, and my colleagues and I are proud to have led the business through a very successful majority exit for Estancia, its co-investors, and PMA's employee equity owners. We expect to continue our accelerated growth path under TA's ownership," James O. Davis, PMA CEO.
PMA Financial Network was advised by Jefferies & Company and Kirkland & Ellis. TA Associates was advised by Debevoise & Plimpton.
CDPQ, a private equity firm, completed the $125m investment in Levio, an IT consulting company.
"CDPQ is proud to partner with Levio to support its expansion plan, which will grow its North American presence and consolidate its position in the market. Digital transformation is central to the sustainability and productivity of organizations, and this partnership is perfectly in line with our investment priorities and supports the company's growth," said Kim Thomassin, CDPQ Executive Vice-President and Head of Québec.
CDPQ was advised by Desjardins.
Morgan Stanley Expansion Capital, a private investment platform, completed a $67m investment in cPacket Networks, a data solutions provider.
“cPacket has demonstrated consistent and highly efficient growth and we are excited to partner with Brendan and his talented team to execute on the next chapter of success. The increasing complexity and performance required of modern enterprise networks is driving increasing need for high-quality, real-time packet data and analytics. Many of the world's most demanding customers trust cPacket to inform their critical decisions and cPacket is at the forefront of technological leadership in the market," Pete Chung, Head of Morgan Stanley Expansion Capital.
cPacket was advised by Citizens M&A.
Nautic Partners, a private equity firm, completed the acquisition of Angels of Care, a nurse-owned and operated home health agency, from Varsity Healthcare, a private equity firm. Financial terms were not disclosed.
“I am extremely grateful to the entire VHP team for their extensive capital, operational and strategic support, which was instrumental in enhancing the growth and success of AOC during our partnership,” Jessica Riggs, Angels of Care CEO.
Varsity Healthcare was advised by Prosek Partners.
Rubicon Technology Partners, a private equity firm that invests in software and technology-enabled services companies, completed the acquisition of a majority stake in Vimly Benefit Solutions, a technology-based benefits administration company. Financial terms were not disclosed.
"I am thrilled to have found the right partner in Rubicon to take Vimly to the next level in our growth and technology strategy. We stand at a significant crossroads today to celebrate our past and boldly step into the next phase of innovation and growth for Vimly. As we continue to enhance our platform, SIMON®, and expand our offerings, our focus remains steadfast on delivering unparalleled value to our clients and business partners. I am thrilled that we have found a like-minded partner in Rubicon who sees the incredible value Vimly delivers today and the immense opportunity that lies ahead," Shannon Jurdana, Vimly CEO.
Vimly Benefit Solutions was advised by Ziegler.
BBH Capital Partners, a middle-market private equity, completed the investment in Wolter, a material handling equipment company. Financial terms were not disclosed.
"The partnership with BBHCP has empowered us with the capital necessary to broaden our acquisition strategy and enhance our facilities. BBHCP's involvement will also bring additional expertise to our board, further assisting us in our growth endeavors," Jerry Weidmann, Wolter President.
Wolter was advised by Robert W Baird.
Endeavour Capital and Greenbelt Capital, private equity firms, completed the investment in CTC Global, a company that specializes in engineering and manufacturing of advanced conductor cores for high-voltage transmission cables. Financial terms were not disclosed.
“Partnering with Endeavour and Greenbelt will enable CTC’s team to do more of what it loves to do – helping utilities around the world improve the efficiency, capacity, reliability, and resiliency of their increasingly strained electric power grids. This partnership will allow CTC to accelerate the adoption of advanced conductors globally and to introduce critical new technologies for a more sustainable energy future,” J.D. Sitton, CTC CEO.
Greenbelt Capital was advised by Prosek Partners.
Henkel, a multinational chemical and consumer goods company, agreed to acquire Seal For Life Industries, a provider of corrosion prevention, waterproofing, fire and heat protection, and insulation products, from Arsenal Capital, a private equity firm. Financial terms were not disclosed.
“Strategic acquisitions to actively shape and strengthen our portfolio are an integral part of our Purposeful Growth Agenda. Seal for Life offers an attractive and highly profitable portfolio in protective coating and sealing, perfectly complementing our existing platform for the maintenance, repair and overhaul market. With this transaction we will further enhance our product portfolio in this attractive market and unlock even greater growth potential for our leading Adhesive Technologies business,” Carsten Knobel, Henkel CEO.
Family offices cut stocks, boosted real assets in 2023, KKR says.
Family offices devoted a smaller portion of their portfolios to stocks last year compared with 2020, according to a KKR survey, Bloomberg reported.
Public equities dipped to 29% of the average total assets in family offices surveyed, down from 31% in 2020, according to Tuesday’s KKR Family Capital report, which canvassed more than 75 chief investment officers. Family offices turned instead to real assets, a category of tangible investments such as buildings and timber, which rose to 15% of the average in 2023 from 13% in 2020.
Carlyle to launch new European private credit strategy for private wealth investors.
Global private investment firm Carlyle is to launch a new semi-liquid European private credit strategy which provides individual investors with access to the firm’s $188bn AUM global credit platform.
The new evergreen strategy provides individuals with access to a wide range of Carlyle’s European private credit strategies, which offer borrowers bespoke solutions across the entire capital structure, with the aim of delivering income with a focus on downside protection.
Blue Owl leads $2bn private credit loan to software firm RLDatix.
Blue Owl Capital is leading a $2bn-plus private credit package for health care software company RLDatix, Bloomberg reported.
Ares Management and Golub Capital are also significant lenders in the financing. The deal includes a $1.6bn seven-year term loan, a $250m delayed-draw term loan and a $200m revolver. The new debt will mostly be used to refinance existing facilities.
Bain Capital’s lavine sees more consolidation in private credit.
Further mergers are likely in the booming private credit business because the low fees earned by lenders will push smaller firms to get bigger and reap economies of scale, according to Jonathan Lavine, co-managing partner of Bain Capital.
For buyout firms on the hunt for financing, private lending has developed into a trillion-dollar alternative to banks and the high-yield and leveraged-loan markets. The sector’s fast growth makes it attractive, yet bigger firms have an advantage, Bloomberg reported.
Berkshire trims Apple, sheds four stocks, mum on new investment.
On February 14, Berkshire Hathaway said it had trimmed its huge stake in Apple, shed four common stock holdings, and kept investors guessing on what could be a major new investment by Warren Buffett, Reuters reported.
In a regulatory filing describing its US-listed stock holdings at the end of 2023, Berkshire said it sold 10m Apple shares in the fourth quarter but still owned more than 905m shares worth about $174bn. Warren Buffett also cut its stake in Paramount Global during the fourth quarter, prompting shares of the CBS parent to slide in extended trading on February 14.
US banks, private equity firms compete to finance debt-backed deals.
Wall Street banks are raising billions of dollars to regain ground in lending to companies in debt-backed deals after giant private equity and asset management firms muscled in on the business over the last two years, Reuters reported.
US banks reduced lending to lower-quality corporate borrowers in 2022 as the Federal Reserve aggressively raised interest rates. Rising borrowing costs also derailed deal markets, particularly for transactions underpinned by high levels of debt.
Feud erupts at $14bn credit manager over lucrative stake.
A Wall Street distressed-debt maven has resurfaced to take on his one-time protege at $14bn credit firm Kennedy Lewis Investment Management, Bloomberg reported.
John Brice, the former Kennedy Lewis chairman who left four years ago, is seeking a 15% stake in the company. That could be worth at least $100m, based on a conservative estimate of the valuation at which the firm has been pursuing a deal for a partial or complete sale.
Warburg Pincus targets $2.5bn for financial-sector fund.
Warburg Pincus is planning to raise about $2.5bn for its third fund dedicated to deals in the financial sector, Bloomberg reported.
The firm has begun preliminary discussions with potential investors about the vehicle, known as WP Financial Sector III, which will invest alongside its flagship private equity fund.
Bain Capital Credit announces $2bn of financing investments in 2023.
Bain Capital Credit, a leading global credit specialist, today announced that the firm’s Private Credit Group invested approximately $2bn to support the growth of middle market and private equity-backed companies in 2023.
Bain Capital Credit’s Private Credit Group invested in 58 businesses across 34 industries in 2023, supporting the refinancing, leveraged buyout and add-on acquisition activity of both new and existing portfolio companies. With experience investing in middle market private debt dating back to 1998, the Private Credit Group has invested over $22bn across more than 475 portfolio companies since inception.
AEP enters agreement with Icahn Capital for two director seats. (People)
American Electric Power announced a deal with investment management firm Icahn Capital to give the activist investor two board seats, WSJ reported.
The Columbus, Ohio-based utility company said that Icahn Enterprises senior managing director Hunter Gary and retired executive vice president of Southern Company Gas Hank Linginfelter would join the board.
EMEA
EQT, a global investment organization, failed to acquire a 60% stake in the mobile and fixed network infrastructure operation from CK Hutchison-backed Wind Tre, a telecommunications company, for €2bn ($2.6bn).
“Conditions precedent to closing of the transaction were not satisfied,” CK Hutchison.
L Catterton, a US-headquartered private equity firm, offered to acquire a 36% stake in Tod's, a luxury fashion house, for €504m ($543m).
"At this time exiting the stock market, with which we have always had excellent relations, we believe it is the most strategically appropriate choice. Sharing this path with L Catterton, the world's leading private equity firm in the consumer goods sector, will give us the opportunity to develop further,” Diego Della Valle, Tod's CEO.
L Catterton is advised by JP Morgan and BonelliErede. Tod's is advised by Bank of America and PedersoliGattai.
A consortium of Denis Ladegaillerie, EQT Patners and TCV offered to acquire Believe, a global digital music company, for $1.64bn.
“Believe’s track record in developing labels and artists worldwide is exceptional. With the music market growth and digitalisation, Believe has significant potential to continue thriving, through organic expansion and strategic acquisitions. We are excited to invest alongside TCV and Denis to back that next phase of development. We are fully aligned with Believe’s core values of fairness, respect and transparency and are committed to support their talented team for future success,” Nicolas Brugère, EQT Partner.
CVC Capital Partners, a Luxembourg-based private equity and investment advisory firm, and Haveli Investments, a technology-focused private equity firm, agreed to acquire Jagex, a British video game developer and publisher, from Carlyle, a multinational private equity firm. Financial terms were not disclosed.
"I'm delighted to welcome CVC Capital Partners and Haveli Investments as strategic partners for Jagex. CVC and Haveli will help Jagex build on our portfolio of forever games, furthering our aims of supporting and growing our community of forever fans. Together we'll create more of the experiences our fans love, innovate to empower our players further, and build new forever games that capture imaginations," Phil Mansell, Jagex CEO.
Carlyle is advised by Morgan Stanley and Aream & Co. CVC is advised by Goldman Sachs.
Macquarie Asset Management, an asset manager, agreed to acquire Beacon Hospital, a private healthcare facility in Dublin. Financial terms were not disclosed.
“Beacon Hospital has a proven track record of investment and innovation, constantly evolving our services and infrastructure to better meet the healthcare needs of our patients. The exceptional growth experienced over the past ten years is largely due to the encouragement and investment provided by the hospital’s majority shareholder, Denis O’Brien, who empowered the Board and management to grow and evolve Beacon Hospital into one of Ireland’s leading facilities today. I am very grateful for that support, as well as for the leadership of our Chair, Colm Doherty and for the dedication and guidance of the entire Board," Michael Cullen, Beacon Hospital CEO.
Transom Capital Group, an Operations-focused private equity firm, agreed to acquire a majority stake in charging solutions business of Webasto, a sunroofs, electric-car chargers and air-conditioning systems manufacturer. Financial terms were not disclosed.
“It is a rare opportunity that we can invest in a business of significant scale, in an underlying market that is on a historic hockey stick growth curve. Charging is at the forefront of the global transition toward electric vehicles and we are super excited to partner with Webasto to continue to grow the Charging solutions business,” Russ Roenick, Transom Capital Group Founder and Managing Partner.
Webasto is advised by Jefferies & Company. Transom Capital is advised by 35th Avenue Partners.
Italy's Bending Spoons eyes deals after new fundraising round.
Bending Spoons, one of Europe's largest mobile app developers, is looking for acquisition targets after a fundraising round valued the company at about $2.6bn, Bloomberg reported.
The Italian company raised $155m from a group of investors including Baillie Gifford, Neuberger Berman-backed NB Renaissance, as well as Durable Capital Partners.
EQT hires Morgan Stanley to explore sale for Idealista.
EQT has hired Morgan Stanley to explore a sale of Spanish property website Idealista. Idealista could be valued at around €2.5bn ($2.69bn) including debt in a sale, Reuters reported.
The process is in the early stages and the Swedish private equity owner is expected to progress with an auction in the second half of the year.
Advent prepares Evri for £2bn sale.
Advent International is working with advisers on a possible £2bn ($2.5bn) sale of UK parcel delivery group Evri. The US buyout firm has hired Rothschild & Co to explore options for the company. Advent owns a 75% stake in the company, which paid a £762m ($962m) dividend to its shareholders, Bloomberg reported.
Evri has tripled in size over the past five years off the back of international expansion and a boom in online sales during the pandemic. Since then, it has struggled with the return of high street shopping and as Britons cut down on consumption amid higher inflation.
Macquarie close to dialling up £1.2bn TalkTalk wholesale deal.
Macquarie, the Australian banking giant, is closing in on a deal to buy a big stake in the wholesale arm of TalkTalk Telecom, one of Britain's biggest consumer broadband providers, Sky News reported.
Macquarie could sign an exclusivity agreement as soon as this week that would pave the way for a transaction with the company founded by Sir Charles Dunstone.
Saudi Telecom, Iliad, Warburg advance in bidding for Altice's Portuguese assets.
Saudi Telecom and French telecom billionaire Xavier Niel's Iliad are among suitors that have progressed in the bidding for telecommunications and mass media company Altice's Portuguese assets, Bloomberg reported.
Warburg Pincus which has teamed up with buyout firm Zeno Partners and former Credit Suisse Group Chairman António Horta-Osório has also been invited to the second round of bidding. Several private equity firms that had initially looked at the business, including Apollo Global Management and CVC Capital Partners, are no longer in the running.
Blackstone to merge warehouse landlords.
Blackstone plans to merge a pair of warehouse landlords it took private to create one of the UK's largest owners of industrial property, a move that could potentially pave the way for the entity's eventual sale or an initial public offering, Bloomberg reported.
The private equity firm will integrate the management of St Modwen and Industrials REIT, together with assets acquired through 25 other deals, to create a company called Indurent.
Blackstone considers withdrawing bid for German football media rights deal.
Blackstone is considering withdrawing from the bidding for a controversial football media rights deal in Germany, following a backlash from fans critical of foreign capital, Bloomberg reported.
The private equity firm is concerned about how long a deal could take to come to fruition, amid news reports that some clubs want a fresh vote on the proposal. Structuring and economic factors make it hard for Blackstone to see how it to make a deal work.
KKR, Macquarie compete for Drahi's French fiber company.
KKR and Macquarie Group are among suitors that have been shortlisted in the bidding for billionaire Patrick Drahi's French fiber company as the tycoon seeks to cut debt at his sprawling telecom empire, Bloomberg reported.
Pension fund Caisse de Depot et Placement du Quebec and Global Infrastructure Partners have also been pursuing a deal for XpFibre, which is an arm of Drahi's Altice France.
CVC last bidder in Bundesliga rights sale, Germany's DFL says.
CVC Capital Partners is the last remaining candidate in German football's planned media rights partnership after US financial investor Blackstone dropped out, the Deutsche Fussball Liga said on February 14, Reuters reported.
"Blackstone is no longer an option as a strategic marketing partner for the Bundesliga and Bundesliga 2 for several reasons following good discussions. The process will continue with CVC according to the planned schedule," DFL.
Blackstone aborts Canary Wharf sale as gloom hangs over district. (RE)
Blackstone has aborted a plan to sell a Canary Wharf office building as fears about the future of the district weigh heavily on buyer sentiment, Bloomberg reported.
The private equity firm was in negotiations to sell Cargo at 25 North Colonnade, which is the new home of BP Plc’s oil trading unit, to an Asian investor late last year but that deal has now collapsed. Blackstone now expects to hold on to the building until sentiment improves.
Bahrain's Investcorp plans to list at least one portfolio company in the Gulf in 2024.
Alternative investment company Investcorp plans to list at least one of its portfolio companies in the Gulf in 2024, a senior executive said, as its Abu Dhabi-listed unit Investcorp Capital reported financial results, DealStreetAsia reported.
Bahrain-based Investcorp, with around $50bn in assets under management and known for taking luxury brands public, listed Investcorp Capital on the Abu Dhabi exchange last year, defying a depressed market for initial public offerings to price at the top end of an upwardly revised range.
Oaktree's Banca Progetto sounds out investors for IPO in 2Q.
Banca Progetto is sounding out investors for an initial public offering in the second quarter as owner Oaktree Capital Management plans to sell a stake in the challenger bank, Bloomberg reported.
"Oaktree aims to sell between 35% to 40% of the company by listing it on the Star segment of the Milan stock exchange. Our advisers have started informal meetings and there is interest from several Italian investors, including some pension funds," Paolo Fiorentino, Banca Progetto CEO.
Epiris raises over £1bn for Fund III.
Epiris, a private equity firm that targets control positions in UK-headquartered businesses with an enterprise value of between £75m ($91m) and £500m ($607m), has held the final close of Epiris Fund III with total capital commitments of £1bn ($1.21bn).
The fund, which was oversubscribed and closed at its hard cap, had an original fundraising target of £850m ($1.03bn).
UAE launches technology fund for developing nations.
The United Arab Emirates launched a fund to finance the development of
sophisticated technology in developing nations. The fund was launched with capital of $200m, financed by the Abu Dhabi government, and will be overseen by the Gulf state's Advanced Technology Research Council, DealStreetAsia reported.
ATRC Secretary General Faisal Al Bannai said the fund would open up technologies developed by the Gulf state to governments and organisations in poorer nations, and would finance research projects.
CVC Co-Founder Mackenzie to step back ahead of IPO. (People)
Donald Mackenzie, Co-Founder and Co-Chair of CVC, has decided to step back from an active role with the business, Europe's largest buyout firm, to focus on his private interests ahead of the company's long-awaited public listing.
Mackenzie was part of a small group of Citibank executives who spun out in 1993 to form CVC, which, with €188bn ($160bn) in AUM, is now one of Europe's biggest private equity firms. Last year, CVC, which is currently preparing for an initial public offering, having postponed its original plan to list in November due to market uncertainty, closed the largest buyout fund on record with €26bn ($22bn) in capital commitments.
APAC
General Catalyst, a private equity firm, led a $102m Series E round in Bugcrowd, a cybersecurity startup, with participation from Rally Ventures and Costanoa Ventures.
“We saw an opportunity to make a strategic investment in the crowdsourced security market, with the goal of fostering collaboration between customers and hackers to collectively tackle real threats and vulnerabilities. In our view, the validation from customers, hackers, industry analysts, and the broader cybersecurity community well positions Bugcrowd to be a category-leading company. We look forward to partnering with Dave and team in setting new standards in crowdsourced security,” Mark Crane, General Catalyst Partner.
Bugcrowd was advised by Lumina Communications.
Eversource Energy looking to sell stake in two offshore wind projects for $1.1bn.
Eversource Energy on February 13 reported a loss in the fourth quarter, as the utility recorded after-tax impairment charges of about $1.62bn related to its offshore wind projects, DealStreetAsia reported.
Eversource plans to sell its stake in two offshore wind projects – South Fork Wind and Revolution Wind to Global Infrastructure Partners – for $1.1bn, and is exploring the sale of its water distribution unit as the company seeks to reduce equity needs and improve regulatory diversity.
Japan's NEC spurned PE offers before selling stake in iPhone supplier at discount.
Japan’s NEC received multiple buyout offers from global private equity funds for iPhone supplier Japan Aviation Electronics Industry before agreeing to sell back much of its 51% stake to the Japanese company at a discount, DealStreetAsia reported.
At least three global funds all made offers to both NEC and its listed subsidiary JAE, indicating they were willing to pay substantial premiums to buy out the maker of electronics components.
KKR's Henry McVey sees Asia family offices taking lead in real asset allocation.
Asia’s family offices have placed big bets on real assets, making up 27% of the region’s overall portfolio mix, a 1k basis points higher than those in North America, EMEA, or Latin America, KKR’s head of global macro & asset allocation Henry McVey and his team found in a recent survey report, DealStreetAsia reported.
Real estate accounts for 21% of allocation for Asian family money managers while infrastructure takes up less than 1% of their assets under management, the lowest among other regions, according to a 2023 survey of over 75 family office CIOs managing $3bn in assets, on average, across North America, EMEA, Asia and LATAM.
QIC invests in Australia's Mandalay Venture Partners fund.
Australia-based farm-to-fork innovation venture fund Mandalay Venture Partners on February 14 announced that it has roped in state-owned Queensland Investment as an investor, DealStreetAsia reported.
The fund, which is also backed by Australia’s NRMA Group, said it has secured $27m in committed capital and is aiming to deploy it to businesses solving key challenges in the food industry, including areas such as sustainability, on-farm efficiencies, supply chain automation, autonomous vehicles, future foods, e-commerce and e-grocery.
Ares raises $1.7bn for Australia private credit fund.
Ares Management has raised $1.7bn for a credit fund for Australia and New Zealand, as it seeks to capitalize on opportunities created by banks retreating from leveraged lending, Bloomberg reported.
The Ares Asia Direct Lending fund, the company's first leveraged buyout vehicle for the region, has deployed over $677m of first lien, senior secured loans. Recipients include: Australian funeral home operator InvoCare as it was delisted by private equity firm TPG; Allegro Funds as it acquired fuel retailer Gull New Zealand; and BGH Capital's payments platform Pushpay.
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