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AMERICAS
Private equity firms Stone Point Capital and Clayton, Dubilier & Rice agreed to acquire the remaining 80% stake in Truist Insurance, the fifth largest insurance broker in the US and a subsidiary of Truist Financial, for $12.4bn.
"We are pleased to have reached an agreement to sell TIH as it will further strengthen our balance sheet, afford us the ability to maintain our earnings profile, and create significant ongoing flexibility to invest in our core banking franchise. We are incredibly proud of the success we've achieved together with TIH over the years and are excited to see how Stone Point and CD&R continue to build the business in its next chapter of growth," Bill Rogers, Truist Chairman and CEO.
Stone Point Capital and Clayton, Dubilier & Rice are advised by BNP Paribas, Bank of America, Barclays, Citigroup, Evercore, JP Morgan, Mizuho Securities, RBC Capital Markets, TD Securities, UBS, Wells Fargo Securities, Paul Weiss Rifkind Wharton & Garrison (led by Eric J. Wedel, Ben Steadman, Caroline B. Epstein, Brian M. Janson and Luke Jennings), Simpson Thacher & Bartlett and Debevoise & Plimpton. Truist is advised by Goldman Sachs, Morgan Stanley, Truist Securities and Davis Polk & Wardwell (led by Margaret E. Tahyar, Oliver H. Smith and Evan Rosen). Mubadala is advised by Skadden Arps Slate Meagher & Flom (led by Todd Freed and Patrick Lewis).
Bernhard Capital Partners, a services and infrastructure-focused private equity management firm, agreed to acquire the Louisiana and Mississippi assets of CenterPoint Energy, an American electric and natural gas utility, for $1.2bn.
"I would like to thank our Louisiana and Mississippi LDC employees, as well as the team members who support these businesses, for their focus on safety, performance, and results. Together, they are our customers’ trusted energy partner in these regions," Jason Wells, CenterPoint President and CEO.
Bernhard Capital Partners is advised by Jefferies & Company, Scotiabank, Kirkland & Ellis (led by William J. Benitez, Robert P. Goodin and Daniel Cadis) and Joele Frank (led by Ed Trissel). Debt financing is provided by Jefferies & Company and Scotiabank. CenterPoint is advised by Morgan Stanley, Wells Fargo Securities, Brunini Grantham Grower & Hewes, Latham & Watkins and Phelps Dunbar.
General Atlantic, an American growth equity firm, and Stone Point Capital, an investment firm, agreed to acquire HireRight, a global background screening services and workforce solutions provider, for $1.65bn.
"We are pleased to have reached this agreement with General Atlantic and Stone Point, which delivers a significant and immediate cash premium to HireRight's unaffiliated stockholders," Guy Abramo, HireRight President and CEO.
HireRight is advised by Centerview Partners, Davis Polk & Wardwell and Collected Strategies (led by Jim Golden). General Atlantic and Stone Point are advised by Goldman Sachs and RBC Capital Markets. General Atlantic is advised by Paul Weiss Rifkind Wharton & Garrison (led by Cullen Sinclair and Matthew Abbott). Stone Point is advised by Simpson Thacher & Bartlett.
HGGC, a middle-market investment firm, completed the investment in Century Equity-backed Rimkus Consulting, an engineering and technical consulting company. Financial terms were not disclosed.
“We are excited to welcome HGGC as a strategic partner. Their investment not only recognizes the Rimkus team’s hard work and dedication but also empowers us to accelerate our growth trajectory. With HGGC’s expertise and resources, we’re poised to reach new heights and expand our service offerings to provide even greater value for our clients,” Jonathan Higgins, Rimkus President and Chief Executive Officer.
Rimkus Consulting was advised by JP Morgan and Pierpont Communications. HGGC was advised by Piper Sandler and Stanton PRM. Century Equity was advised by Robert W Baird.
The Blackstone Group, an American alternative investment management company based in New York City, completed the investment in 7 Brew, the next generation drive-thru beverage business. Financial terms were not disclosed.
"We are on a strong growth trajectory thanks to our outstanding team, the Brew Crew, and are so excited to have found in Blackstone a true partner who understands our culture and whose global reach and incredible resources will enable us to reach this next stage of growth. Blackstone brings everything we are looking for to help serve our customers and support our franchisees – industry and market knowledge, franchisee relationships, data science, operations and real estate expertise," John Davidson, 7 Brew CEO.
Shamrock Capital, a Los Angeles-based investment firm specializing in media, entertainment, communications, sports, marketing, and education sectors, completed the investment in Carnegie Dartlet, a full-service marketing and enrollment strategy provider for non-profit higher education institutions. Financial terms were not disclosed.
"Education institutions are increasingly looking to outside agencies to help them navigate an increasingly competitive enrollment environment that has resulted from decreasing conversion rates, flexible standardized test requirements, and the shift from traditional to digital marketing channels," Michael Wilkins, Shamrock Capital Partner.
Carnegie Dartlet was advised by Robert W Baird, Choate Hall & Stewart and Reinhart Boerner Van Deuren. Shamrock Capital was advised by Willkie Farr & Gallagher (led by Ray LaSoya, Joseph Kaczorowski and Caleb Vesey).
Pathstone, a partner-owned advisory firm, agreed to acquire Crestone Capital, a provider of wealth management and investment advisory services. Financial terms were not disclosed.
"The rationale for this agreement is simple: we are a better firm, together. Pathstone's laser focus on ultra-high net worth clients meshes nicely with our entrepreneurial and largely self-made clients. The advantages of scale are becoming increasingly important in our industry, and Pathstone also offers a number of complementary services that are valued by our clients. We are excited about the future for our clients, shareholders and employees," Eric Kramer, Crestone CEO and Managing Partner.
Crestone Capital is advised by Republic Capital Group and Brownstein Hyatt Farber Schreck. Pathstone is advised by Alston & Bird and M Group Strategic Communications.
ADM, a premier global human and animal nutrition company, completed the acquisition of Fuerst Day Lawson, a formulator, developer and manufacturer of proprietary taste and nutrition ingredient solutions, from Highlander Partners, a private equity firm. Financial terms were not disclosed.
"We are excited to enter into this agreement with ADM. They're an ideal partner for us, with global nutrition and flavor capabilities that will provide new opportunities to strengthen FDL's portfolio of taste and nutrition solutions. In turn, the FDL team looks forward to helping add to ADM's broad offerings with our diverse portfolio of flavor and functional ingredient systems, IP, and capabilities, as well as the entrepreneurial spirit and innovativeness of human talent that has enabled FDL to become a differentiated market leader today. ADM is synonymous with the best in animal and human nutrition, and together, we look forward to delivering new and innovative ingredient solutions to our global customer base in the food and beverage industry," Eric Beatty, FDL CEO.
Fuerst Day Lawson was advised by Rothschild & Co and DLA Piper. ADM was advised by Skadden Arps Slate Meagher & Flom (led by George Knighton). Highlander Partners was advised by Rothschild & Co (led by Noah Gringarten and Gavin Orde).
Enpro, an industrial technology company, completed the acquisition of Advanced Micro Instruments, a provider of highly-engineered, application-specific analyzers and sensing technologies that monitor critical parameters to maintain infrastructure integrity, from McNally Capital, a private equity firm, for $210m.
“Acquiring AMI, an industry leader, will build on our strategy to invest in products and technologies that safeguard critical environments in key secular growth markets. AMI’s innovative analyzer and sensor solutions will add to our existing portfolio of critical process technologies in the Sealing Technologies segment, and this acquisition will be an important step forward in expanding our capabilities into compositional analysis. We look forward to welcoming the talented AMI team to the Enpro family of companies and capitalizing on our combined capabilities," Eric Vaillancourt, Enpro President and CEO.
Delinea, a provider of solutions that seamlessly extend privileged access management, agreed to acquire Fastpath, an identity governance and administration and identity access rights company, from Pamlico Capital, a private equity company. Financial terms were not disclosed.
"This strategic acquisition by Delinea heralds a new era in identity security, establishing pioneering standards for Privileged Access Management in an increasingly digital and interconnected world, where cybersecurity challenges are constantly evolving. The addition of Fastpath will empower the Delinea Platform to dynamically control authorizations by assessing user risk. This advanced approach is crucial for securing modern, distributed environments across infrastructure, applications, and data," Art Gilliland, Delinea CEO.
Esperanza and Andros Capital, two private investment firms, agreed to acquire assets in the Ursa and Princess fields from ExxonMobi, an oil and gas corporation. Financial terms were not disclosed.
“This transformative transaction reflects the fundamental strategy that ECP set out to execute at our formation. Our dedicated team of Gulf of Mexico veterans has committed their careers to the basin. ECP is honored to be joining the world class partnership at Ursa as we launch our next chapter with this transaction,” David Dunwoody, Esperanza Managing Partner.
ABB, an automation company, agreed to acquire SEAM, a facilities services company, from Align Capital, a private equity firm. Financial terms were not disclosed.
“I am incredibly proud of the team at SEAM Group and the business transformation that occurred over the span of our partnership. Together with management, we more than tripled employee headcount to support an expanded service offering designed to help customers increase safety and reliability in their organizations,” Chris Jones, Align Capital Co-Founder and Managing Partner.
SEAM is advised by Cowen & Company, Lincoln International and Calfee Halter & Griswold.
Kinzie Capital, a private equity firm, completed the acquisition of Arctic Industries, a manufacturer and distributor of temperature control and cold storage solutions. Financial terms were not disclosed.
“We are excited for the partnership with Kinzie Capital Partners, which will allow us to leverage our strengths to drive further growth and continue to provide the best possible service for our customers. We look forward to collaborating with the Kinzie team in Arctic’s next chapter,” Brian Murphy, Arctic Industries CEO.
Kinzie Capital was advised by C-Strategies. Arctic Industries was advised Brown Gibbons Lang & Company.
Clearlake Capital completed the acquisition of an additional 50% stake in Constant Contact, a cloud-based marketing software platform, from Siris Capital, a private equity firm. Financial terms were not disclosed.
"We invested in Constant Contact in 2021 to reinvigorate a long-standing digital marketing leader following its carve-out from Endurance International Group. CEO Frank Vella and the entire Constant Contact team have made significant progress towards this objective, and we look forward to Constant Contact achieving continued success moving forward," Tyler Sipprelle, Siris Partner.
Siris Capital was advised by Bank of America and Sidley Austin.
Riverside, a global private investor focused on the smaller end of the middle market, completed the investment in Fire Systems Professionals, a full-service fire and life safety inspection, repair and maintenance services company. Financial terms were not disclosed.
“We are excited to bolster the CertaSite platform with the acquisition of FSP, which is the 24th add-on and the eighth in Ohio,” Loren Schlachet, Riverside Managing Partner.
Aquiline Capital, a private investment specialist in financial services and related technologies, and Level Equity, a private investment firm focused on high growth software businesses, completed the investment in DocuPhase, a provider of accounting and finance process automation software. Financial terms were not disclosed.
"This investment in DocuPhase marks a significant milestone in our company. The infusion of capital validates our product's strength and potential while empowering us to accelerate our growth and expand our reach. I'm genuinely excited for our employees and our customers; having the combined support of Aquiline and Level Equity is a game changer for DocuPhase. We are poised to continue innovating and delivering exceptional value to our customers and creating additional career growth opportunities for our employees," Dan Gaertner, DocuPhase CEO.
DocuPhase was advised by Leonis Partners.
Harwood Capital, an investment company, agreed to acquire Crest Foods, a grocery stores chain operator, from Brown Gibbons Lang & Company, an independent investment bank and financial advisory firm. Financial terms were not disclosed.
"The transaction highlights BGL's ability to offer a full suite of integrated advisory services to both buy-side and sell-side food & beverage companies, including acquisition financing and real estate financing solutions," Brown Gibbons Lang & Company.
Black Bay, a private equity firm focused on the energy and chemical sectors, completed the investment in Capture Energy, a provider of unique systems designed to improve the efficiency and environmental footprint of oil & gas production facilities. Financial terms were not disclosed.
"As oil & gas producers increase their focus on meeting decarbonization efforts, technologies like the Capture Compressor will be critical to achieving these sustainability targets in a capital-efficient manner. Environmental regulations, including the recently released OOOOb standards from the EPA, are also demanding abatement solutions that can be scaled very quickly – with this growth capital investment, Capture should be well-positioned to serve the surging needs of its clients," Guy Cook, Black Bay Partner.
Occidental explores $20bn-plus sale of Western Midstream.
Occidental Petroleum is exploring a sale of Western Midstream Partners, a US natural gas-focused pipeline operator that has a market value of close to $20bn, including debt, Reuters reported.
The divestment would help Occidental, which is backed by Warren Buffett's Berkshire Hathaway, slash the $18.5bn debt pile it has accumulated because of acquisitions.
JP Morgan beats private credit in $2.5bn debt deal for SoftBank-backed Cohesity.
A group led by Oak Hill Advisors and Apollo Global Management had offered a competing financing proposal to the data-management software company.
JetBlue and Icahn reach deal to give activist two board seats.
JetBlue Airways agreed to give two board seats to Carl Icahn, heading off a potential proxy fight after the activist investor revealed a nearly 10% stake in the carrier, Bloomberg reported.
Jesse Lynn, general counsel of Icahn Enterprises, and Steven Miller, portfolio manager with Icahn Capital, will join the carrier’s board. The duo will serve initially as non-voting observers before gaining full voting rights after JetBlue’s annual shareholder meeting this spring. Their addition will expand the airline’s board to 13 members.
Investor names director candidates at Fossil Group after stock price drop.
Investment firm Buxton Helmsley Group said it nominated four candidates to the board of directors of Fossil Group, after the fashion design company's stock lost three-quarters of its value over the last year, Reuters reported.
"Given the board's abysmal judgment and failure to oversee management for years, the need for immediate change at Fossil is abundantly clear," Alexander Parker, Buxton Helmsley Senior Managing Director.
FTX investors sue Sullivan & Cromwell claiming firm aided fraud.
FTX investors sued Sullivan & Cromwell, accusing the law firm of aiding illicit schemes that helped advance a multi-billion dollar fraud before the crypto exchange’s collapse, Bloomberg reported.
Sullivan & Cromwell’s services “went well beyond those a law firm should and ordinarily provides. Lawyers were eager to craft not only creative but misleading strategies that furthered FTX’s misconduct.”
Keystone Capital closes oversubscribed Fund III at $630m.
Keystone Capital Management, a lower middle market alternative investment manager, announced the one and final closing of Keystone Fund III at its hard cap of $630m in capital commitments.
"We are humbled by the overwhelming support from our limited partners in this challenging fundraising market. We raised this fund in just under four months and are proud to have 100% of our Fund II institutional investors return. We were also able to broaden our investor base with the addition of several new endowments, foundations, insurance companies, and family offices. We believe our success in the raise is a real testament to our deep and tenured team and our disciplined approach to investing," Scott Gwilliam, Keystone Managing Partner.
US-based Ibex Investors closes $106m venture fund to invest in early-stage Israeli startups.
Ibex Investors, a US-based multi-stage and multi-strategy investment firm, announced on February 21 the close of its fourth Israel focused fund, Ibex Israel VC II LP, with $106m in capital commitments to invest in early-stage Israeli startups.
The Fund follows Ibex’s $100m Israel early-stage fund raised in 2020 and the roster of limited partners includes founders and current and former executives across a wide range of sectors.
KKR-backed InCred Alternative Investments launches PE fund.
InCred Alternative Investments, part of InCred Group, announced the launch of its maiden Category II alternative investment fund in the private equity space, called InCred Growth Partners Fund-I.
The objective of IGPF-I is to invest up to $60m in privately-owned companies across the consumer, financial services, technology and enterprise services sectors at Series B and C stages.
EMEA
Redbird IMI, an operator of an investment vehicle focused on acquiring and investing in large-scale media, entertainment and sports content properties, agreed to acquire All3Media, a British worldwide independent television, film, and digital production and distribution company, from Warner Bros. Discovery, global media and entertainment company, and Liberty Global, a multinational telecommunications company, for £1.15bn ($1.44bn).
"All3Media is one of the world's great content companies, and this gives us an incredible platform to continue to grow our expanding portfolio. The demand for new shows and ongoing existing series, both scripted and unscripted, makes All3 a perfect fit for us. And we would not be doing this if not for the tremendous confidence we have in the outstanding All3Media management team, led by Jane and Sara," Jeff Zucker, RedBird IMI CEO.
Redbird IMI is advised by RedBird Advisors, Gibson Dunn & Crutcher, Gagnier Communications (led by Dan Gagnier) and Risa Heller Communications (led by Risa Heller). Warner Bros. Discovery and Liberty Global is advised by JP Morgan and DLA Piper.
Avista Capital, a private equity firm, completed the acquisition of Terrats Medical, a manufacture of dental implants and prostheses, from Miura Partners, a private equity firm. Financial terms were not disclosed.
"Terrats has earned its leading reputation in the marketplace by producing high quality products that are broadly compatible and accessible. The company is well-positioned to accelerate growth as favourable sector trends continue, particularly growing demand in the dental prosthetics market. We look forward to working with Roger and his team to execute on the numerous growth opportunities ahead," Sriram Venkataraman, Avista Partner.
Avista was advised by Deloitte and Ropes & Gray (led by Helen Croke), Uria Menendez and Kekst CNC (led by Daniel Yunger). Miura was advised by KPMG, Moelis & Co and Clifford Chance.
Durable Capital, an investment adviser, led a $155m funding round in Bending Spoons, an app developer, with participation from Baillie Gifford, Cox Enterprises, NB Renaissance, NUO Capital, and Tamburi Investment Partners.
Bending Spoons said it will use the new cash infusion to acquire more brands.
Bending Spoons was advised by Allen & Company and Clifford Chance.
Fidelity Management & Research Company, an American multinational financial services corporation, led a $110m Series C round in Medical Microinstruments, a robotics company.
“Against a backdrop of plateauing investments in medical robotics, this support builds on our confidence in a new, less invasive solution for open surgery, a significant market that can benefit from the smallest wristed microinstruments. Our Symani Surgical System is uniquely positioned to expand patient access to care by accelerating the number of surgeons able to perform complex, delicate procedures. With the support of our investors, we will continue to advance our technology through a growing body of clinical evidence and expanded hospital partnerships,” Mark Toland, MMI CEO.
MMI was advised by Matter Communications.
EnTrust Global, an alternative asset management firm, agreed to acquire Offshore Merchant Partners, an alternative investment fund manager in the maritime and energy industries. Financial terms were not disclosed.
"Following the successful acquisition of Maas Capital in 2021, the pending OMP acquisition is another outcome of the Blue Ocean team's ability to execute sizeable and complex transactions. These acquisitions and strong organic growth have resulted in the deployment of around $4bn since the inception of EnTrust Global's Blue Ocean Strategy," Svein Engh, EnTrust Global Senior Managing Director and Portfolio Manager of the Blue Ocean Funds.
EnTrust Global is advised by Hiltzik Strategies.
Gabon Oil Company, the national oil and gas company of the African nation of Gabon, agreed to acquire Assala Energy, an energy company acquiring mature oil and gas assets in Africa, from The Carlyle Group, a private equity firm, for $1.3bn.
Assala Energy holds seven onshore production licenses in Gabon – of which it operates six – along with a pipeline network and the Gamba export terminal. Representing the country's second-largest producer, the company has concentrated on brownfield assets in Gabon and implemented high-quality maintenance, risk management, workovers and well interventions to maximize production from mature fields.
Story Capital, an investment firm that seeks to create enduring technology enterprises, completed the investment in SpendLab, an AI-enabled accounts payable auditing and recovery platform. Financial terms were not disclosed.
"SpendLab represents the epitome of innovation and leadership in the accounts payable category. We are thrilled to support SpendLab's trailblazing path towards a global technology powerhouse, and delivering unparalleled value to customers worldwide," Shuo Zheng, Story Capital General Partner.
Bowmark Capital, the mid-market private equity firm, completed the investment in CubeLogic, a leading provider of risk management software solutions. Financial terms were not disclosed.
“This is an important and significant milestone in the company’s growth story. We are thrilled and excited to be working with Bowmark Capital as we look to capitalize on our market position and continue to expand our footprint across the globe,” Lee Campbell, CubeLogic Co-founder and Chairman.
Private equity firms Five Arrows and TA Associates completed the investment in Agilio, a frontline healthcare operations software provider. Financial terms were not disclosed.
"In the four years since our inception, with support from founding investor August Equity, we have realised our vision of introducing professional, integrated solutions into frontline healthcare settings. We are now ready to scale up further and are delighted to welcome two world-class investors in the form of Five Arrows and TA to support us on the next stage of our journey," Sati Sian, Agilio Chairman.
TPG in talks on €4.5bn deal for Permira’s Alter Domus.
TPG has emerged as the highest bidder for Alter Domus, the fund administration company backed by Permira, in what’s set to be one of the biggest European private equity deals this year, Bloomberg reported.
The buyout firm is competing with rival suitors Hellman & Friedman and Cinven to acquire the business. A transaction could value Alter Domus at about €4.5bn ($4.9bn).
Ares leads $3.3bn private loan for UK insurance broker Ardonagh at low rate.
Ares Management is leading a $3.3bn private credit loan for UK insurance broker Ardonagh Group, with the debt’s pricing among the lowest seen in direct lending, Bloomberg reported.
Ardonagh’s loan is set to price at 475 basis points over a US reference rate. That would make it among the cheapest private credit deals on record. Goldman Sachs Group's asset management division is also a significant lender.
Achmea in talks with NN Group and Athora to sell life insurance business.
Dutch insurer Achmea has held early stage discussions about a potential sale of its life insurance operations, including with rivals NN Group and Apollo Global Management-backed Athora, Reuters reported.
Achmea, an insurance cooperative backed by Rabobank, said it was "exploring internal and external options" for its pension & life insurance arm. The business could be worth more than €2bn ($2.15bn) in a transaction.
Macquarie and Federated Hermes begin talks over Cadent stake sale.
Macquarie Asset Management and US-based Federated Hermes are exploring the potential sale of a combined £1.3bn ($1.64bn) stake in UK gas network operator Cadent, Reuters reported.
The asset management division of Macquarie Group manages a more than 26% stake in Cadent and is in early stage talks to sell a 5% holding while Federated Hermes is looking to reduce its 13% stake to 8.4%.
Brookfield and CVC weigh bids for Barclays merchant payments unit.
Barclays has fielded interest from private equity firms including Brookfield Asset Management and CVC Capital Partners for a majority stake in its payments business, Bloomberg reported.
Blackstone has also held preliminary discussions about making a bid. The division could fetch a valuation of around £1bn ($1.3bn), lower than previously reported.
CVC’s potential Bundesliga deal faces new rebellion from FC Koln.
CVC Capital Partners’s effort to invest as much as €1bn ($1.1bn) into media rights for Germany’s top professional football leagues ran into fresh opposition, with one club calling for the process to be canceled, Bloomberg reported.
The narrow vote by clubs in December in favor of a deal with a private equity firm was based on a “very fragile foundation,” FC Koln said in a letter to DFL Deutsche Fussball Liga, the governing body for the Bundesliga.
Saudi wealth fund plans to buy Binladin stake amid building boom.
Saudi Arabia’s sovereign wealth fund is seeking to acquire a stake in the kingdom’s biggest construction conglomerate as it leans on local firms to build key mega-projects and infrastructure needed to host showcase events such as the World Expo, Bloomberg reported.
The Public Investment Fund is working with Morgan Stanley on a potential deal to buy into Saudi Binladin Group.
UK's Currys rejects takeover bid from Elliott Advisors.
British electricals retailer Currys confirmed that it had rejected a proposal from investment management firm Elliott Advisors to acquire the company, Reuters reported.
"The Board of Currys considered the Proposal, together with its financial advisers, and concluded that it significantly undervalued the Company and its future prospects," Currys board.
Ireland’s Residential Properties avoids investor takeover.
Irish Residential Properties has averted a takeover after an activist investor pushed for more control over the Dublin-listed company in an attempt to effectively force privatization or a sale, Bloomberg reported.
Ireland’s biggest private residential landlord defeated a vote at an extraordinary general meeting in Dublin to remove members of its board, including chairman Declan Moylan and CEO Margaret Sweeney. The motion to oust Moylan received 41% of the vote, less than the majority needed to pass.
Superdry founder woos US investor to back bid for struggling chain.
US asset manager Davidson Kempner, owner of Britain's Oak Furnitureland, is in discussions with British fashion retailer Superdry co-founder Julian Dunkerton about backing an offer for the clothing company, Sky News reported.
The talks are at a preliminary stage and there is no guarantee that Davidson Kempner will ultimately sign an agreement with Dunkerton.
Petrus Advisers said Temenos should oust CEO at once.
Activist investor Petrus Advisers called on Temenos to replace its interim chief executive officer immediately and address allegations made by short seller Hindenburg Research, Bloomberg reported.
“We very much agree with Hindenburg that Andreas Andreades has to finally leave Temenos,” Klaus Umek and Till Hufnagel, Petrus Advisers Managing Partner and Partner.
Saudi wealth fund, Singapore’s PSA consider global ports IPO.
Saudi Global Ports, which is owned by the kingdom’s sovereign wealth fund and Singapore’s PSA International, is considering an initial public offering in Riyadh, Bloomberg reported.
The port operator is one of the companies owned by the Public Investment Fund that’s being considered for an IPO later in 2024 or early next year. PSA is owned by Singapore state investor Temasek.
Anaxago contributes in Vidia Climate Fund I.
Paris-based alternative investment firm Anaxago Capital’s first fund dedicated to the decarbonisation of European assets, AxClimat I, made its first investment in Vidia Equity’s oversubscribed Vidia Climate Fund I, which closed last month at its €415m ($447m) hard cap.
The fund invests across the industrial, transport, energy, construction and agri-food sectors, aiming for the decarbonisation of industry, the energy transition and the circular economy.
Saudi Arabia pushes deeper into entertainment with new film fund.
A Saudi Arabian investment firm is setting up a $100m fund to invest in the kingdom’s film industry, one of the first such bets on the region’s fastest-growing movie production markets, Bloomberg reported.
The Saudi Film Fund, a partnership between MEFIC Capital and Roaa Media Ventures, will collaborate with major international studios and “provide content that reflects Saudi culture and values”.
APAC
Blue Earth Capital, a private equity firm, completed the acquisition of a minority stake in Nepra, an Indian dry waste management company, from Aavishkaar Capital, a venture capital firm. Financial terms were not disclosed.
“Nepra has been a pioneer in India’s dry waste management ecosystem and has built very strong digital transformation tools and state of the art infrastructure to enable Inclusive Circular Economy and ‘Zero Waste to Landfill’ models. Along the journey, we have created positive climate outcomes, while also enhancing the lives of thousands of people, including waste-pickers. We are grateful to Aavishkaar Capital for consistently backing us since the beginning and look forward to BlueEarth’s support as we become the global leader in climate action,” Sandeep Patel, Nepra CEO.
SoftBank's Son seeks about $100bn for AI chip venture.
SoftBank Group Chief Executive Officer Masayoshi Son is looking to raise up to $100bn for a chip venture that will rival Nvidia, DealStreetAsia reported.
The project, code-named Izanagi, will supply semiconductors essential for artificial intelligence. The company would inject $30bn into the project, with an additional $70bn potentially coming from Middle Eastern institutions.
US PE firm Thoma Bravo weighs $8bn sale of JD Power.
Thoma Bravo is considering a sale of consulting firm J.D. Power and is working with a financial adviser to find a buyer, DealStreetAsia reported.
The technology-focused US private equity firm is seeking a deal of about $8bn including debt for J.D. Power, the report said, adding that talks are at an early stage and there’s no certainty over the deal.
Carlyle Group sells a 1.4% stake in YES Bank via open market.
Global private equity firm The Carlyle Group sold a 1.4% stake in YES Bank, an Indian bank headquartered in Mumbai, for approximately $133m.
YES Bank shares were recently in news amid reports that SBI was looking to sell stake in the bank. The lender however denied the report.
US investor presses Japan Aviation and NEC to cancel buyback, reconsider buyout offers.
Chicago-based investor Curi RMB Capital said on February 22 that NEC and its listed unit Japan Aviation Electronics should cancel their buyback deal and reconsider alternative buyout offers they have received, Reuters reported.
The call came after Reuters reported NEC had received multiple buyout offers from global private equity funds for JAE before agreeing to tender much of its 51% stake to the unit at a discount via a tender offer.
Sovereign wealth funds said to eye McDonald's China investment.
Middle Eastern and Chinese sovereign wealth funds are considering investing in fast food giant McDonald's China business, Bloomberg reported
Firms including Mubadala Investment, Qatar Investment Authority and China Investment are in talks to jointly invest in the fast-food chain's China operations as minority shareholders.
KKR kicks off process to divest stake in Indonesia-listed bread maker Nippon Indosari. (FS)
Private equity giant KKR & Co is weighing an exit from its nearly six-year-old investment in Indonesia-listed bread maker PT Nippon Indosari Corpindo Tbk, which owns the popular Sari Roti brand.
CVC raises $6.8bn for sixth Asia fund.
Private equity major CVC Capital Partners has closed $6.8bn for its sixth flagship Asia fund to make control, co-control, and partnership investments in core consumer and services sectors across the region, DealStreetAsia reported.
The fund most recently received a $125m commitment from the Teacher Retirement System (TRS) of Texas. Other limited partners in the fund include the California State Teachers’ Retirement System, Canadian Pension Plan Investment Board and The Oregon Public Employees Retirement System.
Dutch pension fund APG commits $400m to ESR's Korean logistics fund.
Dutch pension investor APG Asset Management has invested $400m in the ESR Korea Logistics Core Fund launched last week, DealStreetAsia reported.
The fund was set up by ESR Kendall Square, the Seoul-based subsidiary of Hong Kong-based real asset manager ESR Group, and is South Korea’s first perpetual open-ended core fund.
Australia set to join global clean energy subsidy race with new green fund.
Australia plans to unveil a range of financial incentives to drive investment in the local clean energy sector and keep money and talent from being pulled overseas by subsidies in the US and Europe, DealStreetAsia reported.
Like countries across the developed world, Australia is responding to the massive raft of clean energy incentives.
CPP Investments commits $175m to sixth vehicle of MBK Partners.
Canada Pension Plan Investment Board said it has committed $175m to South Korean buyout firm MBK Partners’s latest fund, DealStreetAsia reported.
MBK Partners Fund VI is focused on control investments in South Korea, Japan, and Greater China. The firm launched its sixth vehicle in the US market through a filing with the US Securities and Exchange Commission in November 2023. It was reportedly seeking $7bn for the fund.
Malaysia's COPE Private Equity said to be seeking $150m for fifth fund.
Malaysia-based COPE Private Equity has set the target for its fifth investment fund at $150m, DealStreetAsia reported.
As part of the fundraising process, the mid-market private equity firm has marketed the fund to limited partners, including development finance institutions focused on Asia.
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