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AMERICAS
A federal judge blocked JetBlue Airways' opening new tab planned $3.8bn acquisition of ultra-low-cost carrier Spirit Airlines, after agreeing with the US Department of Justice that the deal was anti-competitive and would harm ticket buyers, Reuters reported.
JetBlue's lawyers had called the case a "misguided" challenge to a merger of the nation's sixth- and seventh-largest airlines, which combined would control 10.2% of a domestic market dominated by four larger airlines.
Spirit Airlines is advised by Barclays (led by Benjamin Metzger and Larry Hamdan), Morgan Stanley, Debevoise & Plimpton (led by Gregory V. Gooding and William Regner), Paul Weiss Rifkind Wharton & Garrison, FGS Global (led by Robin Weinberg), Okapi Partners (led by Jason Alexander). Financial advisers are advised by Skadden Arps Slate Meagher & Flom (led by Alexandra McCormack) and Sullivan & Cromwell (led by George J. Sampas). JetBlue Airways is advised by Goldman Sachs (led by Timothy Ingrassia), Shearman & Sterling (led by Derrick Lott and Daniel Litowitz), White & Case (led by Michael Smith, Daniel Nam, Eric Leicht and Elena Maria Millerman) and Kekst CNC (led by Lyndsey Estin). Goldman Sachs is advised by Cravath Swaine & Moore (led by Keith Hallam). Debt financing is provided by Bank of America and Goldman Sachs. Indigo Partners is advised by Lambert & Co (led by Jennifer Hurson). Frontier Airlines is advised by Citigroup, Latham & Watkins (led by Mark M. Bekheit, Anthony Richmond and Brian D. Paulson) and Joele Frank (led by Kelly Sullivan). Goldman Sachs is advised by Fried Frank Harris Shriver & Jacobson (led by Roy Tannenbaum).
Grocers Kroger and Albertsons plan to close the proposed $24.6bn merger in the first half of Kroger's fiscal 2024 instead of early 2024, Reuters reported.
The merger, first announced in October 2022, has drawn the ire of US lawmakers and an investigation by the Federal Trade Commission due to antitrust concerns, with worries piling up that the deal would lead to higher prices for consumers, store closures and loss of jobs.
Kroger is advised by Citigroup (led by Brian Anton and David Finkelstein), Wells Fargo Securities, Arnold & Porter Kaye Scholer and Weil Gotshal and Manges (led by Michael J. Aiello, Megan Pendleton, Jeffrey Osterman and Sachin Kohli) and Joele Frank. Cerberus Capital is advised by Dechert (led by Eric Siegel and Mark Thierfelder) and FGS Global (led by Devin Broda and Andrew Cole). Albertsons is advised by Credit Suisse, Goldman Sachs (led by Timothy Ingrassia), Debevoise & Plimpton (led by Ted Hassi), Fried Frank Harris Shriver & Jacobson (led by Philip Richter), Jenner & Block, Wachtell Lipton Rosen & Katz (led by Zachary Podolsky and Adam Emmerich), White & Case (led by George Paul), Brunswick Group. Financial Advisers 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).
BlackRock, an American multinational investment company, agreed to acquire Global Infrastructure Partners, an independent infrastructure fund manager, for $12.5bn.
"Infrastructure is one of the most exciting long-term investment opportunities, as a number of structural shifts re-shape the global economy. We believe the expansion of both physical and digital infrastructure will continue to accelerate, as governments prioritize self-sufficiency and security through increased domestic industrial capacity, energy independence, and onshoring or near-shoring of critical sectors. Policymakers are only just beginning to implement once-in-a-generation financial incentives for new infrastructure technologies and projects," Laurence D. Fink, BlackRock Chairman and CEO.
Global Infrastructure Partners is advised by Evercore. Debevoise & Plimpton and Kirkland & Ellis (led by Daniel Lavon-Krein and Christopher Gandia). BlackRock is advised by Perella Weinberg Partners, Fried Frank Harris Shriver & Jacobson and Skadden Arps Slate Meagher & Flom (led by David Hepp and Brian Breheny).
CCMP Growth Advisors, a private equity investment firm, agreed to invest in Innovative Refrigeration Systems, a manufacturer of industrial refrigeration equipment. Financial terms were not disclosed.
"Innovative is an outstanding, high growth business with a talented, dedicated management team, exactly the type of business with which CCMP Growth seeks to partner. From our experience investing in the food production and distribution value chain, we understand how critical uptime and efficiency are to Innovative's customer base, particularly as regulatory and cost pressures drive the replacement of older capacity. We are excited to partner with Mike McGinnis and the outstanding team at Innovative to support their service and software growth and expansion plans, and look forward to working again with Tom Goeke on the board to support this strategy," Mark McFadden, CCMP Growth Co-Managing Partner.
Innovative Refrigeration Systems is advised by Stifel and Klehr Harrison Harvey Branzburg. CCMP Growth is advised by Current Capital, Ropes & Gray and FGS Global.
Knox Lane, a San Francisco-based middle-market investment firm, completed the acquisition of a majority stake in Guardian Fire Protection Services, a fire protection services provider. Financial terms were not disclosed.
"Guardian's highly resilient business model, culture, and strong foundation make it an excellent fit with the Knox Lane strategy, and we are grateful that Scott and the Guardian team have trusted us with their partnership. We look forward to helping to enable the next chapter of the Company's growth through our engagement, resources, and depth of experience," John Bailey, Knox Lane Managing Partner.
Knox Lane was advised by Robert W Baird, Kirkland & Ellis and Joele Frank (led by Woomi Yun). Guardian Fire Protection Services was advised by Harris Williams & Co and Bodman.
Capital Square Partners, a private equity investment firm, agreed to acquire a minority stake in Startek, a global digital-first customer experience solutions provider, for $75m.
Startek helps create memorable, personalized experiences in an omnichannel environment. Its clients span from Fortune 500s to fast-growing startups in a diverse range of industries including cable, media and telecom; travel and hospitality; retail and e-commerce and banking and financial services.
Accel-KKR, a technology-focused private equity firm, agreed to acquire Accertify, a provider of fraud prevention, chargeback management, account protection, and payment gateway solutions, from American Express, an American bank holding company. Financial terms were not disclosed.
"Since our inception, Accertify has focused on the success of our customers, constantly delivering value and helping them grow. I am so proud of our team's accomplishments. We are excited to write our next chapter with Accel-KKR. We have experienced tremendous growth and accomplished so much with American Express; our thanks to Amex for their support and leadership," Mark Michelon, Accertify President.
Accel-KKR is advised by Kirkland & Ellis and Kekst CNC (led by Todd Fogarty). American Express is advised by Barclays and Cleary Gottlieb Steen & Hamilton.
Welsh, Carson, Anderson & Stowe, a technology-focused private equity firm, agreed to acquire a majority stake in EquiLend, a securities lending platform. Financial terms were not disclosed.
"We are thrilled to embark on this journey with WCAS, a firm known for its commitment to building enduring market leaders and track record supporting leading financial technology companies. This partnership represents a significant milestone for EquiLend and, in turn, for our market. WCAS's support will be instrumental in accelerating our mission to deliver essential solutions to the securities finance industry. Together, we are committed to setting new standards in the industry and achieving unprecedented success for our clients and stakeholders," Brian Lamb, EquiLend CEO.
WCAS is advised by Citigroup and Kirkland & Ellis. EquiLend is advised by Broadhaven Capital Partners and Paul Hastings.
HIG Capital, a private equity firm, completed the acquisition of Patriot Pickle, a manufacturer and distributor of fresh pickles and other fermented foods, from Swander Pace Capital, a private equity firm. Financial terms were not disclosed.
“Patriot Pickle’s impressive platform has grown significantly over the years by delivering on its commitment to the highest quality pickles and best-in-class service. We are pleased to partner with Bill, Adam, and the Patriot management team and look forward to supporting the Company in its organic and acquisition-driven growth initiatives,” Justin Reyna, H.I.G. Capital Managing Director.
HIG Capital was advised by BMO Capital Markets, William Blair & Co and McDermott Will & Emery. Swander Pace Capital was advised by BackBay Communications.
One Equity Partners, a private equity firm, agreed to acquire the Associated Spring and Hanggi businesses of Barnes Group, a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, for $175m.
"Over the past year, we have been executing a comprehensive business transformation strategy based on three key pillars — Execute Core Business; Scale Aerospace; and Integrate, Consolidate & Rationalize Industrial — to generate improved growth, profitability, and cash flow at Barnes. Informed by a comprehensive strategic review of our business by independent advisors, we have continuously shared progress updates on our journey. Today's announced divestiture demonstrates a leap forward in rationalizing our Industrial business and rebalancing our portfolio toward our industry-leading Aerospace business," Thomas J. Hook, Barnes President and CEO.
Barnes Group is advised by Bank of America and Foley & Lardner.
CoinShares, a crypto-focused investment firm, agreed to acquire Valkyrie Funds, a digital asset manager's investment advisory business. Financial terms were not disclosed.
"Since our inception in 2014, CoinShares has consistently led the European digital asset industry, setting benchmarks for transparency and investor protection with its regulated digital asset products. Our expertise has enabled us to dominate the European market, commanding over 40% of all assets under management in crypto ETPs. Exercising our option to acquire Valkyrie Funds aims at extending our European success in the US, offering unparalleled access to regulated digital asset products to American investors. This expansion is a clear statement of our appetite for acquisition to support our ambition to be a global leader in the digital asset space," Jean-Marie Mognetti, CoinShares CEO.
CoinShares is advised by M Group Strategic Communications.
New York Life Investment Management, an investment management firm, agreed to acquire a minority stake in Bow River Advisers, a private alternative asset management company. Financial terms were not disclosed.
"New York Life Investment Management has been committed to providing quality alternative investment solutions to our clients for more than two decade. This partnership with Bow River Advisers, an innovator in providing high-quality private equity exposure in an investor-friendly structure, will allow us to provide a more differentiated product offering to our clients, while providing additional support to the Fund's existing client base," Kirk Lehneis, NYLIM Chief Operating Officer.
NYLIM is advised by Debevoise & Plimpton.
Berkshire Hathaway, a private equity firm, completed the acquisition of the remaining 20% stake in Pilot Travel Centers, a chain of truck stops, from Pilot, a petroleum company. Financial terms were not disclosed.
"Pilot started with one gas station 65 years ago, and because of the dedicated and exceptional team members we have had throughout our history, it is now an industry leader. While this has certainly been an emotional decision for us, it is one we felt was right for our family at this time. We look forward to continuing to support our life-long home of Knoxville, Tennessee, and to furthering our deep commitment and philanthropy throughout the region that we all love," Jim Haslam II, Pilot Travel Centers Founder.
Pilot was advised by Kekst CNC.
Bain, Hellman & Friedman vying to acquire DocuSign.
Bain Capital and Hellman & Friedman are competing to acquire DocuSign, the provider of online signature services with a market value of about $12bn, Reuters reported.
The two private equity firms are among the final bidders in the auction for DocuSign, which is set to be one of the biggest leveraged buyouts of 2024.
EQT and KKR are among suitors for $5bn Broadcom asset.
EQT and KKR & Co are among private equity firms interested in acquiring a software business being sold by Broadcom in the wake of its takeover of VMware, Bloomberg reported.
Thoma Bravo has also been studying a possible bid for the so-called end-user computing unit. The business, which provides software enabling users to access desktops and applications remotely, could be valued at roughly $5bn including debt.
Canada’s OPTrust weighs sale of its stake in Spain’s Globalvia. (FS)
Canada’s OPTrust is considering strategic options including a possible sale for its roughly 40% stake in Spanish infrastructure company Globalvia, Bloomberg reported.
The pension fund is working with an adviser to solicit interest from potential buyers as it reviews alternatives. A transaction may value Globalvia at about €3bn ($3.3bn). No final decisions have been made and it’s possible OPTrust will retain the stake.
Lithium Venture in Chile in talks with EV firms to invest in mine project.
A joint venture valued at $1.5bn to $2bn that wants to become Chile’s third lithium producer is in talks with investors to bankroll its project, Bloomberg reported.
Simco Lithium, owned by a Singaporean investment fund and a Chilean business group, is exploring the sale of a non-controlling stake. While the around $600m project is too small to appeal to major mining firms, there is interest from battery and electric-vehicle makers.
Hellman & Friedman explores sale, IPO of energy software maker Enverus.
Hellman & Friedman is weighing options for energy-dedicated SaaS platform Enverus, including a potential initial public offering of the energy data platform, Bloomberg reported.
The private equity firm is exploring either a sale or listing of the business in the second half of the year. Hellman & Friedman could seek a value of $5bn or more for Enverus in any transaction.
KKR-backed BrightSpring is seeking up to $1.36bn.
BrightSpring Health Services is seeking to raise as much as $1.36bn in an initial public offering and a sale of convertible securities, Bloomberg reported.
The community-based health-care services provider backed by KKR plans to market 53.3m shares for $15 to $18 each to raise about $960m at the top end of that range.
Coatue Management raises $3bn for structured equity bets.
Philippe Laffont’s Coatue Management raised about $3bn for a structured equity fund that allows closely held companies to avoid raising money at lower valuations, Bloomberg reported.
Windjammer Capital closes fund VI with $1.3bn in commitments.
Windjammer Capital Investors, a national private equity investment firm focused on control equity investments in middle-market businesses, announced the closing of its sixth fund, Windjammer Capital Fund VI at its hard cap. Fund VI and affiliated funds closed at $1.3bn in total capital commitments, exceeding its initial target of $1bn and representing an increase of 48% greater than the firm’s $870m Fund V. Windjammer now has raised and managed more than $3bn of capital targeting control-oriented equity investments and has completed more than 60 platform investments and 160 strategic add-ons throughout its history.
"The success of this fundraise was highlighted by the backing from both existing and new investors, who understand and value the model we’ve built which focuses on finding investments whose core investment attributes provide downside protection as well as significant upside,” Gregory Bondick, Windjammer Managing Principal.
RidgeLake Partners holds final close on $1.1bn for its inaugural GP stakes fund.
Apogem Capital and OA Private Capital announced the final closing of their RidgeLake Partners debut middle market focused GP stakes fund with over $1.1bn in total commitments.
RidgeLake launched its GP stakes program to provide investors access to minority equity investments in middle market GPs with approximately $1 to $10bn of AUM. The RidgeLake program consists of both the main fund and a related co-investment vehicle.
RidgeLake was advised by Paul Weiss Rifkind Wharton & Garrison.
KSL exceeds $1bn target in final close of fourth private credit fund.
KSL Capital Partners, a PE firm specialising in travel and leisure enterprises, has completed the final close of its fourth private credit fund, KSL Capital Partners Credit Opportunities Fund IV, with total commitments of $1.26bn, exceeding its $1bn target.
“Similar to our prior credit funds, Credit Fund IV will seek to provide flexible capital solutions exclusively in the travel and leisure sector with a primary focus on high barrier to entry urban and resort destinations across the United States,” Craig Henrich, KSL Partner and Head of Credit.
EMEA
Italy has cleared the blockbuster €22bn ($23.9bn) sale of Telecom Italia’s landline grid to KKR. After a review process on an asset deemed to be of strategic value to the state, Bloomberg reported.
Telecom Italia shares roses as much as 3% in early trading in Milan, giving the company a market value of €6.3bn.
CVC Capital Partners, a private equity firm, agreed to acquire La Piadineria, an Italian quick-service restaurant chain, from Permira, the global private equity firm. Financial terms were not disclosed.
"We are thrilled to support a strong business like La Piadineria, which has put product quality and customer satisfaction at the core of its value proposition," Alessandro Baccarin, CVC Director.
CVC Capital Partners is advised by Alvarez & Marsal, New Deal Advisors, Bain & Co, OC&C Strategy Consultants, Jefferies & Company, Lazard, PedersoliGattai and Facchini Rossi Michelutti. Permira is advised by Ernst & Young, Boston Consulting Group, Simon Kucher, Mediobanca, Rothschild & Co (led by Irving Bellotti and Edward Duckett), Legance and Maisto e Associati.
Ontario Teachers' Pension Plan Board, a global investor, completed the acquisition of a majority stake in Seven Investment Management, a wealth management, asset management and platform services company, from Caledonia Investments, a self-managed investment trust company for £255m ($323m).
"The team and I would like to thank Caledonia for their support and resources over the years in helping 7IM to deliver on its strategy and vision. Caledonia's enduring capital approach has allowed us to focus on what is right for 7IM, our colleagues and, most importantly, our clients. We are now well positioned for our next phase of growth, and I am excited about our new partnership with OTPP, who are deeply supportive of the team and the firm's strategy. With OTPP's support, we look forward to starting a new chapter in 7IM's history and accelerating our growth to cement our position as one of the leading vertically integrated wealth managers in the UK which encompasses an award-winning platform and leading multi-asset investment management capabilities," Dean Proctor, 7IM CEO.
EW Group, a family-owned international group, with key businesses in genetics, health, diagnostics, nutrition and food, completed the acquisition of Planasa, a company with global presence in the agri-food sector, from Cinven, a private equity investment firm, and Label Investments, a specialized agribusiness investment group. Financial terms were not disclosed.
"Cinven has provided huge support to Planasa over the past five years. With Cinven's guidance and investment, we have professionalised our operations, expanded our international footprint and innovated our product range to become a global leader in our market. We would like to thank the Cinven team for their strategic perspective and financial backing, our employees for their dedication and commitment to our mission, and our clients, suppliers and other partners for their continued collaboration and trust placed in us. We look forward to working closely with our new owners and are sure that this partnership will enable us to push Planasa's breeding activities to an even higher level," Michael Brinkmann, Planasa CEO.
General Atlantic, a private equity firm, agreed to acquire Actis, a private equity firm. Financial terms were not disclosed.
“Addressing the global paradigm shift toward sustainability requires an economic transformation and a capital investment on a massive scale. With the addition of Actis, we are taking a significant step forward to add a sustainable investment capability which positions General Atlantic to capture this opportunity set for our investors. Torbjorn and the Actis team have built a business recognized for its talent, domain expertise, and commitment to investment excellence. This transaction brings together two highly complementary firms and enhances General Atlantic’s global investment platform with greater scale, broader strategies, and deeper and more local capabilities for deal sourcing and company building,” Bill Ford, General Atlantic Chairman and CEO.
General Atlantic is advised by JP Morgan, Morgan Stanley, Ashurst, Paul Weiss Rifkind Wharton & Garrison and Brunswick Group (led by Alex Yankus). Actis is advised by Campbell Lutyens, Goldman Sachs, Kirkland & Ellis and Greenbrook (led by James Madsen).
The Italian government is asking for an additional review to clear the planned acquisition of alternative asset manager Prelios by Andrea Pignataro’s ION after deciding against using its special powers to block the deal, Bloomberg reported.
The government is set to tell ION it will need to obtain another permission to complete the purchase after setting the final conditions for its financing. Prime Minister Giorgia Meloni’s administration wants to make sure Prelios’ debt levels will remain sustainable after the acquisition by ION.
Starwood Capital, a global private investment firm, completed the acquisition of a portfolio of 10 hotels from Edwardian Group, a hotel group. Financial terms were not disclosed.
"We are delighted to have had the opportunity to acquire this one-of-a-kind portfolio of Central London freehold hotels. London is one of the world's most sought-after hotel markets, and this portfolio enables to us gain exposure on a unique scale to London. We plan to invest significant capex during our ownership into further enhancing the hotels," Tim Abram, Starwood Capital Managing Director.
Starwood was advised by Paul Hastings and H/Advisors Abernathy. Edwardian was advised by JLL Corporate Finance, Baker McKenzie and Edelman (led by Alex Simmons).
Bain Capital, a private investment firm, failed to acquire SoftwareOne, a global software and cloud solutions provider, for CHF3.2bn ($3.75bn).
The company's board unanimously rejected a proposal from Bain Capital, as the non-binding value indication neither provided sufficient certainty or reflected the value of SoftwareOne.
PGGM, a not-for-profit cooperative pension fund service provider, led a €304m ($333m) funding round in Electra, an electric vehicles fast charging solutions provider, with participation from Eurazeo, RIVE Private Investment, SNCF Group, Serena and Bpifrance.
"We are delighted to welcome PGGM as a shareholder in Electra. The support of a reputable investor with an international presence and a strong commitment to the energy transition is a significant vote of confidence that will accelerate Electra's deployment ambitions. We will continue to develop our fast-charging network for electric vehicles in several European countries to facilitate the transition to cleaner mobility. The shift to electric vehicles should be simple and convenient for users, and that is the proposition of Electra." Aurélien de Meaux, Electra CEO.
Eurazeo was advised by H/Advisors Maitland. PGGM was advised by Rothschild & Co.
CVC Capital Partners, a global investment firm, agreed to invest in Sunday Natural, a seller of premium vitamins, minerals and supplements. Financial terms were not disclosed.
"The partnership with CVC marks a significant milestone for Sunday Natural on its path to becoming a global brand for science-based and nature inspired nutrition. In CVC, we have found a strategic partner that shares and embraces wholeheartedly our cultural values and commitment to the True Clean Label philosophy. This partnership will help us scale our operations and accelerate growth into new geographies. I'm extremely proud of our team's dedication and grateful for our community's strong support," Jörg Schweikart, Sunday Natural Founder.
Sunday Natural is advised by Houlihan Lokey. CVC Capital Partners is advised by Rothschild & Co.
Oakley Capital, a private equity investor, agreed to invest in Steer Automotive Group, an independent collision repair group. Financial terms were not disclosed.
"Our strategy has always been to invest behind exceptional founders with a clear strategic vision. We have been impressed by Richard and his team, and the way they have built Steer to serve the changing needs of the UK automotive industry. We look forward to working with the company as they deliver on their ambitious growth plans to scale Steer Group into a key service provider for this large, dynamic market," Peter Dubens, Oakley Capital Founder and Managing Partner.
Platinum Equity, a private equity firm, completed the acquisition of E&A Scheer, a blender and vendor of premium rum from The Riverside Company, a private equity firm. Financial terms were not disclosed.
"E&A Scheer has built an impressive legacy over more than 300 years and today plays a unique and essential role in the global rum market. We believe the rum category has promising prospects driven in part by the increasing popularity of new craft brands and the trend toward premiumization. We are excited to help the company capitalize on these opportunities by investing in the company's continued success," Louis Samson, Platinum Equity Co-President.
Platinum Equity was advised by DC Advisory and Latham & Watkins.
VGO Capital, a specialist private equity asset management firm, completed the acquisition of a minority stake in Manolo Bakes, a coffee bakery chain. Financial terms were not disclosed.
Manolo Bakes has entered its next growth phase and launched a process to replace some of the initial shareholders and raise capital to support its expansion plan.
Manolo Bakes was advised by DC Advisory (led by Cesar Garcia).
Extens, a specialist investor in healthcare software, completed the acquisition of Imagine Human, a provider of software, advice, and service to the quality of life at work, risk prevention, and support for HR policies. Financial terms were not disclosed.
This operation will provide Imagine Human with strong operational support and additional financial resources to strengthen its position as a leading player in quality of life at work in France and internationally.
Amancio Ortega, the Spanish billionaire, agreed to acquire a logistics centre in the Netherlands from Blackstone, an American alternative investment management company, for $121m.
The deal follows investments in logistics assets in the United States, including the acquisition in December of a warehouse in Florida.
Convergence Partners, an impact investment management firm, agreed to acquire Datacentrix, a provider of ICT integration services and solutions to the public sector and blue-chip corporates in South Africa. Financial terms were not disclosed.
“We are excited about the future as we start a new chapter in our 25-year history as a highly successful business that is well respected in the market. By joining forces with Convergence Partners, we will harness what has made us successful to date and leverage the wider capabilities of the group including its reach into the rest of Africa," Ahmed Mahomed, Datacentrix CEO.
Commerzbank, an international commercial bank based in Germany, agreed to acquire a 74.9% stake in Aquila Capital, an investment management company. Financial terms were not disclosed.
"Since 2006, the core focus of our business at Aquila Group has been to contribute to the decarbonization of the global economy. The shift towards renewable energy and a "green industrialization" opens up investment opportunities that not only offer attractive returns but will also become increasingly important due to the rapidly growing capital requirements in the coming years. Against this backdrop, we are intensifying our efforts to mobilize private capital. The partnership with Commerzbank significantly expands our client network, facilitates the swift development of new, attractive investment products aimed at a net-zero economy and strengthens Aquila Group's position in the market. Together with Commerzbank, we plan to significantly enhance Aquila Capital Investmentgesellschaft's prominent role as a sustainable real asset investor and expand it internationally," Roman Rosslenbroich, Aquila Co-Founder and CEO.
Bain mulls £2bn sale of payroll tech firm Zellis.
Bain Capital is considering a sale of Zellis that could value the UK payroll software firm at about £2bn ($2.5bn), Bloomberg reported.
The buyout firm has been discussing exit options with potential advisers. It could start a sale process later this year. Deliberations are at an early stage and Bain could decide to keep the asset for longer.
Holders of 35% of Heathrow to divest along with Ferrovial.
Shareholders in Heathrow, Britain's largest air terminal, accounting for a combined 35% stake, intend to exercise 'tag along' rights to sell their shares alongside Spanish infrastructure operator Ferrovial, Reuters reported.
Ferrovial, which is in the process of selling its 25% stake in Heathrow to private equity fund Ardian and Saudi Arabia's Public Investment Fund, did not identify the Heathrow shareholders ready to exit Heathrow.
CEZ and private equity group CVC plan final bids for GasNet.
Czech power utility CEZ and private equity group CVC Capital Partners are planning to place competing bids next week for Czech gas distribution network GasNet, Reuters reported.
GasNet, owned through Czech Gas Network Investments by a consortium led by Macquarie Asset Management and including British Columbia Investment Management Corporation and Allianz Capital, covers 80% of the country's gas distribution through a network of 65k km (40k miles) of gas pipelines.
Saudis eye big investment to kick off foray into semiconductors.
Saudi Arabia's sovereign wealth fund is planning to make big investments in both the semiconductor and space industries this year as the kingdom accelerates efforts to diversify its economy away from oil, Bloomberg reported.
The Public Investment Fund is looking at making a "sizable investment" this year into the semiconductor industry. "They plan to make an announcement on a particular champion within the space to lead the Saudi efforts," Abdullah AlswahaSaudi, Minister of Communications and Information Technology.
Greece to launch IPO for 30% of Athens International Airport.
Greece’s Hellenic Republic Asset Development Fund is launching an initial public offering of its 30% stake in Athens International Airport in its latest market foray since regaining investment-grade status, Bloomberg reported.
Existing shareholder AviAlliance and members of the Copelouzos family will have the right to enter into cornerstone agreements to buy 10% and 1%, respectively. The sale may take place in early February.
Pantheon closes $5.3bn infrastructure secondaries fund-it's largest fundraise.
Global private markets investor Pantheon has raised $5.3bn for its infrastructure secondaries fund, marking the firm's largest-ever fundraising, DealStreetAsia reported.
Pantheon Global Infrastructure Fund IV and associated vehicles, or PGIF IV, launched in 2021, garnered commitments from a wide range of institutional and private wealth investors across Asia, North America, Europe, and the Middle East.
Aramco boosts venture arm's capital by $4bn.
Saudi Aramco said on January 17 it has boosted its Aramco Ventures unit by $4bn, more than doubling the oil giant's overall venture capital funding, Reuters reported.
The additional funding, $4bn over four years, boosts Aramco Ventures' capital to $7bn. Aramco also has a $500m venture capital fund Wa'ed Ventures, which invests in Saudi start-ups.
Committed Advisors closes fifth flagship secondary fund at €2.6bn.
Committed Advisors has held the final closing of its fifth secondary fund, Committed Advisors Secondary Fund V, with €2.6bn ($3.3bn) of total capital commitments, surpassing its original €2.4bn ($3bn) fundraising target.
CASF V is more than 65% larger than its 2020 vintage predecessor fund, which the firm says reflects the “confidence and trust” placed in its team by more than 230 investors, comprising sovereign funds, pension plans, endowments & foundations, financial institutions, family offices and high-net-worth individuals across Europe, North America, and the Asia‑Pacific region.
Impact investor Blue Earth Capital raises $378m for climate growth strategy.
Blue Earth Capital, a Swiss impact investor that has been active in Asia, has raised $378m in total commitments for its latest dedicated private equity climate impact strategy, DealStreetAsia reported.
It secured $308m for BlueEarth Climate Growth Fund I and an additional $70m in commitments for its tailored mandate and co-investments. BlueEarth Climate Growth Fund I will invest in companies working to accelerate the net zero transition, improve resilience to climate change, and promote a circular economy. It targets venture and buyout deals across both North America and Europe.
UK's Liontrust poaches top GAM executives after heavy outflows. (People)
UK's Liontrust, named two former GAM executives to lead its growth equities and distribution businesses on January 17 after the specialist fund manager reported outflows had more than doubled year-on-year, Reuters reported.
The appointments follow a failed bid by Liontrust in August for Switzerland's GAM caused by a lack of shareholder support. Mark Hawtin will lead the Global Growth Equity team from May and Jeremy Roberts will become Global Distribution head starting in April.
Permira Credit appoints new Co-Heads. (People)
Permira Credit, a European alternative credit investor, has promoted David Hirschmann, who joined the business in 2015, and Ariadna Stefanescu, who has been with the firm since inception in 2007, to Co-Heads of the business, with immediate effect.
Hirschmann, who has over 25 years of experience in European private credit, has led the growth of Permira Credit’s direct lending business from an AUM of €1bn ($1.3bn) in 2015 to approximately €12bn ($15bn) today. In his new role, he has primary responsibility for private credit, including both direct lending and strategic opportunities.
APAC
Bayer, a multinational pharmaceutical company, and RTW Investments, a life science-focused investment firm, led a $162m Series D round in JIXING Pharmaceuticals, a biopharmaceutical company.
“We are pleased to enter into this strategic partnership with Bayer, a leading multinational pharmaceutical company with a strong presence in China. Today’s milestones will help, strengthen JIXING's capabilities to develop and produce new drugs from preclinical stage to market launch, and enable us to rapidly expand our reach globally. We look forward to continuing to advance and deliver innovative therapies and solutions to patients,” Sandy Mou, JIXING Board Executive Director and CEO.
GIP eyeing up to 49% stake in Malaysian port operator, could value MMC Port at $6bn.
Global Infrastructure Partners is in talks to buy up to a 49% stake in MMC Port in a deal potentially valuing Malaysia's biggest port operator at around MYR30bn ($6.4bn), Reuters reported.
The infrastructure investor has begun seeking financing for the potential acquisition of a stake in MMC Port, part of the MMC conglomerate controlled by Malaysian tycoon Syed Mokhtar Al-Bukhary.
India's Aster mulls dividend payout from $1bn Gulf demerger amid proxy firm pressure.
India's Aster DM Healthcare plans to distribute to shareholders about 70%-80% of the $903m it will get by selling its Gulf business, the hospital chain said on January 15, days after a proxy advisory firm asked investors to veto the deal, Reuters reported.
Aster agreed, in November, to sell a majority stake in the Gulf business to private equity firm Fajr Capital in a $1bn deal to help focus on its India business, which some investors considered undervalued.
GIC seeks to sell Hilton Hotel in Japan for over $580m.
Singapore sovereign wealth fund GIC is considering selling a 1,053-room hotel in western Japan, and has been marketing the property to potential investors since late last year, Bloomberg reported.
The Hilton Fukuoka Sea Hawk hotel is located on the coast of Fukuoka — one of Japan's major cities $583m to $617m. Jones Lang LaSalle is advising on the sale.
Resonac CEO is eyeing Japan chip linchpin JSR.
Resonac’s CEO is gearing up for another round of consolidation in Japan’s fragmented chip materials sector. The chemicals maker may raise its hand to buy a stake in linchpin JSR, Bloomberg reported.
Japan Investment’s $6bn buyout of JSR, the world’s largest photoresist maker, will catalyze much-needed change in the country’s supply chain when the state-owned fund seeks an exit, said Hidehito Takahashi. Resonac — the chemicals conglomerate created in a merger of Showa Denko and Hitachi Chemical — is considering ways to play an active role in JSR’s future.
Blackstone to expand private equity headcount in Singapore.
Alternative asset manager Blackstone will double its private equity business headcount in Singapore within the next two years, as it looks to tap into a growing number of deals in Southeast Asia, Reuters reported.
The expansion in Singapore will also bring the asset manager closer to its investor base, which includes sovereign wealth funds, family offices and individual investors.
Deutsche Bank’s Korea country chief said to be joining Stonepeak. (People)
Deutsche Bank’s chief country officer for South Korea, Sungeun Ahn, is leaving to join Stonepeak and help lead the investment group in the North Asian country, Bloomberg reported.
Ahn is joining as chairman of Stonepeak in South Korea and will be based in Seoul. He will help boost the investment fund’s business in the Asia Pacific region, with a focus on infrastructure assets such as renewables, energy transition, transportation, logistics and digital infrastructure.
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