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AMERICAS
Britain's competition regulator has provisionally cleared Broadcom's $69bn deal to buy VMware, adding that it would not weaken competition in the supply of critical computer server products.
The Competition and Markets Authority raised concerns that the deal could make servers more expensive, prompting an in-depth investigation, Reuters reported.
"After examining the evidence gathered from Broadcom, VMware and other interested parties, an independent CMA panel has provisionally found the deal would not substantially reduce competition in the supply of server hardware components in the UK," CMA.
VMware is advised by Goldman Sachs (led by Sam Britton), JP Morgan, Gibson Dunn & Crutcher (led by Andrew Kaplan and Barbara Becker) and FGS Global (led by Paul Kranhold). Financial advisors are advised by Debevoise & Plimpton (led by Michael Diz) and Sullivan & Cromwell (led by John L. Savva and Alison S. Ressler). Broadcom is advised by Bank of America (led by Ron Eliasek and Kevin Brunner), Barclays (led by Gary Posternack, Richard Hardegree and Laurence Braham), Citigroup (led by Daniel Mallegni and Tyler Dickson), Credit Suisse, Morgan Stanley (led by Anthony Armstrong), Wells Fargo Securities, Cleary Gottlieb Steen & Hamilton, O'Melveny & Myers (led by Adit Khorana), Wachtell Lipton Rosen & Katz (led by Viktor Sapezhnikov, Ronald Chen and David Karp), Brunswick Group and Joele Frank (led by Arielle Rothstein, Tim Ragones and Joele Frank). Financial advisors are advised by Cooley (led by Ben Beerle). Silver Lake is advised by Simpson Thacher & Bartlett (led by Atif Azher).
J.F. Lehman, a private equity investment firm focused on the aerospace, defense, maritime and environmental sectors, agreed to acquire Crystal Clean, a provider of parts cleaning, hazardous and non-hazardous waste services, from Heritage, a business managing a diverse portfolio of operating companies, for $1.2bn.
“We are pleased to enter into this agreement with JFLCO, which we believe represents the best path forward for Crystal Clean to maximize value for our shareholders. For more than 20 years, we have executed on our mission and thoughtfully grown Crystal Clean to become the partner of choice nationwide for premier environmentally-sustainable solutions that have a tangible impact for customers, and we are excited to embark on this new chapter," Brian Recatto, Crystal Clean President and CEO.
Crystal Clean is advised by Stifel, William Blair & Co, McDermott Will & Emery and Joele Frank (led by Eric Brielmann). J.F. Lehman is advised by Houlihan Lokey, Jefferies & Company, Jones Day and Shearman & Sterling (led by Alain Dermarkar and Robert Cardone). Debt financing is provided by Jefferies & Company and Sumitomo Mitsui Banking.
Korro Bio, a biotechnology company, agreed to merge with Frequency Therapeutics, a regenerative medicine company, in a $170m deal. The financing is led by Surveyor Capital and Cormorant Asset Management and participation from Atlas Venture, NEA, Platanus, Qiming Venture Partners USA, MP Healthcare Venture Management, Eventide Asset Management, Fidelity Management & Research Company, Invus, Point72, Verition Fund Management, Monashee Investment Management, Sixty Degree Capital and additional investors.
“Following comprehensive review and consideration of our strategic options, management and our Board of Directors believe the merger with Korro Bio provides the best opportunity for the company and its stockholders. Korro Bio’s RNA editing technology leverages genetics transiently, expanding the target space to intervene in biology in a unique manner. We are confident in their ability to bring forward important genetic medicines with the potential to transform the lives of patients," David. L. Lucchino, Frequency Therapeutics CEO.
Frequency Therapeutics is advised by TD Cowen and Latham & Watkins (led by Bradley Faris, John Chory and Jennifer A. Yoon). Korro Bio is advised by Bank of America, JP Morgan, Piper Sandler, RBC Capital Markets, Davis Polk & Wardwell, Goodwin Procter and Finn Partners.
TPG, a private equity investment firm, agreed to acquire Nextech, a healthcare technology solution provider, from Thomas H. Lee Partners, a private equity firm, for $1.4bn.
“Nextech’s goal is to simplify the healthcare experience so physicians can focus on what matters most: their patients. In TPG, we have found a partner who supports our mission to simplify the process of delivering excellent care and who brings to our organization distinct experience building businesses in the healthcare and software sectors. We’re excited to work together to grow our capabilities and strengthen our position as the end-to-end technology platform for specialty care providers,” Bill Lucchini, Nextech CEO.
TPG is advised by Guggenheim Partners, TripleTree, UBS and Ropes & Gray. Thomas H. Lee is advised by Jamieson, Raymond James, Kirkland & Ellis and William Blair & Co.
Thoma Bravo, a software investment firm, completed the investment in Bluesight, a medical firm, and Medacist, a pioneer in drug diversion monitoring. Financial terms were not disclosed.
"More than 25 years ago, we embarked on a mission to revolutionize healthcare with a new approach to identifying and preventing drug diversion. Since its inception, Medacist has been a trailblazer, helping to identify potential cases of drug diversion across thousands of healthcare organizations. Medacist is thrilled to partner with Bluesight and Thoma Bravo to accelerate our impact," David Brzozowski, Sr., Medacist President and CEO.
Medacist was advised by Provident Healthcare Partners and Robinson+Cole. Bluesight was advised by Piper Sandler and Taft Stettinius & Hollister. Thoma Bravo was advised by Kirkland & Ellis and FGS Global. Debt financing was provided by Monroe Capital.
Johnson Controls, a producer of fire, HVAC, and security equipment for buildings, completed the acquisition of FM:Systems, a digital workplace management and internet of things solutions provider, from Accel-KKR, a private equity company, for $455m.
"FM: Systems' powerful, predictive workplace management platform will build on our best-in-class building automation services, OpenBlue, to offer a one-stop solution that helps customers accelerate their digital transformation journey, improve building efficiency and reduce operational costs," George Oliver, Johnson Controls Chairman and CEO.
FM:Systems was advised by Moelis & Co, Raymond James (led by Brendan Ryan), and Goodwin Procter. Johnson Controls was advised by Centerview Partners and Cleary Gottlieb Steen & Hamilton. Accel-KKR was advised by Kekst CNC (led by Todd Fogarty).
Lee Equity Partners and Twin Point Capital completed the acquisition of TESSCO for $161m.
Lee Equity Partners, a private equity firm, and Twin Point Capital, a principal investment firm, completed the acquisition of TESSCO, a technology distributor, manufacturer, and solutions provider, for $161m.
“This deal is a win for Tessco shareholders and our customers. The transaction price and premium reflect the success of our considerable turnaround efforts over the past three years, as well as Tessco’s current growth trajectory. Moreover, our customers will benefit from a greater breadth of products and service options as we team with two companies that are true leaders in serving the wireless industry, and that share our commitment to innovation and customer service,” Sandip Mukerjee, Tessco President and CEO.
TESSCO was advised by William Blair & Co, Ballard Spahr (led by Michael R. Kuhn and Douglas M. Fox) and Sharon Merrill Associates (led by David Calusdian). Lee Equity was advised by DLA Piper, Harter Secrest & Emery and Weil Gotshal and Manges (led by Douglas P. Warner).
Bluewater-backed Fox Innovation & Technologies, a platform to service the energy and industrial compressor and rotating equipment market, agreed to acquire Revak, a company that specializes in remanufacturing, upgrading, and re-rating steam turbines, pumps, gears, compressors, and complete steam turbine systems for industrial and energy sector customers. Financial terms were not disclosed.
“We are very excited to work with Vincent and team to build this new platform that will disrupt the rotating equipment services market. We have closed on the first strategic acquisition and have a pipeline of other highly actionable opportunities that will accelerate FIT’s growth. We look forward to the journey ahead and helping FIT become a global leader in its field,” Marcello Stroppa, Bluewater Director.
HighVista Strategies, an alternative asset manager, agreed to acquire the US private markets business from abrdn, an investment company. Financial terms were not disclosed.
“The combination of abrdn’s US private equity and venture capital business with HighVista unites two teams that are culturally and philosophically aligned, especially around our investment approach and pursuit of alpha in inefficient markets. Our teams have known each other for years, and we expect this collaboration to lead to significant cross-pollination of investment ideas over time,” André Perold, HighVista Strategies CIO, Co-Founder and Partner.
HighVista Strategies is advised by PL Advisors, Sidley Austin and Stanton PRM (led by Katrin Lieberwirth). abrdn is advised by Rothschild & Co and Proskauer Rose.
Platinum Equity, an investment firm, agreed to acquire The HC Companies, a manufacturer of horticultural containers. Financial terms were not disclosed.
"HC has built an impressive business, with a strong leadership team, dedicated employees and one of the most comprehensive product lines in the industry. We look forward to working with the leadership team to help the company continue investing in growth while navigating a dynamic market," Jacob Kotzubei, Platinum Equity Co-President.
The HC Companies is advised by Lincoln International and Haynes and Boone. Platinum Equity is advised by Alston & Bird and Willkie Farr & Gallagher.
Entrepreneurial Equity Partners, a Chicago-based private equity firm, completed the acquisition of MBC Companies, a quick service restaurants operator, from Encore Consumer Capital, a private equity firm. Financial terms were not disclosed.
“As MBC embarks on this exciting new chapter with e2p, it remains committed to upholding the values and traditions that have guided MBC Companies as both Murry's and Bake Crafters throughout their esteemed histories. The partnership represents a harmonious combination of investment expertise, operational excellence, and manufacturing capabilities, which we believe will allow MBC to continue to deliver exceptional products and service,” Jeff Ahlers, MBC Companies CEO.
Tinicum, a private equity firm, completed the acquisition of Greene Group, a company that specializes in metal fabrication. Financial terms were not disclosed.
"We believe a partnership with Tinicum is the best path to achieving our growth objectives. Tinicum's long-term approach, global expertise in building businesses focused on industrial technologies and engineered products, and alignment with our strategy will enable us to serve the growing demands of our customers,"Alexis Willingham, Greene Group Co-Founder and CEO.
Francois-Henri Pinault is eyeing a majority stake in CAA at over $7bn.
French billionaire Francois-Henri Pinault is in advanced talks to buy a majority stake in Creative Artists Agency, an American talent and sports agency, in a $7bn deal.
CAA's talks with luxury sector tycoon Pinault, the CEO of Gucci-owner Kering, could end without agreement. If the talks conclude successfully, the deal would mark a big win for private equity firm TPG, which first invested in CAA in 2010, Reuters reported.
Buyout firm THL agrees $1.6bn deal for Standish Management.
Private equity firm Thomas H. Lee Partners has agreed to acquire a majority stake in Standish Management in a deal that values the US-based fund administrator at about $1.6bn, Reuters reported.
THL prevailed in an auction for the company over other private equity firms because its bid was favored by Standish's management, which currently holds a roughly 45% stake in the business.
Bain Capital raises $1.15bn for first fund dedicated to insurance investments.
Bain Capital has raised $1.15bn for its first fund dedicated to investing in the insurance industry, as the private equity firm aims to create and invest in companies in the sector, Reuters reported.
The fund exceeded its initial $750m target through backing from high-net-worth individuals, institutional investors and family offices. It will be deployed through Bain Capital Insurance, a dedicated investment arm the firm launched in 2021. The new fund underscores the increasing role that private equity is looking to play in the insurance sector, as providers seek to cut costs by shedding assets, which buyout firms can manage more efficiently and grow through add-on acquisitions.
ALLO Communications secures $650m in sustainable financing.
Calix, a telecommunications company that specializes in providing software platforms, systems, and services to support the delivery of broadband services, announced that longtime customer ALLO Communications secured $650m in sustainable financing, driven in part by their investment in the Calix broadband platform—Calix Intelligent Access EDGE, Calix Cloud, and Calix Revenue EDGE.
"Our partnership with Calix has been our engine for growth and innovation, enabling us to stand apart from the competition by offering compelling managed services and transforming the communities that we serve. By leveraging the unique sustainability benefits of the Calix broadband platform combined with our fiber investment, support of nonprofits, and overall business values, we've secured sustainable financing that will fuel our next era of growth. This is a huge endorsement of our ESG strategy and will support our continued innovation as we deliver exceptional broadband experiences to our subscribers," Brad Moline, ALLO President and CEO.
Citigroup says it 'significantly' curbed lending to buyout firms. (FS)
Citigroup has heavily cut back on its business of lending to buyout firms as part of the Wall Street giant's broader push to improve returns across its institutional business.
The Wall Street giant "pretty significantly" reduced its portfolio of subscription credit facilities, CFO Mark Mason said. The moves came after New York-based Citigroup took a close look at the profitability of some of the facilities it had extended and the fact that some of the clients weren't using the bank's other products.
Elliott builds stake in Catalent.
Fund manager Elliott Investment Management has built a significant stake in pharma company Catalent and is pushing for changes to the drugmaker's board, Bloomberg reported.
The activist investor has been interviewing potential candidates for the Somerset, New Jersey-based company's board.
Alpine Investors raises $4.5bn for its oversubscribed ninth fund.
Alpine Investors, a private equity firm, announced the completion of fundraising for Alpine Investors IX, reaching the fund’s hard cap of $4.5bn in limited partner capital commitments.
Fundraising for Fund IX launched with a target of $3.75bn and was oversubscribed. Fund IX is double the size of Alpine’s previous fund, Alpine Investors VIII, which was similarly oversubscribed and closed at its hard cap of $2.25bn of limited partner commitments in August 2021.
“We are thrilled with this outcome, particularly in a very challenging fundraising environment. We’re extremely grateful to have a wonderful group of like-minded investors and partners who have supported us along the way, and we are excited to continue this amazing journey together with them," Graham Weaver, Alpine Investors Founder and CEO.
Alpine is advised by Evercore and Kirkland & Ellis.
Davidson Kempner Capital Management announces the close of $3bn Davidson Kempner Opportunities Fund VI.
With a flexible and opportunistic mandate, DK Opportunities Fund VI targets investments in less liquid, longer-duration situations arising from capital dislocations, motivated sellers, and substantial asset or structural complexity. The Fund builds upon the track record of five previous vintages which have collectively invested over $10bn since the inception in 2011. The funds are diversified across geographies, industries and investment types, including corporates, real estate, structured products, infrastructure and hard assets.
“The Fund’s close underscores the confidence that investors have in Davidson Kempner’s opportunistic strategies and the strength of our track record. Given the Fund’s focus on capital dislocations and special situations, we believe that the Fund is well-positioned to take advantage of the wealth of opportunities we expect to emerge amid the current environment of higher volatility and tightening liquidity,” Tony Yoseloff, Davidson Kempner Capital Executive Managing Member and CIO.
Angelo Gordon raises $1bn for asset-based specialty private credit opportunities.
Angelo Gordon, a $73bn alternative investment firm focused on credit and real estate investing, announced the final close of the AG Asset Based Credit Fund, with over $1bn of equity commitments, exceeding its $800m target. The fund received significant support from existing Angelo Gordon clients, as well as new institutional investors attracted to the firm's demonstrated ability to generate value through private credit strategies globally.
"This fundraise furthers Angelo Gordon's commitment to strategically scaling our all-weather credit platform with diversified strategies across the liquidity spectrum. We are grateful for the strong support we received from new and existing investors and look forward to providing them with another way to gain exposure to the tremendous opportunities that exist across private credit markets globally," Josh Baumgarten, Angelo Gordon Co-CEO, Co-CIO, and Head of Credit.
Shore Capital Partners raises over $640m for two new funds.
Shore Capital Partners, a private equity firm, announced the closing of its inaugural Industrial fund, Shore Capital Industrial Partners Fund I, and its fifth healthcare fund, Shore Capital Healthcare Partners Fund V. With the addition of the two funds, which closed within three months and total over $643m.
“The close of the new healthcare and industrial funds is a testament to the team’s established ability to identify industry niches poised for growth. Partnering with premier management teams with a focus on long-term success has always been our highest priority and we will continue to double-down on our commitment to providing operational resources to the companies we partner with. I am immensely proud of the team that has helped to grow Shore into the firm it is today, and we look forward to welcoming more business owners to the Shore family and partnering with them in an effort to deliver transformational results," Justin Ishbia, Shore Founder and Managing Partner.
Shore Capital Partners was advised by Kirkland & Ellis.
EJF Capital and Rocade raise approximately $470m for credit-focused litigation finance platform.
EJF Capital, a global alternative asset management firm, announced the successful close of its fourth installment of litigation finance investment vehicles, Rocade Capital Fund IV and Rocade Capital Offshore Fund IV with approximately $220m in investor subscriptions and commitments.
Previously, EJF Capital and funds affiliated with Barings, one of the world's leading investment managers, formed a joint venture specialty finance company, Rocade, with $250m of committed capital designed to invest alongside the funds. The combined capital commitments raised across Rocade and the funds totals approximately $470m.
Westlake Village BioPartners launches $450m fund.
Westlake Village BioPartners has launched its third fund of $450m to incubate and grow early stage next-generation biotechnology companies in the Los Angeles region and beyond.
"This new fund will enable us to continue to do what we do best – build great companies from the ground up that make a difference for patients and generate outsized returns for investors regardless of market conditions," Beth Seidenberg, Westlake Village BioPartners Founding Managing Director.
Riverside closes Value Fund I at $350m.
The Riverside Company, a private investment firm focused on the smaller end of the middle market, has held the final close of the Riverside Value Fund I, at its target of $350m in capital commitments.
RVF I invests in businesses undergoing operational transformation or facing complex situations or unique challenges. The fund has a flexible mandate, but primarily targets control investments in North American businesses that generate revenue between $60m and $300m.
North Branch Capital raises $213m for its second fund.
North Branch Capital, a private equity firm, announced the first and final close of its oversubscribed second fund. Following a three-month fundraising process, the fund accepted $213m in total subscriptions, exceeding its $200m target.
North Branch received commitments from a well-respected group of limited partners, including strong support from existing Fund I investors. Fund II limited partners include insurance companies, fund-of-funds, family offices, charitable foundations, university endowments, and high net worth individuals. Importantly, every partner and employee of North Branch made commitments to the Fund alongside these limited partners.
North Branch was advised by M2O Private Fund and Latham & Watkins.
SMBC and LarrainVial announce first close of $200m Colombian fund.
Sumitomo Mitsui Banking, a member of SMBC Group, and LarrainVial, an independent Latin American financial services company, announced the first close of a new debt fund that will provide Colombian peso-denominated loans for infrastructure and renewable energy projects in Colombia. The total fund size is approximately $200m.
"SMBC is committed to enabling the growth of infrastructure and renewable energy projects across Latin America. With the close of this fund, we are pleased to provide local market funding capacity for Colombian institutional investors that helps bring these projects to life," Luis Fernando Perdigon, SMBC Head of Latin America Corporate and Project Finance.
ASH Investment Partners secures $150m for digital services fund.
ASH Investment Partners, an Atlanta-based private equity firm, announced the successful closing of its ASH Digital v2, having surpassed the target of $150m in total capital commitments.
The fund's primary focus will be on majority investments in differentiated, lower-middle market digital services businesses specializing in software development, data science, and marketing technology.
Nomura PC taps BlackRock exec as Head of Opportunistic Private Credit. (People)
Nomura Private Capital has appointed Steve Kavulich, a portfolio manager and investment committee member at BlackRock, as the firm's new Head of Opportunistic Private Credit, based in its New York office.
In his new role, Kavulich will help lead the continued build-out of NPC’s investment management business in the Americas, overseeing all aspects of the investment process to identify and deploy capital across the private credit markets.
EMEA
A consortium of investors led by Goldman Sachs, with participation from General Atlantic, KIRKBI and Glitrafjord, agreed to acquire Kahoot!, a Norwegian online game-based learning platform, in a $1.7bn deal.
"The Board believes the terms of the offer from Kangaroo BidCo AS are in the best interests of Kahoot! and our shareholders, and that the offer will benefit our employees, customers and partners. The Board recommends the offer as it represents a fair valuation of the company, as well as significant opportunities for accelerating the company's journey to become the leading learning platform in the world," Andreas Hansson, Kahoot! Chairman.
Kahoot! is advised by ABG Sundal Collier, Morgan Stanley and Thommessen. Goldman Sachs is advised by Danske Bank, Goldman Sachs, Linklaters, Sullivan & Cromwell, White & Case and Wiersholm. KIRKBI is advised by BAHR, Macfarlanes and Morgan Lewis & Bockius. Debt financing is provided by Goldman Sachs and KKR Capital Markets.
Motive Partners, a private equity platform, completed the acquisition of a majority stake in With Intelligence, a provider of investment data and intelligence for allocating, fund-raising and business development in the public and private markets. Financial terms were not disclosed.
“There is a huge opportunity for us to serve the global asset management industry during an exciting period of growth with greater data and analytics solutions than presently exist in the market. In order to capitalise on these tailwinds, we have chosen to partner with Motive Partners, who have a strong depth of expertise in financial technology across their group of Investors, Operators and Innovators. I am also grateful to ICG for their continued support and investment in the next phase of our growth journey," Charlie Kerr, With Intelligence Founder & CEO.
With Intelligence was advised by Blick Rothenberg, OC&C Strategy Consultants, Alvarez & Marsal, Arrowpoint Advisory, Houlihan Lokey, Joelson Wilson and Proskauer Rose. Motive Partners was advised by Oliver Wyman, Ernst & Young, MDW Capital, Plural Strategy Group, Raymond James and White & Case.
Searchlight Capital Partners, a private equity firm, agreed to acquire Gresham House, a specialist alternative asset manager, for £440m ($576m).
"We are excited to invest in Gresham House and partner with Tony Dalwood and his highly talented management team. Their achievements in building Gresham House over the past eight years to its position as a leading Natural Capital and Sustainability focused asset manager have been hugely impressive," James Redmayne, Searchlight Partner.
GAM's third largest shareholder is not supporting Liontrust Asset Management’s bid to take over the Swiss money manager. Gem, an alternatives manager headquartered in New York, has decided not to accept Liontrust’s offer. Gem held a stake of 6.5% in GAM through its Global Yield fund as of May, Bloomberg reported.
The decision will create an extra hurdle for Liontrust as it tries to build support among GAM shareholders. In an open letter, Liontrust urged investors to tender their shares by July 25, saying the offer was “the only one on the table and the only proposal that provides a viable solution.”
GAM is advised by JP Morgan, UBS and Homburger (led by Claude Lambert). Liontrust is advised by Deloitte, Alantra, Singer Capital Markets (led by Tom Salvesen), Dentons and Teneo. Financial are advised by Norton Rose Fulbright.
Sartorius, a biotechnology company, completed the acquisition of Polyplus, an upstream solutions provider for advanced biologic and cell and gene therapy, from Warburg Pincus, a global growth investor, for €2.6bn ($2.8bn).
"This contemplated acquisition is a major milestone in the history of Polyplus, and a recognition of its innovative upstream market leadership position and our highly talented Polyplus teams around the world. We would be excited to join forces with a world class bioprocess market leader as Sartorius. Our combined portfolios would create a unique ability to optimize the total process workflow to deliver unparalleled value for cell/gene and DNA/RNA therapy customers, in a strong effort to make these critical needed therapies more affordable," Mario Philips, Polyplus CEO.
Private equity house Silver Lake is looking to raise about €1bn ($1.12bn) of debt to fund its takeover of German technology group Software, Reuters repoted.
Banks including JP Morgan, Citigroup and Banco Santander are marketing the seven-year loan to investors. Last year rising interest rates left banks unable to profit from selling debt underwritten during the preceding era of cheap money, forcing them to apply heavy discounts to attract investors.
While conditions have improved since then, banks are now battling to regain market share lost to private credit funds, which have become a regular source of funding even for large leveraged buyouts.
Apollo, an American global private equity firm, agreed to invest €500m ($559m) in Air France-KLM, a Franco-Dutch airline holding company.
“Apollo is pleased to continue to serve as a long-term strategic capital partner to Air France-KLM, indicative of our ability to provide custom capital solutions like this to some of the world’s leading companies. This transaction will help Air France-KLM execute on its strategy through a highly attractive investment. Our ability to structure creative, scaled solutions at a wide range of capital costs differentiates us from many other platforms and provides attractive investment opportunities for both affiliated and third-party insurers as well as other institutional clients,” Jamshid Ehsani, Apollo Partner.
Apollo is advised by Jeantet and Milbank. Air France-KLM is advised by Deutsche Bank and Skadden Arps Slate Meagher & Flom.
Impala, an investment firm, and Exor, a diversified holding company, agreed to invest in TagEnergy, a renewable energy and energy storage company. Financial terms were not disclosed.
"We have increased our focus in ESG in recent years and particularly in the energy transition essential for achieving a decarbonised future. As large sectors of the economy become increasingly electrified, the development of renewable, carbon-free sources of electricity is more necessary than ever. This will be coupled with a growing need to store intermittently-generated energy and stabilise grids that were previously designed around more centralised and controllable production centres. In joining forces with Jacques Veyrat and the TagEnergy team, who have proven their deep knowledge of the sector and their long-term commitment to building a great company, we are choosing to support an outstanding team in dynamic geographies with great potential," John Elkann, Exor CEO.
Montefiore Investment, a private equity firm, agreed to acquire oXya, a SAP infrastructure solution provider, from Hitachi Vantara, a technology company. Financial terms were not disclosed.
"Over the last eight years, with its expertise in SAP hosting and BASIS services, oXya has been a successful and profitable acquisition for Hitachi Vantara. As we look forward, we believe this deal positions both oXya and Hitachi Vantara for continued growth against our respective opportunities. Following the completion of this deal, Hitachi Vantara will continue to pursue our SAP implementation and support business and will maintain a consistent and continuing business relationship with oXya. As such, customers and partners can expect the same excellent service without disruption," Roger Lvin, Hitachi Vantara President of Digital Solutions Business Unit.
Macquarie, a private equity firm, agreed to acquire a 20% stake in the gas transmission and metering business of National Grid, an electricity and gas utility company, in a £9.6bn ($12.5bn) deal.
“This additional investment underlines our commitment to National Gas and the critical role it plays in the UK’s energy system. We have been working closely with the National Gas team since January as they have continued to meet the energy needs of millions of households and businesses. We are pleased to continue our strong relationship with National Grid, and aspire to acquire the Remaining Interest in due course," Martin Bradley, Macquarie European Head of Infrastructure.
Bain Capital has increased its offer for SoftwareOne to about $3.7bn, after an earlier bid was rejected by the IT services provider's board, Bloomberg reported.
The private equity firm has tabled a new proposal of around $22.4 per share. That's around a 44% premium to SoftwareOne's closing price on May 30, the last trading day before Bain submitted its initial indicative offer of $20.7 a share.
SoftwareOne is advised by JP Morgan and FGS Global.
Spectrum Equity, a private equity firm, completed a $100m investment in Netcraft, a company that operates in cybercrime detection, disruption sector.
"This significant funding will help us accelerate progress toward our mission of detecting and disrupting cybercrime at scale to create a safer online experience for everyone. Powered by an exceptionally talented team, Netcraft's speed, scale, and effectiveness is unmatched in the global fight against cybercrime. I am excited to join this team and work alongside a distinguished group of customers and partners in furthering our innovative approach to protecting the world from cybercrime," Ryan Woodley, Netcraft CEO.
Blackstone, a private equity firm, agreed to invest $150m in Astaris, an alternative investment manager.
Securing a seed investment from Blackstone provides Astaris with credibility and validation in the competitive hedge fund industry. It helps establish the firm’s credentials and positions them for further commitments from other investors. Additionally, Blackstone benefits by becoming an early investor in promising newcomers, leveraging their expertise and potential for future growth.
SoftBank Vision Fund 2, a fund with a goal to invest in AI-based technology, led a $65m Series E funding round in Tractable, a developer of software that uses computer vision to assess the condition of cars and homes, with participation from Insight Partners and Georgian.
"We are excited to work with Alex, Razvan and team, who have been the forerunners of applying AI computer vision to bring efficiency into the insurance claims management process via applying AI computer vision. As strong believers in AI technology, we see huge potential for the technology to scale globally, embedding AI adoption into other verticals through exploring new use cases. Tractable already has strong traction in auto, whereas property is the exciting new opportunity that is ripe for disruption," Nahoko Hoshino, SoftBank Investment Advisers Investment Director.
Cornerstone, a private equity investor, and Kartesia, a specialist financing provider, completed the acquisition of Ecowipes Group, a producer of bio-degradable wet wipes. Financial terms were not disclosed.
"Our co-operation with Cornerstone and Kartesia will allow us to leverage our strong position across Europe and provide us with the financial backing to introduce more innovations in the future. We call ourselves the Earthchangers, and this partnership will put us closer to achieving our primary environmental goal, to supply consumers with hygiene products made only from natural-based materials at a reasonable price," Gabriel Kermiche, Ecowipes CEO and Co-Investor.
Bowmark Capital, a private equity firm, completed an investment in Lendscape, a technology provider to the global secured commercial finance market. Financial terms were not disclosed.
“Lendscape is a technology leader with an outstanding reputation for service excellence and technical expertise, and a track record of double-digit revenue growth. We look forward to working with the team to support the company’s next stage of growth through investment in product development, international expansion and strategic acquisitions,” Tom Shelford, Bowmark Partner.
Canada’s CDPQ weighs boosting stakes in key Dubai assets.
Caisse de Depot et Placement du Quebec is considering investing billions of dollars to increase its holdings in some of Dubai’s most prized shipping and logistic assets, Bloomberg reported.
The Canadian pension fund is in talks to boost its stakes in the Middle East’s biggest port, Jebel Ali Port, the Jebel Ali Free Zone and National Industries Park industrial zones. All are controlled by state-owned DP World.
Asterion, Telefonica explores a $1.12bn sale of Nabiax.
The owners of Nabiax, a Madrid-based operator of computer data centres, are exploring a sale of the group that could value it at close to $1.12bn.
Infrastructure fund Asterion Industrial Partners, which owns 80% of Nabiax, has engaged bankers at BBVA and Citi to gauge interest in its holding.
Junior partner Telefonica may also sell its 20% stake as part of any deal. A sale process is expected to kick off after the summer lull. However, the plans may still be changed or dropped, Reuters reported.
Mubadala is in advanced talks to lead a revised capital injection for Getir.
Getir, the grocery delivery app which is one of the biggest operators in Britain, is racing to finalise a major fundraising that it hopes will dispel intensifying rumours about its solvency. Getir is working with investors to announce a funding round by the end of the month.
The capital injection will be led by Mubadala, the Abu Dhabi sovereign wealth fund, although it is expected to involve a smaller sum than the $500m, Sky News reported.
Czech billionaire Kretinsky closes in on Casino as rivals drop bid.
Czech billionaire Daniel Kretinsky stepped closer to taking over debt-laden French retailer Casino after rival bidders pulled out of the race.
The move would bring an end to the 30-year reign of veteran entrepreneur Jean-Charles Naouri as France's traditional retail sector adapts to the rise of e-commerce and hard-discount supermarket chains.
Naouri, 74, controls Casino via his listed holding Rallye Kretinsky has been vying to take control of Casino against the 3F Holding, led by telecoms entrepreneur Xavier Niel, investment banker Matthieu Pigasse and businessman Moez-Alexandre Zouari, Reuters reported.
Top Nigerian bank eyes more deals after buying StanChart assets.
Nigeria's biggest lender is seeking more acquisitions in a bid to expand outside its home market, days after snapping up some African assets of Standard Chartered. Access Bank, a Nigerian commercial banking service, announced the purchase of the British giant's entire operations in Angola, Cameroon, Gambia and Sierra Leone — countries where it's already present.
The Lagos-based lender is also taking over StanChart's consumer, private and business banking division in Tanzania, widening its footprint to at least 17 markets. The parties didn't disclose a value for the deals.
Italy's Banco BPM enters payments deal with Gruppo BCC Iccrea and FSI.
Italy's third-largest bank Banco BPM said it agreed with Gruppo BCC Iccrea and domestic private equity fund FSI to create the country's second largest player in the payments business.
FSI, founded by former Merrill Lynch banker Maurizio Tamagnini, and unlisted bank Iccrea jointly run the BCC Pay payments business.
Banco BPM partners with NEXI, Europe's biggest payments company by volume of transactions, Reuters reported.
Billionaire seeks to raise GAM stake in a spat with Liontrust.
A key group of investors in GAM said it intends to launch a partial public tender offer of $0.64 per share in cash for the troubled Swiss asset manager, in signs of mounting opposition to a takeover bid by Liontrust Asset Management, Bloomberg reported.
The NewGAMe and Bruellan shareholder group, which includes French billionaire Xavier Niel, said that the offer for as many as 28m GAM shares will be made on or around August 17. The investors have contested the Liontrust offer, arguing that it undervalues the company.
Netzkontor sponsor DBAG weighs exit options.
Netzkontor's backer DBAG is in the early stages of exploring exit options for the German telecoms service provider.
A beauty pageant for a sell-side mandate was held recently, a mandate for Netzkontor has yet to be awarded.
CVC Capital raises $29.2bn for record buyout fund.
CVC Capital Partners has raised $29.2bn for the world's biggest-ever buyout fund, defying a challenging fundraising environment, Bloomberg reported.
"The firm was looking forward to partnering with entrepreneurs and management teams to build better businesses around the world," Rob Lucas, CVC Managing Partner.
Ilex Capital Partners raise $1.8bn for hedge fund.
Former Citadel traders Jonas Diedrich and Dave Sutton have exceeded the capital raise target for their hedge fund, making it the biggest startup of the year, Bloomberg reported.
London-based Ilex Capital Partners started trading with client assets of $1.8bn on July 1. The firm is in the process of adding a couple of hundred million more in capital this month and will stop accepting money on August 1.
France’s Eurazeo closes second smart city fund at €400m.
French investment group Eurazeo has announced the third and final closing of its second smart city fund at €400m ($450m). Its first was an early backer of top European startups including Glovo and Forsee Power.
The new fund is supported by five sovereign wealth and development institutions — the European Investment Fund, Bpifrance, PFR, FRC and the Korean Venture Investment Corporation — as well as corporations and family offices across Europe and Asia.
KKA Partners closes oversubscribed Fund II at €230m.
KKA Partners, a Berlin-based private equity firm that invests in DACH based SME companies, and grows enterprises through technology enablement, has closed its second fund with €230m ($258m) in external capital commitments.
Exceeding its original target of €200m ($225m), the fund was significantly oversubscribed at its hard cap, attracting support from both Fund I investors and new institutional investors from Europe and the US. Commitments came from a diverse group of institutional investors, including endowment funds, pension funds, insurance companies and large family offices, as well as entrepreneurs. More than 40% of commitments came from institutional investors in the US.
APAC
Rohm said it will invest $722m in the group led by Japan Industrial Partners, a private equity firm that is launching a tender offer for Toshiba, DealStreetAsia reported.
"The main purpose of this investment is to participate in the privatization of Toshiba and help to resolve their issues. There are no agreements with the investee regarding collaborations with or participation in the management of Toshiba," Rohm.
Toshiba is advised by JP Morgan, Mizuho Securities, Nomura, UBS, Morrison & Foerster, Nagashima Ohno & Tsunematsu, Nishimura & Asahi, White & Case and Kekst CNC (led by Jochen Legewie). JIP is advised by Crosspoint Advisors, Davis Polk & Wardwell (led by Ken Lebrun), De Brauw Blackstone Westbroek (led by Pete Lawley), Hengeler Mueller (led by Thomas Meurer), Shearman & Sterling (led by Etienne Gelencsér, Derek Kershaw and Simon Letherman), Slaughter & May (led by Richard Hilton) and TMI Associates.
EQT, a private equity company, completed the acquisition of a 68% stake in SK Shieldus, a security devices manufacturer, from SK Square, an active portfolio management company. Financial terms were not disclosed.
“SK Shieldus marks EQT Value-Add Infrastructure’s first investment in Korea and comes just weeks after EQT opened a new office here in Seoul. The company is a clear leader in Korean physical and cyber security markets. EQT Value-Add Infrastructure is excited about partnering with SK Square to support SK Shieldus as it continues to roll out new digitized security solutions and invest in the decarbonization of its vehicle fleet,” Sang Jun Suh, EQT Managing Director and Head of South Korea.
EQT was advised by Boston Consulting Group, PricewaterhouseCoopers, Standard Chartered Bank and Kim & Chang. SK Square was advised by Credit Suisse, JP Morgan and Morgan Stanley.
Ares Management, a global alternative investment manager, agreed to acquire Crescent Point Capital, an Asia-focused private equity firm. Financial terms were not disclosed.
“We are proud of the significant Asia Pacific presence that we have established over the years, and we believe that CPC is an excellent platform that will further enhance our footprint and capabilities in the region. We have enjoyed the opportunity to develop a great relationship with the Crescent Point team. They are experienced investors who we believe will bring impactful synergies to our existing Asia team,” Michael Arougheti, Ares CEO and President.
Crescent Point is advised by Kirkland & Ellis and Milbank. Ares is advised by Latham & Watkins.
Boyu Capital, an investment firm that invests in consumer, financial, health care, media and technology, and other retail sectors, and Yuexiu Industrial Fund, a corporate investment arm of Yue Xiu, led a $600m Series A round in Geely-backed Farizon Auto, a commercial vehicle manufacturer, with participation from United Clean Energy, Linjiang Industry Group, Hidden Hill and Industry Foundation of Xiangtan.
"Farizon will utilize its new funds for further R&D, ecosystem development and global expansion, as the company continues solidifying its market-leading position in the new energy commercial vehicle market. Farizon is moving to establish itself in key markets outside of China, including the Asia Pacific, Middle East, South American and European markets," Geely.
CVC Capital, a private equity and investment firm, agreed to invest $275m in The Medical City, a health institution in the Philippines.
CVC Capital has an estimated $133bn worth of assets under management, including two other recent investments in the Philippines: a stake in Fast Logistics of William Chiongbian, acquired in 2020, and an investment in the Landers Superstore chain made in 2021.
KKR, a global investment firm, agreed to invest $190m in MUSINSA, an online and offline fashion business company, with participation from Wellington Management, an independent investment management firm.
"MUSINSA has developed itself as a top consumer Internet platform in Korea and a differentiated marketplace by its ability to scale rising brands, enable the creator economy for fashion, engage and provide a high-quality e-commerce experience for customers. We see enormous opportunity for MUSINSA to build on its leading position in a fast-growing K-fashion market that continues to shift online and expand globally on the back of K-culture’s explosive reach. We are excited to partner with the management team and look to leverage KKR’s global network, operational expertise, and deep technology experience to take MUSINSA to its next phase of growth,” Mukul Chawla, KKR Partner and Head of Growth Equity, Asia Pacific.
Temasek seeks partnerships to deploy $5bn a year in India.
Singapore’s Temasek is looking for strategic partners as it seeks to deploy between $3bn to $5bn a year in India, betting that the country can become a top driver for growth, Bloomberg reported.
The state investor is planning to hire another four to five investment professionals, bringing its India team to more than 20 people, Temasek India head Ravi Lambah said in an interview. Lambah is also the head of investment group.
Boyu agrees to buy $600m medical device maker Quasar.
Buyout firm Boyu Capital has agreed to acquire Quasar in a deal that values the medical device maker at more than $600m, marking another transaction in the health-care sector which has become a rare bright spot for dealmakers, Bloomberg reported.
Boyu has emerged as the buyer for Hong Kong-based Quasar after beating out other suitors including companies in the industry and other private equity firms. A transaction has the support of Quasar's global health-care customers and is expected to close soon.
GLP in talks to sell some China assets to China Logistics Group.
GLP is in talks with state-owned China Logistics Group about potentially selling some of its assets in China, as the owner and operator of logistics real estate seeks to cut its borrowing, Bloomberg reported.
A deal could see China Logistics Group take a controlling stake in a portfolio of GLP's assets in the world's second largest economy. The firms are negotiating which assets should be included in the portfolio and the discussions could still fall apart.
Warburg Pincus names Asia real estate chief Perlman as president. (People)
Private equity firm Warburg Pincus named its Asia head of real estate Jeffrey Perlman as successor to Timothy Geithner as president, Reuters reported.
Geithner, who was US Treasury Secretary in the Obama administration and had headed the Federal Reserve Bank of New York, will become the chair of the New York-based investment firm.
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