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MCR Investors, a premier hotel management company, agreed to acquire Soho House & Co, the global membership platform that connects a vibrant, diverse, and international group of members, at a $2.7bn valuation, according to press releases.
Soho House is advised by Citigroup, Morgan Stanley, Fried Frank Harris Shriver & Jacobson, Morris Nichols Arsht & Tunnell and Sidley Austin. MCR Investors is advised by Canaccord Genuity. Financing is provided by Apollo Global Management (led by Reed Rayman). Apollo is advised by Gibson Dunn & Crutcher. Ashton Kutcher is advised by LionTree Advisors. Richard Caring is advised by Herbert Smith Freehills Kramer, according to press releases.
Arthur J. Gallagher, a global insurance brokerage, risk management and consulting services firm, completed the acquisition of AssuredPartners, a national partnership of leading independent insurance brokers, from private equity firms Apax and GTCR, for $13.45bn, according to press releases.
Advent International, a private equity firm, offered to acquire u-blox, a global provider of positioning and wireless communication technologies and services, for CHF1.05bn ($1.3bn), according to press releases.
u-blox is advised by Morgan Stanley, Walder Wyss and IFBC. Advent International is advised by UBS and Bar & Karrer, according to press releases.
Deal Round up
AMERICAS
Thoma Bravo in talks to acquire software firm Dayforce. ( Bloomberg)
EMEA
Mediobanca CEO faces crucial vote in fight for independence. ( Bloomberg)
L&G and Federated Hermes merge $6.4bn UK property funds. ( Press Release)
Norway's $2tn fund to sell off more Israeli companies. ( Press Release)
APAC
Dongfeng Motor to sell 50% stake in joint venture with Honda. ( Bloomberg)
Minebea stays pat in bidding war for Japan sensor maker Shibaura. ( Bloomberg)
KKR-backed Korea fashion retailer Musinsa considering IPO. ( Bloomberg)
Anker Innovations is said to consider listing in Hong Kong. ( Bloomberg)
Artha Select Fund closes at nearly $50m, exceeds target. ( DealStreetAsia)
Jefferies names Michael Melly as APAC Head of Financial Institutions Group. ( Bloomberg)
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AMERICAS
Platinum Equity, a private equity firm, agreed to acquire Anuvu, a provider of global entertainment and high-speed connectivity solutions for airlines, according to press releases. Financial terms were not disclosed.
Anuvu is advised by Drake Star Partners, according to press releases.
Amphenol, a supplier of advanced interconnect systems, agreed to acquire Trexon, a provider of high-reliability interconnect and cable assemblies, for $1bn, according to press releases.
Lennox, a provider of energy-efficient climate control solutions, agreed to acquire the HVAC division of Sentinel-backed NSI Industries, a provider of electrical, HVAC, and building technology products, for $550m, according to press releases.
Pentair, a global water company, agreed to acquire Hydra-Stop, a valve solutions company, for $290m, according to press releases.
Enlightenment Capital-backed Cryptic Vector, a communications solutions company, completed the acquisition of Caesar Creek Software, a software company, according to press releases. Financial terms were not disclosed.
Assa Abloy, a Swedish Group whose offerings include products and services related to locks, doors, gates, and entrance automation, completed the acquisition of SiteOwl, a cloud-based platform that modernizes physical security lifecycle management, according to press releases. Financial terms were not disclosed.
Thoma Bravo in talks to acquire software firm Dayforce. ( Bloomberg)
Thoma Bravo is in advanced discussions to acquire Dayforce, a Minneapolis-based provider of human resources management software. The potential deal underscores ongoing private equity interest in software and workforce management solutions as companies continue to digitize HR functions.
The buyout firm is preparing to take Dayforce private, with an agreement that could be finalized in the coming weeks. If completed, the acquisition would add to Thoma Bravo’s long track record of investing in enterprise software companies.
EMEA
APG, a pension administrator, agreed to acquire a portfolio of seven UK PPP assets from InfraRed-backed HICL Infrastructure, a large British investment company dedicated to infrastructure investments, for £225m ($305m), according to press releases.
Arora Group, a UK-focused private group of companies, which leverages synergies across its specialist property, construction and hotel divisions, agreed to acquire the Queen Anne's Mansions office block from Landsec, a real estate investment trust company, for £245m ($332m), according to press releases.
Ideagen, a software company, agreed to acquire Reactec, a provider of innovative wearable technology, according to press releases. Financial terms were not disclosed.
IFS, a provider of Industrial AI software, completed the acquisition of 7bridges, an AI-powered supply chain management solution provider, according to press releases. Financial terms were not disclosed.
Mediobanca CEO faces crucial vote in fight for independence. ( Bloomberg)
Mediobanca CEO Alberto Nagel is approaching a pivotal moment in his efforts to maintain the bank’s independence. The decision comes as the company navigates a complex financial landscape and seeks to strengthen its strategic position in the market.
L&G and Federated Hermes merge $6.4bn UK property funds. (Press Release)
Legal & General and Federated Hermes Property Unit Trust have merged their UK property funds, creating a combined portfolio worth £4.7bn ($6.4bn). The consolidation brings together two of the country’s largest institutional property investors under a single platform.
The deal comes at a time when commercial property markets remain under pressure from higher borrowing costs and shifting workplace trends. Since the pandemic, several UK property funds have been forced to either close or consolidate, making the L&G-FHPUT tie-up a notable response to ongoing challenges in the sector.
Norway's $2tn fund to sell off more Israeli companies. (Press Release)
Norway's $2tn sovereign wealth fund is selling additional Israeli companies as part of a broader review of its investment portfolio.
Norges Bank Investment Management, the entity that manages the fund, stated in a letter to the Finance Ministry on August 18 that its board had approved the divestment of six companies on August 8, following guidance from its external ethics council issued in late June and early July.
APAC
The Wealth Company, the asset management arm of Pantomath Group, completed a $52m investment in Amnex Infotechnologies, a future-first solutions enterprise, according to press releases.
VVDN, a global provider of software, product engineering and electronics manufacturing services & solutions, completed the acquisition of GGS Engineering, an engineering solutions company specializing in offering enhanced ER&D services, according to press releases. Financial terms were not disclosed.
A2 Milk, a dairying company, agreed to acquire a plant in Pokeno from Yashili, a diary products manufacturer, according to press releases. Financial terms were not disclosed.
Dongfeng Motor to sell 50% stake in joint venture with Honda. ( Bloomberg)
State-owned Chinese automaker Dongfeng Motor is moving to sell its 50% stake in a long-running engine joint venture with Honda, underscoring the country’s rapid transition away from gasoline-powered vehicles.
The partnership, Dongfeng Honda Engine, was established in 1998 to produce engines for Honda cars sold in China. Dongfeng listed its stake for sale on the Guangdong United Assets and Equity Exchange on August 18, with a deadline of September 12. A reserve price has not yet been disclosed.
Minebea stays pat in bidding war for Japan sensor maker Shibaura. ( Bloomberg)
MinebeaMitsumi latest offer for Shibaura Electronics appears to be its final bid, the company’s CEO indicated, potentially concluding a months-long takeover contest for the Japanese manufacturer of automotive and server sensors.
Minebea, known for producing controllers for Nintendo Switch, increased its offer for Shibaura by around 13% to JPY6.2k ($42) per share. This matches a competing proposal from Taiwan's Yageo which values Shibaura at approximately JPY96.7bn ($656m). Yageo confirmed on August 18 that it is considering adjusting its offer in response to Minebea’s raised bid.
KKR-backed Korea fashion retailer Musinsa considering IPO. ( Bloomberg)
KKR-backed South Korean fashion e-commerce firm Musinsa is exploring an initial public offering, inviting several investment banks to pitch for lead manager roles.
Musinsa has not disclosed IPO specifics, but the company could seek a valuation of around KRW10tn ($7.2bn). More details on timing and size will be provided once arrangers are selected.
Anker Innovations is said to consider listing in Hong Kong. ( Bloomberg)
Chinese electronics manufacturer Anker, known for its consumer electronics and smart device products, is considering a Hong Kong share listing as early as 2026.
The Changsha, Hunan-based company is working closely with investment banks on the potential offering, while keeping specific details of the plan confidential at this stage.
Artha Select Fund closes at nearly $50m, exceeds target. ( DealStreetAsia)
Artha India Ventures on Monday announced the final close of its Artha Select Fund at $49.4m, surpassing its initial target of $37.7m. With the completion of this raise, the firm’s total assets under management have grown to more than $137m.
Indian family offices and ultra-high-net-worth individuals accounted for about 80% of ASF’s commitments, while the remaining capital came from limited partners across Singapore, the UAE, Mauritius, Hong Kong, Africa, and the US notable backers of the fund include Atul Kirloskar’s Family Office, DSP Family Office, Shahi Exports, HIRA Group and Anikarth Ventures.
Jefferies names Michael Melly as APAC Head of Financial Institutions Group. ( Bloomberg)
Jefferies has appointed Michael Melly, formerly of JP Morgan, as head of its Asia-Pacific financial institutions group investment banking franchise.
He will oversee transactions involving banks, insurers, asset managers, and other regional clients. Melly will remain based in Hong Kong and is expected to assume the role later this year.
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