Daily Review

Nexon founder plans to sell a controlling stake in Korean video games maker for $9bn.

 

 

Omega Healthcare Investors and MedEquities Realty Trust reached a definitive merger agreement under which Omega will acquire all of the outstanding shares of MedEquities. The transaction represents an enterprise value of approximately $600m for MedEquities and further diversifies Omega’s assets and operators.

 

“John and his team have built a high-quality diversified portfolio, which should provide Omega with meaningful future growth opportunities. This acquisition reinforces our commitment to the skilled nursing and senior housing industry while adding new asset types to our portfolio furthering our strategic objectives.” Taylor Pickett, Omega’s Chief Executive Officer.

 

Aspect Software, a leading provider of fully integrated customer engagement, workforce optimization, and self-service omni-channel solutions, announced to be acquired by Vector Capital, a leading private equity firm specializing in transformational investments in established technology businesses.

 

Under the terms of the agreement, Vector Capital will invest more than $100m of equity capital in Aspect’s business, and Aspect’s existing lenders will continue to support the company by providing Aspect with a new credit facility at closing. The transaction is subject to standard and customary closing conditions including the receipt of regulatory approvals and is expected to close in the first quarter of 2019.

 

“We are excited to partner with Vector Capital as we continue to accelerate Aspect’s strategic transformation, execute on our growth plans and refine our go-forward strategy. Vector Capital brings substantial operational and financial resources as well as a proven track record of helping enterprise software companies invest in new products, accelerate innovation, and build market-leading businesses.” Chris Koziol, Aspect President, and Chief Executive Officer.

 

Aspect was advised by Jefferies, DCS Advisory and AkinGump Strauss Hauer & Feld. Vector Capital’s was advised by Paul Hastings.

 

Providence Equity Partners raised $4.4bn toward a reported $5bn target for the firm's eighth flagship fund. Providence raised $5bn for its seventh flagship fund, which closed in 2013. The Rhode Island-based firm typically invests in the B2C, B2B and IT industries.

 

Atlas Venture, a venture capital firm investing in breakthrough biotech innovation, has closed its first Opportunity Fund, raising $250m in an oversubscribed fundraise.

With Atlas Venture Opportunity Fund I, the firm will invest in existing Atlas portfolio companies as they progress.

 

“We are delighted and humbled by the support of our limited partners in this natural extension of our venture creation investment model. Atlas’ longstanding and new limited partners alike have demonstrated their conviction in the ability of our portfolio companies to advance innovative therapeutics for patients in need.” Kevin Bitterman, Atlas Partner.

 

Minsheng Education Group will set up a M&A fund with investment bank CICC Capital, according to a Hong Kong Stock Exchange filing. The fund aims to raise 10bn yuan ($1.5bn) over four phases to invest in the private higher education industry. 

 

Li Xuechun, Minsheng Education Group Chairman, said the company will have the first priority to acquire assets being disposed of by the M&A fund at the same terms as other potential buyers. Minsheng has stakes in eight private colleges, of which six are in mainland China, one in Hong Kong and one in Singapore.