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AMERICAS
US chipmaker Broadcom and cloud software company VMware have delayed the completion of their $69bn merger, which had been scheduled to close on Monday, as they await approval from China, FT reported.
The companies said that they maintained their “expectation that Broadcom’s acquisition of VMware will close soon, but in any event prior to the expiration of their merger agreement”, which set a final deadline of November 26.
Broadcom is advised by Bank of America (led by Kevin Brunner and Ron Eliasek), Barclays (led by Richard Hardegree, Gary Posternack, and Laurence Braham), Citigroup (led by Daniel Mallegni), Credit Suisse (led by David Wah), Morgan Stanley (led by Anthony Armstrong), Santander, Wells Fargo Securities, Cleary Gottlieb Steen & Hamilton, O'Melveny & Myers (led by Adit Khorana), Wachtell Lipton Rosen & Katz (led by Ronald Chen, Viktor Sapezhnikov, and David Karp), Brunswick Group (led by Simon Sporborg), and Joele Frank (led by Arielle Rothstein and Tim Ragones). Financial advisors are advised by Cooley (led by Ben Beerle). VMWare is advised by Goldman Sachs (led by Stephan Feldgoise and Sam Britton), JP Morgan (led by Madhu Namburi), Axinn Veltrop & Harkrider (led by John Harkrider), Gibson Dunn & Crutcher (led by Barbara Becker and Andrew Kaplan), Sullivan & Cromwell (led by Michael Rosenthal), 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). Silver Lake Partners is advised by Simpson Thacher & Bartlett (led by Atif Azher).
Nasdaq, a technology company serving the global financial system, completed the acquisition of Adenza, a provider of mission-critical risk management and regulatory software to the financial services industry, from Thoma Bravo, a software investment firm, for $10.5bn.
“The acquisition of Adenza represents an important milestone in Nasdaq’s ongoing transformation, accelerating our vision to become the trusted fabric of the financial system. Nasdaq, with Adenza, is strongly positioned to deepen our strategic relationships with the world’s financial institutions. We are uniquely placed to help our clients navigate rapidly evolving changes in the capital markets and regulatory environment and address their most complex challenges across risk and crime management, compliance, and reporting," Adena Friedman, Nasdaq Chair and Chief Executive Officer.
Adenza was advised by Evercore, Cooley (led by David Lionel Bresnick). Nasdaq was advised by Goldman Sachs, JP Morgan, Morgan Stanley, Wachtell Lipton Rosen & Katz (led by David Lam and Mark F. Veblen) and Brunswick Group (led by Craig Singer). Financial advisors were advised by Sullivan & Cromwell (led by Stephen M. Kotran). Debt financing was provided by Goldman Sachs and JP Morgan. Thoma Bravo was advised by Barclays, Citigroup, HSBC, Jefferies & Company, Piper Sandler, Qatalyst Partners, Kirkland & Ellis (led by Peter Stach, Corey Fox and Brett R. Nelson) and FGS Global (led by Liz Micci).
TPG, a global alternative asset management firm, completed the acquisition of Angelo Gordon, an alternative investment firm focused on credit and real estate investing, for $2.7bn.
“This is a milestone transaction for TPG, representing an important step in our continued evolution as a diversified global alternative asset manager. As we continue to operate and invest in dynamic markets, the addition of Angelo Gordon expands our capabilities and creates highly compelling investment opportunities. We approach today's market from a position of strength with best-in-class talent, deep, sector-driven expertise, and broad flexibility to provide solutions for portfolio companies, clients, and shareholders. Moving forward, TPG expects to continue to deliver excellent performance, build an inclusive and diverse culture, and accelerate growth through new and existing strategies,” Jon Winkelried, TPG CEO.
TPG was advised by Ardea Partners, JP Morgan, Morgan Stanley, Cleary Gottlieb Steen & Hamilton (led by Adrian Leipsic, Elizabeth Dyer and Maurice Gindi), Davis Polk & Wardwell (led by David H. Schnabel), Shearman & Sterling (led by John J Cannon III and Gillian Moldowan), Weil Gotshal and Manges (led by Brian Parness and Harvey Eisenberg), Freshfields Bruckhaus Deringer (led by Ethan A. Klingsberg) and Joele Frank (led by Ed Trissel and Greg Klassen). Angelo Gordon was advised by Goldman Sachs, Piper Sandler, Paul Weiss Rifkind Wharton & Garrison (led by Marco V. Masotti, Steven Williams, Samuel Welt and Maury Slevin), Sullivan & Cromwell (led by Stephen M. Kotran) and Gasthalter & Co (led by Nathaniel Garnick and Amanda Shpiner).
Sculptor Capital Management said major shareholder and founder Dan Och and his group agreed to a sweetened deal from Rithm Capital, in what may be the deciding bid for the struggling hedge fund, Bloomberg reported.
Rithm's amended offer increased the bid to $12.70 a share from $12.00. It values Sculptor at about $720m.
New Relic, the all-in-one observability platform for every engineer, announced that its stockholders have voted to approve the acquisition of New Relic by Francisco Partners and TPG in a special meeting held yesterday. As previously announced, under the terms of the merger agreement, New Relic stockholders will receive $87 per share in cash for each share of New Relic common stock that they own.
New Relic is advised by Qatalyst Partners, Freshfields Bruckhaus Deringer (led by Sarah Solum), Latham & Watkins (led by Tad Freese and Mark M. Bekheit), Morrison & Foerster (led by Spencer Klein) and Joele Frank (led by Kelly Sullivan, Adam Pollack, Matthew Sherman and Kaitlin Kikalo). Francisco Partners is advised by Goldman Sachs, JP Morgan, Moelis & Co, Morgan Stanley, Davis Polk & Wardwell (led by Oliver H. Smith and Darren M. Schweiger), Kirkland & Ellis, Paul Hastings (led by Mike Kennedy and Jeffrey Wolf) and Sloane & Company (led by Whit Clay).
Gamut Capital-backed Davis-Standard, a supplier of extrusion and converting systems agreed to acquire Extrusion Technology Group, an extrusion equipment and services company, from Nimbus, a private equity firm. Financial terms were not disclosed.
"We have long admired ETG's capabilities and highly engineered products and are thrilled to welcome ETG into the Davis-Standard family of brands. The acquisition of ETG will be highly complementary and diversifying to our fast-growing enterprise, and we believe it will allow Davis-Standard to provide a broader and deeper product portfolio to our customers. We intend to establish the ETG business as a standalone segment that will continue to serve its base of customers with additional support and capabilities from the broader Davis-Standard platform. We believe that the combination of our world-class engineering capabilities, our global scale, and the sharing of best practices will only enhance our ever-expanding value proposition in the extrusion value chain," Giovanni Spitale, Davis-Standard CEO.
Davis-Standard is advised by Current Capital, Deutsche Bank and Kirkland & Ellis. Debt financing is provided by BMO Capital Markets, Citizens M&A, Deutsche Bank, Stifel, UBS and Wells Fargo Securities. Gamut Capital is advised by Prosek Partners. Nimbus is advised by Lincoln International and Allen & Overy.
Brookfield Infrastructure Partners, a company that engages in the acquisition and management of infrastructure assets, agreed to acquire Cyxtera, a leader in data center colocation, interconnection services, and digital infrastructure, for $775m.
“We are pleased to reach this agreement with Brookfield, which represents a favorable path forward for our customers, partners, and employees. Throughout our restructuring process, our business has continued to perform well, a testament to our customers’ confidence in our team and our innovative data center platform. This agreement and the changes to the data center portfolio, most importantly our increased facility ownership, will enable us to build on our business momentum and better position Cyxtera for the future," Nelson Fonseca, Cyxtera Chief Executive Officer.
Cyxtera is advised by AlixPartners, Guggenheim Partners, Kirkland & Ellis and Joele Frank (led by Aaron Palash). Brookfield is advised by Moelis & Co, TD Securities, Wells Fargo Securities and Paul Weiss Rifkind Wharton & Garrison (led by Edward Ackerman).
Tabula Rasa, a healthcare company advancing personalized, comprehensive care for value-based organizations, announced that its stockholders approved the previously announced acquisition by Nautic Partners.
"We are happy to have the strong support of Tabula Rasa's stockholders who recognize the value of bringing us together with Nautic's ExactCare portfolio company to advance our ability to partner with risk-bearing healthcare organizations serving those with complex care needs. This combination will extend our reach and position us to take advantage of existing and emerging opportunities within and adjacent to our core PACE market," Brian Adams, TRHC President and CEO.
X-energy, a developer of commercial nuclear energy reactors, and Ares Acquisition, a special purpose acquisition company, mutually terminated a $1.8bn SPAC merger.
"I am deeply proud of the remarkable business that the X-energy team has built, and I am confident in the company's future as a global clean energy leader. Both X-energy and AAC recognize the challenges presented by the current financial market environment and the opportunity for X-energy to continue forward as a private company. I remain confident in X-energy's attractive value proposition, and I appreciate the support we have received from AAC and other investors. X-energy is as committed as ever to delivering clean, safe and secure energy solutions that can meet the demand from communities around the world," Kam Ghaffarian, X-energy Founder and Executive Chairman.
KKR, a private equity firm, completed the acquisition of Simon & Schuster, a printing services company, from Paramount, a mass media and entertainment conglomerate, for $1.62bn.
"This is an exciting moment for us—both a return to our roots as a standalone company and an opportunity for all of us to forge a new path together. With KKR's resources and support, we intend to become an even stronger company and a more dynamic force in our industry, while still maintaining our well-established record of editorial excellence and independence, and our unceasing focus on doing the best for our authors and their books. I know that we will build on that legacy going forward," Jonathan Karp, Simon & Schuster President and CEO.
FVLCRUM Funds, a private equity firm, and Channing Johnson, completed the acquisition of Burrell Communications, a full service marketing and communications agency. Financial terms were not disclosed.
"We are truly excited for Burrell's next chapter. It was pivotal to Fay and me to transition the company to a team that would be committed to investing in the agency, growing its capabilities and reach in the years ahead and maintaining the talent and culture that makes Burrell special," McGhee Osse, Burrell Communications Co-CEO.
Burrell Communications is advised by Oaklins DeSilva+Phillips, Davis & Gilbert and Loeb & Loeb. FVLCRUM Funds is advised by Vaughan Capital Advisors, Jones Day and Katten Muchin Rosenman.
A consortium of investors including Greenbacker Capital, Sunstone Credit, IGS Ventures and Cross River Bank, agreed to acquire Sunlight Financial, a technology-enabled point-of-sale finance company. Financial terms were not disclosed.
"We are excited for Sunlight's future. Our agreement and transaction with our current partners and the consortium is a strong vote of confidence in Sunlight's platform and the company's growth prospects. Sunlight will emerge from this process in a stronger position, with the resources to invest in our platform and our people, both in service of our partners," Matt Potere, Sunlight Financial CEO.
Sunlight Financial is advised by Alvarez & Marsal, Guggenheim Partners and Weil Gotshal and Manges. The consortium is advised by Locke Lord. Cross River Bank is advised by Piper Sandler and Paul Weiss Rifkind Wharton & Garrison.
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EagleTree Capital, a private equity firm, completed the acquisition of MMGY Global, an integrated marketing firm, from Peninsula Capital, a private investment company. Financial terms were not disclosed.
"We are deeply impressed with MMGY Global's data-driven approach to travel marketing and PR. Katie, Clayton and the entire team have built an impressive platform which is helping evolve the face of travel. We look forward to working with them to help expand the business to its full, global potential," Michael Struble, EagleTree Senior Partner.
MMGY Global was advised by BrightTower, PricewaterhouseCoopers, Foley & Lardner and RSM International. EagleTree was advised by Alvarez & Marsal and Jones Day (led by Andrew M. Levine).
AMETEK, a provider of industrial technology solutions, agreed to acquire Paragon Medical, a provider of highly engineered medical components and instruments, from American Securities, a private equity firm, for $1.9bn.
"We are excited for the opportunity to acquire such an outstanding business. Paragon meaningfully expands our presence in the MedTech space and provides us access to attractive new market segments with strong growth rates. Its products and capabilities nicely complement AMETEK's existing medical businesses enabling geographic and customer expansion opportunities," David A. Zapico, AMETEK Chairman and CEO.
Paragon is advised by Jefferies & Company and Piper Sandler. American Securities is advised by Hunton Andrews Kurth, Weil Gotshal and Manges (led by Ryan Taylor and Douglas P. Warner) and Prosek Partners.
TJC, a middle-market private equity firm, completed the acquisition of the Delrin business of DuPont, an American multinational chemical company, for $1.8bn.
"Today's announcement largely completes our planned exit of the former M&M segment, advancing our position as a premier multi-industrial company. This transaction is structured to maximize value for our shareholders, providing significant cash proceeds at close to be deployed in line with our strategic priorities while providing an opportunity for DuPont to participate in future upside potential upon exit of our retained equity interest in the Delrin business," Ed Breen, DuPont Executive Chairman and CEO.
Hubbell, a company that designs, manufactures, and sells electrical and electronic products, agreed to acquire Systems Control, a manufacturer of substation control and relay panels, from Comvest Partners, a middle market private equity and credit investment firm, for $1.1bn.
"This acquisition enhances Hubbell Utility Solutions' industry-leading franchise across utility components, communications and controls. Systems Control has a strong track record of financial performance and is highly complementary to Hubbell's portfolio, enabling us to deliver additional value to our core utility customers while enhancing our overall growth and margin profile for shareholders," Gerben Bakker, Hubbell Chairman, President and CEO.
Systems Control is advised by Harris Williams & Co, Lincoln International and McDermott Will & Emery. Hubbell is advised by Morgan Stanley and Wachtell Lipton Rosen & Katz (led by Joshua Cammaker and John L. Robinson).
Wilshire, a global financial services firm, agreed to acquire Lyxor Asset Management, an investment advisor, from Amundi, an asset manager. Financial terms were not disclosed.
"The alternatives space is a key area of strategic focus for Wilshire and an important part of many investment portfolios. This acquisition furthers our goal of delivering innovative alternative investment solutions to our client base and will provide Lyxor US clients with access to Wilshire's asset allocation and investment research insights, portfolio construction capabilities, and more. Together with Lyxor US's leading alternatives platform and talented team, we will have an enhanced ability to deliver compelling investment opportunities for our clients," Jason Schwarz, Wilshire Deputy CEO and President.
Wilshire is advised by Solomon Partners, Kirkland & Ellis and Prosek Partners. Amundi is advised by PJT Partners and Clifford Chance.
Greenbelt Capital, Schroders Capital, StepStone Group and Wafra, the investors, completed the acquisition of Saber Power Services, a fully integrated, substation and medium-to-high-voltage infrastructure services platform, from Oaktree Capital, a private equity firm. Financial terms were not disclosed.
“With over a decade of experience, the Saber Power team has demonstrated its ability to provide a safe, reliable and high-performance service offering that excels in complex environments. We are excited for Saber’s next chapter and believe this investment from Greenbelt demonstrates the market leading position of our business and our customers’ trust in the quality of our work. We look forward to partnering with Greenbelt to unlock more efficient and resilient electrical infrastructure across the country,” Brian Bratton, Saber CEO.
Saber Power Services was advised by Harris Williams & Co and Kirkland & Ellis (led by Hamed Meshki, Karen Flanagan and Guirgis Nasief). Greenbelt Capital was advised by Latham & Watkins (led by Justin Stolte) and Prosek Partners. Debt financing was provided by Blackstone Credit.
Bernhard Capital Partners, a services and infrastructure-focused private equity management firm, agreed to acquire the gas distribution business of Entergy, a Fortune 500 integrated energy company, for $484m.
"We are pleased to partner with Bernhard Capital, who shares our values around employee engagement, safety and reliability performance, quality customer service and local community investment. This agreement allows us to continue our strategy of simplifying operations and focusing on our regulated electric utility business for the benefit of our customers. Our gas utilities and dedicated gas employees have been and continue to be an integral part of Entergy, which is why it was imperative to approach this decision with thoughtful and deliberate consideration. I want to thank our employees for their hard work and accomplishments," Drew Marsh, Entergy Chairman and CEO.
General Atlantic, a growth equity firm, led a $200m Series B round in QI Tech, a direct credit company approved by the Brazilian Central Bank, with participation from Across Capital.
"This new partnership lays the foundation for the size of the opportunity we are pursuing. We plan to use the new capital to strengthen our leadership position in Brazil, keeping an eye on potential local opportunities and executing an aggressive growth strategy for each business unit," Pedro Mac Dowell, QI Tech Founder and CEO.
QI Tech was advised by JP Morgan, Vinci Partners and Freitas Leite. General Atlantic was advised by Paul Weiss Rifkind Wharton & Garrison (led by Matthew W. Abbott and Ellen N. Ching).
Blackstone, an alternative investment management company, and Vista Equity, a private equity firm, agreed to acquire Energy Exemplar, a simulation software provider for the global power market, from The Riverside Company, a private investment firm focused on the smaller end of the middle market. Financial terms were not disclosed.
“We’re incredibly proud of our partnership and accomplishments with Energy Exemplar over the past six years. During our partnership with EE’s Founder Glenn Drayton, we recruited CEO David Wilson and built an effective international management team and grew the employee base by 7x. We also scaled a small Adelaide-based software business into 79 countries with major offices in India, United Kingdom, North America and Singapore by establishing a global presence in sales, marketing, customer support and product development," Simon Feiglin, RAF Managing Partner.
Just Climate, an investment business that focuses on climate solutions, led a $185m Series E round in Infinitum, a creator of the sustainable air-core motor, with participation from Galvanize Climate Solutions, NGP, Alliance Resource Partners, Rockwell Automation, Riverstone, Chevron Technology Ventures, Cottonwood Technology Fund and Ajax Strategies.
“We believe replacing millions of outdated, single-speed motors with higher-efficiency, variable speed motors is key to helping the industrial sector meet sustainability objectives and solving the net zero challenge. Infinitum’s motors are a disruptive, high-impact solution that can be produced at scale and easily implemented to benefit industry through reduced energy consumption and waste. We’re pleased to welcome Infinitum’s team to our portfolio of climate-focused companies and be a part of their growth journey," Benoit Grobon, Just Climate Director.
Infinitum was advised by Evercore, Wilson Sonsini Goodrich & Rosati and Activate Pr Marketing.
Hull Street Energy, a private equity firm, agreed to acquire EF Oxnard, a nominal 48 MW simple cycle, gas-fired facility, from Atlantic Power & Utilities, a power generation and infrastructure company. Financial terms were not disclosed.
"The EF Oxnard plant and its excellent employees will be a high-quality addition to Hull Street Energy's transition. Hull Street Energy looks forward to working with employees and stakeholders to provide efficient, reliable support for California grid operations as the region continues to decarbonize," Hull Street Energy.
Hull Street Energy is advised by Troutman Pepper. Atlantic is advised by Sidley Austin.
Gemspring Capital, a private equity firm, completed the acquisition of InflowCX, an IT consulting services provider. Financial terms were not disclosed.
"As we have scaled our business to meet the increasing – and evolving – needs of our customers, becoming part of the Amplix platform will allow us to introduce expanded offerings and innovative solutions that will directly benefit the enterprise organizations we support and advise. I look forward to working closely with Joe and the Gemspring team to support the long-term growth and success of the combined business," Ken Smith, InflowCX CEO.
InflowCX was advised by Lazard. Gemspring Capital was advised by Joele Frank.
Blue Owl Capital, an alternative asset management firm, agreed to acquire Cowen Healthcare Investments, a venture capital investment firm, from Cowen Investment Management, an American multinational investment bank and financial services firm. Financial terms were not disclosed.
"CHI is a well-respected team within Life Sciences whom I've had the privilege of getting to know over the years," Sandip Agarwala, Blue Owl Capital Managing Director.
Blue Owl Capital is advised by SMBC Nikko Securities.
Nexus Capital Management, a private equity firm, agreed to acquire a 65% stake in Dollar Shave Club, a male grooming products maker, from Unilever, an FMCG company. Financial terms were not disclosed.
"We are thrilled to acquire Dollar Shave Club, based on its strong brand loyalty, pioneering DTC model, and omni-channel presence. We see growth potential and will invest in cutting-edge marketing, product quality and new innovations. Dollar Shave Club will also serve as a platform for additional brands with a similar DNA. We are excited to work with Dollar Shave Club employees to drive accelerated growth and welcome Unilever's continued partnership," Michael Cohen, Nexus Capital Partner.
Unilever is advised by Morgan Stanley.
abrdn, an investment company, completed the acquisition of the healthcare fund management capabilities of Tekla Capital Management, a registered investment adviser. Financial terms were not disclosed.
"We have been clear that we will continue to invest in opportunities where we see capabilities that we need and that offer compelling value, and this acquisition strongly meets our criteria. Tekla is a leader in a field that offers compelling long term growth prospects, supported by demographic trends and the growing role of technology in healthcare. With £2.6bn ($3.1bn) AUM, resilient revenue dynamics, and deep expertise in a market with attractive structural drivers, this deal represents another important step forward for our Investments business," Stephen Bird, abrdn CEO.
Percheron Capital, a private equity firm, completed the acquisition of SafeBasements, a foundation repair and basement waterproofing services company. Financial terms were not disclosed.
"The SafeBasements team has built an impressive business as demonstrated by their consistent organic growth, dedicated employee base and differentiated operating model. We look forward to partnering with Deb and combining her impressive track record of scaling home services businesses with Percheron's essential services expertise and deep operational capabilities to support SafeBasements' next phase of growth," Chris Lawler, Percheron Co-Founder and Managing Partner.
Percheron was advised by Joele Frank (led by Woomi Yun).
TransAlta, an electricity power generator and wholesale marketing company, agreed to acquire Heartland Generation, a power generation company, from Energy Capital Partners, an American investment firm, for $658m.
"With this acquisition we are pleased to announce the addition of highly flexible and complementary assets to our Alberta portfolio. As the energy transition continues to drive new investment in renewables in the Province, our assessment is that the market will require low-cost, highly flexible and fast-responding generation, which will be supportive to grid reliability over the coming years. This transaction will support us in maintaining our competitive positioning and ensure we have a robust and diversified portfolio, which together with our marketing capabilities, can complement and support a cleaner grid," John Kousinioris, TransAlta President and CEO.
IDEX, a provider of applied solutions and serves niche markets, agreed to acquire STC Material Solutions, an integrated provider of advanced material science solutions from Artemis, a fund manager, for $206m.
"STC Material Solutions expands our growing expertise in material sciences and offers significant opportunities to collaborate with other IDEX critical components businesses on comprehensive solution sets for customers. We see STC as an excellent fit with our growth strategy, possessing IDEX qualities throughout, including highly-engineered products developed and built with expertise that commands a premium. We continue to prioritize the identification and completion of high-quality acquisitions like this. Our extended M&A team has developed a strong funnel of excellent prospective additions that will continue to put our strong balance sheet to work," Eric Ashleman, IDEX CEO and President.
US Innovative Technology Fund and Riot Ventures, two investors, led a $200m in Series F round in Shield AI, a defense technology company building AI pilot for aircraft, with participation from ARK Invest, Disruptive and Snowpoint.
"We're building the world's best AI pilot to ensure air superiority and deter conflict because we believe the greatest victory requires no war. This funding accelerates the scaling of Shield AI's products, enabling the deployment of intelligent, affordable mass—the most important non-nuclear deterrent for the next 30 years," Brandon Tseng, Shield AI President and Co-Founder.
Closed Loop Partners, an investment firm, agreed to acquire a majority stake in Sage Sustainable Electronics, an IT asset management and disposition provider. Financial terms were not disclosed.
"Sage Sustainable Electronics' work to safely increase reuse and proper disposition in the ITAD space is critical to ensuring valuable materials, such as IT assets, do not end up wasted in landfills or the natural environment. E-waste represents a massive loss of value that we can recover through more efficient reuse and recycling. We are proud to partner with the Sage team and support their continued growth as one of the leading IT Asset Disposition providers in North America," Karine Khatcherian, Closed Loop Partners Managing Director.
Carlyle to explore sale of men's grooming brand Every Man Jack.
Carlyle Group is preparing to explore a sale of Every Man Jack, a men's personal-care company that could be worth around $400m, Reuters reported.
Carlyle, a private equity firm, has been interviewing investment banks to hire a financial advisor that will run a sale process for Every Man Jack.
Every Man Jack generates more than $100m in annual revenue.
Silver Lake, Thoma Bravo-backed SolarWinds is weighing potential sale.
SolarWinds, a publicly traded software company controlled by Silver Lake Management and Thoma Bravo, is exploring options including a potential sale, Bloomberg reported.
The Austin-based company is working with financial advisers to prepare a sale process that is expected to kick off early next year. No final decision has been made and SolarWinds could opt to remain independent.
Fortress approached Whitestone REIT about a takeover.
Fortress Investment Group has approached retail landlord Whitestone REIT about a takeover, Bloomberg reported.
Whitestone, which had a market capitalization of $459m at the close of trading Wednesday, rebuffed the alternative-asset manager.
Blackstone's $66bn real estate trust limits redemptions for the 12th month.
Blackstone's $66bn real estate trust limited investor redemptions for a 12th straight month in October. Blackstone Real Estate Income Trust's investors sought to pull $2.2bn last month, compared with $2.1bn in September. BREIT returned about $1.3bn to investors, or about 56% of what was requested, the "highest payout percentage" since redemptions were restricted last year, Bloomberg reported.
The real estate trust is a colossus in US property markets, with its reach spanning from apartments to data centers. In late 2022, BREIT curbed withdrawals after redemption requests picked up and its wealthy clients became jittery about having money locked into commercial real estate. Property values have fallen as the costs of borrowing increased with the Federal Reserve's rate hikes.
KKR says asset-based debt among top private credit opportunities.
Corporate lending has made up the bulk of activity in the booming $1.6tn private credit market so far, but now investors are beginning to pour money into other niches — particularly asset-based debt, Bloomberg reported.
"We're starting to see more awareness of asset-based finance and are seeing investors allocating to asset-based finance assets for the first time. Direct lending is unlikely to grow as fast because it's grown so much already," Dan Pietrzak, KKR Global Head of Private Credit.
Ares Management closes $6.6bn Pathfinder II Alternative Credit Fund.
Ares Management, a global alternative investment manager, closed the Ares Pathfinder Fund II at $6.6bn in commitments. The fund was oversubscribed and closed at its hard cap, which exceeded its $5bn target and was approximately 80% larger than the predecessor fund which had total commitments of $3.7bn. The fund held its final closing only seven months following its first closing in March 2023.
"We are deeply grateful for the continued support from our investors. In our view, their trust and confidence in Ares Alternative Credit is a testament to the team's success in executing on their behalf and creating value across a range of market and economic environments," Keith Ashton, Ares Alternative Credit Partner and Co-Head.
AIP closes fund VIII at $5bn hard cap.
American Industrial Partners, a New York-based industrial-focused private equity firm, has closed its oversubscribed eighth fund, American Industrial Partners Capital Fund VIII, at its hard cap of $5bn in Limited Partner commitments.
Fund VIII secured support from the firm's long-term existing investor base of pension plans, sovereign wealth funds, insurance companies, endowments, fund of funds, gatekeepers, and family offices, as well as new investors.
The new fund will follow AIP's existing investment strategy, which primarily focuses on improving operations and growing the earnings of industrial companies by deploying the its operational and engineering capabilities.
Trivest closes largest fund at its $1.3bn hard cap.
Trivest Partners announced the closing of Trivest Recognition Fund at its hard cap with over $1.3bn of total capital commitments that will seek to generally invest in platform companies with EBITDA above $15m.
Despite a crowded private equity fundraising market, Trivest received significant support from both its established investor base and a number of new investors. The Fund includes a diversified mix of limited partners including endowments, corporate and public pensions, insurance companies, funds of funds, family offices and individuals, including more than 40 founders and CEOs of current and former Trivest investments. Recognition represents Trivest’s twelfth institutional private equity fund and brings Trivest assets under management to approximately $5.5bn.
Charlesbank targets $1.2bn for a third opportunistic credit fund.
Charlesbank Capital Partners is aiming to raise $1.2bn for its third opportunistic credit fund, looking to invest in new corporate loans as well as to purchase them from other private credit shops to take advantage of market dislocations.
The fundraising, which so far has closed on a commitment of $1.2bn, is looking to wrap up early next year. The fund has already deployed $900m. Credit Opportunities Fund III will focus mainly on direct lending debt, often defined as senior secured loans to risky companies, that range from performing to stressed and distressed.
Brynwood Partners closes ninth fund at $750m.
Brynwood Partners, a private equity firm focused on control investments in consumer product businesses, has closed its ninth fund, Brynwood Partners IX, with over $750m of capital commitments, making it the firm's larger fund to date.
The fund secured support from a diverse group of investors including pension funds, insurance companies, fund-of-funds, endowments, foundations, and family offices. Consistent with prior funds, Brynwood Partners IX will target control investments in consumer products businesses based in North America.
GCM Grosvenor closes $882m infrastructure fund.
GCM Grosvenor has successfully closed its CIS III fund with committed capital of $882m, marking a 37% increase from the previous CIS II fund. This latest close has propelled the firm's total infrastructure fundraising to an impressive $7.8bn since 2021.
The Chicago-based global investment and advisory firm manages approximately $13bn in infrastructure assets as of the second quarter of 2023, and around $76bn in total assets under management across various investment strategies including private equity, real estate, credit, and absolute return. Scott Litman, Managing Director of Infrastructure Investments at GCM Grosvenor, attributed this success to the firm's unique global sourcing strategy and flexible investment implementation approaches. The fund aims to offer diversified opportunities across multiple sub-asset classes such as transportation, energy transition, digital infrastructure, battery storage, and e-commerce logistics.
EMEA
DIF Capital, an infrastructure fund manager, and EDF Invest, a private equity firm, agreed to acquire Fjord 1, a floating bridge operator from, Vision Ridge, a sustainable real assets investor, and Havila, an investment company. Financial terms were not disclosed.
"We're very excited to invest in Fjord1, which is operating under a concession-based model, and which is a leader in delivering environmentally friendly and reliable ferry transportation in Norway. We look forward to working with our partner EDF Invest and the company's management team to continue to invest in new vessels as Fjord1 continues to grow its electrified fleet to support the energy transition of the ferry industry," Gijs Voskuyl, DIF Partner.
DIF Capital and EDF Invest are advised by Roland Berger, Cantor Fitzgerald, Deutsche Bank, Jefferies & Company, PricewaterhouseCoopers, Allen & Overy, Wikborg Rein and Arup. Vision Ridge and Havila are advised by Rothschild & Co and Ropes & Gray. Vision Ridge is advised by Gasthalter & Co (led by Amanda Shpiner).
Apax Partners, a British private equity firm, agreed to acquire WGSN, a trend forecasting company, from Ascential, a British business-to-business media business specializing in exhibitions & festivals and information services, for $848m.
"The Board firmly believes that the proposed sales of Digital Commerce and WGSN represent excellent value for shareholders, including the return of a significant portion of the combined proceeds. Furthermore, these actions are compelling in that they will enable us to achieve the objectives of the strategic review, addressing the distinct investment propositions of Ascential's three businesses, while also better positioning each business to achieve their growth ambitions," Scott Forbes, Ascential Chairman.
Ascential is advised by JP Morgan, Numis Securities, Rothschild & Co, Slaughter & May, Travers Smith and FTI Consulting (led by Matt Dixon). Debt financing is provided by JP Morgan and Numis Securities. Debt providers are advised by Latham & Watkins.
Ahold Delhaize, a Dutch-Belgian multinational retail and wholesale holding company, agreed to acquire Profi Rom Food, a Romanian grocery retailer, from Mid Europa Partners, a private equity firm, for €1.3bn ($1.37bn)
The acquisition will more than double the size of Ahold Delhaize's existing Romanian business, which operates under the Mega Image brand and has 969 stores, predominantly in urban areas. The combination will complement and expand Ahold Delhaize's existing Romanian footprint to better serve both urban and rural areas.
Ahold Delhaize is advised by Bank of America, Goldman Sachs, CMS and Guia Naghi & Partners. Mid Europa is advised by Ernst & Young, Beragua, Citigroup, Radu Taracila Padurari Retevoescu and White & Case.
Morgan Stanley Infrastructure Partners, an infrastructure investment platform focused on the acquisition of private infrastructure assets, completed the acquisition of Valoriza Servicios Medioambientales, a waste management firm, from Sacyr, a Spanish infrastructure operator and developer company based in Madrid, for €734m ($789m).
“As a well-established player in the waste sector with over 20 years of experience, we believe Valoriza, with its innovative environmental services offering, is well placed to contribute to the transformation of the Spanish waste market. We look forward to working with the company’s entrepreneurial management team to continue serving the local municipalities and further expanding the company’s waste treatment division," Alberto Donzelli, MSIP Co-Head of Europe.
Blackstone, a private equity firm, agreed to acquire 24 properties of Corem Property Group, a real estate services firm, for $104m.
The property portfolio consists of properties located in Stockholm, Jönköping, Malmö and Norrköping. The transaction frees up capital to strengthen Corem's long-term financial capacity, as well as for prioritized investments.
Blackstone is advised by CBRE Group, PricewaterhouseCoopers, Roschier Attorneys, Simpson Thacher & Bartlett and Arcadis. Corem Property is advised by Walthon Advokater.
RTW Biotech, an investment fund, agreed to acquire a 25.5% stake in Arix Bioscience, a global venture capital firm that invests in biotechnology firms, from Acacia Research, a capital platform that purchases businesses, for $57m.
"Acquiring Arix's complementary life science assets is a step-change accelerator to our vision for RTW Bio to be a UK-listed fund with meaningful scale that invests in innovative life science businesses in the UK and globally. The scale that this transaction creates could not be better timed with the unprecedented life science market conditions, the accelerating medical innovation, industry trends that play into RTW's core strengths. This transaction creates value and opportunity for both RTW Bio and Arix shareholders and positions all shareholders for future upside," Roderick Wong, RTW Managing Partner and CEO.
Equinox Industries, a Paris-based industrial holding company that makes long-term majority equity investments, completed the acquisition of the French business from Clear Channel Outdoor, a provider of dynamic advertising platform. Financial terms were not disclosed.
"Clear Channel's Board of Directors and management team are focused on delivering profitable growth, strengthening our balance sheet and further demonstrating the operating leverage of our model. Following the sale of our business in France, we have divested, or have agreed to divest, all of our Europe-South segment operations. We continue to take meaningful action to optimize our portfolio and improve our capital structure, including initiating a process to sell our Europe-North segment and conducting a strategic review of our Latin American businesses. We are committed to acting in the best interests of our shareholders and to driving value creation," Scott Wells, Clear Channel Outdoor CEO.
Clear Channel Outdoor was advised by Deutsche Bank, Moelis & Co, and FGS Global (led by Hayley Cook).
Asset manager Macquarie said it did not intend to make another offer for Renewi after the London-listed waste management company rejected its sweetened bid.
Following multiple attempts to engage with Renewi's board, all of which were rejected, Macquarie said it was not in an informed position to make an offer for the firm.
Macquarie is advised by Citigroup, Linklaters and Citigate Dewe Rogerson.
GIC, a sovereign wealth fund established by the Government of Singapore, completed the acquisition of a 35% stake in Hotel Investment Partners, a privately held Spanish hospitality company, from Blackstone, an American multinational private equity company. Financial terms were not disclosed.
"This partnership with GIC, alongside the controlling interest from Blackstone, is a further vote of confidence in the HIP business and the resort hospitality sector in Europe. The partners' cumulative size, scale and capital will bolster our ability to continue the transformation of the hotel landscape in Southern Europe. The fundamentals of the Southern European hotel market continue to be strong with revenue booked for the balance of the year over 20% ahead of last year," Alejandro Hernández-Puértolas, Hotel Investment Partners Founder and CEO.
Hotel Investment Partners was advised by Eastdil Secured and Morgan Stanley.
Private equity firms Inflexion and Endicott Capital agreed to invest in the legal tech business of Allen & Overy, a British multinational law firm headquartered in London. Financial terms were not disclosed.
"The sector is one we've tracked for some time as heightened regulatory scrutiny and complexity have led to growing demand for efficiency and thus outsourcing in legal spend. We have been very impressed by what Marc-Henri and his team, with the support of A&O, have built. The quality of aosphere's offering and its reputation in the market are truly unique. We see incredible potential in continuing to expand the platform and are excited to partner with Marc-Henri and A&O to continue this journey together," David Whileman, Inflexion Partner and Head of Partnership Capital.
Allen & Overy is advised by Lazard.
GLIL Infrastructure, an alternative investment fund, agreed to acquire a 16.67% stake in Cornerstone, a telecommunication company that offers site design, acquisitions, construction, infrastructure, and maintenance services, from Virgin Media O2, an investor firm that provides mobile services, for £360m ($438m).
"Selling a minority stake in Cornerstone is a logical move for us. We are partially monetising our tower infrastructure, while retaining operational and strategic co-control in a key asset as we roll out 5G to more of the country and boost 4G connectivity. This deal aligns perfectly with our core infrastructure and capital allocation strategy which sees Virgin Media O2 continue to invest in the UK to expand and upgrade our next generation fixed and mobile footprints. As a trusted UK centric investor, GLIL is the best long-term partner for Virgin Media O2 at Cornerstone," Lutz Schüler, Virgin Media O2 CEO.
Blackstone, an American multinational private equity firm, completed the acquisition of Vega, an 841-bed student accommodation property in London’s Vauxhall district, and The Mont, a 324-bed student accommodation property in central Edinburgh, for £370m ($450m).
Blackstone Real Estate Income Trust’s investors sought to pull $2.2bn last month, compared with $2.1bn in September. BREIT returned about $1.3bn to investors, or about 56% of what was requested, the “highest payout percentage” since redemptions were restricted last year.
A consortium of investors, including Sequoia Capital, STV, Mubadala Investment Capital, PayPal Ventures and Arbor Ventures, led a $200m Series D round in Tabby, a buy now, pay later platform.
“We’ve seen pretty incredible growth over the last year. And with that, we saw a lot of inbound interest from investors that I think always saw value in the BNPL model. Despite seeing the challenges with the model in other markets, there was that interest in understanding why this market is different and why we’ve grown profitably,” Hosam Arab, Tabby Founder and CEO.
Italy rebuffs alternative Telecom Italia plan, sticks to KKR.
The sale of Telecom Italia's domestic retail operations and Brazilian unit could raise at least €16bn ($17bn). The suggested sales are key planks of a revamp plan put forward by former TIM deputy general manager Stefano Siragusa and London-brd investment firm Merlyn Advisors, who together own under 3% of TIM, Reuters reported.
Merlyn and Siragusa are challenging TIM's plan to sell its landline grid to US fund KKR. The grid sale is backed by Giorgia Meloni's conservative government, which has authorised the Treasury to buy a 15-20% stake in the asset it deems strategic.
The Italian government rejects any proposal that is different to its previously announced strategy, reiterating that the government strategy is also aimed at retaining control of a strategic asset. Italy holds a stake of about 10% in Telecom Italia through state-backed lender Cassa Depositi e Prestiti.
EQT revives talks to acquire Global Switch in a $6.5bn deal.
EQT has resumed seeking to acquire Global Switch in a deal that could value the data center company at around $6.5bn, months after earlier talks stalled over disagreements on valuation, Bloomberg reported.
The private equity firm is in discussions with Global Switch's Chinese owners about a potential deal. An agreement could be reached in the coming months depending on the outcome of the due diligence.
Lloyds rejects latest bid by Barclay family for UK's Telegraph.
Lloyds Banking Group has turned down the latest bid from the Barclay family to reclaim the Telegraph newspaper as it looks to reassure potential bidders in an ongoing auction process, Bloomberg reported.
The lender rejected a £1bn ($1.2bn) offer backed by a Middle East investor. The bank has told the family to either bid in the auction or return with a transparently funded offer for the full amount it owes.
Hg prepares possible 2024 sale of F24.
Hg is weighing options, including a sale, for its German software business F24 next year. Hg is also weighing only selling part of its majority stake in the process, which is likely to target other private equity firms.
F24's emergency notification software, which can be used by governments to alert citizens of a major incident, has seen rapid growth in recent months, and the company could be valued at up to $1.1bn. Deliberations are at an early stage and sale plans may not materialise if market conditions deteriorate, Reuters reported.
RedBird weighs sale of French football club Toulouse.
RedBird Capital Partners is considering a potential sale of French football club Toulouse FC. The US investment firm is in the early stages of studying the feasibility of a sale of the team, Bloomberg reported.
Aurelius in talks to buy The Body Shop.
Private equity investor Aurelius Group is in talks to buy beauty products chain The Body Shop, which has been put up for sale by its Brazilian owner Natura & Co, Reuters reported.
If completed, the deal is expected to value The Body Shop at a lower price than the £400m-£500m ($485m-$606m).
Investcorp Capital seeks up to $403m in UAE listing.
Investcorp Capital and the Middle East's biggest alternative asset manager, its parent, are looking to raise as much as $403m in an Abu Dhabi initial public offering, Bloomberg reported.
The price range for the investment vehicle was set at $0.52 to $0.63 per share, according to a statement on November 2. Investcorp is selling 322m shares in Investcorp Capital, which is offering another 322m new shares in the IPO. Together, that represents about a 29.3% stake.
The IPO was covered on the total size within an hour of opening books. However, over 60% of the offering is being bought by one special-purpose vehicle as a cornerstone investor.
Abingworth raises $356m for its Clinical Co-Development Co-Investment Fund.
Abingworth, an international life sciences investment group and part of global investment firm Carlyle, announced the final closing of its new Clinical Co-Development Co-Investment Fund at $356m.
Abingworth Clinical Co-Development Co-Investment Fund was significantly oversubscribed, exceeding its target of $300m. Alongside the Abingworth Clinical Co-Development Fund 2, a fund of $583m, Abingworth has raised over $930m in new funds since 2021 to invest in the development of late-stage clinical programs from pharmaceutical and biotechnology companies in the US, UK, Europe, and Asia-Pacific, and create innovative therapeutics with potential to significantly improve human health.
Northern Gritstone holds final close at $378m.
Northern Gritstone, an investment business focused on university spin-outs and IP-rich businesses in the North of England, has held its final close with $378m in capital commitments, anchored by investments from local authority pension funds.
The company has already announced investments in 15 companies in the region across advanced materials, health technology and AI as part of deals that have contributed nearly $121m in funding.
Northern Gritstone says it will continue to increase its investments in these areas, tapping into the pipeline of developments in the North of England that include some of the UK's most exciting future science and technology-enabled businesses.
Arcano Partners launches new air transport investment fund.
Arcano Partners has launched the Arcano Aviation Fund, a new investment vehicle specialising in investments in the transportation industry with a particular focus on long-term income assets in the global aviation sector.
The fund, which is aimed at both institutional and private banking investors, has a target of approximately €100m ($105m), although total investment could reach up to €150m ($158m) with the addition of other complimentary investment vehicles, according to a press statement.
APAC
Origin Energy's largest shareholder said it plans to vote against a Brookfield-led consortium's $9.78bn takeover offer for the company, casting doubt on the bid's future weeks ahead of a shareholder vote on the deal, Reuters reported.
AustralianSuper, the country's largest pension fund, owns a 13.68% stake in Origin Energy and said the consortium's offer was "substantially below" its estimate of long-term value for Australia's biggest energy retailer.
Origin Energy is advised by Barrenjoey Capital Partners, Jarden and Herbert Smith Freehills (led by Rebecca Maslen-Stannage). EIG Global is advised by JP Morgan and FGS Global (led by Kelly Kimberly). Brookfield is advised by Citigroup, Allens and White & Case (led by Christopher Flynn).
KKR, a global investment firm, agreed to invest $400m in OMS Group, a Malaysian subsea telecommunications cable service provider.
"KKR’s investment in OMS Group underscores the value of OMS Group’s capabilities, which provides immense economic value to communities, corporations, and countries around the world by constructing and maintaining critical subsea data infrastructure. Together with KKR’s strong track record in supporting and investing in data infrastructure assets and its platform-building expertise, OMS Group is in a stronger position to support its clients to build and maintain greater global connectivity.” Ronnie Lim, OMS Group CEO.
KKR is advised by Citigroup.
Blackstone, an American private equity firm, agreed to acquire a majority stake in Care Hospitals, a chain of hospitals in India, from TPG, a private equity investment firm, for $1bn.
"Life sciences is a key investment theme for Blackstone and we plan to bring in our global scale and operating expertise," Ganesh Mani, Blackstone Managing Director.
Australia's Regal Partners soars as stake buy takes assets to $5.1bn.
Shares of Australia's Regal Partners rose more than 11% on November 1, after the investment manager said it would buy a 50% stake in Taurus SM, bringing group funds under management to AUD8bn ($5.07bn) on a pro forma basis, Reuters reported.
Shares of the Sydney-based firm climbed as much as 11.4% to AUD1.95 ($1.24) and were on track for their best day since July 1, 2022, if current gains held.
Evergrande proposes offshore creditors get 30% equity stake in subsidiaries. (FS)
China Evergrande has proposed a new debt restructuring plan for offshore bondholders, offering to swap their debts into about a 30% equity stake in each of the developer's two Hong Kong-listed subsidiaries, DealStreetAsia reported.
The property firm's offshore bondholders holding about $19bn of debt are likely to take a major haircut on their investments if they agree to the new terms.
Everstone hires BDA to sell $1bn Singapore healthcare services firm Everlife.
Singapore-headquartered private equity firm Everstone Capital has hired BDA Partners to run a sale of Everlife that could value the healthcare services company at up to $1bn, Reuters reported.
Non-binding offers for Everlife, which offers products and solutions to clinical and scientific laboratories in South and Southeast Asia, are due mid-November, with a deal expected to be wrapped up by the first half of 2024.
Arnault-backed Singapore SPAC nears merger with Kacific.
A Singaporean blank-check company backed by asset manager Tikehau Capital and a group of prominent European financiers is nearing an agreement on a merger with satellite internet provider Kacific Broadband Satellites, Bloomberg reported.
A deal between Pegasus Asia and the technology firm may value the combined entity at more than $600m. The potential merger could include a $73m to $110m private investment in public equity, or PIPE, anchored by global institutions.
Berkshire Hathaway sells $26m worth of shares in China's BYD.
Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 820.5k Hong Kong-listed shares of electric vehicle maker BYD for $25.6m, Reuters reported.
The sale on October 25 lowered Berkshire's holdings in BYD's issued H-shares to 7.98% from 8.05%.
China buyout firm Ascendent resumes pursuit of Hollysys.
China-focused private equity firm Ascendent Capital Partners is considering reviving a potential offer to take Hollysys Automation Technologies, Bloomberg reported.
Ascendent Capital is working with financial advisers and exploring financing options as it evaluates a fresh bid for US-listed Hollysys.
Gentari and GIC tie up with Greenko founders.
Gentari, the clean energy division of Malaysia's Petronas, and AM Green, set up by the founders of Greenko, announced the signing of definitive agreements together with an affiliate of GIC to produce 5m tons per annum of green ammonia by 2030 – equivalent to about 1 MTPA of green hydrogen.
The partnership will focus on the production of green ammonia across multiple locations in India, which is expected to accelerate efforts to achieve net zero targets in India as well as in OECD markets. Exports of green ammonia to key OECD markets, such as Germany, Japan, South Korea, as well as Singapore from this platform is expected to begin in late 2025.
India's SBI Card ties up with Reliance's retail arm for credit card.
SBI Cards and Payment Services and the retail unit of billionaire Mukesh Ambani's Reliance are set to launch a co-branded credit card on India's homegrown RuPay payment network, Reuters reported.
The partnership marks Reliance's foray into the credit card space and comes months after Ambani separately listed its financial services business as it seeks to diversify its already sprawling oil-to-retail business.
KKR targeting $2.5bn for second Asia real estate fund.
KKR is raising a second Asia real estate fund, targeting $2bn to $2.5bn to spend across the region, Bloomberg reported.
The new fund has amassed about $600m since late 2022, and the US investment firm is seeking to finish fundraising by the end of 2024 to early 2025.
Ares Management closes sixth Asia flagship PE fund at $2.4bn.
Private credit giant Ares Management has secured the final close of its sixth flagship Asia special situations fund at $2.4bn, including a sidecar vehicle, after around 22 months of fundraising, DealStreetAsia reported.
Ares SSG Capital Partners VI mostly recently secured $200m in equity commitments, according to its earnings report for the third quarter of 2023. That is half of the overall $400m in debt and equity commitments that New York-listed Ares received for its Asia-focused strategy in Q3.
Northstar targets $600m for sixth fund.
Southeast Asian private equity firm Northstar Group is said to be targeting $600m for its sixth fund and plans to launch this vehicle in early 2024.
Furthermore, the PE giant is on track to hit the final close of its first venture capital fund, Northstar Ventures I, at around $150m, in line with its target, before 2023-end.
Northstar had held the second close of the early-stage-focused NSV I at $120m in March this year, months after it announced the first close at $90m in January. Singapore Sovereign Wealth Fund GIC was roped in as the anchor investor of the vehicle.
Ex-Carlyle executive to start Japan Corporate Engagement Fund.
Hiroyuki Otsuka, a former deputy head of Carlyle Group Japan business, is starting an engagement fund to support the growth of companies listed in the nation, Bloomberg reported.
Otsuka is seeking to raise several hundred billion yen for the fund, mainly from domestic investors including major financial institutions.
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