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AMERICAS
Permira, the global private equity firm, agreed to acquire Squarespace, the design-driven platform helping entrepreneurs build brands and businesses online, for $6.9bn.
"Squarespace has been at the forefront of providing services to businesses looking to establish themselves online for more than two decades. We are excited to continue building on that foundation, and expanding our offerings, for years to come. We are thrilled to be partnering with Permira on this new leg of our journey, alongside our existing long-term investors General Atlantic and Accel, who strongly believe in the future of Squarespace," Anthony Casalena, Squarespace Founder and CEO.
Squarespace is advised by Centerview Partners, JP Morgan, Richards Layton and Finger, Skadden Arps Slate Meagher & Flom (led by Christopher Barlow) and Wilson Sonsini Goodrich & Rosati. Permira is advised by Goldman Sachs, Latham & Watkins and FGS Global. Debt financing is provided by Ares Capital, Blackstone and Blue Owl. General Atlantic is advised by Paul Weiss Rifkind Wharton & Garrison (led by Ellen N. Ching and Matthew W. Abbott). Accel is advised by Cooley.
Fortress and Mubadala completed the acquisition of the remaining 90.01% stake in Fortress Investment from SoftBank.
Fortress, a global investment manager, and Mubadala, a sovereign wealth fund, completed the acquisition of the remaining 90.01% stake in Fortress Investment from SoftBank, an investment holding company. Financial terms were not disclosed.
"Mubadala Capital and Fortress have developed a strong partnership since our initial investment in 2019. The completion of this transaction marks an important step forward as we seek to leverage our combined expertise and global networks to capitalize on emerging opportunities within the alternative investments space. Looking ahead, we are confident that collectively, we will unlock significant value creation opportunities and deliver superior risk adjusted returns to our investors and to Fortress’ stakeholders,” Hani Barhoush, Mubadala Capital CEO and Managing Director.
Mubadala Capital was advised by Ardea Partners and Shearman & Sterling (led by Sean Skiffington and Clare O’Brien). Fortress was advised by Goldman Sachs, Kirkland & Ellis (led by Christopher Gandia, Carlo Zenkner and Daniel Lavon-Krein) and Skadden Arps Slate Meagher & Flom (led by Joseph A Coco and Blair Thetford). SoftBank was advised by The Raine Group, Morrison & Foerster (led by Lauren Bellerjeau and Ken Siegel) and Perez Llorca (led by Francisco Iso and Javier Bau Cabestany).
Haveli Investments completed the acquisition of ZeroFox for $350m.
Haveli Investments, a technology-focused private equity firm, completed the acquisition of ZeroFox, a provider of external cybersecurity, for $350m.
"With Haveli Investments, ZeroFox has identified a strong partner with the right combination of high growth software experience, strategic and operational resources, and a shared passion and commitment to external cybersecurity. We believe that this transaction represents a compelling outcome for ZeroFox stockholders, particularly given the volatility in the market, and best positions ZeroFox for our next phase of growth," James C. Foster, ZeroFox Founder, Chairman and CEO.
FalconPoint Partners to invest in JENNMAR.
FalconPoint Partners, a private equity firm, agreed to invest in JENNMAR, an infrastructure products and specialized services provider. Financial terms were not disclosed.
"I am tremendously proud of the work the JENNMAR team has accomplished in recent years, as we've broadened product and service capabilities and accelerated our international expansion while continuing to deliver best-in-class quality to our customers. We are incredibly excited to be partnering with the FalconPoint team. I have a deep respect for their capabilities, and I look forward to their support in bringing the right resources, experience, and expertise to drive our ongoing growth," Tony Calandra, JENNMAR CEO.
FalconPoint Partners is advised by Bank of America, Truist Securities, Lowenstein Sandler, Paul Weiss Rifkind Wharton & Garrison (led by Angelo Bonvino, Robert D. Tananbaum and Marco V. Masotti) and Joele Frank (led by Ed Trissel). JENNMAR is advised by Jones Day.
ArcLight Capital Partners to acquire a 16% stake in Gulf Coast Express pipeline from Kinetik for $540m.
ArcLight Capital Partners, a private equity firm, agreed to acquire a 16% stake in Gulf Coast Express pipeline, a gas pipeline company, from Kinetik, a midstream operator, for $540m.
The disposal of GCX pipeline comes as a one funding source for the Durango acquisition and capital for the new gathering and processing agreement. The transaction is expected to close in the next few weeks.
Kinetik is advised by Barclays and JP Morgan.
Basalt Infrastructure Partners, an independent infrastructure investment firm, agreed to acquire the distributed resources business of American Electric Power, a company that generates, transmits, and distributes electricity, serving residential, commercial, and industrial customers, for $315m.
"I'm grateful to the AEP OnSite Partners team and thank them for their contributions to AEP over the past decade. This sale will allow the distributed resources business and its valued employees to continue to succeed. AEP is focused on a strong balance sheet as we direct capital to our regulated operations to provide reliable, affordable energy to our customers. The proceeds from the sale will be used to support our financing plan as we make these investments to benefit customers and deliver value to all of our stakeholders," Ben Fowke, AEP Interim CEO and President.
American Electric Power is advised by RBC Capital Markets and Morgan Lewis & Bockius.
Frazier Life Sciences, a healthcare investment firm, led a $182m Series C round in Bluejay Therapeutics, a developer of novel therapeutics, with participation from RA Capital Management, T. Rowe Price, Wellington Management, Novo Holdings, RiverVest Venture Partners, Octagon Capital, Arkin Bio Ventures, HBM Healthcare Investments and Unicorn Capital.
"We are immensely grateful for the robust support from both new and returning investors, which reflects confidence in our strategy and our team’s ability to deliver on our mission. This funding not only empowers us to drive our lead assets through critical clinical trials but also enhances our capacity to address significant unmet medical needs in global health," Keting Chu, Bluejay Therapeutics Founder and CEO.
Bluejay Therapeutics was advised by Argot Partners.
Venrock Healthcare Capital Partners, a private equity firm, led a $107m Series C round in Lycia Therapeutics, a specialist in extracellular protein degradation, with participation from Janus Henderson Investors, Marshall Wace, Franklin Templeton, Redmile Group, RTW Investments, Blue Owl Healthcare Opportunities, Invus, Eli Lilly and Company and Alexandria Venture Investments.
Lycia's next-generation degradation approach leveraging lysosomal targeting chimeras, or LYTACs, is designed to target the untapped extracellular proteome, including transmembrane and secreted proteins. Lycia has made notable progress advancing its pipeline of LYTACs and will use the proceeds from the Series C financing to advance its lead programs into the clinic for autoimmune and inflammatory diseases.
Lycia Therapeutics was advised by Melone Communications (led by Elizabeth Melone).
ONEOK, an American diversified corporation, agreed to acquire system of natural gas liquids pipelines from Cresta-backed Easton Energy, a Houston-based midstream company, for $280m.
"This strategic acquisition provides the quickest pipeline connectivity to and within the critical supply and demand centers for our NGLs, refined products and crude oil assets in the Gulf Coast. We expect that this acquisition will accelerate the ability to capture commercial synergies related to our recent Magellan acquisition and future earnings growth," Pierce H. Norton II, ONEOK President and CEO.
Calpine explores options including a $30bn sale.
The investment firms that took US power plant operator Calpine, private six years ago are exploring options that include a company sale, an initial public offering or a stake divestment at a valuation of about $30bn, including debt.
Energy Capital Partners, Access Industries and CPP Investments, which acquired Calpine for $17bn in 2018, are having early-stage talks with investment banks about their exit options. A transaction would likely happen late in 2024 or early in 2025, Reuters reported.
Gridiron Capital explores a $1.5bn sale of GSM Outdoors.
The private equity owner of Good Sportsman Marketing Outdoors is exploring a sale of the hunting and fishing gear maker that could value it at about $1.5bn, including debt.
Texas-based GSM, which is owned by Gridiron Capital, is working with investment bank R. W. Baird to gauge interest from potential buyers that include other private equity firms. Gridiron is expecting to command a valuation for GSM equivalent to more than 10 times the company's 12-month earnings before interest, taxes, depreciation and amortization of about $140m. Some potential bidders for GSM have expressed concerns about investing in a business that has an impact on wildlife and hinges on gun safety, deeming it an environmental, social and corporate governance risk, Reuters reported.
KKR, Apollo lead $1bn private loan for ASC refinancing.
KKR and Apollo Global Management are providing a more than $1bn direct loan to private equity-owned ASC Engineered Solutions, winning the deal over Wall Street banks, Bloomberg reported.
The debt is pricing at 5 percentage points over the Secured Overnight Financing Rate. The cash will be used to refinance syndicated debt the company borrowed in 2019 that JP Morgan arranged.
Clearlake Capital sets $16.7bn hard cap for eighth buyout fund.
Clearlake Capital has raised $7.5bn as part of its $15bn goal for Clearlake Capital Partners VIII, setting a $16.7bn hard cap for its eighth primary buyout fund.
The firm invests primarily North American mid- to large-sized companies valued between $1bn and $3bn and operating in the software and technology, energy and industrials, and food and consumer services sectors.
Onex collects $735m for its new short-term buyout fund.
Onex has gathered $735m for a new short-term buyout fund, the latest move by the Canadian private equity firm to restart growth under a new chief executive officer.
Onex Partners Opportunities Fund will give its investment teams some capital to work with while the company gears up for a larger fundraising push for the next vintage of its flagship Onex Partners fund. The new vehicle will invest mostly in "upper middle market" companies in North America and Europe, and is expected to be deployed relatively quickly — likely over 12 to 18 months, Bloomberg reported.
Accel raises $650m to invest in AI, cybersecurity startups.
Venture capital firm Accel has raised a $650m fund to invest in early-stage companies in Europe and Israel with focus on AI and cybersecurity, DealStreetAsia reported.
The new fund will be Accel's eight since opening its London office in 2000. Accel has so far backed more than 200 companies across 20 countries in the region and still has investments in more than 100 companies.
Blackstone planning discounted sale of $450m in private credit loans.
Blackstone has been working with Evercore to find a buyer for the loan portfolio, which was acquired for $2.4bn from NewStar Financial in 2017 and includes debt from travel rewards program Arriva, American Achievement, BMC Software and Charter Communications.
With the fund now past its reinvestment window, Blackstone is selling off the remaining loans and has reportedly selected a bid that valued the portfolio at around 60 cents on the dollar.
Ingram Micro ready to move on plan for $1bn IPO.
Platinum Equity-backed technology company Ingram Micro is preparing to move ahead with plans for an initial public offering that could raise more than $1bn, Bloomberg reported.
Ingram Micro is considering seeking to be valued at as much as $10bn in an IPO. The company, which filed confidentially with the US Securities and Exchange Commission in 2022, should be able to make its filing public as soon as June.
Sands Capital announces $555m close of Life Sciences Pulse Fund III.
Sands Capital, an active, long-term investor in innovative businesses globally, announced the close of its third life sciences fund, Sands Capital Life Sciences Pulse Fund III, raising $555m.
Pulse III was met with high demand from both existing and new limited partners. This close increases total Pulse strategy capital commitments to $1.3bn, including Sands Capital Life Sciences Pulse Fund and Sands Capital Life Sciences Pulse Fund II. The team will continue investing with the same emphasis on private therapeutics, diagnostics, medical devices, and life sciences tools businesses, in support of the strategy’s mission to help transform how diseases are defined, diagnosed, and treated.
Bixby Land announces closing of Bixby Industrial Fund I.
Bixby Land, a commercial real estate owner, recently closed its newly established Bixby Industrial Fund I, a continuation fund that offered existing investors liquidity while extending duration for a portfolio of five industrial properties located in California, Arizona and Georgia totaling more than 836k sq. ft. of leasable space all of which are 100% leased. Vintage Strategies at Goldman Sachs Alternatives and an Ares Management Real Estate Secondaries fund are equity investors in Fund I.
"Given an attractive basis on these initial investments, and a lack of new supply being delivered in 2025 and 2026, we anticipate attractive value-add returns over a five-to-seven-year investment horizon," Mike Severson, Bixby CIO.
Bixby Land was advised by Accord Group.
CalPERS mulls voting against Exxon CEO's re-election to the board. (People)
CalPERS, the biggest public pension plan in the US, is considering voting against ExxonMobil CEO Darren Woods' re-election to the board amid shareholder discontent over a lawsuit it filed against two climate-focused investors, Reuters reported.
Investors led by US activist investment firm Arjuna Capital and shareholder activist group Follow This earlier this year asked Exxon and other oil companies to adopt tighter climate targets and to set targets to reduce emissions produced by users of its products.
BayPine appoints Head of Investor Relations. (People)
Boston-based private equity firm BayPine has appointed Migo Terjanian as a Partner and Head of Investor Relations. In his new role, Terjanian will lead the firm’s fundraising efforts and expand relationships with the global institutional investment community.
Most recently, Terjanian was a Managing Director, Investor Relations at BC Partners, where he contributed to the firm’s marketing efforts in North America.
EMEA
KPS Capital Partners to acquire Innomotics from Siemens for €3.5bn.
KPS Capital Partners, an American investment company, agreed to acquire Innomotics, a motor and large-drive systems supplier, from Siemens, a German multinational technology conglomerate, for €3.5bn ($3.8bn).
"KPS, with its demonstrated track record of manufacturing excellence and its global platform, is the ideal owner for the new Innomotics. We will extend our extensive track record of successful technological innovation and providing our customers with world-class products, solutions and services," Michael Reichle, Innomotics CEO.
Innomotics is advised by Gleiss Lutz (led by Jan Balssen and Olaf Hohlefelder). KPS Capital Partners is advised by Bank of America, Lazard and Paul Weiss Rifkind Wharton & Garrison (led by Neel V. Sachdev, Will Aitken-Davies and Angelo Bonvino). Siemens is advised by Hengeler Mueller (led by Hans-Jorg Ziegenhain and Daniel Moritz). Debt financing is provided by Barclays, Citigroup, Goldman Sachs, Intesa SanPaolo, MUFG Bank, Morgan Stanley, Standard Chartered Bank, Ubs and UniCredit.
Britain's competition regulator said it has initiated a probe into US medical equipment maker Thermo Fisher Scientific's $3.1bn deal to buy Swedish biotech firm Olink.
The Competition and Markets Authority has set a deadline of July 8 for its phase 1 decision.
Olink is advised by Goldman Sachs, JP Morgan (led by Anu Aiyengar), UBS and Baker McKenzie (led by Mark Mandel and Henric Roth). Financial advisors are advised by Debevoise & Plimpton and Sullivan & Cromwell. Thermo Fisher is advised by Cravath Swaine & Moore (led by Faiza J. Saeed, Ting S. Chen, Bethany A. Pfalzgraf and Jin‑Kyu Baek), Vinge (led by Jonas Bergstrom and Erik Sjoman) and Joele Frank (led by Andrea Rose). Summa Equity is advised by Ropes & Gray (led by Suni Sreepada).
KKR to acquire IQGeo Group for £316m.
KKR, an American global investment company, agreed to acquire IQGeo Group, a provider of end-to-end geospatial network management software, for £316m ($396m).
"We are committed to the success of our customers and our employees. Thanks to them, we have built a thriving business that delivers award-winning innovative software for the telecommunication and utility industries worldwide. The proposed acquisition is in direct response to this success, creating an opportunity for us to accelerate investment in our people, processes, and products and increase our ability to respond to market momentum. It's also important to us that there is close cultural alignment between KKR's Global Impact and Technology Growth funds with IQGeo's focus on innovation and mission to bridge the digital divide and build the net-zero energy networks of the future. Their investment will underpin the next phase of growth of IQGeo's exciting journey," Richard Petti, IQGeo CEO.
Expro completed the acquisition of Coretrax from Buckthorn Partners for $210m.
Expro, an energy services provider, completed the acquisition of Coretrax, a performance drilling tools and wellbore cleanup, well integrity and production optimization solutions provider, from Buckthorn Partners, a private equity firm, for $210m.
“This is an exciting day as we officially welcome John Fraser and his Coretrax teammates to the Expro family. We expect the acquisition to accelerate the growth of Coretrax’s innovative, high value-adding drilling optimization, well integrity and production enhancing technology solutions by leveraging Expro’s global operating footprint," Michael Jardon, Expro CEO.
Expro was advised by Wells Fargo Securities,CMS (led by Patrik Daintry and Frank Fowlie) and Joele Frank. Coretrax was advised by Evercore and Blackwoods. Buckthorn Partners was advised by Sidley Austin.
Novo to acquire a 60% stake in Single Use Support.
Novo, a holding and investment company, agreed to acquire a 60% stake in Single Use Support, a life science tools company. Financial terms were not disclosed.
"Novo Holdings is joining us at a crucial moment as we prepare to further strengthen our global footprint, focusing on markets outside of Europe such as the US and Asia, and to engage with new customers. With significant insights into the life science tools sector and a comprehensive industry network, I am excited to work alongside Novo Holdings and make new strides in our shared mission of bringing better treatments to patients," Christian Praxmarer, Single Use Support CEO.
Novo is advised by William Blair & Co, Dorda Rechtsanwalte, Kromann Reumert and Wilson Sonsini Goodrich & Rosati. Single Use Support is advised by Jefferies & Company, E+H Rechtsanwälte and Linklaters.
EQT Partners, a Swedish global investment organization, agreed to acquire OX2, a renewable energy platform, for $1.5bn.
"We’ll continue geographically and technology-wise what the company has been doing, and we’ll obviously continue with the team, which we strongly support," Christoph Balzer, EQT Partner.
OX2 is advised by Goldman Sachs and Gernandt & Danielsson. EQT Partners is advised by Rothschild & Co.
Star Capital Finance to acquire six retail centers in Poland from Cromwell Property Group for €285m. (RE)
Star Capital Finance, a real estate investor, agreed to acquire six retail centers in Poland from Cromwell Property Group, a property management company, for €285m ($309m).
“The completion of this sale, and subsequent debt repayment, significantly simplifies our business, bringing us closer to our goal of being a capital-light fund manager. The simplification of the Group’s business model will allow us to focus on our core fund and asset management skills to drive long-term securityholder value from growth initiatives locally when market timing is conducive,” Jonathan Callaghan, Cromwell Property Group CEO.
Cromwell Property Group is advised by Greenberg Traurig (led by Malgorzata Kercz and Karol Lewandowski).
KKR readies EU remedies for €22bn Telecom Italia deal.
KKR is poised to offer a package of commitments aimed at winning an early European Union approval for its €22bn ($23.8bn) bid for Telecom Italia’s land-line network, Bloomberg reported.
The remedies, expected to be filed next week, will likely solve EU concerns over possible price hikes in the wholesale telecom market — paving the way for June approval of the deal.
PAI Partners moves to delay exit from $10bn Nestle ice cream JV.
European private equity firm PAI Partners is in talks with investors about a new fund to hold its 50% stake in its ice cream joint venture with Nestle.
PAI is working with a bank to test investors' appetite for a so-called continuation fund that would help it extend the lifespan of its investment in the Froneri ice cream business. A deal could value Froneri at about $10bn, Bloomberg reported.
Pinewood-owner Aermont among suitors for £850m Village Hotels.
The major backer of Pinewood Studios is among the suitors vying to buy Village Hotels, one of Britain's biggest mid-market hotel chains. Aermont, which specializes in real estate-backed investments, submitted an offer last week for Village Hotels, which is owned by KSL Capital Partners.
KSL was seeking offers worth in the region of £850m ($1.1bn) or more. A number of other parties are also understood to have tabled bids ahead of a deadline last week. Blackstone, the giant private equity firm, is considering making an offer but has yet to make one.
Natra in talks to acquire Gubor and Nutkao.
European cocoa supplier Natra is in conversations with lenders, including private credit funds, to finance a potential purchase of German chocolate business Gubor Schokoladen and Italian hazelnut-spread producer Nutkao.
Buyout firm CapVest, Natra's owner, is reaching out to lenders for debt proposals that could be as large as $754m for both businesses. The company may also choose to go to the broadly syndicated leveraged loan market for the debt, Bloomberg reported.
Carlyle provides over $400m private debt to Big Bus Tours.
Carlyle is providing over $400m of private credit loans to Big Bus Tours, Bloomberg reported.
Private equity firm Exponent bought Big Bus Tours in 2015. The business, which operates open-top sightseeing bus tours, will use the debt to fuel further expansion globally.
Everton offered lifeline loan as ownership crisis rumbles on.
Struggling Premier League football club Everton has been offered a loan of as much as £150m ($188m) by GDA Luma Capital, a private equity firm specializing in distressed debt, Bloomberg reported.
The offer would help complete construction of the team’s new 53k-capacity stadium in Liverpool’s Bramley docks and is subject to due diligence.
Dubai’s Property Finder raises $90m debt from Francisco Partners.
Dubai-based Property Finder raised $90m in debt from Francisco Partners to help finance the buyout of its first institutional investor, signaling continued foreign interest in the United Arab Emirates’ thriving real estate market, Bloomberg reported.
The online real estate platform bought back the stake held by BECO Capital. Property Finder said the deal allows BECO to exit “with a strong return on its investment.” It didn’t give details.
Intel nears deal with Apollo for $11bn Ireland partnership.
Intel is in advanced talks for a transaction in which Apollo Global Management would supply more than $11bn to help the chip giant build a plant in Ireland, WSJ reported.
The two firms are in exclusive talks for a deal that could come together in the coming weeks, assuming the plans don't get derailed. The move comes as Intel looks to expand its presence across the United States with a planned $100bn spending spree across four states to boost its manufacturing business and catch up with chipmaking rival TSMC.
Eldridge Industries in talks to buy Hayfin Capital Management.
US financier Todd Boehly’s investment house is in advanced talks to buy European private credit firm Hayfin Capital Management, FT reported.
A deal would give Boehly’s Eldridge Industries a foothold in the fast-growing market for lending to private European companies, building on its investments spanning insurance, asset management, technology, media and real estate.
Brookfield, Qatar Fund eye China opportunities as others retreat.
Brookfield and Qatar’s sovereign wealth fund continue to explore investment opportunities in China even as some other investors pull back from the world’s second-largest economy, Bloomberg reported.
“There are many global investors that are not interested in China anymore, but there a lot that are,” Brookfield CEO Bruce Flatt told a panel at the Qatar Economic Forum May 9.
Italgas begins exclusive talks to buy 2i Rete Gas.
Italgas, Europe's biggest gas distributor, said on May 13 that it started exclusive talks to acquire smaller rival 2i Rete Gas. A merger between the two would be a major step in the consolidation of the gas distribution market in Italy with 2i Rete gas adding a 20% market share to Italgas' 35%, Reuters reported.
Italian infrastructure fund F2i has a 64% stake in 2i Rete Gas. Dutch pension fund APG and buyout group Ardian together hold the remaining 36.1% under the vehicle Finavias. Should the acquisition go through, Italgas will finance the acquisition via a bridge credit facility underwritten by JP Morgan, which could be refinanced through a combination of equity, debt or equity like instruments.
General Atlantic to deepen Gulf push with regional offices.
General Atlantic, the investment firm whose bets have included Facebook and Airbnb, plans to open offices in the Middle East as part of its efforts to deepen ties to the cash-rich region, Bloomberg reported.
“We’ve been active in the Gulf for over a decade,” Chris Kojima, the private equity firm’s global head of capital solutions told a panel at the Qatar Economic Forum May 14. “When you think about the long-term changes that are affecting the world and the region particularly, we see great opportunity.”
Saudi wealth fund said to invite bank pitches for Nupco's IPO.
Saudi Arabia's sovereign wealth fund has invited banks to pitch for roles on the planned initial public offering of the kingdom's largest medical procurement firm as it seeks funds to finance the crown prince's ambitious vision, Bloomberg reported.
Rothschild & Co is advising the Public Investment Fund on Nupco's potential IPO. Details on timing and size have not been finalized, though a deal could likely raise less than $1bn.
Patron Capital raises in excess of €860m for Fund VII.
Patron Capital, the pan-European institutional investor focused on property-backed investments, has closed its seventh flagship fund, raising in excess of €860m ($920m), including more than €200m ($215m) of Patron discretionary co-investment capital for larger opportunities.
Of the capital raised for Patron Capital, 76% came from Patron's existing investor base and existing relationships, with the majority of commitments coming from the US and Canada, followed by Asia Pacific, Europe, and the Middle East. Investors included pension funds, sovereign wealth funds, endowments, foundations and family offices. Fund VII will continue the same investment strategy as Patron's previous funds, opportunistically targeting distressed and undervalued investments, directly or indirectly related to property, across Western Europe.
Accion launches $152m fund to back financial institutions serving small businesses.
Accion, a global nonprofit, on May 14 announced the launch of a $152m fund to invest in financial institutions serving small businesses worldwide, DealStreetAsia reported.
The fund, called Accion Digital Transformation Fund, will back companies serving micro, small, and medium enterprises across South and Southeast Asia, Latin America, and Africa. It will be managed by Accion Impact Management.
APAC
The Blackstone Group offered to acquire a 55% stake in I’rom Group, a provider of clinical trial management services, for $120m.
"We are pleased to partner with Mr. Mori and the rest of the management team, and help advance the company in its next phase of growth. We believe we can add tremendous value with our deep healthcare expertise and network. Life sciences is one of our highest conviction investment themes globally, including in Japan, where we have made two marquee investments and built these businesses into market leaders. We are committed to supporting I’rom’s mission of bringing critical medicines and technologies to the market and transforming patients’ lives," Atsuhiko Sakamoto, Blackstone Japan Head of Private Equity.
ChrysCapital to acquire a minority stake in Centre for Sight from Mahindra & Mahindra for $100m.
ChrysCapital, a private equity fund, agreed to acquire a minority stake in Centre for Sight, an eye care chain, from Mahindra & Mahindra, an automobile manufacturing company, for $100m.
“The healthcare sector in India is key area focus for ChrysCapital given the significantly underserved market and the potential for share gain for organised players. ChrysCapital is very excited to partner with Centre For Sight, which has exhibited robust growth while maintaining strong profitability. We look forward to working with the team and strengthen CFS’s position as one of the leading healthcare delivery platforms in India,” Raghav Ramdev, ChrysCapital Managing Director.
SkyLake Equity led a $80m Series C round in DEEPX.
SkyLake Equity, a private equity firm, led a $80m Series C round in DEEPX, an AI semiconductor technology startup, with participation from BNW Investments, AJU IB and TimeFolio Asset Management.
"Mr. DaeJe Chin, who elevated the Korean semiconductor industry to global prominence, is the ideal person to validate DEEPX's achievements. His investment reaffirms our commitment to establishing DEEPX as a leading AI semiconductor technology pioneer and Korea's first global AI fabless company," Lokwon Kim, DEEPX CEO.
Khazanah, EPF are weighing taking Malaysia Airports private.
Malaysia Airports is set to be privatized as its two biggest shareholders team up with buyout firm Global Infrastructure Partners and the Abu Dhabi Investment Authority to make a takeover offer for the airport operator, Bloomberg reported.
Malaysia’s sovereign wealth fund Khazanah Nasional, Employees Provident Fund, GIP and ADIA offered to pay MYR11 ($2.3) per share to acquire 67% of the company, according to a Bursa Malaysia filing on May 15. That represents a 15% premium to the company’s prevailing three-month volume-weighted average price — a measure of a stock’s valuation — and values Malaysia Airports at MYR18.4bn ($3.9bn).
CVC seeks a $3bn valuation for FineToday.
CVC Capital Partners is seeking a valuation of $2bn to $3bn in an initial public offering of personal-care business FineToday, as the private equity firm looks to capitalize on the strong performance of Japan's stock market.
CVC has been speaking with banks to help prepare for a potential share sale that could take place in the coming quarters. CVC owns a majority stake in FineToday, and Japanese skincare company Shiseido owns about 20%.
While an IPO is the preferred option, other funds and industry players have expressed preliminary interest in acquiring the business. Shiseido confirmed in a statement Friday that FineToday is preparing for a listing in Tokyo, but it said details such as the timing haven't been finalized, Bloomberg reported.
KKR taps private credit loan for Australian software firm MYOB.
KKR is in talks for a new loan with private credit lenders for MYOB, an Australian accounting software firm that the private equity giant acquired in 2019, Bloomberg reported.
The senior loan will be used to repay MYOB’s junior debt. It will pay a margin in the 400 basis points-plus range. The size of the junior tranche in question is AUD145m ($95m).
Starwood, SSW in the group said to be considering a buyout of ESR.
A consortium featuring investors, including Starwood Capital Group and SSW Partners, is considering a buyout of Asian warehouse developer ESR Group, injecting more life into dealmaking in Hong Kong, Bloomberg reported.
The group is talking with minority shareholders to gauge interest in a potential take-private deal. Some existing investors may roll over parts or all of their stakes, though nothing has been finalized yet.
Tencent-backed Airwallex courts Middle Eastern wealth funds.
Global FinTech platform Airwallex is said to have held talks with several Middle Eastern sovereign wealth funds to raise capital, as the payment platform startup prepares to join global peers in expanding into the region.
The firm has in recent weeks held discussions with Abu Dhabi Investment Authority, Mubadala Investment and Saudi Arabia's Public Investment Fund, chief executive officer Jack Zhang, Bloomberg reported.
Singapore private equity firm Everstone Capital mulls IPO for Everlife.
Private equity firm Everstone Capital is exploring an IPO of its Asian health services firm as plans to sell that business remain stuck, WSJ reported.
The Singapore-based firm has been seeking to sell Everlife for over $500m since the end of last year, in the wake of several attractively valued deals in the healthcare space.
Square Peg plans to raise $550m for sixth fund.
Australian venture capital firm Square Peg plans to raise $550m for its sixth fund in the second half of 2024 while maintaining its focus on investment activities in Southeast Asia, Australia, and Israel.
Square Peg also plans to beef up its Southeast Asian investment team, based out of Singapore. The upcoming fund will invest in seed to Series B as a first cheque with ticket sizes ranging from $1m to $15m. The firm aims to make around 20-25 investments from the new fund, DealStreetAsia reported.
Singapore's Golden Gate Ventures hits first close of $100m MENA fund.
Southeast Asian venture capital firm Golden Gate Ventures has hit the first close of its $100m debut Middle East and North Africa (MENA) fund, DealStreetAsia reported.
It secured $20m from anchor investors, Al Khor Holding and Al Attiya Group, both Qatari family-controlled conglomerates with businesses in areas like real estate, manufacturing and brands, as well as Sheikh Jassim Bin Jabor Al Thani.
The MENA fund will be established and headquartered in Qatar, making Golden Gate Ventures the first international VC fund to do so in the Gulf state.
Hedge fund Ovata Capital hires four as assets top $1.1bn. (People)
Ovata Capital Management, a Hong Kong-based hedge fund firm led by BlueCrest Capital Management alumnus James Chen, recently hired four portfolio managers and traders after boosting assets past $1.1bn, Bloomberg reported.
Ovata recruited Dan Ho, also formerly of BlueCrest, as a portfolio manager focused on equity relative-value investments. Jon Lowry, who worked at Millennium Management and Elliott Management, will join as an Asia event-driven portfolio manager.
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