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AMERICAS
Blackstone Credit-backed ClearGen and Goldman Sachs’ Asset Management completed the acquisition of 25 wind farms from MUFG. (FS)
Blackstone Credit-backed ClearGen, a renewable energy company, and Goldman Sachs’ Asset Management, an investment company, completed the acquisition of 25 wind farms, from MUFG, a financial holding company. Financial terms were not disclosed.
“ClearGen is excited to provide a unique solution to MUFG by utilizing Blackstone Credit’s efficient cost of capital and the partnership with Goldman. The transaction adds significant scale to our portfolio of diversified, contracted renewable energy holdings,” Rob Howard, ClearGen CEO.
Goldman Sachs AM was advised by O'Melveny & Myers. ClearGen was advised by CohnReznick and Mayer Brown. Debt financing was advised by Bank of America, Credit Agricole and Societe Generale. MUFG was advised by CCA Capital and Milbank.
Partners Group, a private equity firm, completed the acquisition of EdgeCore Digital Infrastructure, an owner, operator, and builder of hyperscale data centers, for $1.2bn.
"EdgeCore differentiates itself through a combination of superior site locations, excellent reliability, flexible customer solutions, and speed to market. We build data centers in areas that maximize our pool of potential customers and design them to the performance standards of the top hyperscale customers. We have identified a pipeline of opportunities across the US and believe Partners Group's extensive experience working with infrastructure platforms, coupled with its financial resources, will enable us to execute on current and future opportunities," Tom Ray, EdgeCore CEO.
EdgeCore Digital was advised by Ernst & Young, RBC Capital Markets and Greenberg Traurig. Partners Group was advised by KPMG, Clifford Chance, Latham & Watkins and Ropes & Gray.
Billtrust announced that it has set the date for the special shareholder meeting to consider and vote on the proposal to adopt the merger agreement in connection with the proposed acquisition of the Company by EQT Private Equity. The special meeting will be held on December 13, 2022, for Billtrust shareholders of record at the close of business on November 4, 2022.
On September 28, 2022, the Company announced that it entered into a definitive agreement to be acquired by EQT Private Equity, a global investment organization, in an all-cash transaction valuing Billtrust’s equity at approximately $1.7bn.
Billtrust is advised by JP Morgan, Davis Polk & Wardwell and Morgan Lewis & Bockius (led by Steven M. Cohen). JP Morgan is advised by Sullivan & Cromwell (led by Melissa Sawyer). EQT is advised by Evercore, Weil Gotshal and Manges and Kekst CNC (led by Daniel Yunger).
CareMax, a technology-enabled provider of value-based care to seniors, completed the acquisition of medicare value-based care business of Steward Health Care System, a physician-owned, private, for-profit health care network, for $149m.
“We are excited to announce the acquisition of Steward’s Medicare value-based care business, which will enable us to significantly accelerate our growth by bringing CareMax’s best-in-class, proprietary value-based care model to the communities in which Steward’s value-based care business operates. We plan to deploy our current MSO model, which we’ve been operating since 2011, to improve quality of care, health outcomes and wellbeing for seniors across eight states, while reducing overall healthcare costs,” Carlos de Solo, CareMax CEO.
CareMax was advised by Goldman Sachs, DLA Piper, Beber Silverstein Group Advertising and Joele Frank (led by Mahmoud Siddig). Steward Health Care System was advised by SVB Securities and Sidley Austin (led by Samuel W. Wales and Ankur Gupta).
Conning, an investment management firm, agreed to acquire Pearlmark, a specialist investment manager of commercial real estate debt and equity strategies. Financial terms were not disclosed.
“Partnering with Pearlmark is the latest example of our strategy to add best-in-class capabilities to meet the evolving needs of our clients. Pearlmark has extensive real estate knowledge and significant experience successfully working with insurance companies and other institutional clients to help them achieve their real estate investment objectives,” Woody Bradford, Conning Chief Executive Officer and Chair of the Board.
Pearlmark is advised by CenterCap Group and Drane & Freyer. Conning is advised by Morgan Lewis & Bockius and Stanton PRM (led by Katrin Lieberwirth).
Permira-backed Reorg, a global provider of financial and legal intelligence and data, agreed to acquire FinDox, a document, compliance and data management provider. Financial terms were not disclosed.
"As part of our global growth strategy across a variety of credit verticals, Reorg continues to invest in solutions to better serve our customer base. We're excited to bring the FinDox team into Reorg to enhance our overall data and workflow solutions for leveraged finance and private market investors in the Americas and Europe," Kent Collier, Reorg Founder and CEO.
FinDox is advised by O'Melveny & Myers. Permira is advised by Houlihan Lokey. Reorg is advised by Weil Gotshal and Manges.
Thomson Reuters, a media publishing company, agreed to acquire SurePrep, a tax automation software and services provider, for $500m.
"This transaction builds on our existing partnership/reseller arrangement to deliver our vision of end-to-end tax automation that solves our customers' biggest pain points. Additionally, Thomson Reuters has made it clear they are committed to maintaining SurePrep's ability to interoperate with multiple vendors across an open tax software ecosystem. We could not be more excited for what this combination brings to our team members, our customers, and the future of applied artificial intelligence," Dave Wyle, SurePrep CEO.
Baker Tilly, an advisory company, agreed to acquire ACG, a tax consultancy firm. Financial terms were not disclosed.
“Joining forces with Baker Tilly catapults our ability to provide new and innovative ways to tackle our clients’ most pressing challenges on a national and international scale. Add to that, Baker Tilly’s purpose to unleash and amplify talent answered our desire to provide our team members with more resources and opportunities to achieve their professional goals," Alan Chinn, ACG CEO.
Resource Label Group, a full-service provider of pressure sensitive labels, completed the acquisition of Scentisphere, a scent activation and marketing solutions provider. Financial terms were not disclosed.
“I am very proud of the multiple long-term relationships we have developed with our customers and industry partners over the past twenty years. Joining Resource Label Group strengthens our commitment to the industry and expands our ability to provide innovative solutions,” James Berard, Scentisphere Founder & CEO stated.
Wheel, a health technology company, agreed to acquire backened virtual technology of GoodRx Care, a virtual care technology provider. Financial terms were not disclosed.
"At a time when the healthcare industry is at a major inflection point, this acquisition accelerates our long-term strategy to power virtual-first care across the broader healthcare ecosystem. GoodRx is well known in the industry for developing best-in-class virtual care tools. By combining our underlying technologies into one comprehensive and flexible platform, Wheel is well positioned to continue to serve as the leading solution for virtual-first care," Michelle Davey, Wheel CEO and Co-Founder.
Estee Lauder nears $2.8bn deal to buy Tom Ford.
Estee Lauder, a luxury cosmetics manufacturer, is nearing a deal to buy Tom Ford for about $2.8bn, including debt, beating out competition from a number of others interested in acquiring Tom Ford, a luxury fashion brand.
Tom Ford, entered into exclusive negotiations with Estee Lauder this week and a deal could be announced as early as today.
French luxury group Kering was also in advanced discussions to buy the fashion brand, competing with Estee, Reuters reported.
Brighton Park Capital completed its second fundraise with $1.8bn of commitments. (FS)
Brighton Park Capital Management, a private equity firm, announced that it has completed a $1.8bn fundraising for Brighton Park Capital Fund II, exceeding its target of $1.5bn.
“Amid today’s uncertainties, we continue to find highly disruptive, entrepreneur-inspired growth companies. The team at Brighton Park is committed to making a real difference in supporting the global aspirations of our portfolio companies. Our firm’s focus on helping to build great management teams, developing innovative products and services, and providing extraordinary customer success is at the core of everything we do as a business and capital partner," Mark Dzialga, Brighton Park Capital Managing Partner.
Brighton Park Capital was advised by Paul Weiss Rifkind Wharton & Garrison and FGS Global.
HighBrook Investors closes Fund IV at $632m. (FS)
HighBrook Investors, a private equity firm, announced the closing of its most recent fund, HighBrook Property Fund IV, at $632m.
“We are grateful to both our existing and new limited partners for their strong support and commitment to HighBrook, particularly in a challenging economic environment. Their support allows us to continue our nimble yet highly focused investment approach with an emphasis on preservation of capital while capitalizing on high-quality value opportunities," Brian Carr, HighBrook Investors Managing Partner.
HighBrook Investors was advised by BackBay Communications.
Tangency Capital raises $200m. (FS)
Reinsurance hedge fund Tangency Capital has raised $200m from investors, bringing its total assets under management to "north of $600m," as the market anticipates sharp rises in premium rates.
Tangency Capital launched in 2018 and invests in the property reinsurance market, Reuters reported.
"Hurricane Ian affected the entire industry. The industry has not delivered on risk-adjusted return targets. We finally have a much better chance of doing that," Dominik Hagedorn, Tangency Co-Founder.
EMEA
Italy’s billionaire Benetton family and investment firm Blackstone are set to move forward with their bid for infrastructure giant Atlantia, even after their takeover offer fell just short of the required 90% shareholder threshold.
Schema Alfa, the bidders’ vehicle owned by the Benettons and Blackstone, will waive a threshold condition, it said in a statement. In addition, terms for accepting the offer will be reopened starting from November 21-25, Bloomberg reported.
Atlantia is advised by BNP Paribas, Morgan Stanley and Chiomenti (led by Marco Maugeri and Filippo Modulo). Edizione is advised by Citigroup and Santander. Blackstone is advised by Bank of America, Goldman Sachs, JP Morgan, Mediobanca, UBS, UniCredit, Gatti Pavesi Bianchi Ludovici, Hengeler Mueller (led by Vera Jungkind, Emanuel P. Strehle and Elisabeth Kreuzer), Legance, McCarthy Tetrault (led by Jonathan See), Simpson Thacher & Bartlett and Tancredi. Financial advisors are advised by Shearman & Sterling.
Vistry Group completed the acquisition of Countryside Partnerships for £1.25bn.
Vistry Group, a British house-building company based in Kings Hill, completed the acquisition of Countryside Partnerships, UK's mixed-tenure developer, for £1.25bn ($1.5bn).
“This is an historic day for our business. By combining Countryside with our already flourishing Partnerships division we create a leading capability across all housing tenures at a time when the need for affordable housing has never been keener," Greg Fitzgerald, Vistry CEO.
French industrial group Schneider Electric has increased its offer for Aveva, valuing the British software company at about $11.6bn, the companies said, Reuters reported.
Schneider, which already owns nearly 60% of the London-listed firm, in September offered to fully take over Aveva.
Private equity firms Partners Group and Daiwa International Capital Partners, agreed to acquire a minority stake in Blue Phoenix Group, an operator of incinerator bottom ash processing installations. Financial terms were not disclosed.
"We are excited to be entering into a partnership with Partners Group to continue the successful expansion of our platform. This is a significant achievement reflecting the calibre, experience and industry knowledge of the team," Gregor Jackson, Daiwa-ICP CEO.
Daiwa ICP is advised by Shearman & Sterling (led by Phil Baynes). Partners Group is advised by Ropes & Gray.
Antin Infrastructure Partners, a private equity firm, completed an investment in HOFI, a funeral infrastructure operator. Financial terms were not disclosed.
“HOFI’s mission is to provide the highest level of service to bereaving families during difficult times. With Antin, we are welcoming a new long-term partner which will allow us to provide these high-quality services to additional communities and families," Marco Mantica, HOFI Chairman.
HOFI was advised by Mediobanca. Antin was advised by Comin & Partners.
EQT-backed Molslinjen, a shipping company, agreed to acquire ForSea, a ferry company, from Igneo Infrastructure Partners, a private equity firm. Financial terms were not disclosed.
"ForSea is a leader in its industry and shows that it is possible to run a sustainable ferry line which at the same time creates excellent results. Sustainable transport is the model of the future and ForSea will continue the work of leading the way for the green journey," Kristian Durhuus, ForSea CEO.
Igneo Infrastructure Partners is advised by Rothschild & Co.
Partners Group, a private equity firm, agreed to acquire a majority stake in Cloudflight, a software developer, from Deutsche Beteiligungs, a private equity firm, in a €400m ($414m) deal.
"At Cloudflight, we differentiate ourselves through our broad technological capabilities, where we work with customers at every step of their digital journey from ideation through development to the operational phase. After a period of growth, we are now looking to continue this exciting journey and also explore further geographic possibilities beyond the DACH region and into other high-growth European markets. Partners Group's extensive operational experience in the sector and transformational investing approach make the firm an ideal future partner," Roger Kehl, Cloudflight CEO.
Cloudflight was advised Houlihan Lokey.
Startek, announced that it has accepted a final offer, dated November 9, 2022, by Arabian Internet and Communications Services Company to acquire the Company’s indirect 51% ownership interest in Contact Center Company, which is the Company’s joint venture that operates in the Kingdom of Saudi Arabia.
The completion of the proposed acquisition is subject to the negotiation and execution of definitive documentation and satisfaction of the conditions therein.
Startrek is advised by Gateway Investor Relations (led by Cody Cree).
Mukesh Ambani enters race to buy Liverpool FC.
Mukesh Ambani, chairman and managing director of Reliance Industries, is reportedly eyeing up a bid to take over Liverpool after the club were put up for sale by their current owners Fenway Sports Group. FSG are willing to sell for £4bn ($4.7bn), and there is a greater desire to buy the Merseyside club outright.
“There have been a number of recent changes of ownership and rumours of changes in ownership at EPL clubs and inevitably, we are asked regularly about Fenway Sports Group’s ownership in Liverpool. FSG has frequently received expressions of interest from third parties seeking to become shareholders in Liverpool. FSG has said before that under the right terms and conditions, we would consider new shareholders if it was in the best interests of Liverpool as a club," FSG.
PIF raises $610m in a stock market sale. (FS)
Saudi Arabia’s sovereign wealth fund PIF raised $610m from the sale of a 10% stake in the kingdom’s stock exchange as part of its plans to pare down holdings in some of the country’s biggest companies and fund other investments.
The Public Investment Fund sold 12m shares in Tadawul Group Holding at $50, a 9% discount to their last closing price. Investors put in orders for all the stock on offer within an hour of the books opening on Thursday, the latest example of strong demand for share sales in the Middle East, Bloomberg reported.
Deutsche Lufthansa close to selling rest of catering unit to Aurelius. (FS)
Deutsche Lufthansa, the flag carrier of Germany, is in talks to sell the remaining part of its airline catering unit to German private equity firm Aurelius.
Germany’s flagship airline group and Aurelius could announce a deal for the LSG Sky Chefs business in the coming weeks. While talks are advanced, they could still be delayed or falter, Bloomberg reported.
Any proceeds from the sale of the rest of the business would help Lufthansa reduce a debt hangover from the Covid-19 pandemic, which grounded most of its fleet and led to record losses.
PIF is working with Lazard on funding options and IPO of Masar. (FS)
Saudi Arabia's Public Investment Fund, a private equity firm, is working with Lazard, on funding options and a potential initial public offering of Masar, a $27bn mega project in the holy city of Mecca.
The kingdom's sovereign wealth fund, which has over $600bn in assets, is working with the US financial advisory on Masar, and several other projects including the $500bn economic zone NEOM.
Masar's IPO plan was slated for next year, but the time horizon may be shifted as it is still in the early stages and the size or value of the deal is yet to be determined, Reuters reported.
Volocopter eyes a €10bn IPO.
Volocopter, an air-taxi pioneer, eyes an €10bn ($10.2bn) IPO. Volocopter said it expects to remain independent until after its first commercial flights in 2024 despite regular interest from potential suitors, with a stock market listing likely the following year.
Commencing passenger services in time for the Paris Olympics could hand the German startup a lead over rivals and help give it a valuation of €10bn ($10.2bn) or more.
“Our shareholders invested with the target of an IPO. We believe we can be a double-digit billion euro company. We always get approached. For the moment we prefer to be independent. We want to have agility and we want to bring models into the market," Dirk Hoke, Volocopter CEO.
APAC
Fortress Investment Group, a private equity firm, to acquire Sogo & Seibu, a shop retailer, from Seven & Holdings, a Japanese diversified retail group, for $1.8bn.
The deal highlights the downfall of department stores, once major players in the Japanese retailing industry, with their wide range of products attracting young and old alike when the country's economy was strong.
Adani Group revised its timeline to acquire a controlling stake in the Indian broadcaster New Delhi Television, a takeover attempt that has raised concerns over eroding press freedom in the world’s largest democracy.
The conglomerate, owned by Asia’s richest man Gautam Adani, between November 22 to December 5 will commence its open offer to acquire an additional 26% stake in NDTV, according to stock exchange filings issued by the media house. Adani Group triggered the takeover bid for NDTV after it claimed an indirect 29.18% stake in August and initially proposed to start the open offer last month, Bloomberg reported.
Prudential and Singapore Life eye controlling stake in BNI's life insurance unit.
Singapore Life Holdings and Prudential Plc are among insurance companies considering bids for the controlling stake in Bank Negara Indonesia’s life insurance business.
Jakarta-based conglomerate Astra International has also expressed interest in the deal, although all deliberations are still in their preliminary stage and a formal sale has yet to begin, informants familiar with the matter revealed. As early as July this year, the state-owned lender discussed selling its 60% stake in PT BNI Life Insurance with advisers as a strategic option. A deal could include a bancassurance partnership, which would permit an insurance company to sell its products in a bank’s branches.
Astra, Prudential, and Singlife have yet to announce their interest in the potential transaction, which would value BNI Life Insurance at around $1bn, Bloomberg reported.
Berkshire Hathaway sells $145m of shares in BYD.
Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 5.78m Hong Kong-listed shares of electric vehicle maker BYD for $145m.
The sale lowered Berkshire's holdings in BYD's total issued H-shares to 16.62% on November 8, down from 17.15%, Reuters reported.
IMM PE said to make first close of latest RoseGold fund at $510m. (FS)
IMM Private Equity, a major player in South Korea’s PE space, has raised 700bn won ($510m) in the first close of its fifth fund in the RoseGold series.
IMM Private Equity seeks to raise about $2.1bn for IMM RoseGold V, which will continue to invest in conglomerates and mid-cap companies in the sectors of consumers, retails, industrials, TMT, and financial services.
The first close of RoseGold V comes about two years after IMM raised $1.8bn for the fourth flagship fund. The latest fund, the largest in the firm’s history, expects to hold a final close in Q4 2023, DealStreetAsia reported.
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