Scout24, a leading operator of digital marketplaces specialising in real estate and automotive sectors in Germany and other selected European countries welcomes a €4.9bn ($5.7bn) takeover offer from private equity firms Hellman & Friedman and Blackstone.
Hellman & Friedman and Blackstone had submitted a joint Takeover Offer to Scout 24's shareholders of €46 ($52) per share, ca. 27.4% premium to the unaffected share price of €36.1 ($40.72) on December 13, 2018. The Takeover Offer will be subject to a minimum acceptance threshold of 50% plus one share. Furthermore, the Takeover Offer will be subject to a market MAC and other customary conditions, in particular, merger control clearance.
"We believe this is an attractive offer with a substantial premium, high transaction certainty and a strategic value-add for the company." Hans-Holger Albrecht, Scout24 Chairman.
Morgan Stanley, Citigroup, Allen & Overy and Gleiss Lutz advised Scout24. Latham & Watkins advised Hellman & Friedman and Blackstone.
Leumi, which owns 80% of Leumi Card, and property developer Azrieli Group, which holds 20%, announced in July they had agreed to sell the business to the Warburg Pincus for ILS2.5bn ($683m), subject to regulatory approval, receipt of which had held up the deal by a number of weeks.
Since the conditions for the sale have been met, the bank said in a statement on the Tel Aviv Stock Exchange that the sides agreed to complete the transaction on Feb. 26.
UBS, Freshfields Bruckhaus Deringer, Gornitzky & Co advised Warburg Pincus. Goldman Sachs advised Leumi and Azrieli Group.
Kinnevik committed to invest SEK900m ($97m) in MatHem, Sweden's leading independent pure-play online grocery retailer, in a combination of SEK400m ($43m) in primary capital and SEK500m ($54m) in secondary shares taking Kinnevik's ownership to 38%. Closing is conditional on customary regulatory approvals and is expected during the first quarter of 2019.
Georgi Ganev, CEO of Kinnevik, commented: "I am proud of our investment in MatHem, our third investment in the Nordic food sector. This is a sector with huge potential given its significant share of household spend, its non-cyclical nature and attractive purchase patterns in terms of frequency and basket size. MatHem has built a strong brand and recently launched an updated platform which places the company in a strong position to continue to capture market shares as the shift to online accelerates within the grocery sector."
ACON Investments partnered with Torreal to complete the acquisition of Germaine de Capuccini from the Vidal Family, who founded the Company in 1964. GdC is a leading developer, producer and supplier of specialized, professional skincare and cosmetic products. The Company's customers include estheticians and dermatologists at full-service spas, day spas, beauty salons, hotels and clinics. Terms of the transaction were not disclosed.
"Germaine de Capuccini represents one of the key investment themes we are looking to pursue in Southern Europe – middle-market companies positioned to grow internationally both organically and through acquisitions. With our 20+ year history of private equity investing in the U.S. and Latin America, we believe we can serve as a value-added partner given our networks in the regions," said José Miguel Knoell, Managing Partner at ACON.
Partner One Capital completed the acquisition of Assima, the British software company. Under the terms of the agreement, Partner One Capital has acquired all of the global assets of Assima as well as its 12 divisions worldwide for £8m.
"We see Assima as the leader in the digital adoption market because of the completeness of its offering" said Jonathan Dionne of Partner One Capital. "Assima has a very strong track record of winning large enterprise accounts, and now with the strength of Partner One behind it, customers will greatly benefit. We are going to invest a lot of money to make sure Assima remains the leader".
Elliott's plan for EDP-Energias de Portugal to sell its Brazilian operations is unfortunate as it would mean leaving a fast-growing market, Portuguese Environment and Energy Transition Minister João Matos Fernandes said
Reuters.
Chinese state-owned China Three Gorges, which is already EDP's largest shareholder with a 23% stake, launched a €9bn ($10.1bn) bid for Portugal's biggest company in May 2018. EDP's board has rejected the €3.26 ($3.68) per share offer as too low.
Elliott, which said it represents a shareholding in EDP of 2.9%, proposed on Thursday what it called a "superior" alternative to CTG's bid, raising €7.6bn ($8.6bn) from a sale of the utility's Brazilian operation, Iberian thermal holdings and minority stakes in Spanish and Portuguese networks.
Lazard, Millennium, Morgan Stanley, Rothschild & Co, UBS, DLA Piper, King & Wood Mallesons and MLGTS advised EDP. BofA Merrill Lynch, Citigroup and Linklaters advised Three Gorges Corp.
Apollo Global Management agreed to buy a majority interest in Cox Media Group's broadcast television stations, including the company's radio, newspaper and TV properties in Ohio from Cox Enterprises. Cox Enterprises will maintain a minority stake and will join the Apollo Funds in forming a new company to operate these stations. While Apollo and Cox did not disclose financial terms, the transaction was rumoured to be around $3bn.
"We are extremely excited for our funds to acquire a majority interest in Cox Media Group's broadcast television stations and are humbled by Cox Enterprises' decision to entrust us to steward these stations and carry on the Cox legacy. We have an extraordinary amount of respect and admiration for the journalistic integrity, news quality, and commitment to community across Cox Media Group's broadcast stations," said David Sambur, Senior Partner at Apollo. "We look forward, in collaboration with Cox Enterprises, to supporting the high standards to which each station operates and contributing to the platform's future growth and prosperity."
The transaction is subject to customary regulatory review and closing conditions.
Barclays, Moelis & Co, BDT & Co, Eversheds Sutherland and Covington & Burling advised Cox. RBC Capital Markets, Guggenheim Partners, LionTree Advisors, Paul, Weiss, Rifkind, Wharton & Garrison and Greenberg Traurig advised Apollo.
According to
Reuters, Starboard Value, a NY based hedge fund, asked a proxy solicitor to probe the level of support among Bristol-Myers Squibb shareholders for $74bn deal to buy Celgene. The acquisition would be the biggest pharmaceuticals deal ever and would unite two major sellers of cancer drugs.
Starboard has not decided whether it would oppose the Celgene deal, the report said. The fund, run by Jeff Smith, may take no action. Bristol-Myers shareholders will vote on the Celgene deal in April. While Celgene shares are pricing in some uncertainty over whether it will be completed, no major Bristol-Myers shareholder has voiced opposition publicly to the deal so far.
Citigroup, JP Morgan, Simpson Thacher & Bartlett and Wachtell Lipton Rosen & Katz advise Celgene. Bank of Tokyo Mitsubishi, Morgan Stanley, Dyal, Evercore, Morgan Stanley, Kirkland & Ellis and Joele Frank advise Bristol-Myers Squibb.
Coty formed a special committee to evaluate shareholder JAB Holding's offer to raise its stake in the cosmetics maker to 60%. The board will not move forward with approving or recommending the offer or any other transaction with the German conglomerate unless the special committee approves it. The panel will consist of three independent directors.
The private holding company of Germany's Reimann family, which is already the largest shareholder in Coty with a 40% stake, earlier this week offered a premium of about 21% to buy out some minority shareholders.
Skadden Arps Slate Meagher & Flom advised JAB Holding.
The transaction, which was first announced on 28 August 2018, closed following receipt of regulatory approvals and the approval of Aspen's shareholders.
Under the terms of the previously announced agreement and plan of merger, the Apollo Funds have acquired all of the outstanding ordinary shares of Aspen for $42.75 per share in cash, representing an equity value of approximately $2.6 billion. Aspen is now wholly owned by the Apollo Funds, and Aspen's ordinary shares have ceased trading on the New York Stock Exchange and the Bermuda Stock Exchange with effect from 15 February 2019.
Alex Humphreys, Partner at Apollo, says: "We are excited for our funds to be acquiring Aspen as it embarks on the next chapter of its development. We are delighted to be working with Mark again following our successful investment together in Brit Insurance. Mark has a long and successful track record in the insurance sector and we believe he is ideally placed to lead Aspen through a period of transition to substantially improved profitability. We look forward to working with him and Aspen's talented management team to drive value creation over the coming years."
Citigroup, Willis Towers Watson, Libero Ventures and Sidley Austin advised Apollo. Goldman Sachs, JP Morgan, Sullivan & Cromwell and Willkie Farr & Gallagher advised Aspen.
Berkshire trims Apple stake, adds Suncor and Red Hat, exits Oracle.
Warren Buffett's Berkshire Hathaway trimmed its stake in iPhone maker Apple, though none of the selling was Buffett's, and added positions in Canada's Suncor Energy and software company Red Hat. Berkshire also appeared to have shed a $2.1bn stake in database software company Oracle after having first disclosed it in November. It is rare for Berkshire, which owns some stocks for decades, to unwind an investment so fast.
The changes were disclosed in a Thursday regulatory filing detailing Berkshire's US-listed stock portfolio as of Dec. 31, which shrank $38bn in the quarter to $183.1bn amid a broad selloff in stocks.
Thursday's filing includes investments by Buffett and his portfolio managers Todd Combs and Ted Weschler but does not say who bought and sold what.
Icahn to lobby Caesars Entertainment management for sale.
Activist investor Carl Icahn, who owns about 10% of the company, plans to push management of casino operator Caesars Entertainment Corp to sell the company after it received at least two offers, the
Wall Street Journal reported.
Novacap aiming for $650m raising for its fund.
The firm began raising Novacap Industries V in late 2018. It is expected to see an initial close by the spring and completion later this year. If successful, Fund V would secure 38% more in capital than its predecessor, which raised $470m in 2016.
More than $400m has already been soft-circled for Fund V, primarily from returning investors, Chairman and Managing Partner Jacques Foisy said. Novacap Industries IV was backed by some 40 North American LPs, including pension funds, family offices and wealthy investors. Among them was CDPQ, which has contributed to every Novacap fund.
Credit Suisse is the placement agent.
Lone Star Funds closed LSF XI.
Lone Star Funds completed the final closing of Lone Star Fund XI, the firm's eleventh dedicated opportunity fund. Capital available to LSF XI totals approximately $8.2bn, which includes third-party commitments and anticipated co-investments from associated entities.
Since the establishment of its first fund in 1995, Lone Star organised 18 private equity funds with aggregate capital commitments of approximately $80bn.
APAC
The CNY850m (126m) financing was led by GIC, followed by LYFE Capital, CMB International Capital, Lilly Asia Ventures, Sequoia Capital China and T&Brothers Capital. This is another significant financing round after Burning Rock completed the CNY300m ($44m) Series B financing in 2016 by Sequoia, LYFE, CMB and Legend Star.
The proceeds will primarily be used for early cancer detection product development and sales and marketing force expansion for the companion diagnostics business. Burning Rock will continue to lead cancer genetic testing industry in China, build an international leading tumor precision medicine brand and allow more people to benefit from genetic testing.
Mr. Choo Yong Cheen, CIO of Private Equity at GIC, said, "As a long-term investor, we believe in the adoption of precision medicine in the future of cancer treatment and seek to work with leading players in the field to provide better treatment for cancer patients. Since its inception, Burning Rock has built a strong team with extensive experiences in R&D, sales and marketing. We hope Burning Rock to continue to uphold its standards and achieve more breakthroughs in cancer screening and diagnostics."
Advantage Partners acquired Elise Fashion, one of the top women's fashion brands in Vietnam, and its affiliated companies.
AP Funds were attracted to Elise due to the Company's high-quality product line, dedication to ethical manufacturing, and leading position in the branded women's fashion market. Going forward, Advantage Partners is excited to work closely with the management team to accelerate Elise's growth by leveraging Advantage Partners' extensive experience in women's fashion.
Blackstone to acquire 50% interests in three Asia shopping centers from Taubman Centers for $480m.
Taubman Centers agreed to sell 50% of Taubman Asia's interests in three Asia-based shopping centers to funds managed by Blackstone. Blackstone will be making this investment through its Asia Core+ real estate investment unit. The interests are valued at $480m. The transactions are subject to customary closing conditions and are expected to close throughout 2019.
"We are delighted to announce this agreement with Blackstone. It's consistent with Taubman's history of recycling capital for growth, once value is created from development projects," said Robert S. Taubman, chairman, president and chief executive officer. "We think Blackstone will be a valuable strategic partner that can help us grow our platform in Asia."
JP Morgan advised Taubman Centers. Simpson Thacher & Bartlett advised Blackstone.
GIC to be shopping for a PE portfolio.
Singapore's GIC is said to be shopping a portfolio of private equity fund interests valued at about $1bn, according to
DealStreetAsia.
In July last year, GIC had reportedly offloaded around $1.7bn of equity stakes to Goldman Sachs Asset Management. Earlier in 2018, GIC had joined Goldman Sachs in a $450m GP-led restructuring of two Vector Capital funds. In China, Sovereign Wealth Fund Institute Standard has reported that GIC has been selling off its position in China International Capital Corp since 2017. Last week, the fund sold over 2m H-shares of CICC, trimming its stake from 8.1% to 7.96%.
KKR in talks to invest up to $281m in Emami.
According to
Economic Times, KKR is in advanced negotiations to invest as much as INR20bn ($281m) in the Emami Group through a structured credit deal. Emami is seeking to repay some of its high-cost debt and raise funds for working capital requirements.
KKR is likely to help Emami expand its cement business and repay some promoter-financed loans, as the company looks to rationalise its business and retain focus on consumer goods and cement. Emami is likely to monetise, its non-core and loss-making assets in healthcare subsequently.
