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AMERICAS
Clayton Dubilier & Rice-backed Resideo Technologies, a manufacturer and distributor of technology-driven products and solutions, completed the acquisition of Snap One, a provider of smart-living products, services, and software to professional integrators, from Hellman & Friedman, an American private equity firm, for $1.4bn.
"We are pleased to complete this transaction and excited to officially welcome the Snap One team to Resideo. This is an important step in our ongoing transformation across Resideo as we focus on accelerating profitable growth. The combination better positions the business in attractive growth categories, adds new higher-margin proprietary products and services, and broadens ADI's customer base. Resideo's future is bright as we work to simplify the connected world, creating value for our customers and shareholders," Jay Geldmacher, Resideo President and CEO.
Snap One was advised by JP Morgan, Moelis & Co, Simpson Thacher & Bartlett and H/Advisors Abernathy. Financial advisors were advised by Cravath Swaine & Moore (led by Matthew G. Jones and George Schoen). Resideo Technologies was advised by Evercore, Raymond James and Willkie Farr & Gallagher (led by Jared Fertman, Tej Prakash, Russell Leaf and Sean Ewen). Debt financing was provided by Bank of America and Morgan Stanley.
The Home Depot, a home improvement retailer, completed the acquisition of SRS Distribution, a residential specialty trade distribution company across several verticals serving the professional roofer, landscaper and pool contractor, from Leonard Green & Partners and Berkshire Partners, two private equity investors, for $18.25bn.
"SRS is an excellent fit for The Home Depot – it's both complementary and additive to our growth. Their ability to quickly build leadership positions in each of their specialty trade verticals is a testament to the team's strong vision, leadership, culture and execution. SRS's outstanding customer service, capabilities, and expertise will help us drive value for our customers, associates and shareholders, and we're excited to welcome the SRS team to The Home Depot," Ted Decker, The Home Depot Chair, President and CEO.
HIG Capital, an alternative investment firm, completed the acquisition of Mobile Health, an end-to-end digital health, wellness, and virtual care SaaS platform. Financial terms were not disclosed.
“I am thrilled to partner with HIG Growth. Their team’s expertise and strategic vision align perfectly with our mission to transform digital health and wellbeing, improving health outcomes for millions while reducing costs to employers. Together, we’ll help redefine how individuals engage with their health, making prevention and wellness more accessible," John Halloran, Mobile Health Founder and CEO.
HIG Capital was advised by Raymond James, Bass Berry & Sims and Paul Hastings. Mobile Health was advised by Software Equity Group and Wilson Sonsini Goodrich & Rosati.
Advent International, a private equity firm, and Abu Dhabi Investment Authority, an investment company, agreed to invest $3bn in Fisher Investments, an independent money management firm.
"This transaction gives us the independent runway with truly exceptional institutional investors who can bring us their wisdom, value our unique culture and goals, and want us to keep doing what we've always done, bigger and better, while pioneering never yet done solutions to benefit our clients and employees," Damian Ornani, Fisher Investments CEO.
Fisher Investments is advised by JP Morgan, RBC Capital Markets and Paul Hastings. Advent International is advised by Ropes & Gray. Abu Dhabi Investment Authority is advised by Gibson Dunn & Crutcher.
The Simply Good Foods, a developer, marketer and seller of branded nutritional foods and snacking products, completed the acquisition of Only What You Need, a protein shake brand, from GroundForce Capital, an investment management firm, for $280m.
"The acquisition of Only What You Need is strategically compelling as it brings a third, complementary brand to Simply Good Foods and further enhances our presence in the fast-growing RTD shake segment," Geoff Tanner, Simply Good Foods President and CEO.
OWYN was advised by Houlihan Lokey and Greenberg Traurig. Simply Good Foods was advised by Centerview Partners and Fried Frank Harris Shriver & Jacobson.
Clearhaven Partners, a private equity firm, completed the acquisition of Zixi, a software developer. Financial terms were not disclosed.
"Zixi is a bullseye fit for Clearhaven's investment. We have long admired Zixi's differentiated technology, unrivaled ecosystem integrations and position as a trusted technology partner to discerning global technology and media companies. As importantly, we are pleased to partner with Gordon and the Zixi management team and to complement the innovation and brand strength of Zixi with our skills in efficiently scaling enterprise software businesses in this exciting next chapter," Michelle Noon, Clearhaven Partners Founder and Managing Partner.
Zixi was advised by Raymond James and Goulston & Storrs. Clearhaven Partners was advised by Kirkland & Ellis and Meitar Law Offices.
Perceptive Advisors, a health care investment firm, agreed to acquire Vapotherm, a medical device manufacturer, for $150m.
"Vapotherm has done a significant amount of work to date to ensure it is able to deliver its technology to patients in respiratory distress. We believe the Company has a clear vision to expand the use of high-velocity therapy in patients in need and look forward to supporting them in their next stages of growth," Konstantin Poukalov, Perceptive
Managing Director and Discovery Co-Head.
Vapotherm is advised by Scalar and Ropes & Gray. Perceptive is advised by Cooley. SLR Capital is advised by Latham & Watkins.
Truelink Capital, a private equity firm, agreed to acquire air distribution technologies business from Johnson Controls, a producer of fire, HVAC, and security equipment for buildings. Financial term were not disclosed.
"Air Distribution Technologies has been a leading player in the commercial HVAC space for over 75 years, and has consistently delivered innovative, high-quality products to its customers, demonstrating a strong track record of excellence. Our objective will be to expand the business through partnership with management in driving substantial commercial and operational improvements to strengthen Air Distribution Technology's market-leading position and better serve their customers. I wish to thank Johnson Controls for being a great transaction partner and for entrusting Truelink Capital with the Air Distribution Technologies business," Todd Golditch, Truelink Co-Founder and Managing Partner.
Johnson Controls is advised by Robert W Baird and Cleary Gottlieb Steen & Hamilton.
Tiger Infrastructure Partners, a middle-market private equity firm that invests in growing infrastructure platforms, completed the acquisition of Unison Energy, a provider of on-site energy solutions and provides microgrids solutions including solar, battery storage, and cogeneration. Financial terms were not disclosed.
"Unison provides tailored solutions for commercial and industrial businesses seeking to address rising energy costs, power resiliency challenges, and carbon emissions reductions. We leverage our proprietary systems and in-house engineering and operation & maintenance expertise to play a critical role in power generation and decarbonization. We have been expanding our offering to include on-site carbon capture and other in demand solutions. We believe Unison is well-positioned to become the partner of choice for discerning customers seeking a reliable, long-term solution to reduce cost, enhance resiliency and decarbonize operations," Andy Cooper, Unison Energy Co-Founder and Co-CEO.
Unison Energy was advised by Nomura. Tiger Infrastructure Partners was advised by Milbank.
Mill Point Capital, a private equity firm, completed the acquisition of a majority stake in iQor, a customer engagement business process outsourcing company. Financial terms were not disclosed.
“The strength of Mill Point Capital offers an extraordinary opportunity to accelerate our growth and continue our leadership across a broad array of customer engagement solutions. This investment will support and grow our customer-centric AI capabilities and world-class team while continuing to prioritize operational excellence, allowing us to expand our reach into new industries and markets and ensure that, as a trusted partner, our clients continue to count on us as an integral part of their operations,” Chris Crowley, iQor President and CEO.
Honeywell, an American multinational conglomerate company that produces commercial and consumer products, engineering services and aerospace systems, agreed to acquire CAES Systems, a provider of technology that pioneers the future and underpins many of the world’s most critical aerospace and defence missions, from Advent International, a private equity firm, for $1.9bn.
"This acquisition further positions Honeywell at the forefront of the defense industry's most dynamic sectors and sets the tempo for continued growth across our aerospace business. With the integration of CAES' solutions and capabilities, we will fortify our existing defense offerings, while also expanding our capabilities in pivotal areas like RF, radar and sensing technologies, to ensure a market-leading position in areas that are critical for global security," Vimal Kapur, Honeywell Chairman and CEO.
ONEOK, an American diversified corporation, completed the acquisition of system of natural gas liquids pipelines from Cresta-backed Easton Energy, a Houston-based midstream company, for $280m.
"The closing of this strategic acquisition provides immediate earnings, expands our natural gas liquids asset portfolio and accelerates ONEOK's ability to capture commercial synergies related to our recent acquisition of Magellan. These new assets offer significant connectivity between critical Gulf Coast supply and demand centers," Pierce H. Norton II, ONEOK President and CEO.
Uber and Khosla Ventures led a $200m Series B round in Waabi, a company that develops the next generation of autonomous trucking technology, with participation from NVIDIA, Volvo Group Venture Capital, Porsche, Scania, Ingka Investments, HarbourVest Partners, G2 Venture Partners, BDC Capital, Export Development Canada, Radical Ventures, and Incharge Capital.
"I have spent most of my professional life dedicated to inventing new AI technologies that can deliver on the enormous potential of AI in the physical world in a provably safe and scalable way. Over the past three years, alongside the incredible team at Waabi, I have had the chance to turn these breakthroughs into a revolutionary product that has far surpassed my expectations. We have everything we need — breakthrough technology, an incredible team, and pioneering partners and investors — to launch fully driverless autonomous trucks in 2025. This is monumental for the industry and truly marks the beginning of the next frontier for AI," Raquel Urtasun, Waabi Founder and CEO.
Morgan Stanley Tactical Value, a flexible, non-control private equity and credit investment platform within Morgan Stanley Investment Management, led a $100m investment in Clip, an Mexican digital payments and commerce enablement platform, with participation from General Atlantic, Ribbit Capital, Goldman Sachs, Softbank Latin America Fund, Viking Global Investors, Dalus Capital, Banorte, Televisa, Visa, Amex Ventures, Angel Ventures Mexico and Endeavor Catalyst.
“The investment from these two globally renowned investors is a testament to Clip’s opportunity to continue to lead the digital transformation of Mexico’s commerce ecosystem, and more broadly, provides even further validation of our mission to open access to digital payments, financial services and technology solutions to all SMBs in the country. We are excited to leverage this financing round to continue to expand and strengthen our offerings to empower more stakeholders across Mexico’s economy,” Adolfo Babatz, Clip Founder and CEO.
An investor consortium led an additional $55m funding in a Series B2 round in Enveda Biosciences, a biotechnology company using AI to translate nature into new medicines, with participation from Premji Invest, Lingotto Investment Fund, Microsoft, The Nature Conservancy, Kinnevik, True Ventures, FPV, Level Ventures, and Jazz Venture Partners.
"The investors who joined in this round recognize our rapid progress, as well as our expansive potential and vision. In combination with our deep bench of top tier investors, we are in an ideal position to advance our novel medicines into the clinic and to bring hope to waiting patients," Viswa Colluru, Enveda CEO and Founder.
Everlane Equity Partners, a private equity firm that specializes in strategic investments in small and middle-market companies, completed the investment in Carey & Co, a provider of outsourced financial and operational leadership and services to nonprofit organizations. Financial terms were not disclosed.
"Nonprofits and other players in the impact economy constantly take on the balance of optimizing funding and resourcing, while ensuring the efficacy of program missions and their long-term sustainability. We felt it was critical to partner with an outsourced service provider with a long tenure of specifically supporting the needs of the nonprofit community like Carey & Co has done for over a decade," Evan Horton, Everlane Managing Director.
Koch Family invests in Brooklyn Nets owner at $6bn value.
Members of the billionaire Koch family will buy a minority stake in BSE Global, the holding company which owns the Brooklyn Nets, New York Liberty and the Barclays Center, Bloomberg reported.
Julia Koch and her three children have agreed to invest an undisclosed amount in the group. They will acquire a 15% holding in a deal valuing BSE Global at about $6bn.
Carlyle explores a $4bn sale of Cogentrix Energy.
Carlyle is exploring a sale of power producer Cogentrix Energy, one of the largest owners of power plants in the US, as a wave of deals for utilities accelerates because of soaring energy demands from digital networks.
The private capital group has hired advisers to explore a sale that could value Cogentrix at as much as $3bn-$4bn, generating a large windfall for Carlyle's infrastructure arm. It was also selling other power assets owned by its infrastructure business in separate processes.
Investment bank Lazard and law firm Latham & Watkins had been hired to advise on the sale, FT reported.
Vista says MNC Capital's pressure may have prompted bidder to pull offer for unit.
Vista Outdoor said that possible pressure from investment firm MNC Capital might have forced one of the bidders for the company's sporting products business to drop its $2bn offer, Reuters reported.
MNC's allegations that the bidder violated certain contractual agreements may have restricted the party's ability to make an offer for the sporting products unit, Kinetic Group, Vista said.
Hedge fund's trades with lenders point to return of crisis-era structures.
Earlier this year a hedge fund structured two trades worth $642m, the kinds of which have not been seen since the 2008 crisis. It sold insurance to two US lenders against losses on a loan portfolio, and then sold much of that risk to investors, Reuters reported.
The trades, a form of re-securitization, were done by Bayview Asset Management after it sold credit default swaps to Huntington and Sofi late last year.
Activist Starboard Value has stake in Autodesk.
Starboard Value has a roughly $500m stake in Autodesk and is pushing for changes at the design-software maker, WSJ reported.
Starboard met with Autodesk executives in recent weeks to discuss concerns related to the company’s operations, corporate governance and the handling of a recent accounting probe that tanked the stock. The activist thinks the company should improve its margins and make changes to its board.
Katy Perry-backed food products firm Bragg explores sale.
Bragg Live Food Products, backed by celebrities Katy Perry and Orlando Bloom, is exploring a sale that could value the maker of apple cider vinegar at more than $500m, including debt, Reuters reported.
The Santa Barbara, California-based company, which also counts investment firm Swander Pace Capital among its investors, is working with Bank of America to solicit interest from potential buyers, which include private equity firms.
Starwood near sale of 1 Hotel Central Park to Host.
Starwood Capital Group is nearing a deal to sell the 1 Hotel Central Park to Host Hotels & Resorts as high room rates drive investor interest in Manhattan's lodging market.
The deal isn't final and could still fall through. Starwood sought more than $1m per room for the property in a 2016 effort that did not lead to a sale. The hotel has about 230 rooms, Bloomberg reported.
Ares explores a deal for GLP Capital Partners.
Ares Management is exploring a potential deal for real estate investment firm GLP Capital Partners, which could rank as one of the biggest combinations in the alternative asset management industry in recent years.
The Los Angeles-based firm is in talks on a possible merger with GCP's operations outside China. The latest potential deal would rank among the sector's biggest combinations of the past few years based on the amount of capital GCP oversees, Bloomberg reported.
Hamilton Lane $5.6bn close showcases secondaries demand.
Asset manager Hamilton Lane has closed a $5.6bn fund that will buy and sell private equity assets on the secondary market.
As its sixth secondaries fund, it's also Hamilton Lane's largest vehicle ever, demonstrating growing interest from limited partners in gaining exposure to returns generated on the secondary market.
EMEA
Bridgepoint, a British private investment company, agreed to acquire Alpha FMC, a consulting and related services provider, for £626m ($796m).
"This offer, which we are pleased has been unanimously recommended by the Alpha FMC Independent Directors, represents a significant premium and allows shareholders to realise attractive value. Bridgepoint has strong experience of backing specialist consultants and we are excited to partner with the company and combine our breadth of knowledge of these financial services end markets and the technology ecosystems underpinning them with the bench of specialist capabilities that Alpha FMC has built over many years. We look forward to investing further both organically and inorganically with Luc and the rest of the team," Charles Welham, Bridgepoint Partner and Head of Business and Financial Services.
Ardian, a private equity investment firm, and Public Investment Fund, a sovereign wealth fund by the government of Saudi Arabia, revised their bid to acquire a 37.6% stake in Heathrow Airport from Ferrovial for £3.26bn ($4.17bn).
Ardian will acquire c. 22.6% while Saudi Arabia's Public Investment Fund will acquire c. 15%. In November, Ferrovial said it was planning to offload its stake, with Saudi Arabia's Public Investment Fund taking 10% and the other 15% going to French private equity group Ardian.
PIF is advised by Barclays and Latham & Watkins. Ardian is advised by Bank of America, RBC Capital Markets, Santander, Clifford Chance, 5654 & Company, Brunswick Group and Kekst CNC. Ferrovial is advised by JP Morgan and Allen & Overy.
Meridiam, an investor and asset manager, offered to acquire the remaining shares in Allego, a provider of electric vehicle charging network, for $125m.
“Since our initial investment in Allego in 2018, we have supported the Company along the way. We are pleased today to announce this important milestone for Allego: we strongly believe that operating in a private context, with a continued support from Meridiam as majority shareholder of the Company, will ideally position Allego for its next phase of growth," Emmanuel Rotat, Meridiam Director.
Allego is advised by Citigroup, UBS, NautaDutilh and Weil Gotshal and Manges. Meridiam is advised by Morgan Stanley and Allen & Overy.
CVC Capital, Nordic Capital and ADIA, offered to acquire Hargreaves Lansdown, a financial service company based in Bristol that sells funds and shares and related products, for £5.4bn ($6.8bn).
Hargreaves Lansdown said its board will unanimously support the revised offer at the proposed value. CVC Capital Partners, Nordic Capital and Platinum Ivy — a subsidiary of sovereign wealth fund Abu Dhabi Investment Authority — latest offer follows previous approaches from the consortium.
Carlyle, an American multinational private equity, alternative asset management and financial services corporation, agreed to acquire E&P assets in the Mediterranean from Energean, an international hydrocarbon exploration and production company, for $945m.
“Carlyle is the right custodian of this asset base and will create an excellent home for our colleagues. We wish them every success and look forward to watching their progress as we continue to develop and diversify our natural gas focused asset base. I thank our colleagues based in Egypt, Italy and Croatia for their hard work and dedication over the years,” Mathios Rigas, Energean CEO.
Carlyle is advised by FGS Global (led by Rollo Head and Alastair Elwen). Energean is advised by Rothschild & Co and White & Case.
Searchlight Capital, a private equity firm, and Ares Management, an alternative investment manager, led a £500m ($634m) investment in RSK Group, a company specialising in the delivery of sustainable solutions.
“RSK is very pleased to welcome a new group of investors and further strengthen our relationship with Ares. This strategic partnership marks a pivotal moment for RSK as we take another step towards our long-term vision of becoming the world’s largest and most trusted provider of sustainable solutions. Searchlight and Ares’ expertise in our industry, combined with their track record of supporting growth initiatives, will be instrumental as we execute on our M&A strategy and expand our service offerings. After three decades, RSK remains committed to delivering environmental and engineering services to help government and business clients around the world achieve a more sustainable future. The opportunities for RSK increase at pace," Alan Ryder, RSK Group Founder and CEO.
RSK was advised by UBS. Searchlight Capital was advised by Willkie Farr & Gallagher (led by Gavin Gordon and Andrew Gray) and Prosek Partners.
STAR Capital, a private equity firm, and Ackermans & van Haaren, a construction engineering company, agreed to acquire V.Group, a ship management company, from Advent, a private equity firm. Financial terms were not disclosed.
“I am truly excited to welcome such well-respected, long-term investors with deep shipping sector experience to assume the ownership of V. I have no doubt that this transaction will further strengthen V., allowing us to accelerate investments across our shipping and services platform to the benefit of our customers, employees and the industry," René Kofod-Olsen, V.Group CEO.
V.Group is advised by Jefferies & Company and BLUE Communications.
Bullhorn, a company that provides cloud-based CRM solutions, completed the acquisition of Textkernel, a sourcing AI solutions provider, from Main Capital Partners, a software investor managing investment funds. Financial terms were not disclosed.
"Textkernel powers over 2k customers globally, including eight of the top 10 staffing agencies worldwide and Fortune 500 companies. A longtime, trusted partner to the staffing and recruitment industry, Textkernel and Bullhorn share a crucial strategic goal: empowering recruiters to digitally transform their business for the future and maximize the use of AI in the industry. This acquisition accelerates our AI strategy and furthers our mission of powering organizations to put the world to work," Bullhorn.
Blackstone and Blue Owl, two investors, led a $135m investment in TravelPerk, a business travel management platform.
“I’m thrilled to welcome Jeff, Craig and AmTrav to the TravelPerk team, as they bring a shared dedication to innovation and providing solutions that customers love. Their decades-long track record of success in the US will supercharge our growth in the US and around the world. And with the financial backing of world-class investors in Blackstone and Blue Owl, in addition to SoftBank earlier this year, we’re exceptionally well positioned to continue to invest in industry-leading technology and our global growth," Avi Meir, TravelPerk CEO and Co-Founder.
TravelPerk was advised by Wilson Sonsini Goodrich & Rosati.
Brookfield, an alternative investment management company, agreed to acquire majority stake in GEMS Education, an education company, from CVC, a private equity firm. Financial terms were not disclosed.
“It has been a privilege to support GEMS as the leading provider of world-class education in the UAE. GEMS was CVC’s first private equity investment in the Middle East and we remain fully committed to investing further in this attractive region," Özgür Önder, CVC Senior Managing Director and Head of Middle East.
Brookfield is advised by Brunswick Group.
Swedish legal services provider Karnov Group tumbled 22% in Stockholm after two US investment firms withdrew their bid for the company amid shareholder resistance to the deal, Bloomberg reported.
Shares fell the most since the company was listed in 2019 after Greenoaks Capital Partners and Long Path Partners announced on June 17 that their offer of SEK84 ($8) per share was pulled.
Apax considering sale of Italian IT services firm Lutech.
Apax Partners has held initial talks with potential advisers and investors as it considers selling Italy's Lutech, which could value the IT services provider at around €1bn ($1.1bn), Reuters reported.
Apax took control of Lutech three years ago, when it bought a majority stake from US buyout group One Equity Partners in a deal which valued the Milan-based company at €500m.
Carlyle, KfW join forces in effort to buy Thyssenkrupp warship division.
Private equity firm The Carlyle Group and German development bank KfW are in talks to jointly buy most of thyssenkrupp's submarine unit. All three parties are holding talks about a deal that would hand Carlyle, a majority stake in TKMS, while state-owned lender KfW would hold a blocking minority. Thyssenkrupp would own a minority stake.
The plan to join forces and take a majority stake in thyssenkrupp Marine Systems reflects growing investor interest in defence assets as well as efforts by Berlin to keep control over what it considers to be key military technology.
Thyssenkrupp is currently running a dual-track process for TKMS, which could result in either a sale or spin-off of the division that makes submarines, frigates as well as sensor and mine-hunting technology, Reuters reported.
United Group owner seeks July bids as PE firms join fray.
United Group's private equity backer has asked for non-binding bids in July for the eastern European carrier. Apax Partners and Warburg Pincus are in the early stages of considering potential bids for part or all of United Group, which is controlled by BC Partners.
They would compete with Emirates Telecommunications and Saudi Telecom, which have separately been exploring offers. Orange, Telekom Austria and French telecom billionaire Xavier Niel's Iliad are also among potential buyers that have been approached. BC Partners may seek a valuation of about $8.6bn including debt for the business, Bloomberg reported.
Mubadala proposes a $595m sale of Wefox.
Mubadala has proposed selling troubled insurance tech startup Wefox to UK insurance broker Ardonagh Group in a deal opposed by the German firm's founders.
The Abu Dhabi sovereign wealth fund has told Wefox shareholders it expects an offer from Ardonagh that would give the German firm an enterprise value of as much as $595m.
Wefox's founders and some early investors oppose the deal as it would put them at risk of losing their entire investment, and they have fielded an alternative one. Instead of a sale, they're proposing a new funding round by existing investors, Bloomberg reported.
HSBC said to weigh sale of French life insurance business.
HSBC is considering a potential sale of its French life insurance business, about a year after handing over its local retail banking network to Cerberus Capital Management, Bloomberg reported.
The UK lender is in the early stages of preparing to gauge interest in the business, which could draw interest from French and international insurers. A deal could value the unit at more than €500m ($536m).
UK fintech Zilch taps Deutsche Bank to raise $127m debt.
British fintech firm Zilch Technology raised £100m ($127m) in a securitized debt financing deal arranged by Deutsche Bank, as the buy-now-pay-later firm seeks to expand before a planned initial public offering next year, Bloomberg reported.
The funds will help Zilch develop new products for a broader base of customers. The London-based company serves more than 4m customers and processes over 10m monthly payments. It was valued at $2bn in a Series C funding round in 2022.
Foresight Group plans to inject $127m into North West businesses.
Private equity and infrastructure investor, Foresight Group, has announced ambitions to invest £100m ($127m) into companies in North West England. The move represents the firm's second fund specifically for the region.
The new £100m ($127m) private equity fund looks to invest in fast-growing firms across Greater Manchester, Cheshire, Lancashire, the Liverpool City Region, and North Wales. Previously backed firms range from the likes to Indian restaurant group, Mowgli Street Food, lab products company ONFAB and financial planning firm, Five Wealth.
Dan Friedkin is in advanced talks for Everton.
AS Roma owner Dan Friedkin is in advanced talks to acquire financially-troubled Everton from owner Farhad Moshiri.
Moshiri currently favors Friedkin's proposal for the Premier League football club and is seeking to hammer out detailed terms of a deal. It is not clear whether Moshiri will keep a part of his 94% shareholding in the club if the deal goes through.
Everton has been in play since Moshiri's exclusivity period to be acquired by 777 Partners expired on May 31, opening the door to other bidders, Bloomberg reported.
TA Associates explores sale of Hungarian price comparison firm Netrisk.
TA Associates is preparing to put Netrisk Group, one of Hungary’s largest price comparison companies, up for sale, Reuters reported.
The Boston-based buyout fund has hired Morgan Stanley to advise on a possible sale of the business, which specialises in comparing the prices of insurance products for consumers.
KKR, TPG express interest in Italian drugmaker Recordati. (FS)
KKR and TPG are among suitors to have expressed initial interest in Italian drugmaker Recordati, Bloomberg reported.
The buyout firms have made preliminary proposals to acquire part or all of CVC Capital Partners controlling stake in Milan-listed Recordati. CVC also received separate interest from Italy’s Angelini Pharma as well as at least one Abu Dhabi sovereign wealth fund for a stake in the business.
Texan investor may bid for football team with communist past.
Todd Interests is weighing a bid to buy Paris-based football club Red Star FC from fellow US investment firm 777 Partners, Bloomberg reported.
Dallas-based Todd Interests could team up with former French football player Peguy Luyindula for its bid. Todd Interests specializes in distressed real estate investing and a deal for Red Star would be its first involving a football club. Luyindula previously played for Paris Saint-Germain FC.
Brian Sheth's Haveli joins rush of firms setting up in Abu Dhabi.
Abu Dhabi is set to invest in software strategies run by Brian Sheth, whose private equity firm will open an office in the emirate as part of the agreement, Bloomberg reported.
Abu Dhabi Catalyst Partners - a $1.65bn joint venture between Mubadala Capital and Alpha Wave Global will commit money to technology-focused Haveli Investments. In return, the Austin-based firm will set up a base in Abu Dhabi Global Market - its first outside North America.
Flix eyes stake sale in IPO rethink.
German bus and train services company Flix is seeking alternatives to a stock market listing and is in talks with investors including private equity firm EQT on a potential stake sale. Talks are at an early stage, Reuters reported.
The company could be valued at $3.4bn in a deal. The banks involved were JP Morgan, Goldman Sachs and BNP Paribas.
Luxury sneaker maker Golden Goose postpones planned IPO.
Golden Goose Group pulled the plug on its Milan listing as a selloff in luxury stocks and the return of political risk in Europe threatened to dent appetite for the Permira-backed sneaker firm, even after it tempered its valuation expectations, Bloomberg reported.
The company decided to shelve the initial public offering because of a "significant deterioration in market conditions". Financial markets have been roiled by the announcement of a general election in France, and that has exacerbated months of declines in luxury stocks.
NorthWall Capital raises more than $686m for European opportunities strategy.
NorthWall Capital, a leading credit investment firm delivering private capital solutions to counterparties in Western Europe, today announces the final close of its flagship NorthWall European Opportunities Fund II and associated vehicles, attracting more than €640m ($686m) in investor commitments.
The Fund and associated vehicles surpassed the €500m ($536m) target, receiving strong support from new and existing global institutional investors.
Abu Dhabi's biggest fund hires ex-JD executive in China. (People)
Abu Dhabi's biggest wealth fund hired the finance chief of a JD.com unit to help oversee its investments in China at a time when the United Arab Emirates is increasing its bets on emerging markets, Bloomberg reported.
Hugo Hu joined the JD Group, a leading Chinese e-commerce platform, in 2021, first as head of the strategic investment unit before he assumed duties as Jingdong Industrials’ CFO in December 2022. Hu will join the Abu Dhabi Investment Authority as China chief in its private equities unit.
APAC
Shell, a British multinational oil and gas company, agreed to acquire Pavilion Energy, a global energy company that provides LNG trading, shipping, natural gas supply and marketing activities, from Temasek, an investment company based in Singapore. Financial terms were not disclosed.
"The acquisition of Pavilion Energy will strengthen Shell's leadership position in LNG, bringing material volumes and additional flexibility into our global portfolio. We will acquire Pavilion's portfolio of LNG offtake and supply contracts, which includes additional access to strategic gas markets in Asia and Europe. By integrating these into Shell's global LNG portfolio, Shell is strongly positioned to deliver value from this transaction while helping to meet the energy security needs of our customers," Zoë Yujnovich, Shell Integrated Gas and Upstream Director.
Temasek is advised by Barclays.
Blackstone, an American multinational private equity, offered to acquire Infocom, a provider of digital comics and business solutions in information technology, for $1.7bn.
"Infocom's robust e-comics business is the driving force behind our growth, and our IT services business for hospitals and general companies is also working to expand the services we provide and strengthen our customer base. We are confident that Blackstone's investment track record, outstanding data analysis capabilities, and track record of alliance with a variety of companies will be a major source of strength for our group's medium- to long-term growth," Jun Kuroda, Infocom President & CEO.
KKR, an investment firm, and Singtel, a telecommunications conglomerate, agreed to invest $1.3bn in ST Telemedia Global Data Centres, a data centre colocation services provider.
“We are thrilled to welcome KKR and Singtel, two blue-chip investors in the digital infrastructure space into the STT GDC group. Since our inception 10 years ago, STT GDC has developed into a leading data centre provider with a significant footprint in Asia, UK and Europe, supporting the growth of the world’s largest cloud and enterprise customers. With the industry experiencing unprecedented cloud and AI-led growth, this strategic partnership with KKR and Singtel will be a significant catalyst for STT GDC's next chapter of growth as a leader in the digital infrastructure industry," Bruno Lopez, STT GDC President & Group CEO.
Temasek, a global investment company, agreed to invest $198m in Betashares, an Australian financial services company.
“Since founding the business 14 years ago, we have developed a leading position in Australia’s ETF industry. We have worked hard to expand the range of high-quality investment solutions available to investors and their financial advisers, democratised access to wealth creation opportunities for our clients, and improved the range of genuine educational content, emphasising the power of long-term investing,” Alex Vynokur, Betashares Founder and Chief Executive Officer.
Venture capital firms New Enterprise Associates, Khosla Ventures and Lux Capital led a $100m funding round in Sakana AI, a Tokyo-based developer of large language models.
With the new funding, Sakana AI plans to accelerate its research and development efforts, expand its team, and enhance its product offerings. The company aims to solidify its position as a leading player in the AI industry, leveraging its advanced LLM technology to create innovative solutions for various sectors.
IHH, Sunway among bidders for Affinity's Malaysian hospital.
Private hospital operators IHH Healthcare and Sunway Medical Centre are among bidders for Malaysia's Island Hospital, which is owned by Asian buyout fund Affinity Equity Partners and could fetch $1bn, Reuters reported.
Private equity firms CVC Capital Partners and TPG Capital also submitted initial bids. Affinity will shortlist bidders for the next round and expects to conclude the sale by the end of the year.
Hillhouse in talks for Dulwich Schools as Blackstone bid falters. (FS)
Hillhouse Investment is in talks to acquire Dulwich College International’s schools, after Blackstone’s attempt to buy some of the assets in Asia fell apart, Bloomberg reported.
Hillhouse has emerged as a suitor for the network of schools, including those in China. That would see it overtake Blackstone, which had been considering acquiring the international school assets only in Singapore and Seoul for about $600m.
UBS nears a sale of Credit Suisse China unit to Beijing Fund.
UBS Group has entered final negotiations with a Beijing-backed fund over the sale of Credit Suisse's money-losing China venture as talks with Citadel Securities stalled.
UBS is now in exclusive talks with its Chinese partner, Beijing State-Owned Assets Management on the deal. A final decision and an agreement with the buyer could be reached as soon as the end of this month.
As part of the proposed two-step transaction, the Swiss lender plans to first sell most of its stake in Credit Suisse Securities (China) to the Beijing government, which will ultimately own 85% of the venture. It will then buy Beijing's 33% holding in UBS Securities to attain full ownership. UBS would still retain 15% of the Credit Suisse venture after the transaction, with the Beijing city government holding the rest, Bloomberg reported.
Carlyle sets sights on 300 Japanese businesses as PE deals boom.
US investment fund Carlyle Group is studying around 300 Japanese businesses as part of its pipeline, a sign of the continuing boom in private equity deals in the country.
"We look at a lot of deals every day. Even though competition is increasing, if you look at the number of potential deals, there are actually not enough general partners to do them," Kazuhiro Yamada, Japan buyout advisory team Co-Head.
CDH Investments partners China's state capital investor for $345m mezzanine fund.
China-focused CDH Investments, which manages over $27bn, has joined hands with a state capital investor for the launch of a mezzanine fund to deploy about $345m in internet data centre infrastructure.
Alternative asset management firm CDH Investments set up the fund, dubbed "CDH Zhiwen Mezzanine Fund," in partnership with Fuzhou State-Owned Capital Investment and Operation Group to invest in modern IDC infrastructure to boost "the high-quality development of a digital economy," the state capital investor announced earlier last week.
Designed for a hybrid of debt and equity financing, a mezzanine fund offers a complex form of business loan that gives the lender the right to convert a debt to an equity interest in the company after a predetermined payback time frame has passed, DealStreetAsia reported.
GCP-backed Lok Capital holds first close of $276m maiden new energy fund.
Lok Capital, a nascent new energy asset management platform in China, announced on June 19 the first close of its maiden fund, which targets to raise CNY2bn ($276m) in total, DealStreetAsia reported.
It is arguably the first asset management firm in China to specialize in distributed energy resources, which refer to small-scale energy resources usually situated near sites of electricity use.
Canadian government, ADB launch $255m climate fund for Asia Pacific.
The Government of Canada and the Asian Development Bank have launched a CAD360m ($255m) fund to invest in climate- and nature-based projects, DealStreetAsia reported.
Canada is providing CAD350m ($254m) for the fund, dubbed The Canadian Climate and Nature Fund for Private Sector in Asia, with another CAD10m ($7m) for technical assistance, while ADB will administer CANPA.
The fund aims to lower the risks in bringing viable projects to market that would be unlikely to proceed solely on a commercial basis. It will finance nature-based solutions such as sustainable agriculture and aquaculture to protect, manage, and restore ecosystems.
Vivriti AM launches $240m private credit fund for Indian SMEs.
Vivriti Asset Management, a Chennai-based private credit firm, plans to raise up to INR20bn ($240m) for its Diversified Bond Fund Series II, its third such vehicle. The fund will have a five-year tenor and aims to deliver a pretax annual rupee return of 15% to 16%.
The new fund will focus on financing profitable operating companies where cash flows can be predicted. It will target consumer goods, healthcare, infrastructure and manufacturing.
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