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AMERICAS
The Federal Communications Commission put off consideration of hedge fund Standard General's proposed purchase of broadcaster Tegna, a delay that could kill the $8.6bn transaction, Bloomberg reported.
The agency is concerned that the transaction proposed a year ago might trigger price increases for consumers as TV stations boost charges for cable providers. The deal might also reduce local content on TV stations and ordered a hearing.
Standard General is advised by Goldman Sachs, Moelis & Co, RBC Capital Markets, Cooley (led by Michael Basile), Fried Frank Harris Shriver & Jacobson (led by Warren S. de Wied and Roy Tannenbaum), Pillsbury Winthrop Shaw Pittman, and Joele Frank (led by Andrew Brimmer and Jamie Moser). Debt financing is provided by RBC Capital Markets. TEGNA is advised by Evercore, Greenhill & Co, JP Morgan (led by Marco Caggiano), Covington & Burling, Wachtell Lipton Rosen & Katz (led by Viktor Sapezhnikov, Igor Kirman, Victor Goldfeld, and Andrew Brownstein), and FGS Global (led by George Sard). Financial advisors are advised by Freshfields Bruckhaus Deringer (led by Ethan A. Klingsberg).
EQT, an investment organization, and Public Sector Pension Investment Board, a pension investment manager, agreed to acquire Radius Global Infrastructure, an aggregator of rental streams underlying wireless communications, for $3bn.
“This transaction is both an exciting next step for Radius and a great outcome for shareholders as it provides compelling value. Partnering in a private capital context with EQT and PSP, both of which have significant expertise in communications infrastructure, will enable Radius to accelerate origination activity and further invest in both geographic expansion and adjacent asset opportunities. I want to thank the incredible Radius team for their commitment and success in building the platform we have today," Bill Berkman, Radius Co-Chairman and CEO.
Radius Global is advised by Barclays, Citigroup, Goldman Sachs, Cravath Swaine & Moore, Morris Nichols and FGS Global (led by George Sard). PSP is advised by Evercore and Weil Gotshal and Manges (led by Trey Muldrow and Jenna McBain). EQT is advised by Morgan Stanley and Simpson Thacher & Bartlett.
Thoma Bravo, a private equity firm, completed the acquisition of Coupa Software, a cloud platform for business spend management, for $8bn.
"This is an important milestone for Coupa, underscoring our market-leading position and the value we're co-creating with our customer community. Thoma Bravo shares our vision and brings strategic and operational expertise. This move is an opportunity for us to strengthen our business fundamentals and continue delivering leading-edge innovation on our platform," Rob Bernshteyn, Coupa Chairman and CEO.
IKAV, an international asset management group, completed the acquisition of Aera Energy, an oil and gas producer, from ExxonMobil, an international energy and petrochemical company, and Shell, a global group of energy and petrochemical companies, for $4bn.
"In addition to our long-term goal and commitment to renewable energy, we recognize the continued need for oil and gas and for these assets to be operated safely and responsibly to facilitate a smooth and sustainable transformation of our energy supply. We advocate a co-existence between renewable and conventional energy for decades to come. Aera fits our philosophy, and we are excited to be working with its exceptional team, who share our culture and long-term ambitions," Constantin von Wasserschleben, IKAV Chairman.
IKAV was advised by Citigroup, Truist Securities, Wells Fargo Securities and Haynes and Boone. Shell was advised by JP Morgan.
Desjardins Group, a financial services provider, completed the acquisition of the life insurance, mutual fund and investment distribution networks from Guardian Capital Group, a provider of investment management services, for $555m.
"This acquisition strengthens Desjardins in the important life insurance and wealth management sectors across Canada. On the insurance side, it extends our market reach and positions us as a leader in life insurance independent distribution in Canada. On the financial advisory side, the mutual fund and securities dealers will enhance and strengthen our distribution of retail investment products. With this added bench strength, Desjardins will be able to serve more Canadians and achieve critical mass to generate the financial flexibility to innovate and invest to better meet the needs of our members, clients and advisors," Guy Cormier, Desjardins Group President and CEO.
Park Cities, an alternative investment firm, completed the acquisition of Elevate, a provider of online credit solutions, for $67m.
“From the beginning, Elevate has strived to be the most trusted and preferred alternative credit provider for the ‘New Middle Class’—the more than 100m credit constrained Americans. I am excited to build on our partnership with Park Cities and continue our work as a leader and innovator in the non-prime market. I look forward to working with the Park Cities leadership team and believe the Company will greatly benefit from their expertise and comprehensive understanding of the credit landscape," Jason Harvison, Elevate CEO.
Turnspire Capital, a private investment firm, completed the acquisition of USG Water Solutions, a provider of water asset management services for small and medium public water utilities, from Veolia, a utility services provider. Financial terms were not disclosed.
"We are thrilled to acquire this incredible business. USG pioneered the tank maintenance program over thirty years ago and has maintained its position as the pre-eminent supplier in the market as a division of larger global corporations, most recently Veolia. As an independent company under Turnspire's ownership, and led by John Flaugher and the talented current management team, USG can build on its legacy to achieve operational excellence and sustainable growth in tanks under management," Ilya Koffman, Turnspire Managing Partner.
Turnspire Capital was advised by Harris Williams & Co, Chapman and Cutler and Gasthalter & Co (led by Mark Semer). Veolia was advised by Houlihan Lokey.
Colorcon, a pharmaceutical company, completed the acquisition of Airnov Healthcare Packaging, a packaging solutions provider, from Arsenal Capital Partners, a private equity firm. Financial terms were not disclosed.
"Airnov's capabilities are a strong complement to Colorcon's existing portfolio. Our partnership expands our platform of stability and moisture management solutions from core to coatings to in-package offerings," Simon Tasker, Colorcon CEO.
Airnov Healthcare Packaging was advised by William Blair & Co and Kirkland & Ellis. Colorcon was advised by Dechert. Arsenal Capital was advised by Prosek Partners (led by Jackie Schofield).
5th Century Partners, a purpose-driven private investment firm, completed the acquisition of Perspecta, a provider of physician directories and data management solutions in workers' compensation, government and commercial healthcare. Financial terms were not disclosed.
"There are critical conversations happening across the healthcare ecosystem calling for better cost containment and price transparency. We expect these trends to continue and believe Perspecta has the solutions to help the industry meet these needs. I've known the Perspecta team for a decade, and the company's experienced leaders have the ability to understand the opportunities and execute. We're pleased to formalize our relationship as we work together to continue to grow the business and contribute to moving the healthcare industry forward for the benefit of all stakeholders," Marques Torbert, 5th Century Partners Managing Partner.
Perspecta was advised by Canaccord Genuity. 5th Century Partners was advised by DLA Piper. Debt financing was provided by CIBC World Markets.
MetLife Investment Management, the institutional asset management business of MetLife, completed the acquisition of Raven Capital Management, a privately-owned alternative investment firm. Financial terms were not disclosed.
"A distinguishing feature of MIM is our ability to originate differentiated private investment opportunities for our clients. The addition of Raven Capital Management will broaden and further distinguish our offerings in higher yielding private credit and alternative investments. MIM will be able to deliver more for our clients and continue to expand our range of capabilities and complementary investment strategies," Steven J. Goulart, MIM President.
MetLife Investment Management was advised by Dukas Linden Public Relations (led by Shree Dhond). Raven Capital Management was advised by Simpson Thacher & Bartlett (led by Elizabeth Cooper).
Lightspeed Venture and Greenoaks Capital, two investors, led a $300m Series D round in Wiz, a cloud security startup, with participation from Howard Schultz and Bernard Arnault.
“When we first launched Wiz, we set out to design a product with the world’s leading enterprises in mind, and all the complexity and operational considerations their dynamic cloud environments present. With Wiz, companies are developing a new maturity level in their cloud environments by improving security, increasing visibility and driving agility," Assaf Rappaport, Wiz Founder.
EIG, an institutional investor in the global energy and infrastructure sectors, and Modern Energy, a diversified clean energy company, completed the $90m investment in Industrial Sun, an energy company and developer of large-scale solar projects for power sale to industrial clients.
"We are excited to partner with Industrial Sun and join forces with their talented team. We have been impressed by their strong track record, innovative business model, and the opportunity they have created to generate significant value for their customers. This investment allows us to deepen our relationship with Modern Energy and participate in the scaling of a promising clean energy platform," Andrew Ellenbogen, EIG Managing Director.
Riverside, an investment firm, completed the acquisition of American Service Company, an alarm system company, and Advanced Fire Protection Systems, a fire protection service. Financial terms were not disclosed.
"Fire and life safety is a rapidly growing market, and the combined business is well-positioned to meet the ever-growing needs of the industry. During our partnership, we plan to invest in sales and marketing resources to enhance the organizations’ already-extensive customer base while extending service offerings that will address the compliance needs of new and existing customers," Loren Schlachet, Riverside Managing Partner.
Private equity firms MASTRY Ventures and General Catalyst completed the acquisition of a majority stake in Athletes First, a football agency. Financial terms were not disclosed.
"Athletes First is not simply the name of our company, it is our culture, mission, and family. MASTRY Ventures and General Catalyst are exceptional partners for us as their success is rooted in that same philosophy. This partnership will redefine the traditional continuum of representation services as we use our combined platforms and vision to help clients maximize their positive impact on families, communities, and the world," Brian Murphy, Athletes First Founder and CEO.
T-Mobile Ventures, a venture fund, completed an investment in Movius, a software provider for secure and compliant mobile communications. Financial terms were not disclosed.
"Stakes are high for many businesses to keep corporate sensitive communications safe. We're here for businesses with partners like Movius to help organizations focus on what they do best while we tackle their communication pain points for the modern workplace," Mishka Dehghan, T-Mobile Senior Vice President of Strategy, Product and Solutions Engineering.
Bain Capital Double Impact, a private equity company, completed the acquisition of Meteor Education, an educational services provider, from Saw Mill Capital, a private equity firm. Financial terms were not disclosed.
"Saw Mill was an exceptional partner to Meteor throughout these past five years. They were highly supportive of our vision for impacting schools, our growth strategies and made key investments that fueled our success. In addition, we were able to navigate through the market challenges of the past several years and create a stronger set of talent, systems, and further professionalize our organization - helping us prepare for the next chapter of our growth," Bill Latham, Meteor CEO.
Stripe said to be in advanced talks to raise $4bn at a markdown valuation of $55bn.
Digital payments processor Stripe is close to raising $4bn in fresh capital at a valuation of about $55bn, DealStreetAsia reported.
The latest capital raise from investors including Thrive Capital could be the largest private funding round in recent memory, marking a steep decline in the valuation of the fintech startup, which was valued at $95bn in early 2021.
Cvent rejects a $3.9bn purchase bid from Blackstone.
A $3.9bn purchase bid from buyout company Blackstone has been rejected by Cvent, a US software supplier that supports in-person and virtual meetings.
Blackstone withdrew from the talks when Cvent rejected its $8 per share offer as being too low. Vista Equity Partners Management, a private equity firm, owns the majority of the shares of Cvent. Trading in its shares finished on Thursday at $7.64. When Blackstone approached Cvent with an unsolicited offer the company was not considering a sale. It is unknown if Blackstone would make another unsolicited offer or if any other bidders will emerge.
L Catterton nears agreement to buy Ilegal Mezcal. (FS)
L Catterton, a consumer-focused private equity firm, is in advanced talks to acquire Ilegal Mezcal, a producer of a handcrafted Mexican spirit that uses roasted Agave Espadin, Bloomberg reported.
The mezcal maker, which counts VMG Partners and Bacardi among its backers, would be valued at less than $200m in a transaction. L Catterton is making the investment through its Latin America fund.
Apollo is in talks for aerospace parts maker Arconic.
Apollo Global Management is in talks to buy Arconic, an equipment and parts developer to the aerospace industry, Bloomberg reported.
The private equity giant submitted its bid for Arconic earlier in February, said the person, who asked not to be identified discussing private matters. If discussions advance, a deal could be reached in the high $20-a-share range and debt financing is in place to secure the asset.
Brookfield plans second energy transition fund.
Brookfield Asset Management is looking to secure around $20bn in capital commitments for its latest fund which will focus on investments in the global transition to clean energy from fossil fuels.
The new second energy transition investment vehicle, is expected to start by the middle of the year. Depending on investor demand, the fund may eventually raise as much as $25bn.
Bain Capital Ventures closes $1.9bn in tech investment funds.
Bain Capital Ventures, the venture arm of the namesake private equity giant, has raised $1.9bn across two new venture funds targeting startups of all sizes, Bloomberg reported.
The funds, which set a new record for Bain Capital's 20-year-old venture capital business, will target investments in fintech, infrastructure, apps and commerce technology. The raise eclipses the $1.3bn BCV announced in May 2021 to invest in earlier-stage companies.
Northleaf closes PE Fund VIII above target.
Northleaf Capital Partners has held the final closing for the latest vintage of its global private equity solutions fund, Northleaf Private Equity Investors VIII, with over $675m of capital commitments, surpassing the fund's original $600m target.
NPE VIII provides investors with access to a diversified portfolio of mid-market private equity opportunities through a combination of primary, secondary and direct investments.
B Capital closes inaugural healthcare fund.
B Capital, a global multi-stage investment firm, has closed the inaugural B Capital Healthcare Fund I which, in conjunction with B Capital Growth Fund III, gives the the firm over $500m to invest in opportunities across the healthcare sector, from digital health to biotech.
The current B Capital global healthcare portfolio includes over 20 companies in the US, Asia and Europe, spanning early venture to late growth venture, across healthtech, digital health, biotech and medtech.
Lyric Capital closes $410m second music royalty fund.
Lyric Capital, a New York-based private equity firm that specializes in investing in music copyrights and the owner of global music publishing operation Spirit Music Group, announced that it has successfully closed its second fund, with total commitments of approximately $410m.
"I couldn't be more excited about completing our latest fundraise with the participation of existing and new investors which validates our unique and collaborative approach to acquiring high-quality assets from recording artists and songwriters. Thanks to our relationships and proven reputation as good stewards of legendary song catalogs and recordings, we have a robust pipeline of proprietary opportunities and the capital to pursue them," Jon Singer, Lyric Capital Managing Partner and Co-Founder.
Carlyle private equity CIO Peter J Clare to retire. (People)
Peter J Clare, the Chief Investment Officer of corporate private equity and Chairman of the Americas at Carlyle Group, is to retire on 30 April after 31 years at the firm. He is also stepping down from his role as a member of the Carlyle Board of Directors, effective immediately.
Sandra Horbach and Brian Bernasek, Co-Heads of Carlyle's US Buyout and Growth platform, will assume the role of co-heads of the Americas to oversee the firm's private equity business across the region.
Cambridge Associates adds Chief Data Officer and Head of Corporate Strategy. (People)
Global investment firm Cambridge Associates has expanded its executive leadership team with the appointments of Chief Data Officer Harinder Soin and Head of Corporate Strategy Adam Lester.
Soin reports to Jason Roberts, Chief Technology Officer and Lester reports to the firm's CEO, David Druley.
KKR appoints global co-heads of private equity. (People)
KKR, a global investment firm, announced that Pete Stavros and Nate Taylor have been named Global Co-Heads of KKR's Private Equity business. Since 2019, Stavros and Taylor have served as Co-Heads of Private Equity in the Americas.
"We are incredibly proud of our strong track record in Private Equity and the firm's leadership positions in the US, Europe and Asia. This new global role will further optimize the culture of collaboration that underpins the success we deliver for clients," Joe Bae and Scott Nuttall, KKR Co-CEOs.
Union Pacific plans to name new CEO this year. (People)
Union Pacific said it plans to name a new chief executive this year, hours after a major shareholder publicly urged the railroad company’s board to oust Lance Fritz from the job, WSJ reported.
Soroban Capital Partners, a New York hedge fund managing about $10bn, on Sunday disclosed a letter it wrote to Union Pacific directors pushing for the change, arguing that the company has underperformed on Mr. Fritz’s watch.
EMEA
Triton Fund V raised its offer for Finnish building maintenance services provider Caverion to an equity value of €1.22bn ($1.3bn) as it seeks to outbid Bain Capital Private Equity, Bloomberg reported.
Triton's Crayfish BidCo offered €8.95 ($9.46) a share for Caverion. The offer is 11.9% higher than the upfront payment version of the January bid by Bain Capital-led consortium.
Triton is advised by Danske Bank, Deutsche Bank, Avance (led by Ulf-Henrik Kull), and Tekir. Debt financing is provided by DNB Bank, Danske Bank, Deutsche Bank, JP Morgan, OP Corporate Bank, and Swedbank. Caverion is advised by Bank of America and Castren & Snellman (led by Thomas Landell and Janne Lauha).
ANIMA, an independent asset management operator, agreed to acquire an 80% stake in Castello, a company specialising in the promotion and management of alternative investment products, from Oaktree, an investment manager, for $63m.
“I am proud of this operation, and I thank ANIMA’s top management and the CEO Alessandro Melzi d’Eril for the trust and the quality of the activity carried out together during the past months. This agreement, with a distinctive industrial value, sets the ground for the creation of a reference Italian player in the market of alternatives’ investments with the aim to create further value for all stakeholder and the Country. With the strength of our track record, which we make available to ANIMA, I am sure we can play together the role of aggregator for Alternative asset management companies," Giampiero Schiavo, Castello CEO.
ANIMA is advised by KPMG, Banca Akros, Vitale & Co, Daverio & Florio, Shearman & Sterling (led by Andrea De Pieri), Barabino & Partners (led by Emma Ascani) and Di Tanno e Associati. Oaktree is advised by Mediobanca and Freshfields Bruckhaus Deringer.
Thoma Bravo, a private equity firm, completed a minority investment in Summa Equity-backed LOGEX, a healthcare analytics company. Financial terms were not disclosed.
"Our mission is to turn data into better healthcare. There is an urgent need for stronger, more resilient, and more accessible health systems in Europe. We are already active in 10 European markets and we know we can play a meaningful role in evolving healthcare in Europe and making systems interoperable for improved international collaboration if we can expand further. Thoma Bravo, with their deep technical knowledge and their expertise in operational excellence, will be a fantastic partner to help us achieve that goal," Philipp Jan Flach, LOGEX CEO.
LOGEX is advised by Jefferies & Company and Allen & Overy. Thoma Bravo is advised by Harris Williams & Co and Kirkland & Ellis.
Barclays, a universal bank, completed the acquisition of Kensington Mortgages, a mortgage lender, from Blackstone and Sixth Street, two investment firms, for $2.8bn.
“The transaction reinforces our commitment to the UK residential mortgage market and presents an exciting opportunity to broaden our product range and capabilities. KMC is a best-in-class specialist mortgage lender with an established track record in the UK market, strong broker and customer relationships and data analytics capabilities. KMC complements our existing UK mortgage business and broker relationships through the addition of a specialist prime mortgage originator and the utilisation of our strong UK funding base. We look forward to KMC management and employees becoming part of the Barclays group,” Matt Hammerstein, Barclays CEO.
Kensington Mortgages was advised by Morgan Stanley and Edelman. Blackstone was advised by Freshfields Bruckhaus Deringer.
Bridgepoint, a private investment company, completed the acquisition of a majority stake in Equativ, an independent ad platform. Financial terms were not disclosed.
"After three consecutive years of strong growth, our partnership with Bridgepoint is a key milestone in Equativ's history as the digital advertising industry continues to rapidly transform. Our vertically integrated platform is now uniquely positioned to offer publishers and advertisers around the world the ability to execute advertising transactions directly and efficiently, without intermediaries, in a brand-safe and transparent environment. This new chapter with Bridgepoint validates our strategy and positioning and will help to provide additional resources to accelerate our investments and achieve our ambitions," Arnaud Créput, Equativ CEO and Founder.
Bridgepoint was advised by Shearman & Sterling (led by Xavier Norlain). Equativ was advised by GingerMay.
LGT, a private banking and asset management group, agreed to acquire discretionary fund management business from abrdn, an investment company, for £140m ($168m).
"We are establishing one of the UK's leading personal wealth businesses, and this deal represents an important step forward in our strategy to focus on our high-growth, platform-led, businesses. Our track record over the past two years shows that where we identify non-core capabilities, we will look to divest and redeploy capital in ways that better align with the interests of our investors, clients and customers," Stephen Bird, abrdn CEO.
abrdn is advised by Evercore.
Inflexion, a private equity firm, agreed to acquire a majority stake in Nomentia, a treasury and cash management software provider, from PSG Equity, a growth equity firm, and Verdane,, a specialist growth investor. Financial terms were not disclosed.
"Nomentia is a market leading SaaS business benefitting from a best-in-class offering for its clients. Now is the right time for the business to accelerate its growth across Europe whilst continuing to maintain its high level of customer service. We look forward to supporting Jukka and the team as Nomentia further penetrates the European market both organically and through acquisitions," Flor Kassai, Inflexion, Partner and Head of Buyout Fund.
PSG Equity is advised by Prosek Partners.
Summa Equity, a private equity firm, agreed to acquire a majority stake in Logpoint, a cybersecurity solutions provider. Financial terms were not disclosed.
“By taking a majority stake in Logpoint, we are investing in securing the global tech-enabled transformation, which is vital to reaching most of our sustainable development goals. It is an investment in European cybersecurity resilience, ensuring that the technology to secure digital infrastructures thrives in Europe. Logpoint will serve as the platform for building a European cybersecurity powerhouse, as an alternative to the dominating US vendors,” Christian Melby, Summa Equity Partner and CIO.
Partners Group nears deal for stake in Sterling Pharma Solutions.
Private equity firm Partners Group is nearing a deal to acquire a minority stake in UK pharmaceutical manufacturing services provider Sterling Pharma Solutions, Bloomberg reported.
The Swiss investment group has emerged as the frontrunner in an auction process for the stake. A deal is likely to value Sterling Pharma, which is owned by private equity firm GHO Capital, at about £1bn ($1.2bn) or more.
Nelson Peltz sells £71m of Unilever shares.
Activist investor Nelson Peltz has sold £71m ($85m) worth of British consumer goods company Unilever shares held by his Trian investment vehicle, implying his work is done with trying to drive change at the consumer goods company.
Peltz has been one of several big investors demanding that Unilever shake things up after a period of lacklustre growth. He joined the board of directors last year and is thought to have been a driving force behind the decision for chief executive Alan Jope to stand down.
CPPIB, KKR are said to weigh bids for Vattenfall’s Berlin unit.
Canada Pension Plan Investment Board and KKR are among suitors weighing bids for Vattenfall’s district heating business in Berlin.
Macquarie Group is also considering a potential offer for the asset. The city of Berlin has already expressed interest in bidding in partnership with European utilities Engie and E.ON, Bloomberg reported.
Portugal's EDP committed to keeping 70% of renewables unit.
Portugal's largest utility EDP is committed to keeping more than 70% of its wind and solar unit EDP Renovaveis, its chief executive said, Reuters reported.
EDPR, in which it holds a 75% stake, intended to raise €1bn ($1.06bn) through a share sale, and Lisson Grove Investment, an affiliate of Singapore sovereign wealth fund GIC, had committed to subscribe to the issue at between €19.25 ($20.47) and €20.5 ($21.8) per share.
Alastair Beveridge and Daniel Imison to sell a 37% stake in SMCP.
Alastair Beveridge and Daniel Imison of AlixPartners UK are selling a 37% stake in SMCP, the French premium fashion company that owns Sandro, Maje, Claudie Pierlot and Fursac. The sale process is expected to take several months.
“At this initial stage in launching the sale process, the timing for the sale process, the conclusion of any sale of the pledged shares, the identity of any purchaser (or purchasers), and whether all or any part of the pledged shares may be sold to one or more purchasers are currently unknown. Accordingly, it is not yet possible to assess whether the transaction will trigger or not a subsequent mandatory takeover bid,” AlixPartners.
Prosus mulls sale of OLX Autos classified advertising business.
Technology investor Prosus is considering a sale of its OLX Autos classified advertising business, DealStreetAsia reported.
Prosus said the pursuit of growth in the car advertising business was no longer the right approach because the second-hand car market had been hit by a significant and persistent slowdown owing to weakening economic growth and high inflation.
EQT seeks up to €3bn from Galderma IPO.
EQT is reviving plans to take skincare business Galderma public, in what’s expected to be another key test for Europe’s market for initial public offerings.
The Swedish investment firm is studying the feasibility of listing the business as soon as after the Easter break in early April. EQT could look to raise as much as €3bn ($3.2bn) from a listing, Bloomberg reported.
Investcorp raises over $1.2bn for its inaugural North America private equity fund.
Investcorp, a global alternative investment firm, today announced the final closing of Investcorp North American Private Equity Fund I, which focuses on control buy-out investments in middle market services businesses in North America. Fund I closed at over $1.2bn in capital commitments from blue-chip institutional investors, including pension plans, family offices, private wealth funds and an insurance company across North America, Europe and the Gulf region.
"We have a long and established history of investing in North America mid-market services companies, and we look forward to continuing to broaden and deepen our institutional investor base as this strategy continues to scale. We are grateful for the trust that our institutional investors have placed in us during this time of greater uncertainty and a more challenging capital raising environment," Mohammed Alardhi, Investcorp Executive Chairman.
Blackstone plans European infrastructure fund.
The Blackstone Group is considering raising a new open-ended European infrastructure fund, as investor demand for real assets continues unabated, Bloomberg reported.
The New York-based alternative asset manager is in the early stages of mapping out the fund and has yet to seek firm commitments.
Gulf Capital raising $750m for its fourth fund.
Private equity firm Gulf Capital is in the market to raise capital for its control-growth buyout vehicle, GC Equity Partners IV.
The firm is targeting about $750m for the vehicle, similar to the predecessor fund, Gulf Capital's co-founder and CEO Karim El Solh told DealStreetAsia.
Ex-UK Chancellor Javid to join Centricus Asset Management. (People)
Sajid Javid, the UK’s former Chancellor of the Exchequer, is set to join London-based Centricus Asset Management, joining a long list of politicians who’ve moved into financial services after leaving office, Bloomberg reported.
Javid intends to take up a role as a senior advisor at the $40bn investment company, but talks about the details of his appointment are still ongoing.
APAC
KKR, an investment firm, completed the acquisition of Hitachi Transport System, a supplier of logistics services, for $6bn.
"We are pleased to have this opportunity to invest in Hitachi Transport System, a pioneer in the Japanese 3PL market that has provided innovative logistics and supply chain solutions for many years. We look forward to utilizing KKR's global network and expertise to accelerate Hitachi Transport System's next phase of growth and help the company achieve its goal of becoming the leading 3PL company in Asia through technology enablement and inorganic growth in a collaborative manner," Hiro Hirano, KKR Co-Head of Asia Pacific Private Equity.
Australia’s Nitro Software recommended its shareholders accept private equity firm Potentia Capital’s sweetened takeover offer of $360m, weeks after they rejected a $320m offer from Alludo, DealStreetAsia reported.
Nitro shareholders early last month rejected Alludo’s $1.45 per-share bid, after which Potentia hinted at hiking its offer, securing access to the software company’s books and making a $1.46 apiece offer last week.
Nitro Software is advised by Cadence Bank (led by Garren Cronin), UBS, Allens and Cato & Clive (led by Clive Mathieson). Alludo is advised by Perella Weinberg Partners, Greenberg Traurig and Citadel Magnus (led by James Strong). Potentia Capital is advised by Jarden, Johnson Winter & Slattery (led by James Rozsa) and Domestique (led by Ross Thornton).
EQT finalising deal for SK Group’s security services unit.
Stockholm-based private equity major EQT is set to announce the acquisition of a majority stake in South Korean integrated security services company SK Shieldus.
EQT is reported to be acquiring a roughly 68% interest in the company for about $2.3bn. The transaction reportedly involves acquiring roughly half of SK Square’s current stake in the company and the entire 36.9% stake held by a consortium led by Macquarie Korea Asset Management, DealStreetAsia reported.
Malaysia says Abu Dhabi's IPIC and Aabar to pay $1.8bn to settle 1MDB dispute.
Abu Dhabi’s International Petroleum Investment and its unit Aabar Investments have agreed to pay $1.8bn to settle a legal dispute over the scandal at Malaysian state fund 1MDB, DealStreetAsia reported.
Malaysia in 2018 had filed a challenge in a London court against a settlement agreement between 1MDB and IPIC that had been negotiated a year earlier during the premiership of former leader Najib Razak. Najib was sentenced to 12 years in jail last year after being found guilty in a 1MDB-related corruption case.
Orix weighs cutting contribution to JIP's Toshiba offer.
One of the biggest members of the Japan Industrial Partners-led group pursuing a takeover of Toshiba intends to reduce its financial contribution, Bloomberg reported, adding another potential hurdle to the buyout of one of the country's most iconic companies.
Orix is seeking to acquire JPY200bn ($1.5bn) of common and preferred Toshiba stock, down from the original JPY300bn ($1bn). Other co-investors with smaller stakes are also requesting to cut the size of their respective portions.
Crescent Capital weighs sales of Healthcare Australia.
Private equity firm Crescent Capital Partners is exploring a sale of recruiting firm Healthcare Australia, Bloomberg reported.
Crescent Capital is working with an adviser to identify potential buyers for one of the biggest recruiters of health-care workers in Australia. A deal could value Healthcare Australia at about $471m or more.
SoftBank sells 3.8% stake in logistics startup Delhivery for $116m.
Japanese investment group SoftBank has raised $116m from the sale of a 3.8% stake in Indian logistics startup Delhivery, DealStreetAsia reported.
The buyers of the shares include the Saudi Arabian Monetary Authority, City of New York Group Trust, Societe Generale, BNP Paribas Arbitrage, Morgan Stanley Mauritius, and Baillie Gifford Emerging Markets Equities Fund.
India's SpiceJet restructures dues to Carlyle Aviation, to raise fresh capital.
India's SpiceJet said it will convert around $100m in dues to an aircraft lessor into equity and debentures and raise fresh capital of $300m, sending the shares up as much as 6%.
The low-cost carrier will convert its dues to Carlyle Aviation Partners into new shares worth $29.5m, giving the commercial aviation investment and servicing arm of Carlyle Group a 7.5% stake in the company, Reuters reported.
Shareholders of Japan's Fujitec oust three directors in rare activist win.
Investors in Japanese elevator maker Fujitec voted on Friday to oust three of five incumbent outside directors, activist fund Oasis Management said, claiming the kind of win that's still rare for shareholder activism in Japan.
The three rejected incumbents in the vote, taken at an emergency general shareholders' meeting, included the chairman of the board. Investors also elected four of six new directors nominated by Oasis, Fujitec's top shareholder, DealStreetAsia reported.
Investcorp opens Tokyo office to target Japan deals.
Investcorp, the Bahrain-based alternative investment manager that once owned Tiffany and controlled Gucci, is opening an office in Tokyo to raise funds and pursue acquisitions of high-end Japanese manufacturers and other hidden gems, FT reported.
The move represents the debut of major, private Middle Eastern funds in Japan and comes as private equity groups from around the world are increasingly concentrating their attention on the opportunities created by a national succession crisis, where companies have no replacements for elderly founders.
Sequoia Capital deploys $480m from third fund.
Sequoia Capital's Chinese affiliate has officially started deploying capital from a $480m vehicle as the investor moves ahead with early-stage dealmaking anticipating an expected market rebound in China, DealStreetAsia reported.
Sequoia Capital China, founded in 2005 by investment guru Neil Shen, recently began investing money from the Sequoia China Seed Fund III, which the firm closed last year as part of its near-$9bn fundraising success.
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