Further Global Capital Management LP, is set to buy GBGI, end-to-end insurance company trading principally as The Global Benefits Group. The offer values entire company at $132m. The offer at $1.5 per share implies 38.2% premium to the closing price per GBGI Share of 84.5 pence.
"Returning to private ownership will provide GBGI with enhanced financial and operational flexibility, together with savings relating to the costs which come from being a public company" William (Bill) Ward, GBGI Chairman.
GBGI was advised by Canaccord Genuity, Allen & Overy, and Appleby. Further Global was advised by Perella Weinberg Partners, Dechert, and Mourant Ozannes.
KKR, Allianz among four contenders for Altice Europe fibre assets.
Rival consortia led by KKR and Allianz are among the four leading contenders for a stake in the fibre network business of Altice. The two other bidding groups are led Macquarie, and I Squared Capital.
Altice is selling a 40-60% stake in its fibre network business to decrease its debt burden. Deal size reportedly could reach €3.6bn ($4.1bn).
The sale has also drawn interest from other long-term investors including CPPIB. OMERS has teamed up with Allianz while GIC is working with I Squared Capital.
QIA to pay €3.7bn for a stake in Rosneft.
Russian oil giant said that the Qatar Investment Authority sovereign wealth fund would pay around €3.7bn ($4.2bn) for a half of a 14.16% stake in the company. The QIA would become the third-largest Rosneft shareholder as a result of the deal after the Russian government and British oil major BP.
Bain in exclusive talks to buy BWA Water additives.
Bain Capital is in exclusive talks to buy BWA Water Additives, provider of water additives management solutions, from private investment group Berwind.
Durational Capital Management LP and The Jordan Company LP will acquire the Bojangles in an all-cash transaction. Bojangles’ stockholders will receive $16.10 per share, representing a 15% premium to the closing share price of September 27, 2018, a day prior to a published report that Bojangles’ is exploring strategic alternatives.
“Bojangles’ is an iconic brand with an authentic Southern heritage and a deeply loyal following. We have admired the brand and its high quality and craveable food for years, and we look forward to partnering closely with the employees and franchisees to drive its future growth and continued success.” Eric Sobotka, Durational Capital Management Managing Partner.
Bojangles was advised by BofA Merrill Lynch and Shearman & Sterling. Durational Capital and Jordan were advised by Citigroup, Akin, Gump, Strauss & Feld, Kirkland & Ellis, and Seyfarth Shaw. Citigroup and KKR Capital Markets committed financing in support of the transaction.
ResMed signed a definitive agreement to acquire privately held MatrixCare, a leader in US long-term post-acute care software, serving more than 15,000 providers across skilled nursing, life plan communities, senior living and private duty.
Under the agreement terms, ResMed will acquire MatrixCare for $750m in cash, which ResMed will fund primarily with its credit facility.
“The acquisition of MatrixCare is an excellent addition to the out-of-hospital software portfolio that we can offer our healthcare provider customers. ResMed is the world’s leading tech-driven medical device company and is well positioned to be the leading out-of-hospital software provider in the market. With our portfolio including Brightree, HEALTHCAREfirst, and MatrixCare, we will streamline transitions of care, creating better outcomes for patients, caregivers, and out-of-hospital healthcare providers.” Mick Farrell, ResMed CEO.
OMERS was advised by William Blair and Sidley Austin.
United Rentals completed acquisition of Blueline from Platinum Equity for $2.1bn.
United Rentals acquired BlueLine from Platinum Equity for approximately $2.1bn in cash. The board of directors of United Rentals unanimously approved the agreement.
“The acquisition of BlueLine meets all of our criteria for long-term, profitable growth at attractive returns. We’re executing our strategy of ‘growing the core’ in a strong demand environment to drive superior value for our customers and shareholders. Our company will be going to market with more talent, capacity and customer diversification than ever before.” Michael Kneeland, United Rentals CEO.
United Rentals was advised by Morgan Stanley, Centerview Partners, and Sullivan & Cromwell. Platinum Equity was advised by Barclays, Catalyst Strategic Advisors, and Latham & Watkins.
Thoma Bravo makes an approach to take Symantec private.
Thoma Bravo LLC has approached Symantec Corp, cybersecurity provider and maker of Norton antivirus software about a potential takeover, as reported by Reuters.
Symantec’s current Enterprise Value is about $20bn, which would make any potential takeover one of the largest this year. Symantec's shares jumped 18% on the news.
The company has in September settled with an activist hedge fund Starboard Value LP on its Board representation. Private equity firms Bain Capital and Silver Lake are investors in Symantec.
Thoma Bravo has been consolidating the cybersecurity sector recently. Last month, it announced a $2.1 billion acquisition of Imperva Inc and on this week it announced the acquisition of Veracode from Broadcom Inc for $950m.
Morgan Stanley growth PE closed $400m fund.
The growth-focused private equity platform of Morgan Stanley Investment Management locked up $400m in commitments for a new fund.
General Electric in talks to sell commercial lighting unit to American Industrial Partners.
GE, which replaced its former chief executive officer, John Flannery, with an ex-Danaher CEO, Larry Culp in a surprise move last month, has been shedding businesses to focus on jet engines, power plants and renewable energy.
The deal could be announced as soon as this week.
Riverside Partners to achieve a 7.4x return on BioAgilytix.
Riverside Partners is set to earn a considerable return from its sale of BioAgilytix Labs LLC, a Durham, N.C.-based provider of molecular bioanalysis services. The Boston firm is expected to earn a 7.4-times money-on-money return and an internal rate of return of about 50% on the sale. The sale is expected to return half of the invested capital from Riverside’s $561m fifth fund, or about $280m.
