Webster Financial, the holding company for Webster Bank, National Association and its HSA Bank division, completed the merger with Sterling Bancorp, a regional bank holding company, in a $5.9bn deal.
"We are bringing together two high-performing organizations with strong cultural and business model alignment to create a powerhouse Northeast bank. This combination provides exceptional financial benefits and enables us to more aggressively invest in key businesses and activities to enhance value for our customers, our communities, our shareholders and our bankers," John R. Ciulla, Webster Chairman, President and CEO.
Sterling Bancorp was advised by Citigroup, Keefe Bruyette & Woods and Squire Patton Boggs. Financial advisors were advised by Cleary Gottlieb Steen & Hamilton. Webster Financial was advised by JP Morgan, Piper Sandler, Wachtell Lipton Rosen & Katz and Joele Frank. Financial advisors were advised by Sullivan & Cromwell.
Rock Mountain Capital, a private equity firm, and The Olayan Group, a Saudi conglomerate, completed the acquisition of a 48% stake in PurposeBuilt Brands, a portfolio of leading specialty cleaning products for the consumer and commercial markets, from The Carlyle Group. Financial terms were not disclosed.
"The Carlyle Group and TA have been excellent partners over the past three years, helping us to deliver meaningful growth, increase our ESG credentials and improve our environmental stewardship. We are excited to welcome Rock Mountain Capital and The Olayan Group as partners, and we look forward to working with them and TA to continue to innovate and add to our portfolio of specialty cleaning products, both domestically and internationally and to continue our 41 consecutive years of organic growth," Chris Bauder, PurposeBuilt Brands President and CEO.
PurposeBuilt Brands is advised by Barclays, Morgan Stanley, Robert W Baird and Kirkland & Ellis. Rock Mountain is advised by Goodwin Procter. Olayan Group is advised by Shearman & Sterling.
Nestlé Health Science, a nutritional science company, agreed to acquire a majority stake in Orgain, a plant-based functional nutrition platform, from Butterfly, a Los Angeles-based private equity firm. Financial terms were not disclosed.
"Orgain was a mission before it became a company. Today, in partnering with Nestlé Health Science, we take a giant leap forward in pursuing that mission of providing accessible, healthy nutrition for all. Nestlé Health Science shares that mission and will help us to get better, cleaner nutrition products into the hands of more consumers than I ever imagined possible when I founded this company twelve years ago," Andrew Abraham, Orgain Founder and CEO.
Orgain is advised by Bank of America, Goldman Sachs, Mally Collective, Giannuzzi Lewendon, Kirkland & Ellis and Mullen Lowe. Butterfly is advised by Sitrick and Company.
Intellia Therapeutics, a clinical-stage genome editing company, completed the acquisition of Rewrite Therapeutics, a private biotechnology company, from venture capital firms Civilization Ventures and Prefix Capital, for $200m.
“At Intellia, we have built the industry’s broadest and deepest genome editing platform by staying at the forefront of new techniques, while also extending the capabilities of CRISPR/Cas9 editing to make precisely targeted changes to DNA. We could not be more excited to add Rewrite’s additional capabilities to our growing platform, offering us new possibilities and the potential to target diseases beyond those currently being explored in our pipeline," John Leonard, Intellia President and CEO.
Intellia Therapeutics was advised by Finnegan, Goodwin Procter, Latham & Watkins and Ten Bridge Communications. Rewrite Therapeutics was advised by Arnold & Porter Kaye Scholer and Wilson Sonsini Goodrich & Rosati.
Patient Square Capital, a health care investment firm, agreed to acquire SOC Telemed, a provider of acute care telemedicine, for $300m.
"Patient Square Capital's acquisition of SOC Telemed, which is the culmination of a comprehensive process, represents a compelling opportunity for all stakeholders. After being approached by Patient Square Capital, we formed an independent committee of the Board, which thoroughly reviewed the proposal with the assistance of independent financial and legal advisors. Following the independent committee's unanimous recommendation, the Board unanimously determined that the all-cash offer unlocks maximum value to stockholders, and that the experience and resources of Patient Square Capital would best position the Company for growth in the years to come. Lastly, today's announcement is a testament to the hard work of the SOC Telemed team, which worked tirelessly to achieve an optimal outcome for our stakeholders," Steve Shulman, SOC Telemed Chairman.
SOC Telemed is advised by DLA Piper, William Blair & Co, Orrick Herrington & Sutcliffe and Dukas Linden Public Relations. Patient Square is advised by Kirkland & Ellis and Latham & Watkins.
Altamont Capital Partners, a private investment firm based in the San Francisco, completed the acquisition of Bishop Lifting Products, a value-added distributor of lifting products and solutions, from SBP Holdings, a group of value-added distributorships in the industrial rubber, wire rope, rigging products, and fluid power industries. Financial terms were not disclosed.
"We are excited by this partnership and look forward to working with Altamont to strengthen and grow our business. We are in a great position to build and improve upon the areas of our business that are already thriving as we continue to provide excellent service and products for all of BLP's clients," Harold King, BLP CEO.
Altamont Capital Partners was advised by PricewaterhouseCoopers, Jefferies & Company, Morrison & Foerster, Ropes & Gray and Narrative Strategies.
TGP Rise Climate, a subsidiary of global investment firm TGP Rise, agreed to acquire a stake in Nextracker, a solar tracker manufacturer, from Flex, an American Singaporean-domiciled multinational electronics contract manufacturer, for $500m.
"We are pleased to announce this exciting partnership today that furthers Nextracker's leadership, backed by this strategic investment from TPG Rise Climate," Revathi Advaithi, Flex CEO.
Flex is advised by JP Morgan, PJT Partners and Sidley Austin. TPG Capital is advised by Kirkland & Ellis.
Pepkor, a South African-based investment and holding company, agreed to acquire an 87% stake in Grupo Avenida, a Brazilian-based clothing retailer, from Kinea, a private equity firm, for $209m.
"Off our strong base in Africa, we are excited about this next chapter for Pepkor to enter a new geography with enormous growth potential. Pepkor has proven to be successful in the international expansion of its business model in the past and we look forward to entering the Brazilian retail market in partnership with the Avenida management team. The combination of Avenida and Pepkor brings together the required capital, retail synergies and the collective know-how to bolster Avenida's growth in the future. I believe that together we will be able to build and grow Avenida to become a significant player in Brazilian value retail," Leon Lourens, Pepkor CEO.
Pepkor is advised by Rothschild & Co and Lefosse Advogados. Debt financing is provided by PSG Capital and Rand Merchant Bank.
GardaWorld, one of the largest security companies in the world, agreed to acquire Tidel, a provider of cash automation technology, from Littlejohn, a Connecticut-based investment firm, for $707m.
"Littlejohn has been a tremendous strategic partner for our business. They have supported our efforts to meaningfully invest in the business and provided guidance as we have executed on our numerous growth initiatives. We look forward to continuing our journey as part of Sesami, a newly created cash ecosystem performance and technology company," Darren Taylor, Tidel President and CEO.
Tidal is advised by Robert W Baird and Gibson Dunn & Crutcher. Littlejohn is advised by Gasthalter & Co.
Leonard Green & Partners, an American private equity investment firm, completed the acquisition of Epiphany Dermatology, a multi-regional provider of medical, surgical, cosmetic, and related dermatological services, from CI Capital, a New York-based private equity firm. Financial terms were not disclosed.
"CI Capital is proud to have collaborated with Epiphany as the company executed its growth strategy, completing 39 add-on acquisitions and expanding from six clinics in one state to 67 clinics across 12 states. Our investment in Epiphany was an excellent example of CI Capital's commitment to its buy and build strategy in large, growing and fragmented sectors," Fred Iseman, CI Capital CEO.
Epiphany Dermatology was advised by Lincoln International and Paul Weiss Rifkind Wharton & Garrison. CI Capital was advised by Kekst CNC.
Exelon, an energy company, completed the spin-off of Exelon Utilities, comprised of the company's six regulated electric and gas utilities, and Exelon Generation, its competitive power generation and customer-facing energy businesses, into two publicly traded companies.
"Today is an important milestone in Exelon's history. With the successful completion of our separation, we step forward in a strong position to serve customer needs, drive growth and social equity in the communities we serve, and deliver sustainable value as our industry continues to evolve. As we look to the future, we will advance our core business strategies to meet unique customer and community priorities. We will continue to invest in and modernize the grid for safe, clean and affordable energy choices, a world-class customer experience and more equitable communities. I extend my thanks to the Exelon and Constellation teams for their focus and hard work throughout the separation process. I look forward to the value the new Exelon will deliver as the premier transmission and distribution utility company in the country," Christopher M. Crane, Exelon President and CEO.
Exelon was advised by Barclays, Centerview Partners and JP Morgan.
Stanley Capital Partners, the European and US-focused mid-market private equity firm, agreed to acquire the drug safety unit of Nordic and Astorg-backed Clario, a provider of endpoint technology solutions for clinical trials. Financial terms were not disclosed.
"Our investment in DSS follows several years of deep thematic research into the pharmaceuticals outsourcing sector and marks our second acquisition at Stanley Capital as a result of that work. DSS uses its unique proprietary technology to improve quality and efficiency for its clients – a capability that will be enhanced and accelerated by our own S-Labs automation capability, organic investment and future acquisitions. We believe DSS is a strong platform with which to build a tech-enabled data-led services leader in the PV market and we look forward to working with Humaira and her team to deliver that ambition," Simon Cottle, Stanley Capital Partner.
Stanley Capital Partners is advised by Robert W Baird and Willkie Farr & Gallagher. Clario is advised by Rothschild & Co.
Nucor, a manufacturer of steel, completed the acquisition of a 51% stake in California Steel Industries, a steel processing and finishing company, from Vale, a producer of iron, and JFE Steel, a steel manufacturer, for $400m.
"We are excited to officially welcome our CSI teammates to the broader Nucor family. This joint venture gives us a strong presence in the Western region and grows our ability to produce an even wider range of value-added sheet products for our modern economy," Rex Query, Nucor Executive Vice President.
Vale was advised by Jefferies & Company and White & Case.
Courtin-Clarins family agreed to acquire Ilia Beauty, a clean makeup brand. Financial terms were not disclosed.
The move will give the holding a pioneer and leader in the burgeoning clean beauty category, which is expected to register significant growth in coming years.
The Courtin-Clarins family is advised by Raymond James and Willkie Farr & Gallagher.
Wynnchurch Capital, a middle-market private equity firm, completed the investment in Premier Franchise Management, a residential pool-build and pool-service franchisor. Financial terms were not disclosed.
"We are thrilled to partner with Wynnchurch Capital. Working with Wynnchurch will only further accelerate our growth plan and increase our market penetration. They bring a wealth of experience that will better position our company to service our customers, support our franchisees, and attract new business," Paul Porter, Premier Founder and CEO.
Wynnchurch Capital was advised by Jefferies & Company and Lowenstein Sandler.
Alpine Investors, a private equity firm, completed the acquisition of Waggoner Engineering, a Mississippi-based engineering services firm. Financial terms were not disclosed.
"Trilon's and Mick's focus on scaling and elevating talent to in-turn build enduring communities fits right in line with Alpine's people-first culture, values, and goal of being a Force For Good in the world. We are ecstatic to welcome them to the family and to lend them our expertise in building enduring software and services businesses," Dan Sanner, Alpine Partner.
Alpine Investors was advised by Morrison & Foerster and MiddleM Creative.
Addus HomeCare, a provider of home care services, completed the acquisition of JourneyCare, a hospice care company for $85m.
“Completing the purchase of JourneyCare’s hospice operations is an exciting step for Addus. As we’ve discussed, JourneyCare is a leading provider of hospice care with a long history of serving the greater Chicago area. We already have a strong market presence in Illinois, and this acquisition enables us to provide all three levels of home care in Illinois, consistent with our broader growth strategy. We are delighted to welcome the operations team and clinical staff of over 500 dedicated employees to the Addus family. We now have an opportunity to leverage our combined expertise along with a shared commitment to providing compassionate, patient-centered care, and we look forward to an efficient integration of JourneyCare’s operations," Dirk Allison, Addus HomeCare Chairman and CEO.
Addus HomeCare was advised by Finn Partners.
IBM, an American multinational technology corporation, completed the acquisition of Sentaca, a telco consulting services and solutions provider. Financial terms were not disclosed.
"Our goal is to help modern networks thrive in an open, hybrid cloud environment that will bring edge and 5G to life for enterprises and consumers. The proliferation of mobile devices, wireless connectivity, and new media platforms is driving convergence among telco, media, and entertainment, which makes our acquisition of Sentaca all the more valuable for our clients," John Granger, IBM Senior Vice President.
IBM was advised by Cravath Swaine & Moore.
Host Hotels & Resorts, a real estate company, completed the acquisition of Hotel Van Zandt, a luxury lifestyle hotel in Austin, Texas, for $246m.
“We are thrilled to add a second hotel in Austin to our portfolio with the Hotel Van Zandt. The hotel is well-located with no expected near-term capex in a market with multiple demand drivers and a history of strong RevPAR growth," James Risoleo, Host Hotels & Resorts President and CEO.
Eldridge, a holding company headquartered in Greenwich, led a $165m Series D round in KOHO Financial, a financial technology company, with participation from Drive Capital, TTV Capital, HOOPP, Round13, and BDC.
"I think our growth is evidence that Canadians are looking for something different. It takes a combination of exceptional team members, investors and partners to see KOHO's mission through and we're fortunate to have all three," Daniel Eberhard, KOHO CEO and Founder.
A group of investors including Jefferies, Antara Capital, the Sony Innovation Fund, FM Capital, Spark Capital, General Catalyst and Citi, led a $125m Series C round in Superpedestrian, the pioneering transportation robotics company.
"Over the past nine years, we have developed a unique software platform that addresses the core challenges of electric vehicle fleets. From predictive-maintenance and repair automation, to fine-grain locationing and curb management, our platform is rich with advanced capabilities that enable safer and more reliable transportation solutions. With this latest funding round, we are boosting our investment in R&D and scaling up our deployments in micromobility and beyond," Assaf Biderman, Superpedestrian Founder and CEO.
Dragoneer Investment Group and Tiger Global led a $125m Series D round in Productboard, the customer-centric product management platform, with participation from Bessemer Venture Partners, Sequoia Capital, Kleiner Perkins, Index Ventures, and Credo Ventures.
The investment will support and scale product offerings for Productboard's growing base of enterprise customers, fuel hiring efforts, and continue to position the company as the leader in the product management software space.
Wells Fargo Strategic Capital led a $105m Series B round in ConcertoCare, a tech-enabled, value-based care provider of at-home, comprehensive care for seniors and other adults with unmet health and social needs, with participation from Obvious Ventures, Vast Ventures, The Schusterman Family Foundation, SteelSky Ventures, Pennington Partners, and returning investor Deerfield Management.
"Wells Fargo Strategic Capital is pleased to lead this financing round and enable ConcertoCare to meet the increasing need for primary and complex care delivered to the home. ConcertoCare incorporates the medical, behavioral, and social determinants of health into a model that helps improve outcomes across care quality, patient experience, and cost," Rodney Altman, Wells Fargo Strategic Capital Managing Director.
Velvet Sea Ventures and 01A led a $100m funding round in Pixel Vault, a web3-centric media company.
"I bought 10 PUNKS Comics during the initial public sale and was fascinated by Sean's unique view at the time that NFTs are the medium, not the product. Intellectual property is the product. And Pixel Vault is building it in close partnership with its engaged community of avid collectors, of which I am a proud token-carrying member," Michael Lazerow, Velvet Sea Partner.
BAWAG, a bank, agreed to acquire Peak Bancorp, a banking products and services provider, for $65m.
“We are extremely excited about the opportunity to join BAWAG Group, and are proud to be a focal point for its US expansion efforts. This partnership will allow us to continue serving our markets with a Community First focus. We will be able to leverage BAWAG’s resources, depth, and diversification to better serve our communities and banking customers, while also providing exceptional value to Peak Bancorp shareholders," Todd Cooper, Peak Bancorp CEO and President.
Babcock & Wilcox, an energy and environmental technologies and services provider, completed the acquisition of Fossil Power Systems, a designer and manufacturer of hydrogen, natural gas. Financial terms were not disclosed.
“The addition of FPS’s respected products and expertise to our team is another step forward for the strategic growth of B&W’s efficient and environmentally sustainable technologies and solutions. FPS ignitors and control system capabilities are ideally suited to clean energy applications such as firing hydrogen, which complements the hydrogen generation and combustion technologies in B&W’s ClimateBrightTM suite, including our BrightGenTM hydrogen combustion product and BrightLoopTM hydrogen production technology. FPS also is an industry leader in combustion technologies and controls, as well as coal-to-gas and oil-to-gas fuel conversion projects," Jimmy Morgan, B&W Executive Vice President and COO.
PROVEN, a venture capital trust, completed the acquisition of Fidelity Bank (Cayman), a financial services company, from Fidelity Bank & Trust International, a bank. Financial terms were not disclosed.
"We are very excited about the completion of this key strategic acquisition for the PROVEN Group. Fidelity Bank Cayman, with the backing of the PROVEN Group, is uniquely positioned to provide the catalyst and funding for major development and corporate projects throughout Cayman, which we believe is poised for further growth in the near future. The bank’s current staff will continue to seamlessly provide a customer focused alternative that will delight our valued clients and satisfy their day-to-day banking needs," Johann Heaven, PROVEN Head of the Banking and Wealth Division.
Omnicom Health, a healthcare marketing and communications group, completed the acquisition of Propeller, a marketing agency that specializes in healthcare. Financial terms were not disclosed.
"We've known and admired Propeller's great work through several clients we share in the areas of major pharmaceuticals, medical devices and biotechnology. We're excited to welcome their talented staff of 'Propellers' to OHG. Charlie and his leadership team bring deep digital marketing expertise and solutions that will now be available to all our clients," Joshua Prince, Omnicom Health CEO.
Hannathon Petroleum plans to sell land in Texas.
Private US oil and gas producer Hannathon Petroleum retained an investment bank to sell around 18k net acres in the Northern Midland basin of Texas, Reuters reported.
The assets could be valued at around $500m in a sale. The company is planning to open a "virtual data room" to interested parties next week and is expecting bids by March 23.
Five Star Holding weighs a $1.5bn deal.
Five Star Holding is considering a sale that could value the closely held manufacturing group at more than $1.5bn, Bloomberg reported.
The Houston-based company is working with an adviser to run an auction process. The family-owned business, which runs facilities that make and recycle plastic bags, is expected to attract interest from private equity firms.
United Airlines plans to sell a minority stake in MileagePlus.
United Airlines Holdings is exploring a potential sale of a minority stake in its frequent-flier program MileagePlus, Bloomberg reported.
United is working with financial advisers who have begun contacting potential investors including private equity firms.
Stonepeak raises $14bn for latest North American infrastructure fund. (FS)
Stonepeak, an alternative investment manager focused on infrastructure and real assets, raised $14bn for its fourth flagship fund, exceeding an earlier target of $12bn.
"The strong interest in our fourth flagship fund reflects the outstanding investment results achieved for our partners together with our reputation for responsible stewardship of critical infrastructure assets," Mike Dorrell, Stonepeak Chairman, CEO and Co-Founder.
Oaktree Capital closes its largest fund at $3bn. (FS)
Oaktree Capital Management announced the final close of its third global real estate debt fund, Real Estate Debt Fund III, and its related vehicles. The largest-ever fundraising for Oaktree's Real Estate Debt strategy concluded with total capital commitments of approximately $3bn.
REDF III will invest globally in a wide range of opportunities, including commercial and residential first mortgages, commercial property mezzanine loans, real estate structured credit and real estate-related corporate debt.
Vance Street Capital closes new fund with $432m. (FS)
Vance Street Capital, a middle-market private equity firm, closed its third buyout fund, Vance Street Capital III, with $432m in commitments, exceeding its target of $375m.
Through Fund III, Vance Street will continue to partner with founders, families, and management teams of highly engineered solutions businesses across the medical, life science, industrial, and aerospace & defense sectors.
EMEA
Royal Spanish Football Federation has joined the lawsuit against La Liga’s deal with private equity firm CVC Capital Partners which is led by Barcelona, Real Madrid and Athletic Bilbao.
On Thursday, the RFEF said it is seeking “the annulment of the agreement” between La Liga and CVC, which it describes as causing “incalculable damage” to Spanish football,
Reuters reported.
La Liga is advised by Duff & Phelps, Rothschild & Co, Clifford Chance and Uria Menendez. CVC Capital is advised by Latham & Watkins and Oliver & Ohlbaum.
Ramsay Health Care, a multinational healthcare provider and hospital network, completed the acquisition of Elysium Healthcare, a provider of mental health services, from BC Partners, an investment manager, for $1bn.
“The acquisition of Elysium will expand Ramsay’s patient pathways into the $21bn UK mental health market at a time when more and more people are seeking support for mental health, learning difficulties and neurological issues. It will provide opportunities to leverage the expertise of Elysium and Ramsay’s existing mental health facilities and clinicians in Australia, France, and Sweden to drive improved patient outcomes across our mental health activities globally. Ramsay and Elysium share a strong commitment to clinical excellence, high-quality care and patient safety, with a matching focus on caring for our people and partners. We look forward to strengthening our important partnership with the NHS,” Craig McNally, Ramsay managing director and CEO.
BC Partners was advised by JP Morgan and Kirkland & Ellis. Ramsay Health Care was advised by DLA Piper.
FNZ, a global wealth management platform, completed the acquisition of Appway, a provider of software designed to support the digital transformation of customer-focused organizations across the financial services, from Summit Partners, a private equity firm. Financial terms were not disclosed.
"We are excited that FNZ and Appway are coming together to provide financial institutions with an unrivalled platform to accelerate their digital transformations, deliver significant operational efficiencies and improve the client experience," Adrian Durham, FNZ Group CEO.
Appway was advised by Bar & Karrer. FNZ was advised by Homburger. Summit Partners was advised by Goodwin Procter.
Permira, a British global investment firm, led a $180m Series B round in GWI, an audience insights company.
"Companies today need an instantaneous view of their audience everywhere in the world. The traditional approach of market research is not fit for purpose - too slow, incredibly expensive, and lacks the scale and detail needed. Our technology has solved this problem and the result has been incredible growth over the last three years. We can't wait to work with Permira on our five-year goal to put audience insights in the workflow of every professional," Tom Smith, GWI CEO and Founder.
GWI was advised by Jefferies & Company. Permira was advised by Moelis & Co.
Becton, Dickinson and Company, a global medical technology company, completed the acquisition of Cytognos, a privately held company headquartered in Salamanca, Spain, specializing in flow cytometry solutions for blood cancer diagnosis. Financial terms were not disclosed.
"Cytognos has 25 years of experience successfully designing, developing, manufacturing and commercializing innovative flow cytometry products for in vitro diagnostics and life science research use. We are pleased to be joining a global health care leader with robust infrastructure and deep expertise to accelerate growth of a combined BD/Cytognos offering by expanding the reach of Cytognos' solutions," Fernando Martin de Lara, Cytognos CEO.
Becton, Dickinson and Company is advised by Cuatrecasas Goncalves Pereira.
Shufersal, Israel's largest supermarket chain, agreed to acquire a 60% stake in Mini Line, an importer of consumer electrical goods, for $176m.
Shufersal, which already sells consumer electrical and electronic goods, said the acquisition of control of Mini Line is "part of its strategy to expand its activities in the retail field and to enter complementary areas that will offer added value and products" to its business, which has some 2m customers.
TTB Partners might takeover Playtech after Aristocrat Leisure deal failed.
Playtech agreed to a request from TTB Partners to release it from UK takeover rules that bars a company or its affiliates from making fresh offer for six months after walking away.
Atos denies rumors about sale of cybersecurity BDS division.
The cybersecurity BDS division of France's Atos is 'not up for sale', according to Atos, after sources said defence company Thales was working on a potential offer.
"BDS is not for sale. We are focused on our turnaround plan and we're convinced of the considerable turnaround potential of the group," Atos.
BT plans to merge its sports TV arm with Discovery sport.
Britain's BT is looking to merge its sports TV division with Discovery's Eurosport, enabling it to retain Premier League soccer and other sports for customers while sharing the burden of expensive broadcast rights,
Reuters reported.
Some investors, however, fret about funding volatile sports rights, particularly when BT is spending billions on rolling out fibre broadband and Amazon, DAZN and others have joined the fray.
Repsol struggles to attract buyers for its renewable energy operations.
Spain's Repsol is struggling to find buyers for a minority stake in its new renewable energy arm, with investors wary of the size and structure of a deal that would limit their say in key decisions,
Reuters reported.
Repsol is selling roughly 25% of its low-carbon business which operates wind, solar and hydro plants in Spain, the United States and Chile, and has asked for indicative bids next week.
Banca CF+ considers IPO. (FS)
Italian challenger bank Banca CF+, backed by US hedge fund Elliott Management, could consider a bourse listing in the next five years,
Reuters reported.
Banca CF+ aims to achieve $4.7bn of assets under management in 2026, with a return on average equity of around 23%.
UAE funds might spend $10bn in Israel investments. (FS)
Major United Arab Emirates wealth funds discuss expanding into Israel to advance up to $10bn in investments over the next decade, in what would be the biggest cash commitment since the nations normalized ties,
Bloomberg reported.
The sovereign investors include the $243bn Mubadala Investment and ADQ. The talks are in early stages.
Polaris Private Equity closes latest PE fund at $734m hard cap. (FS)
Polaris Private Equity, a Nordic buyout investor, closed Polaris Private Equity V. The fund was oversubscribed and closed at its hard cap of €650m ($734m), exceeding its target of €550m ($621m). Including team commitments, the fund totals €690m ($779m).
Fund V is the largest in Polaris' history, solidifying the firm's strategic growth whilst maintaining its investment specialization as a Nordic mid-market expert. The fund is classed as an Article 8 vehicle under the EU's Sustainable Finance Disclosure Regulation, promoting environmental and social characteristics.
Aksìa closes fund V with at least $310m. (FS)
Italian private equity investor Aksìa Group completed the final closing of its latest fund, Aksìa Capital V, with over €275m ($310m) of commitments from a large group of new and existing investors in Italy, Continental Europe, the UK, and the US.
Fund V maintains the firm’s strategy of investing in market leaders in niche segments of the Italian middle-market that can be platforms for growth. Aksìa Group’s acts as a catalyst investor to transform, support and drive the business through its next development phase.
APAC
Shareholders of Sydney Airport approved the $17.4bn takeover offer from investment firms IFM Investors, QSuper, GIP and AustralianSuper. The takeover offer, one of Australia's biggest-ever buyouts, was backed by 96% of proxy votes cast, but 20.4% of shareholders representing a 4% stake were against the deal.
Several retail shareholders said at a meeting that they were disappointed there was not a scrip component to the bid because they wanted to remain invested in the company over the long term. One long-term shareholder said he faced a big tax bill from accepting cash. Chairman David Gonski said the bidders came to the board with an offer, and it did not include the opportunity for shareholders to roll their interests into the unlisted vehicle.
Sydney Airport is advised by Barrenjoey Capital Partners, UBS and Allens. IFM Investors, QSuper, GIP and AustralianSuper are advised by Herbert Smith Freehills.
Future Retail's lenders call for assets auction.
Lenders to Future Retail, the company being fought over by Reliance Industries and Amazon.com, told India's Supreme Court that its assets should be put up for auction after it missed payments,
Reuters reported.
They have started classifying loans to the country's second-largest retailer as non-performing and would have to make combined provisions of $1.1bn-$1.2bn due to the non-payment.
Anil Agarwal weighs Vedanta merger deal.
Indian billionaire Anil Agarwal is considering a potential merger of his commodity empire’s indebted holding company with cash-rich listed unit Vedanta,
Bloomberg reported.
The tycoon held preliminary discussions with prospective advisers about the idea of combining his closely-held Vedanta Resources with Mumbai-traded Vedanta.
Pine Labs is in talks to acquire $70m Setu.
Noida-based fintech unicorn Pine Labs is in advanced discussions to acquire Setu, a Bangalore-based Application Programming Interface infrastructure company,
DealStreetAsia reported.
The due diligence for the deal is underway that could cost Pine Labs as much as $70m.
Seven & i rebuffs criticism from ValueAct Capital. (FS)
Japanese retailer Seven & i rebuffed criticism from activist investor ValueAct Capital, saying it had not presented any plans to enhance value,
Reuters reported.
ValueAct, which owns a 4.4% stake in Seven & i, said the 7-Eleven convenience store owner is "vastly underperforming its potential" and should consider structural reforms and asset sales.
LIC's embedded value is at least $66.8bn.
State-run Life Insurance Corporation of India's embedded value finalized at more than $66.8bn, which is expected to be the country's largest IPO,
Reuters reported.
"I would say the embedded value could be more than $66.8bn and the enterprise value will be multiples of that," Tuhin Kanta Pandey, India Department of Divestment Secretary.
