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Top Highlights
Xero, a technology company that offers a cloud-based accounting software platform for small and medium-sized businesses, completed the acquisition of Melio, a company that provides online payment solutions for small businesses, for $2.5bn, according to press releases.
Melio was advised by Goodwin Procter (led by Daniel Saposnik). Xero was advised by JP Morgan, Wilson Sonsini Goodrich & Rosati and Peppercomm (led by Danielle Montana), according to press releases.
Valiant Asset Management, an alternative credit manager focused on the Western European corporate middle market, completed the acquisition of a minority stake in House of Modo, a designer, manufacturer and distributor of premium eyewear, for $100m, according to press releases.
House of Modo was advised by Jefferies & Company and Orrick Herrington & Sutcliffe. Valiant was advised by KPMG, Pasi & Co, Arendt & Medernach, Cazzani Studio Legale, Dechert and Latham & Watkins, according to press releases.
Hospital for Special Surgery, an orthopedic hospital, and General Atlantic, a global investor, agreed to acquire Legent Health, a portfolio company of BTG Pactual Strategic Capital, according to press releases. Financial terms were not disclosed.
Legent Health is advised by Ducera Partners, Gibson Dunn & Crutcher and McDermott Will & Schulte. General Atlantic and HSS are advised by Goodwin Procter and Paul Weiss Rifkind Wharton & Garrison (led by Matthew Abbott), according to press releases.
AMERICAS
Beta Technologies targets $7.2bn valuation in US IPO. ( Press Release)
D1 Capital seeks $1bn for debut private equity fund. ( PE Insights)
EMEA
CVC in talks with Ares for multibillion-pound sports refinancing. ( PE Insights)
APAC
Carlyle and Boyu lead bids for $4bn Starbucks China stake. ( FT)
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INVESTORS
FINANCIAL ADVISORS
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AMERICAS
Core Scientific’s board has called on shareholders to approve its proposed all-stock sale to CoreWeave, valued at about $9bn, or $20.40 per share.
The company said the deal offers strategic benefits, though it faces opposition from its largest shareholder, Two Seas Capital.
Mammoth Brands, a company specializing in scaling consumer packaged goods brands, agreed to acquire Coterie, a premium baby care and diapering company, from Align Venture, a venture capital firm, according to press releases. Financial terms were not disclosed.
Coterie is advised by Raymond James and Cooley. Mammoth Brands is advised by Goldman Sachs, JP Morgan, Wells Fargo Securities and Latham & Watkins, according to press releases.
Sixth Street, a global investment firm, agreed to acquire Global Lending Services, a specialist in automotive financing, according to press releases. Financial terms were not disclosed.
GLS is advised by Goldman Sachs, Wells Fargo Securities and K&L Gates. Sixth Street is advised by JP Morgan, Mayer Brown and Simpson Thacher & Bartlett, according to press releases.
Bonterra, a company specializing in social good software, agreed to acquire OneCause, a digital fundraising solutions provider for nonprofits, according to press releases. Financial terms were not disclosed.
Bonterra is advised by Berenson & Co, Skadden Arps Slate Meagher & Flom and InkHouse. OneCause is advised by Canaccord Genuity and Taft Stettinius & Hollister, according to press releases.
Kingswood Capital Management, a private investment firm, agreed to acquire Drive DeVilbiss Healthcare, a global manufacturer and supplier of essential medical products used primarily in home settings, from CD&R, a private investment firm, according to press releases. Financial terms were not disclosed.
Drive DeVilbiss Healthcare is advised by UBS and Debevoise & Plimpton. Kingswood Capital Management is advised by JP Morgan and Kirkland & Ellis, according to press releases.
Riveron, an advisory firm focused on CFOs, private equity, and financial transformation, has completed the acquisition of Eden Data, a cybersecurity, GRC, and AI risk advisory firm, according to press releases. Financial terms were not disclosed.
Riveron was advised by Fortitude Advisors and Winstead. Eden Data was advised by Guggenheim Partners, Ropes & Gray and Vested, according to press releases.
Quinbrook, a global investment manager focused on infrastructure for the energy transition, completed the acquisition of Elemental Clean Fuels, a Canadian developer of renewable fuels and decarbonization projects, from Piney Point Capital, a private equity firm, according to press releases. Financial terms were not disclosed.
GTCR, a private equity firm, completed the $200m minority investment in Solmetex, a provider of dental products, systems, and consumables, according to press releases.
GTCR was advised by Prosek Partners (led by Josh Clarkson), according to press releases.
Beta Technologies targets $7.2bn valuation in US IPO. ( Press Release)
Beta Technologies, a Vermont-based electric aircraft maker, is seeking a $7.2bn valuation through a US listing.
The company plans to raise up to $825m by offering 25m shares priced at $27–$33 each, amid renewed investor optimism and a rebound in US IPO activity.
D1 Capital seeks $1bn for debut private equity fund. ( PE Insights)
D1 Capital Partners, led by Dan Sundheim, is targeting over $1bn for its first standalone private equity fund, expanding its focus on illiquid assets.
The New York-based firm, managing about $24.5bn, expects to close the fund next year.
EMEA
Keysight Technologies, VIAVI Solutions, and Silver Lake Partners, completed the acquisition of Spirent Communications, a global provider of automated test and assurance solutions for networks, cybersecurity and positioning, for £1.16bn, according to press releases.
Apax Digital Funds, the tech growth equity funds advised by Apax Partners, agreed to acquire a controlling stake in atHome Group, a Luxembourg-based company that provides ad choices for property purchases and leases, from Mayfair Equity Partners and Oakley Capital, two private equity firms, according to press releases. Financial terms were not disclosed.
atHome is advised by Rothschild & Co and Debevoise & Plimpton. Apax is advised by Simpson Thacher & Bartlett (led by James Howe). Oakley Capital is advised by Deutsche Numis (led by Nathan Brown) and Greenbrook (led by Robert White), according to press releases.
Macquarie Asset Management, a global asset manager, agreed to acquire an additional 50% stake in London City Airport, London’s most central airport, from Alberta Investment Management Corporation, a Canadian crown corporation and institutional investor, and OMERS, a venture capital firm, according to press releases. Financial terms were not disclosed.
Macquarie is advised by Deutsche Bank and Jones Day (led by Vica Irani), according to press releases.
Private equity firms Ardian and Finint, agreed to acquire Milione, an operator of several airports in northern Italy, from DWS Infrastructure, an infrastructure investment manager, and InfraVia Capital Partners, a private equity firm, for €1.2bn ($1bn), according to press releases.
Ardian is advised by Mediobanca and Image Building. Finint is advised by Community Group. DWS and InfraVia are advised by Morgan Stanley, according to press releases.
EssilorLuxottica, an eyewear desginer and manufacturer, completed the acquisition of RetinAI, a health-technology company focused on AI and data management in eyecare, according to press releases. Financial terms were not disclosed.
CVC in talks with Ares for multibillion-pound sports refinancing. ( PE Insights)
CVC Capital Partners is in talks with Ares Management for a multibillion-pound debt package to refinance its £9bn ($6.6bn) Global Sport Group portfolio, covering stakes in leagues such as La Liga, Ligue 1, and Premiership Rugby. The deal may pave the way for a future minority sale or listing.
Goldman Sachs, PJT Partners, and Raine Group are advising on the transaction.
APAC
Beauty Farm Medical and Health Industry, a beauty and health management platform in China, completed the acquisition of Shanghai Siyanli Industrial, a chinese beauty care service provider, for $175m, according to press releases.
Beauty Farm Medical and Health Industry was advised by The Piacente Group (led by Brandi Piacente). SYL Holdings was advised by Morgan Stanley, according to press releases.
VeriSilicon Microelectronics, a platform-based, all-around, one-stop custom silicon services and semiconductor IP licensing services provider, agreed to acquire Pixelworks Semiconductor Technology, a manufacturer and distributor of semiconductor products, from Pixelworks, a semiconductor manufacturing company, for $133m, according to press releases.
Pixelworks is advised by Morgan Stanley, according to press releases.
Carlyle and Boyu lead bids for $4bn Starbucks China stake. ( FT)
Carlyle Group and Boyu Capital have emerged as frontrunners to acquire a majority stake in Starbucks’ China business, valued at around $4bn excluding royalties.
The US coffee chain is evaluating five offers as it seeks a local partner to navigate an increasingly competitive market.
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