Deals
Private equity giant Thoma Bravo’s plan to buy software company Qualtrics and merge it with rival company Medallia was thwarted by antitrust concerns, according to a report by the Financial Times.
Qualtrics was ultimately sold to private equity firm Silver Lake and the Canada Pension Plan Investment Board in a deal announced last month for $12.5 billion, or $18.15 per share.
Thoma Bravo had tabled a potentially higher-price transaction, but the deal was scuppered due to concerns about a possible lengthy review from US antitrust regulators.
Media reports suggest the private equity firm has also seen delays in its planned
Private equity firm Lee Equity Partners and investment firm Twin Point Capital have partnered with GetWireless to acquire TESSCO Technologies, a wireless infrastructure technology distributor, manufacturer, and solutions provider serving commercial companies, in a cash merger deal valued at around $161.4 million.
Under the terms of the merger agreement between GetWireless, a value-added distributor of cellular solutions that connect the Internet of Things (IoT), and TESSCO, all outstanding shares will be acquired for $9.00 in cash, resulting in an enterprise value of approximately $161.4 million.
Last year, Lee Equity and Twin Point Capital, owners of Canadian wireless telecom distributor Alliance,
Pan-European private capital manager Metric Capital Partners has partnered with growth investor Scope to invest in high-end Danish toy brand Maileg.
The deal – whose value is undisclosed – is Metric Capital’s third investment in the Nordics since 2013. The most recently published financials for Maileg last year were €35 million in revenues, and €12 million in EBITDA.
Established in 1999, and headquartered in Herning, Denmark, Maileg designs artisanal, hygge toys, reminiscent of older times. Its toy range includes mice in matchbox beds and small dollhouses. The investment in Maileg will help grow the business in the UK and internationally,
Public-to-private transactions and carve-out deals within the private equity healthcare space tripled last year amid an increasingly challenging market landscape, according to a report by Institutional Investor.
Citing a new study by Bain & Company, it noted inflation and uncertainty are now pushing PE firms to do all-equity and club deals and other creative strategies within healthcare.
Public-to-private deals and carve-outs grew from 12% of all private equity healthcare deals in 2021 to almost half – 46% – last year. In contrast, PE firms buying private companies directly shrank from about 50 percent of all deals in 2021 to less
The Carlyle Group has dropped its long-planned investment in healthcare analytics company Cotiviti, despite having lined up $5.5 billion in debt and a $1 billion preferred stock investment for the deal, according to a report by the Financial Times.
Carlyle had reportedly sought to lower its purchase price late in the process, according to unnamed sources familiar with the matter. US private equity firm Veritas Capital – which owns Cotiviti – had hoped to sell half of the business for around $15 billion valuation.
The abandoned takeover is a set-back for the long-running private equity firm as it aims to
The first quarter of 2023 marked an unprecedented fifth consecutive quarter of pull-backs in private equity investment, according to a report by Bloomberg.
M&A deals slumped to $559 billion across 12,200 deals during Q1 this year – the third-lowest M&A deal volume in a single quarter this decade. Almost $182 billion of that amount – spanning some 4,200 deals – involved at least one PE firm. This represents a 17% decrease in the volume of private equity deals from $218.7 billion in Q4 2022, and a 59% pullback from the $439 billion invested in Q1 2022.
Meanwhile, about 2,900 of
CVC Credit is supporting KKR’s acquisition of French insurance broker-distributor April Group with the commitment of senior credit facilities.
CVC’s Private Equity business, through CVC Capital Partners Fund VII, acquired April – which is France’s second largest insurance broker-distributor with €1.5bn premiums in 2022 – in June 2019 from its founders. Having generated strong performance, CVC announced the sale of April to KKR in November 2022.
April Group designs, distributes and manages branded insurance solutions on behalf of partner insurers, and benefits from a large network of independent retail brokers that handle customer contact and acquisitions.
CVC supported April Group’s
TOP STORY: Energy-focused private equity buyout firm NGP Energy Capital Management is considering the potential sale of two Permian basin-focused oil producers, which could realise combined proceeds in excess of $7 billion, according to a report by Reuters.
Private-equity major KKR is closing in on a deal to acquire a significant stake in FGS Global that will value the financial communications company, which is backed by UK advertising group WPP, at about $1.4 billion, according to a report by The Financial Times.
Unnamed FT sources have revealed the the deal, which could be announced as soon as next week, is expected to see KKR acquire more than 30% of the business from senior employees at both FGS and WPP.
WPP, which currently owns about 57.4 per cent of the company, is expected to retain a majority in the business.
Aurelius has acquired Deutsche Lufthansa AG’s integrated airline catering and onboard retail provider the LSG Group. The transaction, which is expected to close in the third quarter of this year, is subject to approval by the relevant competition and regulatory authorities.
The carve-out transaction includes all classic catering, onboard retail and food commerce activities, and the LSG Group’s brands with all 131 LSG Sky Chefs Customer Service Centres in the Americas, Emerging Markets and Asia-Pacific regions. Additionally, the acquisition includes the onboard retail expert Retail inMotion, based in Europe, and SCIS Air Security Services in the US. The LSG Group
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