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The Bankruptcy Court for the Southern District of New York has confirmed the Almatis Group’s amended plan of reorganisation sponsored by Dubai International Capital, the international investment arm of Dubai Holding.
DIC is confident of a strong future for Almatis which has performed well since rebounding from the global downturn, generating free cash flow and Ebitda margins of approximately 20 per cent.
DIC is investing USD100m new equity in Almatis, in addition to approximately USD550m in new debt financing, underwritten by GSO Capital Partners, Sankaty Credit Opportunities IV, GoldenTree Asset Management, Bank of America, Merrill Lynch International and several units
HSBC Specialist Investments has sold Victoria Retail Park in Nottingham to The Crown Estate for GBP56.87m, representing a 5.45 per cent net initial yield.
The property comprises 180,000 square feet and ten retail units.
Since purchase, lettings to Boots and Pets at Home have completed.
Victoria Retail Park was the first acquisition made by HSBC Specialist Investments’ regulated subsidiary, HSBC Specialist Fund Management, acting on behalf of the HSBC European Active Real Estate Fund, and was completed in July 2009.
The fund invests in value added real estate in target countries throughout Europe. The fund was raised in 2009 with
SL Capital Partners, a private equity fund of funds manager, has held the final close of its European Strategic Partners 2008 fund.
The fund was capped at EUR700m, exceeding its original EUR500m target.
ESP 2008, SL Capital’s 15th fund of funds, will invest in Western European buyouts, combining primary fund investments, direct co-investments and secondaries.
The fund has already made primary and secondary investments in nine funds and completed four direct co-investments.
In common with SL Capital’s last four fundraisings, the final close was capped at EUR700m due to excess investor demand.
Over 50 new and returning investors committed to
IBM has entered into a definitive agreement to acquire Netezza, a provider of business analytics based in Massachusetts, in a cash transaction at a price of USD27 per share or at a net price of approximately USD1.7bn, after adjusting for cash.
Netezza is expected to expand IBM’s business analytics initiatives to help clients gain faster insights into their business information, with increased performance at a lower cost.
The acquisition, which is subject to Netezza shareholder approval, applicable regulatory clearances and other customary closing conditions, is expected to close in the fourth quarter of 2010.
Netezza is a provider of high-performance
immatics biotechnologies, a biopharmaceutical company developing advanced therapeutic vaccines that are active against cancer, has raised EUR53.8m in a series C financing round.
The new funds will allow the company to finance the ongoing development of immatics’ existing pipeline of advanced therapeutic cancer vaccine candidates.
In particular, it allows the company to perform a Phase III pivotal trial of its lead product IMA901, which in data reported in June at ASCO demonstrated the potential to confer an overall survival benefit in patients with advanced renal cell carcinoma.
The series C round was supported by both existing and new investors. Approximately
Institutional Venture Partners, a later-stage venture capital and growth equity firm, has promoted Melanie Chladek to administrative partner and chief financial officer.
She is responsible for managing the firm’s financial, operational and administrative activities.
Chladek was instrumental in the closing of Institutional Venture Partners XIII, a USD750m later-stage venture capital and growth equity fund, in August.
“Melanie has been an essential part of IVP since 2000. She has managed the growth of our facilities, personnel and funds under management with tenacity and grace and is an essential and valuable part of our organisation,” says Steve Harrick, general partner of IVP.
Oremex Resources, a Canadian-based exploration company, has proposed a private placement of units at a price of CAD0.09 per unit, for gross proceeds of approximately CAD1,700,000.
Each unit will be comprised of one share of the company and one-half of one share purchase warrant.
Each whole warrant will be exercisable to purchase one share of the company, at a price of CAD0.14 per share, for a period of two years from the date of issuance.
Sprott Asset Management, on behalf of certain funds and managed accounts, has indicated its intention to participate in the private placement.
"Sprott Asset Management is
Growth equity firm General Atlantic has agreed to invest USD163m to acquire a 19 per cent stake in SouFun Holdings at its IPO price from Telstra, the selling shareholder.
GA will be partnering with Apax Partners, which will invest an equal amount on the same terms.
SouFun is the largest online real estate portal in China and became an NYSE-listed company on 17 September.
Jeff Leng, managing director at General Atlantic, will be joining SouFun’s board of directors.
Vincent Mo, founder and chairman of SouFun, says: “We are very happy that SouFun has become a NYSE-listed company and has
French defence electronics maker Safran is to acquire L-1 Identity Solutions, a US company that protects personal identities and assets, in a merger transaction providing for stockholders to receive USD12.00 per share in cash, for an aggregate enterprise value of approximately USD1.6bn inclusive of outstanding debt.
Lutetia Capital, a merger arbitrage hedge fund, has L1 as its largest position.
The per share consideration of USD12.00 incorporates the purchase price to be received pursuant to the sale of the L-1 intelligence services businesses.
The per share price represents a premium of 24 per cent over L-1’s closing stock price on the
Sovereign Capital, the UK private equity firm, has acquired Christchurch Court, a provider of residential care for adults with an acquired brain injury.
Established in 1997, Christchurch Court operates from homes in a community setting in Northampton, providing long-term, high acuity care to its residents.
An estimated 135,000 people are admitted to a hospital each year as a consequence of a brain injury in the UK, often due to road traffic accidents and assaults.
Christchurch Court receives referrals from acute neuro-rehabilitation wards around the country, personal injury solicitors and families.
Sovereign is backing an operating team led
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