Astorg and Montagu to control health devices supplier Nemera: Reuters

French private equity firm Astorg on Wednesday said it had reached an agreement to acquire a majority stake in health devices manufacturer Nemera from Montagu Private Equity, with Nemera to be jointly controlled by Astorg and Montagu. The financial terms of the transaction were not disclosed, although data and information provider Marketline reported that the value of the deal topped 1 billion euros ($1.15 billion). “While committing to acquire the business in full, Astorg has offered Montagu the opportunity to reinvest as a partner in the next phase of Nemera’s growth, alongside its management team,” Astorg said in a statement, adding it would jointly control Nemera with Montagu after the transaction. Nemera, based in the south of France, manufactures spray pumps, actuators, valves and autoinjectors. Astorg said it had been advised by Citigroup and Latham & Watkins, while HSBC, Morgan Stanley and Weil Gotshal advised Montagu.

Acadia Healthcare in talks with private equity firms, say sources: Reuters

Acadia Healthcare Co Inc (ACHC.O), a U.S. operator of behavioral health centers, is in talks with private equity firms about selling itself after attracting buyout interest, people familiar with the matter said on Thursday. The buyout talks involving Acadia underscored the renewed interest by private equity firms in the sector, following U.S. legislative reforms that expanded insurance coverage for behavioral health and substance abuse treatment. KKR & Co Inc (KKR.N) and TPG Global are among the private equity firms that have approached Acadia recently to express interest in acquiring it, the sources said, cautioning there is no certainty of a deal.
The sources asked not to be identified because the matter is confidential. Acadia could not be reached immediately for comment, while KKR and TPG declined to comment. Acadia shares rose as much 20 percent to $43.02 in premarket trading on Thursday, giving the company
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Casino mogul Fertitta approaches Caesars about merger: Reuters

(Reuters) – Tilman Fertitta, the billionaire owner of the Golden Nugget Casinos, has approached U.S. casino operator Caesars Entertainment Corp about merging it with his own gaming empire, people familiar with the matter said on Wednesday. Fertitta, whose holdings also include the Houston Rockets National Basketball Association team and restaurant and entertainment company Landry’s, is contemplating a reverse merger in which Caesars would be the acquirer, and Caesars shareholders, including private equity firms Apollo Global Management LLC and TPG Global, would remain shareholders in the combined company, the sources said. It is unclear whether Caesars will find any offer from Fertitta attractive, given the company has a market capitalization of $6.3 billion and Fertitta’s net worth is pegged by Forbes at $4.5 billion, the sources said. Caesars has been focused on other acquisitions since emerging from bankruptcy last year, and is currently exploring
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Casino mogul Fertitta approaches Caesars about merger: Reuters

(Reuters) – Tilman Fertitta, the billionaire owner of the Golden Nugget Casinos, has approached U.S. casino operator Caesars Entertainment Corp about merging it with his own gaming empire, people familiar with the matter said on Wednesday. Fertitta, whose holdings also include the Houston Rockets National Basketball Association team and restaurant and entertainment company Landry’s, is contemplating a reverse merger in which Caesars would be the acquirer, and Caesars shareholders, including private equity firms Apollo Global Management LLC and TPG Global, would remain shareholders in the combined company, the sources said. It is unclear whether Caesars will find any offer from Fertitta attractive, given the company has a market capitalization of $6.3 billion and Fertitta’s net worth is pegged by Forbes at $4.5 billion, the sources said. Caesars has been focused on other acquisitions since emerging from bankruptcy last year, and is currently exploring
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Uber considers minority investors for self-driving car unit: FT

(Reuters) – Uber Technologies Inc [UBER.UL] is considering selling minority stakes in its costly self-driving car unit as the ride-hailing company tries to address rising cost pressures ahead of its initial public offering, the Financial Times reported on Wednesday. Uber received interest from potential investors and could spin off its Advanced Technologies Group into a separate business unit with its own valuation and equity, FT reported, citing people familiar with the matter. Uber will retain operational control and majority ownership of the unit, but external partners could share the cost of developing and eventually commercializing self-driving technology, the newspaper said. Uber did not immediately respond to an email seeking comment. Uber Chief Executive Officer Dara Khosrowshahi said last month there was no plan to sell the self-driving car research arm. The company will not sell its Advanced Technologies Group “at this time,” he told Reuters in an interview. The
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TravelPerk wins new funding for consumer-like business travel site: Reuters

Corporate travel bookings start-up TravelPerk has raised $44 million in new venture funding and is on track to more than triple bookings to 1 million next year as it aims to transform the business travel market. The Barcelona-based company is one of a clutch of new travel-management firms challenging established corporate platforms such as American Express, SAP’s Concur and Sabre’s Tripcase Corporate, as well as corporate travel agent sites. The fresh round of funding will allow the company to triple the size of its engineering team and set up shop in London and Berlin, with further offices in Amsterdam and Paris to follow, Co-Founder and Chief Executive Avi Meir told Reuters. On Tuesday, the company said it had raised the funding from Swedish investment firm Kinnevik, joined by Silicon Valley investors Yuri Milner and Tom Stafford. Existing venture capital backers including Felix Capital and Target Global participated in the round.
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Singapore’s Temasek to buy Israeli cybersecurity firm Sygnia: Reuters

Israeli cybersecurity technology and services provider Sygnia said on Tuesday it will be acquired by Singapore-based investment firm Temasek for an undisclosed amount. Financial details were not provided. A source with knowledge of the deal, who asked not to be named, told Reuters that Temasek is paying $250 million. Sygnia, which has offices in Tel Aviv and New York, will maintain its operational independence while pursuing collaborations with Temasek and its portfolio companies. Sygnia works with companies worldwide to build their cyber resilience and defeat attacks within their networks. It was launched in 2015 by Israel’s Team8, a cybersecurity think-tank and company creation platform. It has not received funding beyond its original investment by Team8, which according to the source was $4.3 million. Sygnia is the third of four companies launched by Team8. The founder and CEO of Sygnia, Shachar Levy, will continue to head the company and Nadav
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Cavalli owner hires Rothschild to find minority partner, say sources: Reuters

Private equity Clessidra has hired Rothschild to look into the option of finding a minority partner for fashion group Roberto Cavalli to help fund growth, two sources familiar with the matter said on Monday, confirming earlier press reports. Clessidra owns 90 percent of Roberto Cavalli through the vehicle Varenne. Rothschild declined to comment. In September a Clessidra manager said the fund had no plans to leave Cavalli capital.

Edenred has made bid approach for Ingenico, no talks yet: Reuters

PARIS (Reuters) – French payment service company Ingenico (INGC.PA) has received two separate expressions of interest from French bank Natixis and Paris-based Edenred (EDEN.PA), a source close to the matter said on Thursday. Ingenico said earlier on Thursday it had been approached by several bidders and Natixis later confirmed it was one of them. “Natixis and Edenred both sent letters expressing interest in Ingenico at the beginning of the summer”, the source told Reuters. “Ingenico is having conversations with Natixis but hasn’t started talking to Edenred”, he said. A second source said that he expected a bidding war for Ingenico between Natixis and Edenred, adding the latter is preparing a firm offer.  

SoftBank upping bet on loss-making WeWork with possible majority stake: Reuters

SAN FRANCISCO/NEW YORK (Reuters) – Japan’s SoftBank Group Corp (9984.T) is in discussions to buy a majority stake in U.S. shared office space provider WeWork Cos, a source said, potentially doubling down on one of its biggest bets on a loss-making startup. A deal would signal a shift for SoftBank, which runs the world’s biggest private equity fund and has concentrated its ownership of late-stage startups in minority stakes, as it seeks attractive targets for its huge pool of capital. SoftBank shares fell 5.4 percent and suffered their biggest one-day drop in nearly two years on Wednesday partly on concerns about the prospects of eight-year-old WeWork whose outlook is tied closely to the ups and downs of the real estate market. Recent technology sector weakness also weighed on SoftBank’s shares, traders said. The source told Reuters that pricing and other details of the WeWork
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Canada’s CDPQ, Al Gore’s Generation buy majority stake in fintech firm FNZ: Reuters

(Reuters) – Canada’s second-largest pension fund CDPQ and Generation Investment Management LLP said on Tuesday they were buying a majority stake in UK-based fintech firm FNZ in a deal valuing FNZ at 1.6 billion pounds ($2.09 billion). CDPQ and Generation partnership will buy out two-thirds of FNZ owned by U.S. private equity firms General Atlantic and HIG Capital, while around 400 shareholding employees will continue to own a third of FNZ after the deal, they said. The FNZ deal is the first of a $3 billion investment that CDPQ and Generation Investment, co-founded by former U.S. vice president Al Gore, plan to make over the next 8 to 15 years, according to a joint statement. FNZ, founded in 2003 in New Zealand, and bought out by its management and HIG capital in 2009, provides its clients cloud-based wealth management platforms. FNZ is currently responsible for
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Stada, buyout funds in race for Bristol-Myers’ French business, say sources: Reuters

German generic drugmaker Stada (STAGn.DE) is vying with a group of European buyout funds for control of Bristol-Myers Squibb’s (BMY.N) French over-the-counter drugs business, sources told Reuters. The business, known as Upsa, was put up for sale over the summer. Bidders were asked to submit their offers ahead of a deadline of Oct. 5, the sources said. Investment banks were hired to launch an auction in the second half of the year. The deal is potentially worth about 1 billion euros ($1.15 billion) and comes amid a wave of consolidation in the consumer health sector as big drugmakers are increasingly focusing on their strongest areas. Private equity funds are attracted by high growth in the over-the-counter drug business, where demand is being driven by aging populations and health-conscious consumers. Upsa, which makes Dafalgan and Efferalgan painkillers, has also received indicative bids from BC Partners, CVC Capital
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Britain’s RPC gives rival suitors Apollo and Bain more time to bid: Reuters

Plastic packaging maker RPC Group (RPC.L) said on Monday that it had given two private equity firms that are considering rival takeover offers more time to make bids. The London-listed company said in a statement that talks with both Apollo Global Management and Bain Capital were ongoing and that the competing suitors now had until Nov. 5 to make firm offers or walk away from RPC. Under British rules, the pair had faced a deadline of 5 p.m. London time (1600 GMT) on Monday to declare their intentions towards RPC, which has a market value of about 3.2 billion pounds ($4.2 billion). In a separate statement, RPC said it had generated first-half revenues from continuing operations of 1.9 billion pounds, which was ahead of the same period a year earlier and included organic growth of about 3 percent. “The group’s margins and operating profitability levels
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Saudi crown prince says sovereign wealth fund will surpass $600 billion target by 2020: Reuters

Saudi Arabia’s Crown Prince Mohammed bin Salman said the kingdom’s main sovereign wealth fund (PIF) will surpass its target of increasing its assets to $600 billion by 2020, as part of a plan to reduce the economy’s dependence on oil. “We are now above $300 billion, we’re getting close to $400 billion. Our target in 2020 is around $600 billion. I believe we will surpass that target in 2020,” the prince said in a Bloomberg interview published on Friday. He added that the fund, with more than 50 percent of its investments located in Saudi Arabia, will be investing in more places next year. The fund would invest another $45 billion in Softbank Vision fund, the world’s largest private equity fund, backed by Japan’s Softbank Group and the PIF, which invests in technology sectors such as artificial intelligence and robotics. “We have a huge benefit from the first one. We
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H&M buys $20 million stake in Swedish fintech firm Klarna: Reuters

Fashion chain H&M (HMb.ST) is acquiring a small stake in Klarna in what will be the Swedish online payments services firm’s largest partnership so far. H&M is paying around $20 million for a stake of less than 1 percent, a Klarna spokeswoman said, confirming a Financial Times report on Monday. Klarna’s digital platform would be used across all H&M channels and will further integrate the fashion chain’s digital and physical stores, the two companies said in a joint statement. It will be Klarna’s largest partnership following similar deals with UK retailer Asos (ASOS.L) and furniture giant IKEA [IKEA.UL], the Klarna spokeswoman said. The partnership spans across 14 European countries including Britain and Sweden, she said. The FT said the deal had the scope to expand to the United States and Asia and would simplify H&M’s returns and delivery processes as well as combining its in-store, online and
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Large private equity consortium forms for Arconic bid: Reuters

(Reuters) – Blackstone Group LP (BX.N), Carlyle Group LP (CG.O), Onex Corp (ONEX.TO) and Canada Pension Plan Investment Board have joined forces in a bid to acquire aluminum products maker Arconic Inc (ARNC.N), according to people familiar with the matter. Such alliances, referred to as “club deals” in the private equity industry, lost much of their allure following the 2008 financial crisis, as some high-profile leveraged buyouts either ended up in bankruptcy or underperformed financially. Many buyout firms, accustomed to sole operational control of the companies they buy and deciding how and when to cash out on their investment on their own, occasionally clashed with peers they teamed up with. Some of them even had to fork out hundreds of millions of dollars to settle lawsuits accusing them of conspiring to drive down acquisition prices during the leveraged buyout boom leading up to the crisis. However,
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KKR launches $1.2 billion offer for Australian accounting software firm MYOB: Reuters

SYDNEY (Reuters) – KKR & Co (KKR.N) has launched a A$1.75 billion ($1.24 billion) takeover offer for MYOB Group (MYO.AX) after buying almost a fifth of the Australian accounting software provider, as the U.S. private equity firm grows its portfolio of tech businesses. The MYOB bid, if successful, would become one of KKR’s biggest acquisitions in Australia and add to its 10-strong stable of technology-driven businesses in the Asia-Pacific region. KKR last year raised $9.3 billion – a regional record – in its third Asia-focused buyout fund. MYOB disclosed the proposal in a statement and said its board was studying the non-binding offer, which was conditional on KKR obtaining financing for the deal and getting a unanimous recommendation from the target’s directors. A spokeswoman for KKR confirmed the A$3.7 per share offer for the remaining 80.1 percent of
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Home healthcare provider Civitas explores potential sale, say sources: Reuters

Civitas Solutions Inc (CIVI.N), a U.S. provider of home and community health services to people with disabilities, is exploring strategic alternatives, including a potential sale, people familiar with the matter said on Friday. The move is aimed at capitalizing on strong buyout interest from private equity firms in the sector, the sources said. BrightSpring Health Services, another home care services provider owned by private equity firm Onex Corp (ONEX.TO), received preliminary offers this week from several buyout firms in its own sale process, according to the sources. Civitas is working with an investment bank to explore a sale, the sources said, cautioning that the deliberations are at an early stage and that no deal is certain. Private equity firm Vestar Capital Partners owns just over half of Civitas and would seek to cash out on its stake, the sources added. The sources asked not to be identified
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KKR, Tencent to invest $175 million for minority stake in Philippine fintech firm: Reuters

Private equity firm KKR & Co Inc and Chinese tech giant Tencent Holdings Ltd are acquiring a minority stake in the financial technology arm of Philippines’ PLDT Inc, the companies said on Thursday. Philippine consumers, given the proliferation of smartphones, are increasingly subscribing to digital services like e-payments and online shopping. In a statement, PLDT said KKR and Tencent will turn into minority shareholders in Voyager Innovations Inc by separately acquiring a total of up to $175 million worth of new shares. The deal is the largest investment to date in a Philippine technology company, said PLDT, which will retain a majority stake in Voyager. Last year, Jack Ma’s Ant Financial Services Group invested in Globe Fintech Innovations Inc, the main Philippine competitor of Voyager. Voyager provides digital and financial services to millions of Filipinos through its e-wallet, digital payments and remittance units. “With the global expertise and fresh
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