Orchard raises $150 million to expand after GSK gene therapy deal: Reuters

Anglo-American biotech company Orchard Therapeutics has raised a further $150 million to fund its work in gene therapy, building on earlier fundraisings worth more than $140 million. The new financing comes four months after its acquisition of a portfolio of GlaxoSmithKline rare disease medicines, including the gene therapy Strimvelis for ADA severe combined immune deficiency (ADA-SCID), or “bubble baby” disease. Gene therapy is a hot area for drug research – highlighted by Novartis’s $8.7 billion acquisition of AveXis in April – but products sold to Orchard are viewed as too niche for GSK as it refocuses its drug research under CEO Emma Walmsley. Strimvelis has so far been used to treat just a handful of patients since its launch in Europe two years ago. Orchard, which has previously said it would consider an initial public offering (IPO) as the company develops, said on Monday the latest financing had been
Continue reading "Orchard raises $150 million to expand after GSK gene therapy deal: Reuters"

VTG calls on suitor Morgan Stanley Infrastructure to hike bid: Reuters

Rail logistics group VTG (VT9G.DE) said on Tuesday that Morgan Stanley Infrastructure should sweeten its takeover offer but added the suitor had not shown any willingness to do so. “There is certainly room for improvement,” Chief Executive Heiko Fischer told Reuters, confirming the target’s critical view of the 53 euros-per-share bid. The U.S. investor announced a cash takeover offer for VTG last month after securing a large stake from German billionaire Klaus Michael Kuehne. Kuehne Holding AG agreed to sell around 20 percent of VTG for more than 300 million euros ($342 million), raising Morgan Stanley Infrastructure’s stake in the company to 49 percent.

Bain Capital to take UK insurer esure private in $1.55 billion deal: Reuters

(Reuters) – Private equity firm Bain Capital has agreed to buy esure (ESUR.L) for 1.21 billion pounds ($1.55 billion), in a deal that gives investors in the British insurer a 37 percent premium on the share price at the end of last week. The insurer said its independent directors and two biggest shareholders, Chairman Peter Wood and Toscafund, supported the Bain deal at 280 pence per share. They together own 47.7 percent shares of the company. Wood and Halifax bank launched online insurer esure.com in 2001. After a management buy-out in 2010, it became an independent company and listed in London in March 2013 at 290 pence per share. The deal ends over two years of speculation around esure being a takeover target for U.S. private equity firms and reports of Wood trying to offload his 30.69 percent stake in the insurer.
Continue reading "Bain Capital to take UK insurer esure private in $1.55 billion deal: Reuters"

Musk says Silver Lake, Goldman advising on taking Tesla private: Reuters

(Reuters) – Tesla Inc (TSLA.O) Chief Executive Elon Musk tweeted on Monday that he was working with buyout firm Silver Lake and investment bank Goldman Sachs Group Inc (GS.N) as financial advisers on his plan to take the U.S. electric car maker private. The announcement represents the latest effort by Musk to add credibility to his proposed $72 billion deal for Tesla, following his tweet last week that funding for it was “secured”. That earlier tweet has triggered investor lawsuits as well as an investigation by the U.S. Securities and Exchange Commission into the accuracy of his statement. Musk also posted in a blog post on Monday his most detailed vision yet into how a Tesla take-private deal could work, but shares in the car maker ended flat, indicating investor skepticism over its feasibility. A source familiar with the matter said Silver
Continue reading "Musk says Silver Lake, Goldman advising on taking Tesla private: Reuters"

Spain’s Amadeus to buy U.S.-based TravelClick for $1.52 billion: Reuters

Spanish travel technology firm Amadeus IT Group (AMA.MC) has agreed to buy U.S.-based TravelClick for $1.52 billion from private equity firm Thoma Bravo, Amadeus said on Friday. Amadeus, which operates global travel booking systems and offers check-in services for airlines, said the deal will boost its presence in the hospitality sector. “The addition of TravelClick’s solutions to the Amadeus portfolio will create a hospitality IT leader providing a broad range of innovative technology to hotels and chains of all sizes across the globe,” the company said. Amadeus sees combined core earnings of 2.02 billion euros and revenue above 5.06 billion euros after it closes the deal, which it expects to be immediately accretive. Amadeus will partially finance the buy with a 1.00 billion euro ($1.14 billion) debt facility, it said. TravelClick, which operates in 176 countries, serves such hotel chains as Hilton,
Continue reading "Spain’s Amadeus to buy U.S.-based TravelClick for $1.52 billion: Reuters"

Australia’s Capilano Honey gets $138 million bid from consortium: Reuters

(Reuters) – Australia’s Capilano Honey Ltd (CZZ.AX) said on Monday a consortium of China-focused Wattle Hill RHC Fund and Roc Partners agreed to buy the company for A$189.8 million ($138 million). The deal, which comes at a time of enormous Chinese interest Down Under, will offer the honey producer’s shareholders A$20.06 per share in cash or stock, representing a premium of 28.2 percent to the stock’s last close. Capilano said Wroxby Pty Ltd, which currently holds a 20.6 percent stake in the company, intends to vote in favor of the deal if there is no superior bid. Capilano shares surged as much as 27.73 percent to their highest since August 2016. Australia has seen renewed interest from Chinese and China-focused investors across sectors, including food, healthcare and energy, amid mounting trade tensions with the United States. Food and health scares in China, most recently
Continue reading "Australia’s Capilano Honey gets $138 million bid from consortium: Reuters"

UK’s esure soars on possible $1.5 billion offer from Bain Capital: Reuters

Britain’s esure (ESUR.L) is in advanced talks over a possible 1.17 billion pound ($1.49 billion) bid from Bain Capital Private Equity, the insurance company said on Monday, sending its shares more than 30 percent higher. esure was founded when its top shareholder Peter Wood and Halifax bank launched online insurer esure.com in 2001. After a management buy-out in 2010, it became an independent company and listed in London two years later at 212 pence per share. Bain Capital has proposed buying esure at 280 pence per share in cash, 37 percent above the insurer’s share price close of 204 pence on Friday. “esure has indicated to Bain Capital that it would be minded to recommend a firm offer for esure if made by Bain Capital at the price set out in the proposal …” the company said in a statement. Under British takeover rules, Bain
Continue reading "UK’s esure soars on possible $1.5 billion offer from Bain Capital: Reuters"

KKR to buy control of REEL for $530 million, one of India’s biggest buyouts: Reuters

HONG KONG (Reuters) – Private equity firm KKR & Co (KKR.N) said it will acquire a 60 percent stake in India’s Ramky Enviro Engineers Ltd (REEL) for $530 million, adding it was one of India’s largest buyouts. KKR will buy the stake via a combination of primary and secondary investments, in a deal that gives the waste management company an enterprise value of $925 million. The deal comes at a time when the country is focused on reducing pollution and improving sanitation infrastructure via its Swachh Bharat (Clean India) Mission – an initiative launched by Prime Minister Narendra Modi. The main aim is to eliminate open defecation by October 2019 by building individual and public toilets. KKR India’s CEO Sanjay Nayar said REEL is the only comprehensive environmental management company offering end-to-end services across India and that its work uniquely supports the Swachh Bharat Mission. REEL also
Continue reading "KKR to buy control of REEL for $530 million, one of India’s biggest buyouts: Reuters"

Singapore’s Golden Gate Ventures launches $10 million crypto fund: Reuters

Singapore-based venture capital firm Golden Gate Ventures said on Friday it will launch a $10 million fund to invest in cryptocurrency and blockchain technology startups. The fund, called LuneX Ventures, will invest in early-stage companies globally such as cryptocurrency exchanges and security providers. Investors in the fund will include high-net worth individuals and family offices. The fund is among a cluster of similar ventures that invest in the cryptocurrency space, backed by wealthy individuals and financial firms, that have emerged over the past year. Such firms have partially replaced the retail investor base, which drove bitcoin’s skyrocket rise in 2017. The price of the world’s biggest and best-known virtual currency has more than halved from a high of near $20,000 late last year.

UnitedHealth is buying pharmacy operator Genoa: Axios

Health insurer UnitedHealth Group Inc has at least a tentative agreement to buy specialty pharmacy operator Genoa Health from private equity firm Advent International, news website Axios reported, citing a source familiar with the deal. Genoa Chief Executive John Figueroa will move on and Chief Commercial Officer Mark Peterson will run the business for UnitedHealth, the report bit.ly/2MvSFW7 said. Both UnitedHealth and Genoa Health were not immediately available for comments.
Bloomberg had reported bloom.bg/2Mxb0Ce on Tuesday that Advent International was in talk with potential buyers about selling Genoa Healthcare, citing people familiar with the matter.

China’s Bytedance seeks to raise $3 billion at up to $75 billion valuation, say sources: Reuters

Beijing Bytedance Technology Co, owner of China’s leading news aggregator Jinri Toutiao, aims to raise about $3 billion in its latest funding round that would see its valuation soar to as high as $75 billion, people with direct knowledge of the matter said. The fundraising comes as the six-year-old firm is considering an initial public offering in Hong Kong next year and has been in talks with investment banks for a multi-billion-dollar listing, two of the sources said. How successful Bytedance’s fundraising is will be an indicator of broader appetite for Chinese investments amid heightened Sino-U.S. trade tensions and Beijing’s debt crackdown that are slowing the Chinese economy and aggravating tight market liquidity. Fast-growing Bytedance runs China’s popular news feed Jinri Toutiao and short video platform TikTok, which was also the world’s most downloaded app in the first quarter. Founded by entrepreneur Zhang Yiming in 2012, Bytedance
Continue reading "China’s Bytedance seeks to raise $3 billion at up to $75 billion valuation, say sources: Reuters"

AnaCap buys Slovenia’s NKBM first lien corporate debt/loan portfolio: Reuters

Specialist European financial services private equity firm AnaCap Financial Partners on Monday acquired the first lien corporate debt and loan portfolio from Slovenia’s second biggest bank Nova KBM (NKBM). The acquisition was made via its AnaCap Credit Opportunities III fund, targeting performing, semi-performing or non-performing credit assets comprising primarily consumer, small-and medium-sized enterprises and mortgage debt across Europe. The purchase price or claim amount were not disclosed. “In addition to completing this initial debt deal in Slovenia, AnaCap view the geography as highly attractive for further investment and look forward to exploring a program of additional opportunities there,” the firm said in a statement emailed to Reuters. It said the servicer was Elements Capital Partners. NKBM is owned by U.S. investment firm Apollo Global Management (APO.N) and the European Bank for Reconstruction and Development (EBRD) [EBRD.UL], holding an 80 percent and a 20 percent stake in the
Continue reading "AnaCap buys Slovenia’s NKBM first lien corporate debt/loan portfolio: Reuters"

Offices group IWG ends takeover discussions with remaining suitors: Reuters

LONDON (Reuters) – IWG (IWG.L) has abandoned takeover talks with its three remaining suitors in a move that ends months of uncertainty about the future of the London-listed provider of serviced offices but sent its shares tumbling. The FTSE 250 company said on Monday that it had dropped its negotiations with rivals Starwood Capital, TDR Capital and Terra Firma because it did not believe any of them could deliver a deal at a price that IWG could recommend to its shareholders. The news sent IWG shares plunging 22 percent to 234.1 pence in morning trade in London, making the stock the second-heaviest faller in the mid-cap FTSE 250 index. “The board remains confident in the long-term value of and opportunities for IWG,” the business behind the Regus offices brand said. IWG has failed to agree a deal despite being circled by a host of potential
Continue reading "Offices group IWG ends takeover discussions with remaining suitors: Reuters"

China’s Didi, Ant Financial weigh joint $2 bln Ofo buyout, says source: Reuters

Chinese ride-hailing giant Didi Chuxing and Alibaba’s (BABA.N) Ant Financial are in talks with bike-sharing startup Ofo for a joint buyout offer that could value Ofo at up to $2 billion, according to a source with direct knowledge of the discussions. A deal would mark the latest stage of consolidation in China’s once-booming bike-sharing industry, where a series of startups have burned through hundreds of millions of dollars in the fight to dominate key cities, littering the streets with thousands of bikes in the process. It would bring Alibaba-backed Ofo even deeper into the e-commerce giant’s orbit, just months after Ofo rival Mobike was snapped up in a $2.7 billion deal by Meituan-Dianping, the on-demand online service provider with links to Tencent (0700.HK), a backer of Mobike. Didi, which already owns a stake in Ofo, has hired a third-party agency to conduct due diligence on the
Continue reading "China’s Didi, Ant Financial weigh joint $2 bln Ofo buyout, says source: Reuters"

Ardian to pay 850 million euros in infrastructure deal with Italy’s Gavio: Reuters

Investment fund Ardian has agreed to pay 850 million euros ($985 million) to create a strategic partnership with Italy’s Gavio group to support the growth of motorway infrastructure companies ASTM-SIAS. Under the deal Ardian will buy a 40 percent stake in Nuova Argo Finanziaria, the vehicle which owns 58.6 percent of ASTM (ATMI.MI) which in turn owns 63.4 percent of SIAS (SIS.MI) Nuova Argo Finanziaria is owned by Aurelia, a holding company controlled by Gavio. The strategic partnership is designed to boost the role of Gavio as a global infrastructure player. Aurelia and Ardian said in a joint statement Aurelia will receive up to 95 million euros of the sum paid by Ardian under certain conditions by way of an earn-out.

China’s Didi, Ant Financial weigh joint $2 billion Ofo buyout: Reuters

HONG KONG (Reuters) – Chinese ride-hailing giant Didi Chuxing and Alibaba’s (BABA.N) Ant Financial are in talks with bike-sharing startup Ofo for a joint buyout offer that could value Ofo at up to $2 billion, according to a source with direct knowledge of the discussions. A deal would mark the latest stage of consolidation in China’s once-booming bike-sharing industry, where a series of startups have burned through hundreds of millions of dollars in the fight to dominate key cities, littering the streets with thousands of bikes in the process. It would bring Alibaba-backed Ofo even deeper into the e-commerce giant’s orbit, just months after Ofo rival Mobike was snapped up in a $2.7 billion deal by Meituan-Dianping, the on-demand online service provider with links to Tencent (0700.HK), a backer of Mobike. [nL4N1RH2AR] Didi, which already owns a stake in Ofo, has
Continue reading "China’s Didi, Ant Financial weigh joint $2 billion Ofo buyout: Reuters"

China’s electric car startup XPeng valued at 25 billion yuan in latest fundraising: Reuters

China’s Xpeng Motors raised 4 billion yuan ($587 million) in its latest fundraising round, valuing the electric car startup at nearly 25 billion yuan, it said on Thursday. China-based private equity firm Primavera Capital Group led the fundraising with venture capital investor Morningside Venture Capital and Xiaopeng He, Xpeng’s chairman and chief executive officer, the company said. Hillhouse Capital Group, which is currently finalizing a new private equity fund that could become one of the biggest in the region, also participated in the fundraising. Xpeng has raised more than 10 billion yuan from investors so far, the company said, including the fundraising round in January led by Alibaba Group Holding Ltd and Foxconn Technology Co Ltd. Alibaba had also participated in an earlier round in December. Xpeng, which showcased its electric car in Las Vegas in January, is one of several Chinese startups looking to speed up development of battery-powered
Continue reading "China’s electric car startup XPeng valued at 25 billion yuan in latest fundraising: Reuters"

TPG, KKR leading contenders to manage Abraaj’s healthcare fund, say sources: Reuters

Buyout firms TPG (TPG.L) and KKR & Co (KKR.N) have emerged as leading contenders to run Dubai-based private equity firm Abraaj’s troubled $1 billion healthcare fund, three sources familiar with the matter said. The two firms have access to the healthcare fund’s virtual data room and are about to start due diligence, with offers expected in the next few weeks, two of the three sources said. They have emerged as frontrunners from an initial list of six bidders, two of the sources said, adding that some had been told investors wanted a potential manager with a large balance sheet and the ability to handle multiple regulators. One of the sources said TPG is trying to do the deal through its Rise Fund, its $2 billion impact investment vehicle which counts Irish rock star Bono among its founders. TPG and KKR declined to comment. Abraaj’s provisional liquidators, Deloitte
Continue reading "TPG, KKR leading contenders to manage Abraaj’s healthcare fund, say sources: Reuters"

CVC abandons talks with Ingenico over potential buyout, say sources: Reuters

Private equity group CVC [CVC.UL] has abandoned talks with Ingenico (INGC.PA) over a potential buyout of the French payments group, amid a frenzy of deals in the sector, people close to the matter said. CVC held early-stage talks about potentially taking Ingenico, which has a market value of 4.4 billion euros, private in early summer but those talks have now ended, they said. The reason for the failure of the talks was not immediately clear. Ingenico and CVC declined to comment. Ingenico shares were down 2.5 percent by 1205 GMT. Talks between Ingenico and CVC took place against a backdrop of a flurry of deals in the payments sector, including Worldline (WLN.PA) buying the payments unit of Swiss exchange operator SIX Group in May, and Nets merging with German peer Concardis in June. As well as investing in innovation, payments companies now also need to
Continue reading "CVC abandons talks with Ingenico over potential buyout, say sources: Reuters"

Cisco to buy cyber-security company Duo for $2.35 billion: Reuters

Cisco Systems Inc said on Thursday it would buy Duo Security, a venture capital-backed cyber security company, for $2.35 billion in cash, as it seeks to expand its offerings in cloud computing. The deal is the biggest acquisition for Cisco since its $3.7-billion purchase of business performance monitoring software company AppDynamics last year, and its largest in the cyber security sector since its $2.7-billion takeover of Sourcefire in 2013. Duo’s platform allows users to verify their identity with a two-step authentication and its investors include Index Ventures, Workday, Redpoint Ventures and True Ventures. The deal is expected to close in the first quarter of Cisco’s fiscal 2019. Reuters had reported earlier in the day that Cisco was in advanced talks to buy the company.
Cisco, the world’s largest networking gear maker, has been making efforts to transform itself into a software-focused company. With its traditional business
Continue reading "Cisco to buy cyber-security company Duo for $2.35 billion: Reuters"