Australia’s Pacific Equity Partners set to raise $1.7 billion in new buyout fund: AFR


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Pacific Equity Partners (PEP), one of Australia’s largest buyout firms, is close to raising A$2.5 billion ($1.7 billion) in its new fund, The Australian Financial Review reported on Thursday.

The Sydney-based firm is expected to receive the final commitments for its Fund VI in coming weeks, and is ready to start using money to invest, the newspaper said, citing anonymous sources.

A spokesman for the firm declined to comment.

Australia’s private equity capital levels have hit a record high this year at $30 billion, with double-digit growth in private equity M&A activity, according to researcher Prequin.

PEP has signed five deals and secured a handful of sales in the past 12 months, the paper reported, adding that commitments for the firm’s new 10-year fund came from domestic and international investors.

Australia’s Pacific Equity Partners set to raise $1.7 billion in new buyout fund: AFR


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Pacific Equity Partners (PEP), one of Australia’s largest buyout firms, is close to raising A$2.5 billion ($1.7 billion) in its new fund, The Australian Financial Review reported on Thursday.

The Sydney-based firm is expected to receive the final commitments for its Fund VI in coming weeks, and is ready to start using money to invest, the newspaper said, citing anonymous sources.

A spokesman for the firm declined to comment.

Australia’s private equity capital levels have hit a record high this year at $30 billion, with double-digit growth in private equity M&A activity, according to researcher Prequin.

PEP has signed five deals and secured a handful of sales in the past 12 months, the paper reported, adding that commitments for the firm’s new 10-year fund came from domestic and international investors.

Warburg Pincus nearing close of $4.3 billion China-Southeast Asia fund: Reuters


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HONG KONG (Reuters) – Warburg Pincus LLC is nearing the final close of an at least $4.25 billion private equity fund focusing on Chinese and Southeast Asian investments, people with direct knowledge of the matter told Reuters.

The firm launched the fundraising earlier this year, according to the people, and it disclosed the planned fund size in a filing to the United States Securities and Exchange Commission on May 24.

The final amount available for investment could exceed $4.3 billion with additional capital from Warburg Pincus itself, the people said, declining to be named as they were not authorized to speak to the media.

Warburg Pincus is expected to formally announce the closing of the fundraising as early as this month, the people said. The firm declined to comment on Thursday.

The fund, called Warburg Pincus China-Southeast Asia II, will invest alongside the firm’s global fund as well

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Fund manager Glennmont raises 850 million euros for clean energy investment: Reuters


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Fund manager Glennmont Partners has raised 850 million euros ($947 million) at the final close of its third clean energy fund, which will invest in renewables projects in Europe and Britain, it said on Tuesday.

London-based Glennmont has 2 billion euros of assets under management and says it is the world’s largest fund manager in terms of investment in clean energy infrastructure.

It had aimed to raise 600 million euros through the Clean Energy Fund III but exceeded the target thanks to the high level of interest from Japan and the United States as well as the European Investment Bank among others.

“Institutional investors globally recognize that energy transition and climate change is of key relevance to the performance of their portfolio,” Glennmont Chief Executive Joost Bergsma said in a statement.

More than 70 percent of the fund will be invested in projects in the euro zone and Britain. The

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Advent wins auction for Italian chemicals firm ICE, say sources: Reuters


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Private equity fund Advent has entered exclusive talks to buy Italian chemicals firm Industria Chimica Emiliana (ICE), two sources familiar with the matter told Reuters.

Advent trumped several rival buyout funds, including Bain Capital and Astorg, in an auction process, emerging as the preferred bidder for the 70-year-old firm, the sources said.

The deal values ICE at about 600 million euros ($676.92 million), one of the sources added.

The family-owned firm is a leading producer of bovine and swine bile derivatives for the pharmaceutical industry and has core earnings of about 60 million euros.

It hired PWC earlier this year to sound out potential investors.

Based in the central Italian town of Reggio Emilia, ICE has operations in Brazil and across South America where it collects ox-bile to produce cholic acid, which is used by drugmakers to treat liver conditions.

The business, which is wholly-owned by the Bartoli family,

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Digital Colony raises $4.05 billion for digital infrastructure fund: Reuters


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(Reuters) – Digital Colony, a private equity firm backed by U.S. real estate investor Thomas Barrack, has raised $4.05 billion to invest in digital infrastructure, seeking to capitalize on new technologies such as 5G wireless networks and the Internet of Things (IoT), according to people familiar with the matter.

Buyout funds focusing on infrastructure investments have typically put their money in physical assets such as airports, bridges and toll roads. Digital Colony’s fund illustrates how investors are now also seeking assets that support the digital economy driven by big data and artificial intelligence.

Mobile operators could invest around $480 billion globally between 2018 and 2020 to upgrade their networks, according to mobile communications industry body GSMA, underscoring the potential size of the investment opportunity.

Digital Colony had set a fundraising target of $3 billion and completed the fundraising at the maximum it could raise, the sources

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Sweden’s EQT cuts the cord on $2.3 billion offer for Aussie telco Vocus: Reuters


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Vocus Group Ltd on Tuesday said Swedish private equity firm EQT Infrastructure had withdrawn its A$3.3 billion ($2.30 billion) buyout offer, making it the fourth suitor to drop its bid for the telecoms company in the last two years.

“Following an accelerated period of due diligence, EQT has decided not to proceed with the transaction outlined in the indicative proposal,” Vocus said in a statement. A spokeswoman for EQT declined to comment on the development.

The withdrawal comes just a few days after Australian energy retailer AGL Energy Ltd revealed it had made and then ditched a takeover offer for Vocus as it could not agree on due diligence terms with the telecoms firm.

U.S. buyout firm KKR & Co Inc and Asian peer Affinity Equity Partners had pursued and then abandoned their own plays for Vocus in 2017 after a string of profit warnings from the

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Coloplast says reviewing its urology business: Reuters


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COPENHAGEN (Reuters) – Danish medical device maker Coloplast on Tuesday said it is conducting an “unconditional strategic review” of its urology division.

The announcement came after Bloomberg on Tuesday reported, citing unnamed sources, that Coloplast is considering a sale of the unit for a price above $1 billion and had hired advisers.

Coloplast said it would provide further information as it becomes available.

The company is the world’s fourth-largest manufacturer of interventional urology products with a market share of about 15%, according to its annual report.

PayPal backs Swedish financial tech startup Tink: Reuters


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NEW YORK (Reuters) – PayPal Holdings Inc has invested 10 million euros ($11.2 million) in Tink, a Swedish company that enables banks and financial technology startups to access financial data more easily, the companies said on Tuesday.

The San Jose, California-based payments company will use Tink’s technology to allow customers to connect their bank accounts to their PayPal accounts, the firms said.

Tink will use the funding to expand its team, build new products and connect to more banks, it said. The company had last raised 56 million euros ($62.7 million) in February from investors including Insight Venture Partners and the venture capital arms of banks Nordea and ABN Amro Group NV.

Founded in 2012, Stockholm-based Tink has developed a platform that aggregates data from thousands of banks across Europe, allowing third parties such as startups or other banks to use the information to build and power

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General Atlantic buys into Czech online travel agency Kiwi: Reuters


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U.S. fund General Atlantic acquired a majority stake in Czech online travel agency Kiwi.com, giving it a strong partner to continue expansion, one of its founders said on Monday.

The sale of the stake, whose price was not disclosed but has been reported to be worth around 100 million pounds ($126.40 million), will see the exit of several financial investors.

Oliver Dlouhy said he and fellow co-founder Jozef Kepesi would stay in management.
“We are keeping most of (our stakes) and… are going to drive it forward,” he said by telephone.

The Czech edition of Forbes was the first to report on the sale and the price for the nearly 51% stake. The magazine has named Kiwi as the best Czech start-up twice.

The travel agency, which has been weighing a possible sale for several years, differs from competitors by offering what it calls “virtual interlining”,

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El Paso Electric to be bought by an infrastructure fund for $2.78 billion: Reuters


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Utility El Paso Electric Co will be acquired by an infrastructure fund for $2.78 billion in an all-cash deal, the firms said on Monday.

Infrastructure Investments Fund, which is advised by J.P. Morgan Investment Management, will pay $68.25 for each share of El Paso Electric, which represents a premium of 17.3% to the company’s Friday close.

Including debt, the deal is valued at $4.3 billion.

Shares of the company surged 13.8% at $66.25 in premarket trading.

El Paso provides electricity to about 428,000 customers in the Rio Grande valley in West Texas and southern New Mexico. The two firms have committed $21 million in credits that will reflect on customers’ bills over a period of 36 months.

The utility will continue to operate as an independent entity upon closing of the deal, expected in the first half of next year, and remain headquartered

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Goldman Sachs arm to buy Capital Vision Services: Reuters


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(Reuters) – Goldman Sachs Group Inc said on Monday that West Street Capital Partners VII, a fund managed by the company’s merchant banking unit, will acquire Capital Vision Services LP, to bolster their portfolio in the healthcare services sector.

The fund will buy Capital Vision, which manages MyEyeDr. optometry centers, from private equity firm Altas Partners LP and Canadian pension fund Caisse de dépôt et placement du Québec, Goldman Sachs said.

Goldman did not reveal terms of the deal, which was earlier reported by the Wall Street Journal. The paper said it was valued it at $2.7 billion, including debt.

Capital Vision supports independent optometrists and practices affiliated with the optometry practice management company MyEyeDr.

The deal is expected to close in the third quarter of 2019, Goldman Sachs said.

Goldman Sachs arm to buy Capital Vision Services: Reuters


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(Reuters) – Goldman Sachs Group Inc said on Monday that West Street Capital Partners VII, a fund managed by the company’s merchant banking unit, will acquire Capital Vision Services LP, to bolster their portfolio in the healthcare services sector.

The fund will buy Capital Vision, which manages MyEyeDr. optometry centers, from private equity firm Altas Partners LP and Canadian pension fund Caisse de dépôt et placement du Québec, Goldman Sachs said.

Goldman did not reveal terms of the deal, which was earlier reported by the Wall Street Journal. The paper said it was valued it at $2.7 billion, including debt.

Capital Vision supports independent optometrists and practices affiliated with the optometry practice management company MyEyeDr.

The deal is expected to close in the third quarter of 2019, Goldman Sachs said.

Five make formal bids for parent of gaming firm Nexon: Korea Economic Daily


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Private equity firms KKR, Bain Capital and MBK Partners, as well as South Korea’s Netmarble Corp and Kakao Corp submitted binding bids for the parent of South Korean gaming company Nexon Co on Friday, Korea Economic Daily said, citing investment banking sources.

Representatives at Nexon, Kakao, Netmarble and MBK declined to comment.

Billionaire Jungju Kim is selling a 98.64 percent stake held by himself and his wife in NXC, the holding company of Nexon, in a deal that at potentially $16 billion, would rank as one of the biggest gaming deals worldwide.

Frontier to sell telecom assets in four U.S. states for $1.35 billion: Reuters


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Frontier Communications Corp said on Wednesday it would sell its telecom assets in four U.S. states for $1.35 billion to private investment firms WaveDivision Capital LLC and Searchlight Capital Partners LLC.

Shares of the company jumped 17.3% to $2.03 in trading before the bell.

Under the deal, Frontier will sell its operations in Washington, Oregon, Idaho and Montana that together served more than 350,000 residential and commercial customers and accounted for $619 million in revenue as of March 31.

“The sale of these properties reduces Frontier’s debt and strengthens liquidity,” said Frontier Chief Executive Officer Dan McCarthy.

Frontier, which had long-term debt of $16.53 billion as of March 31, suspended its dividend in February to repay a portion of its debt.

The high-speed internet business has attracted new investment from PE firms in recent years, as consumers increasingly turn to the internet from cable to

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Indonesian agritech startup TaniGroup bags $10M Series A funding: Reuters


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TaniGroup, an agritech startup based in Indonesia has successfully closed a $10M series A fund led by the Singaporean early stage venture capital fund Openspace Ventures. According to a company statement, the round was also joined by Intudo Ventures, Golden Gate Ventures, and The DFS Lab, a fintech accelerator funded by the Bill and Melinda Gates Foundation.

The fresh funds will be used to support its expansion in the country and also product developments.

Founded in 2016, TaniGroup aims to connect farmers directly to their consumers skipping the middleman. Simplifying the supply chain while subsequently providing direct access to the market and financial solutions.

As of 2019, the company is working directly with more than 25,000 farmers across Indonesia with five regional hubs in Jakarta, Bogor (West Java), Bandung (West Java), Yogyakarta, and Surabaya (East Java) and serves over 400 small and medium enterprises and 10,000 individual customers.

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Israel auto safety firm TriEye raises $17 mln in Intel-led round: Reuters


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Israeli startup TriEye, whose short-wave-infra-red sensing technology is designed to see in adverse weather and at night, said on Tuesday it raised $17 million in an early funding round led by Intel Capital.

Other investors include Marius Nacht, co-founder of Check Point Software Technologies, and TriEye’s existing investor Grove Ventures, headed by TriEye chairman Dov Moran.

TriEye has raised over $20 million, including a seed investment of $3 million led by Grove Ventures in November 2017.

TriEye’s camera, whose initial samples are expected to enter the market in 2020, will help advanced driver assistance systems (ADAS) and autonomous vehicles see in conditions such as fog, dust or night-time, the company said.

The low-visibility challenge has been impeding the wide-scale deployment of ADAS and autonomous vehicles.

While TriEye’s primary target is the automotive industry, its technology is applicable to other sectors, including mobile, industrial, security and optical inspection, it said.

Australian telco Vocus entertains $2.3 billion offer from Sweden’s EQT: Reuters


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Australian telecoms junior Vocus Group Ltd on Monday said it received a A$3.3 billion ($2.3 billion) buyout offer from Swedish private-equity firm EQT Infrastructure, just as the firm’s fiber-focused turnaround plan begins to gain traction.

The non-binding offer sent Vocus shares soaring by a quarter and vaulting over where they traded in 2017 when U.S. buyout firm KKR & Co Inc and Affinity Equity Partners made, then abandoned, their own plays for the struggling telco.

EQT made a cash offer of A$5.25, Vocus said. That was a 35% premium to Friday’s closing price and A$1.1 billion bigger than KKR and Affinity’s separate but matching bids, underscoring confidence in the telco’s path away from discount retailing into network building.

“It’s a great price,” said independent telecoms analyst Paul Budde. “Vocus has been struggling a bit for the last couple of years (but) the assets that

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U.S. smartphone financing tech startup PayJoy raises $20 million: Reuters


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PayJoy, a startup that has developed smartphone technology to facilitate access to credit in emerging markets, has raised $20 million from venture capital firm Greylock Partners, the company said on Thursday.

Union Square Ventures, EchoVC and Core Innovation Capital also participated in the round, PayJoy said. The San Francisco-based startup said it will use the funding to expand, secure more partners and develop new technologies.

PayJoy enables consumers with no bank accounts or formal credit history to purchase smartphones on installment payments and get cash loans. It does so by turning the smartphone into collateral through software that locks the phone when payments have not been made.

It believes that making smartphones more affordable can be a stepping stone toward increasing financial inclusion since more financial services are now being provided digitally.

“We’re building technology to help people carve a path into the financial system,” Mark Heynen, the

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Indian electric scooter startup Ather raises $51 mln in fresh funding round: Reuters


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Electric scooter maker Ather Energy raised $51 million in a fresh round of funding, the startup said on Tuesday, at a time when rising pollution levels have prompted the Indian government to push for more electric vehicles on the road.

Earlier this month, the government’s leading think tank proposed electrifying most motorbikes and scooters within the next six to eight years, a source with direct knowledge of the matter had told Reuters.

Ather, which raised the fresh round of funding from existing backers Hero MotoCorp, Flipkart founder Sachin Bansal and hedge fund and investment firm Tiger Global Management, will use the money to scale itself up, Chief Executive Officer Tarun Mehta said in an interview.

“The government intent towards electrification has changed the ecosystem from the supplier perspective,” Mehta said.

Around 20 million motorbikes and scooters are sold in India annually, clogging roads in Delhi, Mumbai and Bengaluru with some

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