Deal Wrap is updated as of 4 p.m. ET.
– An investor group completed the sale of artificial intelligence and machine learning technology company InstaDeep Ltd. to BioNTech SE for a total consideration of about €500 million, according to S&P Global Market Intelligence data. Sellers included private equity firms AfricInvest Group, Deutsche Bahn Digital Ventures GmbH, Alpha Intelligence Capital, Chimera Investments LLC and Endeavor Catalyst Inc.
– Bridgepoint Advisers Ltd. will exit its investment in digital road management platform one.network to Causeway Technologies Ltd., which is acquiring a controlling stake in the company, for an undisclosed amount.
– TPG Capital LP and Francisco Partners Management LP agreed to acquire observability platform New Relic Inc. for about $6.50 billion at $87 per share. The company's board approved the transaction, which is also backed by shareholders representing nearly a 20% stake. New Relic expects to close the transaction in late 2023 or early 2024, subject to closing conditions and regulatory clearances. Qatalyst Partners is acting as financial adviser to New Relic while Latham & Watkins LLP is the legal counsel. Morgan Stanley & Co. LLC is the lead financial adviser to Francisco Partners and TPG. Goldman Sachs & Co. LLC, JP Morgan Securities LLC and Moelis & Co. are also advising the firms. Davis Polk & Wardwell LLP, Paul Hastings LLP, and Kirkland & Ellis LLP are serving as legal counsel to Francisco Partners and TPG.
– Juggernaut Management LLC and Natures One LLC founder Jay Highman sold the pediatric nutrition company to Bobbie Baby Inc. CG / Sawaya Partners and Morgan Lewis & Bockius LLP advised Nature's One, while Perella Weinberg Partners LP and Goodwin Procter LLP served as advisers to Bobbie.
– Funds advised by Apax Partners LLP and Fremman Capital Gmbh agreed to jointly acquire co-controlling stakes in medical technology company Palex Medical SA for an undisclosed amount and expect to close the deal in the fourth quarter. Bank of America, Jefferies and Credit Suisse are the financial advisers for the deal. Pérez-Lorca and Uría Menéndez are the legal counsel to Fremman and management, while Sullivan & Cromwell and Garrigues are providing legal counsel to Apax. Dextra Corporate and Deloitte are advising the management.
– MiddleGround Management LP's European office acquired Xtrac Ltd., which manufactures high performance transmissions for motorsport and automotive applications. Clifford Chance LLP was the legal adviser to MiddleGround. Alvarez & Marsal served as financial and tax advisers to the firm.
For further private equity deals, read our latest In Play report, which looks at potential private equity-backed M&A, including rumored transactions, each week.
