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Vista Equity to take over Mindbody; Advent International to exit KMD Holding

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Vista Equity to take over Mindbody; Advent International to exit KMD Holding

S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.

Top-dollar transactions

* Vista Equity Partners LLC entered into an agreement to buy all outstanding common shares of fitness and wellness technology platform Mindbody Inc. for $36.50 per share in cash, for a total of about $1.9 billion. The transaction, subject to a 30-day go-shop period, is expected to close in the first quarter of 2019 and is not contingent on a financing condition.

SNL Image

A man cycles past a signboard at the headquarters of NEC Corp. in Tokyo.

Source: The Associated Press

* Advent International Corp. agreed to sell Denmark-based KMD Holding ApS, which owns the information technology company KMD A/S, for about 8 billion Danish kroner to Japan-based NEC Corp., which integrates computing and network technologies in Japan and abroad.

* NWS Holdings Ltd., through an indirect subsidiary, conditionally agreed to acquire the entire issued share capital of FTLife Insurance Co. Ltd., a unit of Beijing-based private equity firm Tongchuangjiuding Investment Management Group Co. Ltd., for HK$21.5 billion in a cash transaction, subject to adjustments. Upon deal closing, FTLife will operate as an indirect wholly owned subsidiary of NWS Holdings.

To sell or not to sell

* Carlyle Group LP, alongside Singapore's sovereign wealth fund GIC Pte. Ltd., is set to purchase a 10% strategic stake in SBI Life Insurance Co. Ltd. for about 51.00 billion to 52.00 billion Indian rupees, The Economic Times reported, citing two people with knowledge of the sale. French insurer BNP Paribas Cardif is seeking to trim its 22% interest in SBI to meet regulatory conditions for a public float. SBI is a joint venture between BNP and the State Bank of India.

* Stackhouse Poland Ltd. is in talks with several potential buyers including Arthur J. Gallagher & Co., Aon PLC, Acrisure LLC and PIB, The Insurance Insider reported, citing people familiar with the auction. Buyout firms Warburg Pincus LLC, KKR & Co. and GTCR LLC are also interested in the U.K.-based insurance broker, which could go for a full sales process or reach a bilateral deal with one of its suitors, the sources said.

Aviation deals

* Buyout firm Castlelake LP is purchasing 25 planes from Malaysian budget airline AirAsia Bhd. for US$768.0 million in a deal expected to close during the second quarter of 2019. AirAsia unit Asia Aviation Capital Ltd. will sell its stake in Merah Aviation Asset Holding Ltd., which handles the airline's planes, to AS Air Lease Holdings 5T DAC, a Castlelake entity.

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A member of the ground crew walks past a fleet of AirAsia's passenger jets on a tarmac in Sepang, Malaysia.

Source: The Associated Press

* Middle-market investment firm Tiger Infrastructure Partners LP-backed Modern Aviation Inc. acquired Seattle-based Boeing Field fixed-based operator Gateway USA LLC. Terms of the transaction were not made public.

* Regional air transportation and logistics services company Ravn Air Group Inc. bought regional part 121 airline Peninsula Airways Inc. Deal terms were not disclosed. Ravn is a portfolio company of J.F. Lehman & Co. LLC.

Acquisition zone

* Newell Brands Inc., a household products company, wrapped up the previously announced sales of its brands Pure Fishing Inc. and Jostens Inc. Pure Fishing was bought by Sycamore Partners Management LP, while Jostens was acquired by Platinum Equity LLC. The transactions are valued at about $2.6 billion, or $2.5 billion after tax deductions.

* H.I.G. Capital LLC closed its previously announced sale of demand-side energy-management services provider Enerwise Global Technologies Inc., doing business as CPower. The buyer is LS Power Group, a developer and operator of power generation, transmission and energy infrastructure projects in North America.

* Commodity trading adviser Paskewitz Asset Management LLC was bought by private investment firm The Strategic Group PR LLC through its fund, The Strategic Funds LLC. Terms of the deal were not disclosed.

* Funds managed by affiliates of Ares Management Corp. bought a 430-MW Texas-based wind energy facility owned by BP Wind Energy North America Inc., a unit of BP PLC, in a transaction, the terms of which were not made public.

Venturing forth

* Yuanfudao, a Chinese online-education platform, obtained US$300.0 million in committed capital from its latest round of fundraising, TechCrunch reported. The round was led by Chinese social media and gaming company Tencent Holdings Ltd., with participation from Warburg, Matrix Partners China and IDG Capital Partners.

* A unit of biopharmaceutical company PureTech Health PLC, Vedanta Biosciences Inc., raised $27 million in a series C financing round. Investors include Invesco Asset Management Ltd., the Bill & Melinda Gates Foundation, Bristol-Myers Squibb Co., Rock Springs Capital Management LP and Seventure Partners SA. Clinical-stage company Vedanta secured $50.0 million in growth capital in June 2016.

* Technology-focused venture capital firm ESP Capital and South Korea-based investor Nextrans provided an investment of an undisclosed sum to social-selling platform Ecomobi, DealStreetAsia reported, citing a company statement.

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As of Dec. 27, US$1 was equivalent to about 6.54 Danish kroner, 7.83 Hong Kong dollars and 70.24 Indian rupees.