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KKR doubles down on blockbuster M&A deals with $9.9B Envision Healthcare buy

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

Top-dollar deal

* KKR & Co. LP struck an all-cash deal to buy out U.S. medical services provider Envision Healthcare Corp. for $9.9 billion, including assumed debt. The Envision deal expands KKR's push into the healthcare sector, which has seen increased M&A activity in 2018. In late 2017, KKR closed a $1.45 billion fund targeting healthcare growth equity investment opportunities in the Americas.

Separately, KKR and fellow private equity firm Blackstone Group LP are said to be in the running to buy EQT's minority stake in Swiss sports data group Sportradar, unnamed sources told Reuters.

Notable M&A transactions

* Private equity firm Platinum Equity LLC is set to acquire the LifeScan diabetes care unit of healthcare giant Johnson & Johnson in a $2.1 billion transaction expected to close by the end of 2018.

SNL Image
Large banners hang in an atrium at the headquarters of Johnson & Johnson
in New Brunswick, N.J.

Source: Associated Press

* Blackstone, through affiliates, reached a deal to take over Australian listed real estate investment trust Investa Office Fund for A$3.14 billion.

The private equity firm also agreed to sell Intelenet Global Services Pte. Ltd. to outsourcing firm Teleperformance in a $1 billion deal set to finalize by Sept. 30.

* Technology-focused private equity firm Thoma Bravo LLC acquired MeridianLink Inc. and the technology business units of CRIF Lending Solutions, which provide enterprise business solutions for financial services organizations. The operations were subsequently consolidated into a single entity called MeridianLink.

* Independent wealth management firm Wealth Enhancement Group LLC, which is backed by Lightyear Capital LLC, bought out independent financial advisory practice Cimino Wealth Advisors for an undisclosed sum.

In play

* Education Realty Trust Inc. is in exclusive discussions for a potential $3.1 billion takeover by Greystar Real Estate Partners LLC. Despite the exclusive talks, a group led by Scion Group LLC and real estate investment management firm Harrison Street Real Estate Capital LLC is still looking at the possibility of acquiring the student-housing REIT, unidentified sources told The Wall Street Journal.

* Seven investors participated in the first round of bidding for London property developer Quintain Ltd., which private equity firm Lone Star Funds is looking to sell for more than £3 billion, according to Property Week.

* VetCor Group Holdings Inc., which is sponsored by private equity firms Harvest Partners LP and Cressey & Co., is weighing an outright sale that could value the veterinary hospital chain at up to $1.5 billion, The Wall Street Journal reported, citing undisclosed sources.

Capital commitments

* Blackstone pulled in US$7.1 billion for its second Asian opportunistic real estate fund and US$2.3 billion for its first Asian private equity fund.

* Bloomberg News, citing unnamed sources, reported that TPG Capital Management LP is drumming up $1.5 billion for a fund dedicated to acquiring equity from employees, founders and early investors in private technology, media and telecommunications companies.

* In Europe, Real I.S. AG set up a diversified real estate special alternative investment fund with an initial target of about €1 billion, the latest in its real estate fund series that focuses on Germany's Bavarian state.

* LLR Equity Partners V LP, a fund managed by lower-middle-market private equity firm LLR Partners Inc., brought in $1.2 billion as of its final close.

* Private equity firm PPM America Capital Partners LLC wrapped up its co-investment fund, PPM America Private Equity Fund VII LP, at $648 million.

The VC beat

* Online home-trading startup Opendoor obtained $325 million in a series E financing led by homebuilder Lennar Corp. and venture capital firms General Atlantic LLC and Access Technology Ventures.

* Reonomy secured $30 million in series C financing from venture capital firms Sapphire Ventures LLC, Bain Capital Ventures LP and SoftBank Capital. The funding round for the commercial real estate data and analytics provider was led by Sapphire Ventures.

Movers and shakers

* Carlyle Group LP reeled in BankUnited chairman John Kanas as a senior adviser consultant and vice chairman of Carlyle Global Financial Services Partners.

* Lionel Conacher, a senior adviser to private equity firm Altamont Capital Partners, joined the expanded board of Destination XL Group Inc. as an independent director. The appointment is part of the omnichannel specialty retailer's deal with Cannell Capital LLC.

Sector intelligence

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