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Travelport to go private in $4.4B deal; Trade Me agrees to NZ$2.56B buyout


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Travelport to go private in $4.4B deal; Trade Me agrees to NZ$2.56B buyout

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

Online deals

* Travel commerce platform Travelport Worldwide Ltd. and online marketplace Trade Me Group Ltd. each agreed to buyout deals this week. U.K.-based Travelport agreed to be taken private by Siris Capital Group LLC and Evergreen Coast Capital Corp., the private equity affiliate of asset manager Elliott Management Corp., in a deal valued at about $4.4 billion. New Zealand-based Trade Me entered into a deal to be acquired by funds managed by Apax Partners LLP for about NZ$2.56 billion, or about US$1.74 billion. The boards of both targets recommend shareholders approve the deals.

On the Travelport deal, Siris co-founder Frank Baker said in a release that Travelport has an "impressive" track record of developing and bringing to market distribution capabilities, technology services, innovative payment solutions and other value-add digital tools for the global travel industry. "Travelport is redefining the travel payments industry through eNett, a disruptive and fast-growing leader in secure, virtual travel payments," he added.

Agreed in Sweden

* CVC Capital Partners Ltd. will take Sweden's Ahlsell AB — a distributor of installation products, tools and supplies in the Nordic region — private for about 17.97 billion Swedish kronor, or about US$1.98 billion, in a cash transaction. The acquisition will be made through CVC's newly created entity, Quimper AB, which will buy the 326,723,864 outstanding shares of Ahlsell not yet owned by Quimper or related parties for 55.00 kronor per share. CVC bought Ahlsell in 2012 before listing it in 2016.

SNL Image

A senior sales equities trader of Danske Bank checks his screen
for stock prices in Copenhagen.

Source: Associated Press

* An investor consortium comprising European private equity funds Polaris Management A/S and Acathia Capital GmbH and institutional investors Sampension Livsforsikring A/S and Unigestion, agreed to purchase Danske Bank A/S subsidiary Danica Pension Livsforsikringsaktieselskab's Swedish pension unit, Danica Pension Försikringsaktiebolag (publ), for about 2.6 billion Swedish kronor, or about US$285.8 million. The deal is slated for final approval in the first half of 2019.

Additional deals

* A Cerberus Capital Management LP affiliate entered into a definitive agreement to acquire all outstanding shares of Sparton Corp., an electromechanical-device manufacturer, for $18.50 apiece. The deal is expected to close during the first quarter of 2019.

* Laureate Education Inc.-owned universities in Spain and Portugal will be acquired by funds managed by Permira Holdings Ltd. for €770 million. The sale of the universities will be completed in the first half of 2019.

* Consumer-focused investment firm L Catterton signed an agreement to buy hot sauce distributor The Cholula Food Co. Inc. The deal, the terms of which were not disclosed, is being done in collaboration with L Catterton's Flagship Buyout Fund and L Catterton Latin America.

* AnaCap Financial Partners LLP agreed to sell French digital insurance broker AssurOne Group SA to Societe Centrale Prevoir SA for an undisclosed sum. AnaCap supported the management buyout of AssurOne in June 2014.

* Enterprise Investors Corp.-backed intive, a software development services company, agreed to be purchased by Mid Europa Partners LLP for an undisclosed amount. The acquisition is slated to close during the first quarter of 2019.

* Apis Capital Management LLC's Apis Ventures said it may conduct a tender offer for all outstanding shares of Veritone Inc., an artificial intelligence and computing services company. Apis made public Dec. 10 its planned offer to acquire the company for $10.26 per share, for a total equity value of about $198 million. Apis said in a release that while an initial discussion with Veritone was productive, the company has not made an effort to move forward with substantive negotiations.

Done deals

* Endries International Inc., a portfolio company of Nautic Partners LLC since May 2017, was sold to MSD Partners LP, a New York-based investment adviser. Endries distributes fasteners and class C parts for industrial original equipment manufacturers.

* Manufacturing execution and warehouse management system provider Objective International NV sold a majority stake to Alpina Partners Ltd. for an undisclosed amount.

* Sagewind Capital LLC and Berenson Holdings LLC led an investor group that bought The Athene Group, a wealth-management technology business, for an undisclosed sum. The consortium also includes Insight Venture Partners and Salesforce Ventures.

SNL Image

The exterior of Rabobank in The Hague, Netherlands.

Source: Associated Press

* Vista Equity Partners LLC bought 7Park Data Inc., a data analytics software provider. Financial terms of the transaction were not disclosed.

* Rabo Participaties BV, an affiliate of Rabobank's investment arm Rabo Pvt. Equity, bought a 40% stake in Dutch snacks maker V&S Food Specialist for an undisclosed price.

* Sentinel Capital Partners LLC paid an undisclosed sum to purchase Livonia, Mich.-based Pet Supplies Plus/U.S.A. Inc., the largest independent pet-specialty operator in the country, from Irving Place Capital.

Dry powder

* Morgan Stanley Investment Management Inc. garnered more than $1.4 billion of capital for its latest private investment fund, North Haven Tactical Value Fund LP.

* JP Morgan Asset Management's European Opportunistic Property Fund IV obtained $1.3 billion in commitments.

* JMI Management Inc., or JMI Equity, raised $1.2 billion in committed capital for its JMI Equity Fund IX, to be invested in software companies.

* EQT Partners AB's second European-focused direct lending fund reeled in €2.3 billion. The funds were raised through the firm's EQT Credit platform.

Sector Intelligence

Banking BB&T, Wells Fargo, Bank of America closed more than 140 branches in November

Energy US becomes oil and petroleum net exporter; most shipments reach Latin America

ESG Facebook shareholders push for change, but Zuckerberg holds tight grip

Fintech Travelport deal adds to rising private equity buyout momentum in fintech space

Healthcare Boehringer holds ground in challenge of AbbVie's Humira drug patent 'thicket'

Insurance US LTC insurers likely to converge around removal of 'key' morbidity assumption

Technology, media and telecommunications Studios turn to late December superheros to sustain winter box office gains

Metals Market capitalization of top mining companies falls nearly 11% on monthly basis

Real estate Landsec CEO: No-deal Brexit could force landlords to shut down buildings

Retail, consumer products, gaming and leisure Grocers' margins remain steady in November

As of Dec. 13, US$1 was equivalent to about NZ$1.46 and 9.06 Swedish kronor.