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Blackstone closes $18.7B US logistics portfolio buy; Apollo acquires Shutterfly

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Blackstone closes $18.7B US logistics portfolio buy; Apollo acquires Shutterfly

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

Blackstone made two sizeable logistics moves this week in a bid to cash in on the growing demand for e-commerce and delivery services, with further growth anticipated.

Blackstone Group Inc. has wrapped up its purchase of a U.S. logistics portfolio from three U.S. funds of GLP Pte. Ltd. for $18.7 billion. The acquisition of 179 million square feet of urban, infill logistics assets nearly doubles the size of Blackstone's existing U.S. industrial footprint, the firm said.

The alternative asset manager has also formed Mileway to hold its European last-mile logistics assets totaling more than 9 million square meters. It will seek to expand its portfolio in existing markets, including U.K., Germany, France, Spain, the Netherlands and the Nordics, and in new markets. The private equity giant could eventually sell or list the new €8 billion company in about two years, the Financial Times reported.

Commenting in a release on its U.S. logistics portfolio purchase, Blackstone's global co-head of real estate Ken Caplan said logistics is the group's "highest conviction global investment theme today." He added that Blackstone will continue to build on its portfolio to meet growing e-commerce demand. The firm's head of real estate in Europe, James Seppala, echoed those comments in a release announcing the launch of Mileway.

Blackstone's list

* Blackstone is also among the bidders for a prime real estate portfolio in Germany being sold by Cinven Ltd. for as much as €2.75 billion, Bloomberg News reported, citing people with knowledge of the matter

* Funds advised by Blackstone are selling a majority stake in Swedish residential company Hembla AB to German real estate giant Vonovia SE in a deal worth about 12.23 billion Swedish kronor.

Apollo landing

* Affiliates of certain funds managed by affiliates of Apollo Global Management Inc. completed their roughly $2.7 billion acquisition of retailer and manufacturing platform Shutterfly Inc.

* Apollo, Advent International Corp. and Cerberus Capital Management LP are interested in acquiring Takeda Pharmaceutical Co. Ltd.'s portfolio of over-the-counter and prescription drugs in western Europe, which could be valued at about €1 billion, people familiar with the matter told Bloomberg.

* Affiliates of funds managed by Apollo acquired a majority interest in German real estate investor AGROB Immobilien AG.

* Apollo-owned French glass-bottle maker Verallia SA was targeting a late September IPO in Paris in a bid to raise up to €1 billion, Reuters reported.

SNL ImageAn employee of filament lamp company Osram removes fluorescent lamps.
Source: AP Photo

In the works

* XIO Group is in exclusive talks to sell Lumenis Ltd. to Baring Private Equity Asia in a deal that could give the medical laser business a more than $1 billion valuation, people familiar with the matter told Bloomberg.

* Vista Equity Partners LLC is set to buy a majority stake in Acquia Inc. The transaction values the open digital experience company at nearly $1 billion, Bloomberg reported, citing people with knowledge of the matter.

* Clayton Dubilier & Rice LLC is poised to purchase a 30% stake in Socotec Group SA from Five Arrows Principal Investments and other investors in a deal that values the French construction services company at €1.8 billion, WSJ Pro reported, citing a person familiar with the matter.

* Green Courte Partners is exploring a sale of airport parking and shuttle services company The Parking Spot, people with knowledge of the matter told Bloomberg.

* Carlyle Group LP is weighing a sale of Italian high-end shoe retailer Golden Goose SpA, two sources close to the matter told Reuters.

* Bain Capital LP is lining up another bid for OSRAM Licht AG. Reuters reported, citing people familiar with the matter, that Bain is in advanced negotiations with Advent International for a possible joint acquisition of the German lighting group after its earlier bid, in partnership with Carlyle, was trumped by AMS AG's €4.3 billion buyout offer.

SNL ImageThe name of German tech company TeamViewer is displayed in front of the exchange in Frankfurt.
Source: AP Photo

IPO zone

* EQT Partners AB priced its IPO at 67 kronor per share, which reflects a market cap of 63.8 billion kronor.

* Permira Advisers Ltd.-backed TeamViewer Germany GmbH priced its IPO at €26.25 per share, giving the German software company a valuation of €5.25 billion.

* Topsports International Holdings Ltd. launched an IPO in Hong Kong to raise as much as $1.2 billion, Reuters reported, citing a marketing term sheet. Topsports is the sportswear division of Hillhouse Capital Management Ltd.- and CDH Investments-backed Belle International Holdings Ltd.

* KKR & Co., funds managed by Index Ventures, Ares Management Corp., Alven Capital Partners and other selling shareholders received £285 million in gross proceeds from the IPO of Trainline.com Ltd.

New funds on the block

* Cannabis-focused Silver Spike Capital is looking to collect $500 million to $1 billion for a direct lending investment vehicle and a similarly sized private equity fund, Bloomberg reported, citing founder and CEO Scott Gordon.

* KKR is seeking to raise $300 million for a pan-Asia fund focused on the technology, media and telecommunications sector, people familiar with the matter told the FT.

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