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Apollo makes $5B bid for Tech Data; Blackstone to buy Bellagio assets for $4.25B

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

Information technology is king when it comes to U.S. private equity buyouts this year. Apollo Global Management Inc. is reportedly eyeing a slightly different tack as it looks to target demand for IT equipment.

The alternative asset manager is offering to acquire U.S. IT equipment provider Tech Data Corp. for approximately $130 per share in an all-cash deal, reflecting a total purchase price of about $5 billion, Reuters reported, citing people familiar with the matter. There is no certainty, however, that Tech Data will engage in negotiations or the deal will occur, one of the sources added.

Apollo has previously been in talks to buy U.S.-headquartered Ingram Micro Inc. which operates in the same space.

IT has been the most active sector for private equity entries in 2019, according to S&P Global Market Intelligence data. The end of the third quarter saw 1,516 entries announced. Including add-on deals, that figure reached 2,129 deals. Headline announced deals this year include a Hellman & Friedman LLC-led consortium's roughly $11 billion acquisition of cloud-based human capital management services provider The Ultimate Software Group Inc. and Thoma Bravo LLC's about $3.7 billion acquisition of cloud-based platform provider Ellie Mae Inc.

Blackstone's bets

* Blackstone Group Inc.'s Blackstone Real Estate Income Trust Inc. is buying the real estate assets of The Bellagio Las Vegas from MGM Resorts International for about $4.25 billion, excluding closing costs, in a joint venture with MGM.

* The private equity giant is planning to launch a tender offer for Japanese hotel chain Unizo Holdings Co. Ltd. at ¥5,000 per share, Reuters reported, citing a company statement.

* The firm, TPG Capital Management LP and a consortium led by KKR & Co. Inc. are considering a bid for Emami Cement Ltd., Bloomberg News reported, citing people with knowledge of the matter.

SNL ImageA Blackstone Group sign stands in front of their offices.
Source: Associated Press

In the works

* Bain Capital LP, in partnership with Japan Industrial Partners Inc., and Carlyle Group LP are among the shortlisted suitors for the second round of bidding for Hitachi Chemical Co. Ltd., Reuters reported, citing people with knowledge of the deal.

* Carlyle has directed advisers Bank of America Merrill Lynch and Rothschild to sell London-based taxi operator Addison Lee PLC by early 2020 to avoid a debt restructuring or extension, London's Financial Times reported, citing people familiar with the process.

* Sun Capital Partners Ltd. is leading the race in the acquisition of Italian glass-door maker Vetrerie Riunite SpA from Opera SGR and Style Capital SGR SpA, Reuters reported, citing two people familiar with the matter.

* Ardian is preparing to sell Les Derives Resiniques Et Terpeniques SA in a transaction that could value the French chemicals-maker at as much as €2 billion, Reuters reported, citing sources close to the matter.

* Equistone Partners Europe Ltd. is among the potential buyers of XLN Telecom Ltd. in a sale that could value the company at as much as £200 million, The Telegraph reported, citing City sources.

SNL ImageVisitors crowd at a booth of Japanese electronics maker Hitachi at an ecology fair in Tokyo.
Source: Associated Press

It's a deal

* Affiliates of Lindsay Goldberg LLC and American Securities LLC are purchasing the management services business of engineering and design company Aecom. The unit has a price tag of $2.4 billion, according to a Bloomberg report.

* Quantum Energy Partners LLC-backed Jagged Peak Energy Inc. agreed to combine with Parsley Energy Inc. in an approximately $2.27 billion all-stock deal.

* A Cerberus Capital Management LP affiliate is buying the businesses and related facilities of Closure Systems International Inc. in North America, Costa Rica and Japan from Reynolds Group Holdings Ltd.

* An investor group led by KKR and Singapore's sovereign wealth fund GIC Pte. Ltd. agreed to invest 35.3 billion Philippine pesos in Metro Pacific Hospital Holdings Inc.

Funded

* KPS Capital Partners LP obtained over $7 billion of commitments for its fifth flagship buyout fund and a smaller investment vehicle, The Wall Street Journal reported.

* Veritas Capital Fund Management LLC collected $6.5 billion for its seventh fund.

* Whitehorse Liquidity Partners raised US$2.0 billion at the close of its Whitehorse Liquidity Partners III LP.

* LGT Capital Partners AG garnered US$1 billion for its fourth fund focused on the Asia-Pacific region.

Sector intelligence

Banking Wall Street now 'inundated' with direct listing inquiries

Energy Analysts expect Q3 earnings to reflect ongoing struggle for oilfield services

ESG 'We are collateral damage': Gas industry grapples with political winds

Fintech In hunt for fintech unicorns, venture capital looks to Latin America

Healthcare Risk of therapeutic crowding in cancer drives increase in genetic testing

Insurance Rep. Waters aiming to pass 'clean' 10-year terrorism risk insurance bill soon

Metals China's Zijin aims to double mined gold output in 5 years amid overseas push

Private equity Private equity fundraising fragmented as LP requirements evolve

Real estate Beleaguered UK retail landlords brace for Brexit impact

Retail, consumer products, gaming and leisure Drop in September auto sales is likely momentary dip, experts say

Technology, media and telecommunications AI's large carbon footprint poses risks for big tech