S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.
Top-Dollar Deal
* Private equity giant Blackstone Group LP, through affiliates of Blackstone Real Estate Partners VIII, agreed to acquire real estate investment trust Gramercy Property Trust, which primarily owns industrial properties in the U.S., for about US$7.6 billion in cash. The deal is slated to close in the second half.
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Analysts told S&P Global Market Intelligence that the transaction, which comes on the heels of global logistics REIT Prologis Inc.'s US$8.4 billion all-stock deal to buy out fellow industrial landlord DCT Industrial Trust Inc., further underscores the attractiveness of the industrial real estate market.
Notable PE Deals
* Hedge fund manager Elliott Management Corp. made an all-cash bid to take over healthcare technology giant athenahealth Inc. for US$160 per share, reflecting an enterprise value of about US$6.9 billion. The activist shareholder already owns an 8.9% stake in the company.
* Seoul, South Korea-based SK Telecom Co. Ltd. is partnering with Macquarie Group Ltd. to acquire domestic security systems company ADT Caps from Carlyle Group LP in a deal valued at 1.28 trillion South Korean won, or roughly US$1.20 billion, Reuters reported.
* Abu Dhabi-based private equity firm Gulf Capital Pvt. JSC made its fifth technology investment, acquiring a strategic stake in electronic payment solutions and financial technologies provider Saudi Geidea. The total deal value tops 1 billion Saudi riyals, or about US$266.6 million.
In the works
* OpCapita LLP has made an offer for Homebase, the distressed U.K. home improvement chain owned by Wesfarmers Ltd., Sky News reported, citing a source. The Australian conglomerate was previously reported to be exploring a sale for Homebase, which it acquired for £340 million in 2016.
* Blackstone and Warburg Pincus LLC are in separate discussions to buy minority stakes in Indian insurer Max Financial Services Ltd., unidentified sources told Indian publication Mint. The potential investments are contingent on Max Financial unit Max Life Insurance Co. Ltd. making a buyout in the insurance sector.
Capital Commitments
* Carlyle is poised to close its Asian private equity fund at US$6.5 billion, above its target, following investor demand, unnamed sources told Reuters.
* Blackstone is looking to raise $4.5 billion for its third energy-focused fund, Blackstone Energy Partners III, and aims to hold a first close in the second quarter, unnamed sources told Bloomberg News.
* LS Power Group's private equity arm drew US$2.25 billion in capital for its fourth fund, LS Power Equity Partners IV LP, at closing, which the group said demonstrates steady institutional investor appetite in the U.S. power sector.
* Timbercreek Asset Management Inc. set a fundraising goal of as much as US$1 billion for a new U.S. debt fund tailored for rental real estate developments and renovations, Global Head of Debt Bradley Trotter, head of global debt at the Canadian real estate investment firm, reportedly said in an interview with Bloomberg Markets.
* Linden Manager LLC, which does business as Linden Capital Partners, raised US$1.5 billion for its fourth private equity fund, Linden Capital Partners IV, at closing. The Chicago-based private equity group focuses on middle-market healthcare companies.
* Atalaya Capital Management LP's fourth asset income fund beat its US$750 million target with US$900 million in capital raised at closing.
The VC Beat
* Former acting Centers for Medicaid and Medicare Services administrator Andy Slavitt and two other healthcare industry executives set up venture capital firm Town Hall Ventures. The firm will invest in healthcare technology and services companies transforming care delivery to Medicare and Medicaid patients.
* Fifth Wall Ventures LP, which makes early-stage investments in real estate- and hospitality-focused technology companies, has pulled in $60.0 million for its Fifth Wall Ventures Retail Fund LP to date. The vehicle has a $200.0 million fundraising target.
Movers and Shakers
* David Ashcraft, a former executive at a Cerberus Capital Management LP affiliate, joined J.F. Lehman & Co. LLC as managing director for private equity investments.
* The Robertson Foundation President and CEO Sir John Hood was appointed to Blackstone's board, effective May 14.
Sector Intelligence
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