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Blackstone wraps up Refinitiv deal; Carlyle, GIC close Akzo Nobel unit buy

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Blackstone wraps up Refinitiv deal; Carlyle, GIC close Akzo Nobel unit buy

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

Signed, sealed, delivered

* A consortium led by Blackstone Group LP finalized its buyout of a 55% stake in Thomson Reuters Corp.'s financial and risk business, now known as Refinitiv. The deal brought in approximately US$17 billion in gross cash proceeds for Thomson Reuters.

Separately, Blackstone agreed to pay an undisclosed sum to buy out life-sciences investment firm Clarus Ventures LLC, which has raised $2.6 billion since its inception.

SNL Image
Sanofi laboratory in the 1950s.
Source: Sanofi

* Carlyle Group LP and Singapore's sovereign wealth fund GIC Pte. Ltd. wrapped up their €10.1 billion takeover of the specialty chemicals business of Dutch paint producer Akzo Nobel NV.

* Ahead of schedule, Advent International Corp. closed its purchase of Zentiva, the European generics business of Paris-based drugmaker Sanofi, for an enterprise value of €1.9 billion.

* Platinum Equity LLC acquired LifeScan, the diabetes-care business of Johnson & Johnson, in a just-completed deal valued at $2.1 billion.

* Fashion house Chanel SA acquired luxury swim and resort wear brand Orlebar Brown Ltd. from London-based private equity firm Piper PE LLP.

* KKR & Co. paid an undisclosed amount to acquire Houston-based BMC Software Inc., which specializes in multi-cloud management, from a group led by Bain Capital LP and Golden Gate Capital and including GIC, Insight Venture Partners LP and Elliott Management Corp.

In the works

* Sinclair Broadcast Group Inc. could bring in private equity firms as partners in its purchase of regional sports networks from Walt Disney Co., according to Bloomberg News. The private equity firms that have targeted the networks, which are being sold as part of Disney's $71.3 billion deal for 21st Century Fox Inc. assets, include Blackstone, CVC Capital Partners Ltd. and Apollo Global Management LLC.

SNL Image
Sinclair Broadcast Group Inc.'s headquarters in Hunt Valley, Md.
Source: The Associated Press

* Private equity firms Blackstone, KKR, KSL Capital Partners LLC and Ashkenazy Acquisition Corp. could make a partial or full buyout offer for luxury hotel operator Belmond Ltd. Other interested bidders include hotel giants Hyatt Hotels Corp. and Hilton Worldwide Holdings Inc., anonymous sources told Bloomberg.

* Unnamed sources also told Bloomberg that Blackstone engaged brokers Eastdil Secured and Jones Lang LaSalle to market its 29-hotel portfolio in Europe, which sources said could sell for roughly €400 million.

* U.S. private equity firm Warburg Pincus LLC is negotiating to acquire Banca Monte Paschi Belgio SA, the Belgian subsidiary of Banca Monte dei Paschi di Siena SpA, and a deal could put the target company's valuation at close to €50 million, anonymous sources told Bloomberg.

Aiming for the billions

* London-based private equity firm Cinven Ltd. is likely to hit the fundraising market as early as 2018 for its seventh buyout fund, with a potential target of as much as €8 billion, anonymous sources told Bloomberg.

* Blackstone is looking to raise at least $3.3 billion for a fund that will seek to buy minority stakes in alternative asset managers, Bloomberg reported, citing people familiar with the matter.

* Landmark Partners LLC closed its latest secondaries fund at $7 billion, above its $4 billion target. The fund will acquire interests in existing private equity funds, partnerships and other structured entities, PE Hub Network reported, citing a news release.

* MidOcean Partners LP's latest fund surpassed its original target of $1.0 billion, closing at its $1.2 billion hard cap. The fund will target middle-market consumer and business services companies.

The VC Beat

* Town Hall Ventures, which backs companies in the healthcare technology and services sectors that serve vulnerable U.S. populations, hit the $115.0 million target for its venture capital fund.

* Mercato Management LLC, which invests in growth-stage companies in the technology, digital media and branded-consumer markets, launched a venture capital fund with a $250.0 million target.

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