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EQT bids for Australian telecom operator; CVC mulls sale of Domestic & General

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

TMT transactions

* EQT Partners AB, through its EQT Infrastructure fund, made a nonbinding offer to buy Australian telecom operator Vocus Group Ltd. for A$5.25 per share in an all-cash deal. The total offer price amounts to A$3.3 billion, Reuters reported.

* WaveDivision Capital LLC and Searchlight Capital Partners LP are partnering to acquire the operations and assets of communication services provider Frontier Communications Corp. in Washington, Oregon, Idaho and Montana for $1.35 billion in cash.

* Astorg Partners agreed to sell Luxembourg-based pay-television operator M7 Group SA to Vivendi SA unit CANAL+ Group for about €1 billion.

* Genstar Capital LLC purchased Prometheus Group Enterprises LLC, which provides plant maintenance operations and optimization software, from Francisco Partners in a deal valued at more than $1 billion.

SNL ImageA car parks in front of the headquarters of publishing house Axel Springer in Berlin.
Source: Associated Press

* KKR and Friede Springer, the wife of Axel Springer SE's founder, are in discussions with the executive board of the German publishing company about a potential strategic investment in the business.

Transatlantic trading

* Buyout firms including Centerbridge Partners LP, Warburg Pincus LLC and Apax Partners LLP are negotiating to potentially acquire U.K.-based warranty provider Domestic & General Group Ltd. from CVC Capital Partners Ltd. for £1.25 billion, Sky News reported, citing sources in the City of London.

* Brookfield Asset Management Inc. is closing in on a deal to purchase a 50% stake in Spain-based photovoltaic plant developer and operator X-Elio Energy SL from KKR & Co. and the Ribera family, three sources familiar with the matter told Reuters. The potential transaction values X-Elio at about €1.05 billion, including debt.

* Carlyle Group LP reached a deal to purchase Forgital Italy SpA, which is controlled by members of the founding Spezzapria family and minority-owned by Fondo Italiano di Investimento, a fund managed by Neuberger Berman AIFM Ltd. The deal gives the Italian forging company an approximate €1 billion valuation.

* Cerberus Capital Management LP and Oaktree Capital Group Holdings GP LLC offered to acquire SDIn, a real estate company owned by Spanish bank Banco de Sabadell SA, Reuters reported, citing a source with knowledge of the matter.

Staking out

* Thoma Bravo LLC agreed to buy a majority stake in Canadian software company Cority Software Inc. Under the deal, Norwest Venture Partners will still own a significant stake and will reinvest in the company, alongside Georgian Partners Growth LP.

* Pike Street Capital LLC is acquiring a majority interest in climbing and recreation equipment maker Head Rush Technologies.

* Golden Gate Capital will purchase a 51% stake in revenue cycle management provider Ensemble RCM LLC, which does business as Ensemble Health Partners, from Bon Secours Mercy Health. The seller is expected to receive $1.2 billion in cash, including proceeds from new borrowing by Ensemble, The Wall Street Journal reported, citing people with knowledge of the matter.

SNL ImageThe logo of the French company Schneider Electric.
Source: Associated Press

Done deals

* Affiliates of Siris Capital Group LLC and Evergreen Coast Capital Corp. completed their acquisition of U.K.-based travel technology company Travelport Worldwide Ltd. for approximately US$4.4 billion.

* Versa Capital Management LLC acquired Alex Apparel Group Inc. from fellow middle-market investor Atlantic Street Capital Management LLC for an undisclosed sum.

* Transom Capital Group LLC paid an undisclosed amount to purchase video surveillance solutions provider Pelco from Schneider Electric SE.

Fundraising

* Warburg Pincus is looking to collect up to US$4.25 billion for Warburg Pincus China-Southeast Asia II LP.

* Helios Investment Partners LLP is aiming to bring in about US$1.25 billion for a pan-Africa investment fund, people familiar with the matter told Bloomberg.

* Silver Lake Partners obtained about $2.5 billion for its debut credit and structured equity fund, PE Hub Buyouts reported, citing people with knowledge of the firm.

* HarbourVest Partners LLC garnered about $1.86 billion for HarbourVest Partners Co-Investment Fund V LP.

Sector intelligence

Banking Global i-banks see weakest Q1 in three years with revenue drops across the board

Energy Even as renewables costs fall, energy transition slows

ESG Debate intensifying over best way to measure gender pay gap

Fintech International expansion next for Global Payments after $22B merger

Healthcare Technology disruption in healthcare to put more power in consumer's hands

Insurance Lloyd's shake-up forcing business shift for managing general agents

Technology, media and telecommunications New US net neutrality compromise bill unlikely for now

Metals Low cobalt prices relieve pressure on push to nix risky metal in EV batteries

Private equity Private equity works to balance investor demand with right deals in hot market

Real estate US housing market: Housing starts rise, home sales fall MOM in April

Retail, consumer products, gaming and leisure Fiat Chrysler-Renault deal offers technology, scale benefits for both companies