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Thoma Bravo to take over Imperva; Apollo to buy $1B in energy investments

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Thoma Bravo to take over Imperva; Apollo to buy $1B in energy investments

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

Cybersecurity play

* Thoma Bravo LLC is set to take cybersecurity leader Imperva Inc. private in a cash deal valued at about $2.1 billion. The transaction, likely to be finalized in the fourth quarter of 2018 or early in the first quarter of 2019, adds to the private equity firm's software and technology portfolio.

Bundle of energy

* GE Energy Financial Services agreed to sell approximately $1 billion in energy asset investments to funds managed by affiliates of Apollo Global Management LLC. The portfolio deal, scheduled for a fourth-quarter close, includes about 20 investments in renewable energy, contracted natural-gas-fired generation and midstream energy infrastructure assets, predominantly in the U.S.

Seizing the lion's share

* Japanese corporate investor SoftBank Group Corp. is negotiating to buy a majority stake in New York-based coworking giant WeWork Cos., undisclosed sources told The Wall Street Journal. The SoftBank Vision Fund is likely to finance the investment, which could range between US$15 billion and US$20 billion, according to some of the sources.

* Bain Capital Private Equity LP is poised to take a majority stake in Rocket Software Inc. in a deal with an enterprise value of about $2 billion. The deal is slated to close in the fourth quarter. Court Square Capital Partners currently owns Rocket Software.

* Caisse de dépôt et placement du Québec and Generation Investment Management LLP bought a majority stake in financial technology company FNZ. The deal, which values the target company at £1.65 billion, is the first investment for the buying party's newly formed sustainable equity partnership.

SNL Image
A Kimberly-Clark facility in the Czech Republic
Source: Stribrohorak via Wikimedia Commons

M&A chatter

* Kimberly-Clark Corp.'s European tissue business is expected to receive buyout bids from private equity firm Centerbridge Partners LP and a group comprising PAI Partners and Goldman Sachs Capital Partners, undisclosed sources told Bloomberg News. A sale reportedly could bring in €1 billion to €2 billion for the Texas-based consumer products company.

* Bristol-Myers Squibb Co.'s French over-the-counter drugs business reportedly attracted buyout interest from European private equity funds BC Partners, CVC Capital Partners Ltd. and PAI Partners, as well as from German pharmaceutical company Stada Arzneimittel AG. The target company, UPSA SAS, could be sold for up to €1 billion, undisclosed sources told Reuters.

* Citing anonymous sources, The Wall Street Journal reported that activist hedge fund Trian Fund Management LP is weighing making an offer to purchase Papa John's International Inc. The pizza chain reportedly could also see bids from other companies and private equity firms.

SNL Image
Papa John's corporate headquarters in Louisville, Ky.
Source: Associated Press

* Blackstone Group LP, Carlyle Group LP, Onex Corp. and Canada Pension Plan Investment Board reportedly are joining forces to potentially acquire Arconic Inc., prompting a sharp rise in the U.S. aluminum product maker's stock. Apollo Global and other buyout firms are still competing for the potential takeover, and Arconic could make a decision later in October, unnamed sources told Reuters.

* Blackstone is close to reaching a more than £800 million deal to take over NEC Group, anonymous sources told Sky News. London-based private equity and venture capital firm LDC is the majority owner of the U.K. live events and exhibitions operator.

Funded

* Transportation-focused private equity firm Greenbriar Equity Group LP garnered about $607.8 million for its fourth equity fund, which is aiming for $1.00 billion.

* Edison Partners brought in $365 million for its latest growth-equity fund, which will back technology companies located outside of California's Silicon Valley.

* RiverVest Venture Partners, which invests in life sciences companies, reached the roughly $167.5 million target for its latest fund.

* HealthpointCapital raised $100 million for its fourth musculoskeletal fund at first closing.

New ventures

* Former New Enterprise Associates General Partner Jon Sakoda is targeting $500.0 million for Catalyst Labs Fund I LP.

* MS&AD Insurance Group Holdings Inc. created MS&AD Ventures Inc., a corporate venture capital company with US$40 million in starting funds.

Sector intelligence

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