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 KKR & Co. LP is poised to buy U.S. enterprise software company BMC Software Inc. from an investor group led by private equity firms Bain Capital LP and Golden Gate Capital in a deal set to close in the third quarter. Financial terms of the deal were not disclosed, but media outlets pegged the transaction value at more than $8 billion, which would make this KKR's largest acquisition since the economic downturn in 2008.
Reuters recently reported that KKR is partnering with hospital operator HCA Healthcare Inc. to potentially acquire Envision Healthcare Corp.
Notable PE transactions
* Boat Holdings LLC, an Indiana-based boat manufacturer backed by private equity firm Balmoral Funds LLC, agreed to a takeover by Polaris Industries Inc. for a net present cash value of roughly $805 million.
* Madison Dearborn Partners LLC and CoVant Management Inc. paid an undisclosed amount to purchase U.S. defense technology solutions contractor LinQuest Corp.
* In Singapore, Blackstone Group LP offered to buy out Investa Office Fund for A$5.25 per unit, or A$3.14 billion in the aggregate, in cash. The private equity giant made the bid through funds affiliated with Blackstone Singapore Pte. Ltd.
In the Works
* Private equity firm Lone Star made a bid to take over Sino Gas & Energy Holdings Ltd.'s two large gas projects in China for A$530 million, according to Reuters.
* Deutsche Bank AG is looking to unload its 8.8% stake in embattled United Arab Emirates-based firm Abraaj Group Ltd., unnamed sources told Reuters. Separately, Bloomberg reported, citing unidentified sources, that U.S. real estate and investment management firm Colony NorthStar Inc. halted talks to buy a majority stake in Abraaj's fund management unit after a due diligence process.
Taking Positions
* General Motors Co. said it is set to receive a $2.25 billion investment from SoftBank Vision Fund in exchange for a 19.6% equity stake in the automaker's self-driving vehicles unit, GM Cruise Holdings LLC.
* Private equity firm Thoma Bravo LLC agreed to pay an undisclosed sum to buy a majority stake in security intelligence and analytics company LogRhythm Inc. in a transaction scheduled to close in the third quarter.
* Landmark Partners LLC, Dyal Capital Partners and Goldman Sachs Group Inc.'s asset management arm bought a minority stake in private equity firm Clearlake Capital Group LP, which will use the proceeds to invest in its own funds. Goldman Sachs was earlier reported to have raised $2.5 billion to buy minority stakes in private equity firms.
* Apollo Global Management LLC and hedge fund manager Elliott Management Corp. are interested in acquiring HNA Group Co. Ltd.'s approximate €657 million stake in Spanish hotelier NH Hotel Group SA, unnamed sources told Bloomberg News.
Capital Commitments
![]() A senior living community, in Easton, Pa. Source: Associated Press |
* Kayne Anderson Real Estate Advisors closed on $1.8 billion for its fifth opportunistic equity fund, marking its largest fundraising to date. The fund will target seniors housing, medical office and student housing investment opportunities.
* Beijing-based private equity firm Primavera Capital Group held a roughly US$1.5 billion first close for its third U.S. dollar-denominated fund, which has a US$2.8 billion target, AltAssets reported, citing an AVCJ report.
The VC Beat
* Honest Buildings obtained $5 million in additional series B financing from a new investor group led by Canadian retail property company First Capital Realty Inc. Real estate owners and developers, as well as venture capital funds, had previously participated in the real estate project management platform's series B funding round, which now totals $30 million.
Movers and Shakers
* Japanese financial services group Nomura Holdings Inc. plans to hire about 15 professionals from buyout funds, consulting firms and trading houses in 2018 for its restarted principal investment arm, Nomura Capital Partners Co. Ltd., CEO Masahiko Maekawa said in an interview with Bloomberg News.
* Capital Dynamics AG beefed up its private credit team by hiring former Fifth Street Asset Management executive Matthew Bandini, former Ares Management LP executive Jonathan Barokas and Bryan Chen, who previously worked with middle-market private equity firm 3i.
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