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Blackstone exec talks Cheniere investment; PE firms to bid for German lift biz

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Blackstone exec talks Cheniere investment; PE firms to bid for German lift biz

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

Rolling Blackstone

* Blackstone Group Inc. would entertain selling its 41% stake in Cheniere Energy Partners LP should a good offer come along, Blackstone Energy Partners head David Foley told S&P Global Platts and S&P Global Market Intelligence reporters this week at a conference in Houston. The stake in the Cheniere Energy Inc. affiliate that owns and operates the Sabine Pass LNG export terminal is valued at $9.7 billion. Blackstone invested $1.5 billion in Cheniere Energy Partners in 2012.

"We're very happy with the investment," Foley told S&P. "It's great. If someone else sees that value and wants to make an offer, we'd have to consider it."

* Blackstone raised $26 billion for Blackstone Capital Partners VIII LP, Private Equity International reported, citing founder Stephen Schwarzman's recently published memoir. Fund VIII is the largest private equity fund ever raised, according to the publication.

SNL ImageThe Bellagio casino and resort in Las Vegas.
Source: Associated Press

* The firm is close to purchasing Great Wolf Resorts Inc. from Centerbridge Partners LP in a deal valuing the indoor water park operator at at least $2.9 billion, including debt, Bloomberg News reported, citing people with knowledge of the matter.

* It is also in advanced negotiations with MGM Resorts International to buy and lease back the Bellagio and MGM Grand Las Vegas casinos, people with knowledge of the matter told Bloomberg.

* Blackstone has selected an investor group led by Hana Financial Investment Co. Ltd. and AGC Equity Partners Ltd. as the preferred bidder for The Squaire commercial complex in Germany, Maeil Business News Korea's Pulse reported, citing investment banking sources.

To sell or not to sell

* Advent International Corp. and Cinven will make a joint offer with Abu Dhabi Investment Authority for thyssenkrupp AG's elevator business, which could sell for over $20 billion, the Financial Times reported, citing people familiar with the matter.

* EQT Partners AB and Permira Advisers Ltd. are among the buyout firms that could potentially bid for Cancom SE as the German IT services provider and its largest shareholder weigh its options, Bloomberg reported, citing people with knowledge of the matter.

* CVC Capital Partners Ltd. is in exclusive talks with Six Nations Rugby Ltd. for a potential acquisition of a 15% stake in the commercial unit of the rugby unions of England, Ireland, Scotland, Wales, Italy and France, BBC reported, citing a company statement.

* Clayton Dubilier & Rice LLC is in talks with paint-maker PPG Industries Inc. to make a joint offer for Axalta Coating Systems Ltd., people familiar with the matter told Reuters.

SNL ImageThyssenkrupp headquarters in Essen, Germany.
Source: Associated Press

Healthy transactions

* A consortium including Citic Capital China Partners IV LP, a fund managed by CITIC Capital Partners, submitted a preliminary nonbinding proposal letter to acquire the entire outstanding shares of China Biologic Products Holdings Inc. it does not already own for $120 apiece in cash.

* InnovaHealth Partners took a majority stake in urology software developer Koelis SA.

* New Harbor Capital Management LP sold KureSmart Pain Management, formally known as Advanced Pain Management Specialists LLC, to NexPhase Capital LP-backed Clearway Pain Solutions Institute LLC for an undisclosed amount.

Consumer space

* 3G Capital Inc. reduced its stake in The Kraft Heinz Co. to 20.10% from 22.14% after selling 25,068,657 shares at an average price of $28.44 per share.

* Idea Taste of Italy Fund, which is managed by Dea Capital Alternative Funds SGR SpA, Eataly Distribuzione Srl and the Invernizzi family, will sell Acque Minerali Srl to the Italian subsidiary of Coca-Cola HBC AG for €88 million.

* Quadrant Private Equity Pty. Ltd. bought a 60% stake in Adore Beauty Pty. Ltd. from founder Kate Morris, The Sydney Morning Herald reported, citing Morris.

IPO zone

* Silver Lake Partners-backed Hollywood talent agency Endeavor LLC will sell 19,354,839 shares of its class A common stock at a price between $30 and $32 per share in its planned IPO.

* KSL Advisors LLC-backed travel- and leisure-focused blank-check company Experience Investment Corp. obtained $275.0 million in gross proceeds in an IPO.

Funded

* Providence Equity Partners LLC pulled in over $6 billion for its latest flagship fund, a person familiar with the matter told The Wall Street Journal.

* Advent secured $2 billion in capital commitments for Advent Global Technology LP.

* Accel-KKR LLC collected about $1.39 billion for Accel-KKR Capital Partners CV III LP.

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