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Apollo makes latest PE bet on healthcare; Blackstone, Carlyle bid for Arconic

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

Top-dollar deal

Apollo Global Management LLC struck an approximately $5.6 billion deal to buy out LifePoint Health Inc. The firm plans to combine LifePoint with its other owned hospital operator RegionalCare Hospital Partners Holdings Inc. The transaction is the latest in a string of private equity acquisitions in the healthcare sector.

In play

* Private equity firms Blackstone Group LP and Carlyle Group LP reportedly made a joint offer to acquire Arconic Inc., a spinoff of aluminum giant Alcoa Corp. with a market value of more than US$9 billion that serves the aerospace, automotive, building and energy industries, The Wall Street Journal reported, citing undisclosed sources. Apollo also expressed interest, while other private equity groups such as KKR & Co. and Onex Corp. are said to be likely interested in a deal.

SNL Image
A sign marking the Alcoa and Arconic Office Building is seen above the Seventh Street Bridge, also known as the Andy Warhol Bridge superstructure in Pittsburgh.
Source: Associated Press

* In Europe, Dutch private equity firm Waterland Private Equity Investments is looking to divest German clinic operator MEDIAN Kliniken GmbH & Co. KG for more than €1 billion, unnamed sources told Reuters.

* In a separate report, sources told Reuters that New Mountain Capital could sell data analytics company Information Resources Inc. to Swiss private equity firm Partners Group Holding AG for more than $2 billion, including debt, under a deal likely to be announced before the end of July.

* Private equity fund Lone Star Funds and hedge fund Elliott Management Corp. reportedly were the only parties to make binding offers for Permanent TSB Group Holdings PLC's €2.2 billion bad loan portfolio, dubbed Project Glas. Cerberus Capital Management LP reportedly walked away from the bidding race, and other potential buyers are palled by a proposed bill requiring judges to weigh several factors when ruling on creditors' applications for repossession, unidentified sources told The Irish Times.

Separately, sources told Bloomberg News that Bank of Cyprus Holdings PLC's €5 billion nonperforming loan portfolio drew interest from Apollo, Lone Star and Pacific Investment Management Co. LLC.

* A consortium led by KKR is poised to buy Taiwan-based LCY Chemical Corp. in a NT$47.8 billion transaction, which the private equity firm expects to fund with its Asian Fund III.

Capital commitments

* Ares Management LP hit the €6.5 billion hard cap at the close of its Ares Capital Europe IV fund, making it the largest direct lending platform in Europe to date.

* Private equity firm CVC Capital Partners Ltd. is aiming to raise US$4 billion for a fifth Asian fund starting in September, with the fund expected to back companies related to the growing consumer class in Asia, according to the Financial Times.

* Tailwater Capital LLC brought in $1 billion for its third energy fund after an oversubscribed funding close, with plans to deploy the money into the midstream sector.

* Lower-middle-market private equity firm ICV Partners LLC held a $585 million final close for its latest fund.

* Graphite Capital garnered more than £470 million for its ninth fund, through which the U.K.-based midmarket private equity firm will invest in high-growth companies with valuations of up to £150 million.

The venture beat

* London-based Mosaic Ventures, which seeks to invest in series A-stage technology companies in the analytics, consumer services, data, fintech and other sectors, is targeting $150.0 million for its second venture capital fund.

* Mental and behavioral health software provider Therapy Brands obtained a majority investment from financial services-focused private equity firm Lightyear Capital LLC and venture growth-equity fund Oak HC/FT. Terms were not made public.

Movers and shakers

* Cloudreach, a software-enabled cloud services provider and a portfolio company of Blackstone, tapped former Microsoft Corp. executive Aaron Painter as its CEO.

* Regulatory DataCorp Inc. hired former Kaufman Hall & Associates executive Tom Walsh as its new CEO, replacing Thomas Obermaier, who will become senior board adviser. The compliance screening technology provider is backed by enterprise software-focused private equity firm Vista Equity Partners.

Sector intelligence

Banking Data Dispatch: BB&T's short shopping list could be stymied by market's deal aversion

Energy Occidental's potential midstream sale could attract deep-pocketed private equity

Fintech Data Dispatch: Deal for Financial Engines pushes asset management M&A activity higher in H1'18

Healthcare Data Dispatch: Zimmer welcomes new CEO with highest pay in US medtech sector in 2017

Insurance Data Dispatch: Life insurers to see YOY earnings, revenue growth in Q2 as LTC 'hysteria' passes

Media and Communications Push for scale, convergence and PE interest drives Nordics telecoms M&A

Metals Industrial metals see further losses as trade-war jitters intensify

Real Estate Data Dispatch: Tanger, CBL, DDR highly exposed to vulnerable apparel sector, tenant data shows

Retail, Consumer Products, Gaming and Leisure US e-cigarette industry concerned tariffs will hit sellers, consumers

As of July 26, US$1 was equivalent to NT$30.59.