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PE group in takeover talks for Nestlé's skin health biz; Onex to acquire WestJet

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

Skin trade

* A consortium including EQT Partners AB is in exclusive discussions with Nestlé SA to acquire Nestlé Skin Health in a deal that would value the business at CHF10.2 billion. The consortium includes Luxinva, a subsidiary of Abu Dhabi Investment Authority; Public Sector Pension Investment Board; and other institutional investors.

It's a deal

SNL Image

A WestJet Airlines passenger plane, a De Havilland DHC-8-400 model, approaches Logan Airport in Boston.
Source: Associated Press

* Onex Corp. will purchase WestJet Airlines Ltd. in an all-cash transaction for approximately C$5 billion, including assumed debt.

* KPS Capital Partners LP agreed to buy Howden Group Ltd., the air and gas handling division of Colfax Corp., for $1.80 billion.

In the works

* Bain Capital LP, Apollo Global Management LLC, Platinum Equity LLC and an unnamed party are on the shortlist to acquire data analytics company Kantar Group Ltd. from WPP PLC, Reuters reported, citing sources. Sources pegged Kantar's value at about £3.5 billion, and WPP is looking to finalize the sale by the end of June.

* Yorktown Partners LLC is preparing a sale of crude oil and natural gas processing company Vaquero Midstream LLC, Bloomberg News reported, citing people familiar with the matter. The business could sell for at least $1 billion.

* Bain is expected to be among the bidders for Turkish car parts supplier Teklas Kauçuk Sanayi ve Ticaret AS, Reuters reported, citing two people familiar with the matter.

* North American Dental Group LLC, a dental practice management provider backed by ABRY Partners LLC and Riverside Partners LLC, is weighing a potential sale, three people familiar with the matter told WSJ Pro.

* Bain, Advent International Corp., Cinven and Astorg Partners are preparing final bids for Italian chemicals company Industria Chimica Emiliana Srl in a deal valued at approximately €600 million, Reuters reported, citing people familiar with the matter.

* Funds managed by affiliates of Apollo launched a tender offer to buy all outstanding common shares of food retailer Smart & Final Stores Inc. in a deal valued at about $497.3 million.

In the doldrums

* Blackstone Group LP and Hellman & Friedman LLC failed to reach the minimum acceptance threshold in their offer to acquire car and real estate digital marketplace operator Scout24 AG.

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Employees work at the production line at the Turkish Teklas Automotive plant in Vladicin Han, Serbia.
Source: Associated Press

* EQT is delaying the sale of visa application processing firm VFS Global, sources close to the matter told Reuters, as the offers received by the firm did not match its expectations.

At the stakehouse

* Eugene Private Equity is selling a 90.52% stake in bond rating agency Korea Asset Pricing Corp. for 71.8 billion Korean won to LIME Asset Management Co. Ltd. and Cactus Private Equity Co. Ltd., the Korea Economic Daily reported, citing LIME Asset Management.

* Lee Equity Partners LLC agreed to purchase a majority stake in specialty insurance services holding company K2 Insurance Services LLC.

* Funds advised by BC Partners and GIC Pte. Ltd. agreed to sell a controlling stake in Acuris, the owner of the Mergermarket and Debtwire brands, to ION Investment Group Ltd.

* 21 Invest France is in exclusive talks to buy a controlling interest in surgical instruments maker The Landanger Group.

Done deals

* Onex Corp.- and Baring Private Equity Asia-affiliated funds exited information services company Clarivate Analytics PLC, which wrapped up its merger with Churchill Capital Corp.

* Mobeus Equity Partners LLP sold cosmetic repair and fine finishing services provider The Plastic Surgeon Ltd. to Polygon Group Ltd.

* Rubicon Technology Partners completed the sale of energy-focused technology platform Aucerna to Thoma Bravo LLC.

* OpenGate Capital LLC settled its purchase of the silicon carbide unit of building materials company Compagnie de Saint-Gobain AG.

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A view of Saint-Gobain company headquarters in Paris.
Source: Associated Press

Hand in hand

* Lindsay Goldberg LLC teamed up with food retailer The Kroger Co. to launch a consumer brands-focused investment platform.

* Frazier Management LLC, or Frazier Healthcare Partners, and pharmaceutical giant Takeda Pharmaceutical Co. Ltd. formed biopharmaceutical company Phathom Pharmaceuticals to manufacture acid-reflux drugs.

* KKR & Co. and Spur Energy Partners LLC partnered to buy oil and gas production and development assets across the Lower 48.

Capital commitments

* BDT Capital Partners LLC received $6.30 billion for BDT Capital Partners Fund III.

* Fengate Asset Management collected $1.1 billion for Fengate Core Infrastructure Fund III.

* PAG Asia Capital is aiming to pull in about US$1 billion for Asia Loan Fund IV, DealStreetAsia reported.

Sector intelligence

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Insurance Citizens seeks to spend up to $110M on traditional catastrophe reinsurance cover

Technology, media and telecommunications US-China trade war could force Apple to raise iPhone prices, shift production

Metals Mining sector financings pick up after 'incredibly' low levels in early 2019

Real estate Measuring medical cannabis' threat to big pharma

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