S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.
Ready, set, IPO
* Following an announced review of its options to further strengthen its balance sheet, EQT Partners AB intends to launch a €1 billion Stockholm IPO in the coming days that could value the Stockholm-based buyout firm at approximately €4 billion, Reuters reported, citing three sources familiar with the matter. EQT is reportedly looking to price its IPO before the Brexit deadline.
Reports emerged in September 2018 that EQT, one of Europe's largest private equity firms, was mulling an IPO and was also considering bringing in an external investor. Thomas von Koch, who was managing partner and CEO at that time, said in a statement that the firm had "decided to review options to further strengthen EQT's balance sheet."
EQT was in talks with Dyal Capital Partners and Goldman Sachs Asset Management LP's Petershill unit, the Financial Times reported in June, citing sources with knowledge of the situation.
EQT has raised more than €61 billion since its inception in 1994 and has about €40 billion in assets under management.
A man checks out the shoe display at the Cole Haan store.Source: Associated Press |
* In other IPO news, footwear retailer Cole Haan LLC, which is backed by Apax Partners LLP, is in the process of initiating talks with investment banks as it aims to launch an IPO, Bloomberg News reported, citing a person with knowledge of the matter and a statement from CEO Jack Boys.
* German software developer TeamViewer GmbH is aiming to go public in Frankfurt, and Permira Holdings Ltd. will sell its shares in the listing through its holding firm TigerLuxOne Sàrl, Bloomberg reported, citing a company statement.
* Carlyle Group LP is weighing a U.S. listing for Addison Lee PLC after failing to generate strong buyout interest in the London minicab company, people familiar with the matter told Bloomberg.
* Travel- and leisure-focused blank check company Experience Investment Corp., which is backed by KSL Advisors LLC, filed for an IPO of 25.0 million units.
On the block
* Blackstone Group Inc.'s infrastructure arm, Blackstone Infrastructure Partners, offered to acquire the outstanding class A shares it does not already own in energy midstream company Tallgrass Energy LP in deal that could be worth $3.03 billion.
* A group led by RRJ Capital reportedly is working out a deal with HNA Group Co. Ltd. to invest $4 billion in the Chinese conglomerate's Ingram Micro Inc. unit. The potential deal, which would see the group taking a controlling stake in the U.S. electronics distributor could be finalized in a few days, a source with direct knowledge of RRJ's plan told Reuters.
* Lion Capital LLP is laying the groundwork for a potential sale of sports nutrition company Grenade (UK) Ltd. in 2019, The (U.K.) Telegraph reported, citing unnamed sources.
* China Sinda Intellectual Property Ltd. is weighing a sale after receiving interest from private equity firms, people familiar with the matter told Bloomberg.
A Blackstone Group Inc. sign stands in front of their offices.Source: Associated Press |
It's a deal
* Apollo Global Management LLC and Athene Holding Ltd. agreed to purchase aviation lending business PK AirFinance SA from GE Capital Aviation Services Inc.
* Warburg Pincus LLC agreed to purchase a majority stake in rehabilitation therapy platform WebPT Inc. from Battery Ventures.
* GTCR LLC is acquiring a stake in fund administrator LeverPoint Management LLC from New York Credit SBIC Fund LP, which is managed by a Hamilton Lane Inc. affiliate.
* Platte River Equity, or PRV Management LP, agreed to sell its PRV Metals LLC unit to Tinicum LP, a fund managed by Tinicum Inc.
* Altas Partners LP agreed to buy specialty chemicals company DuBois Chemicals Inc. from Jordan Co. LP.
* InvestIndustrial, through its Strategic European Investment Group Sarl subsidiary, is increasing its stake in Aston Martin Lagonda Global Holdings PLC by acquiring 11,046,629 additional shares in the automaker for £10.00 apiece.
Capital commitments
* Veritas Capital Fund Management LLC set a $6 billion hard cap for its seventh flagship fund, Private Equity News reported, citing a person familiar with the matter.
* Lexington Partners LP is looking to amass $2.5 billion for its fifth co-investment fund, Private Equity International reported.
Sector intelligence
Banking Libor alternative designed for small US banks rolls ahead with futures launch
Energy NY gas pipe standoff brings state, National Grid to brink of historic conflict
ESG Climate-change driven uptick in hot days puts outdoor utility workers at risk
Healthcare Civica Rx wants copycats to adopt its model for fixing US drug shortages
Insurance Buyer won't keep US surety target Intact following C$1B acquisition
Metals Copper fundamentals fly out the window over trade jitters
Real estate Camden takes top spot in US apartment REIT financial performance rankings for Q2
Retail, consumer products, gaming and leisure August trade war escalation to hurt consumer, auto companies most
Technology, media and telecommunications Looming tariffs should not hurt Apple's new iPhones, but long-term risks remain

A man checks out the shoe display at the Cole Haan store.