S&P Global Market Intelligence offers our top picks of global private equity news stories and insight published throughout the week.
Blackstone Group Inc. sold a logistics portfolio with more than 100 properties to Nuveen Real Estate, formerly known as TH Real Estate, for approximately $3 billion.
The firm has bulked out its logistics portfolio lately, in a bet on growing demand for e-commerce and delivery. It acquired a U.S. logistics portfolio from GLP Pte. Ltd. for $18.7 billion, a deal that wrapped up in September, and the industrial real estate assets and affiliated industrial operating platform of diversified real estate investment trust Colony Capital Inc. for $5.9 billion, which was also announced last month.
The alternative asset manager has also formed a new company called Mileway to hold its European last-mile warehouse properties totaling more than 9 million square meters, another move announced in September.
In other exit news, Blackstone, alongside Kirkbi Invest A/S, has initiated the sale process of German maker of insulation foam Armacell GmbH in a potential deal valued at between €1.3 billion and €1.5 billion, Reuters reported, citing people close to the matter.
A Blackstone Group sign stands in front of its offices.Source: AP Photo |
M&A chatter
* Vista Equity Partners LLC is planning to sell up to a 50% stake in Finastra Group Holdings Ltd. in a transaction that could value the London-based financial technology company at over $10 billion, people familiar with the matter told Bloomberg.
* Permira Advisers Ltd., Apax Partners LLP, Carlyle Group LP and Hellman & Friedman LLC are among those expected to submit first-round bids of up to €2.3 billion, including debt, for AutoScout24 GmbH, people close to the matter told Reuters.
* Abertis Infraestructuras SA and GIC Pte. Ltd. are in advanced talks to buy a roughly 70% stake in Goldman Sachs Group Inc.-owned Red de Carreteras de Occidente SAB de CV in a deal that could value the Mexican private toll-road operator at about 65 billion Mexican pesos, people familiar with the matter told Bloomberg. Other bidders include Blackstone, Grupo Aeroportuario del Pacífico SAV de CV and China Merchants Bank Co. Ltd.
* Advent International Corp. and Essex Woodlands Management Inc., or EW Healthcare Partners, are in discussions to sell their stakes in Brazilian pharmaceutical company Biotoscana Investments SA, Reuters reported, citing a report from financial blog Brazil Journal.
* Castik Capital Partners GmbH is exploring the sale of Waterlogic in a deal that could be worth approximately €2 billion or more, people familiar with the matter told Bloomberg.
The Goldman Sachs logo appears above a trading post on the floor of the New York Stock Exchange.Source: AP Photo |
It's a deal
* Brookfield Business Partners LP will sell an 81% stake in North American Palladium Ltd. to Impala Platinum Holdings Ltd. for C$16.00 per common share, reflecting a total price of about US$570 million, while shareholders owning the remaining 19% will receive C$19.74 apiece.
* Frazier Healthcare Partners is purchasing MedData LLC from Mednax Inc. for approximately $250 million in cash and an additional $50 million tied to the company's performance.
Road to IPO
* Topgolf International Inc., which is backed by Providence Equity Partners LLC and WestRiver Management LLC, or WestRiver Group, is considering a potential IPO in 2020, people familiar with the matter told Reuters.
* Chinese online real estate services platform Shenzhen Fangdd Network Technology Co. Ltd., which is supported by FountainVest Partners, Vision Knight Capital, Lightspeed China Partners and CDH Investments, filed a U.S. IPO to raise up to $150 million.
Fundraising
* One Equity Partners, or OEP Capital Advisors LP, raised $1.75 billion in capital commitments for One Equity Partners VII LP.
* Related Fund Management LLC is targeting $1.5 billion for a new real estate fund, IPE Real Assets reported, citing fund investor Teachers' Retirement System of Louisiana.
Sector intelligence
Banking Margin pressure threatens to crunch earnings in Q3 reports for US banks
Energy Fallout over fired National Grid auditor spreads from New York to Connecticut
ESG Lenders must set clear ESG targets under new UN responsible banking framework
Fintech Insurtechs shine in August fintech fundraising
Healthcare Critics slam White House analysis for ignoring expensive drugs
Insurance Recent activity suggests pick-up in US insurance M&A at hand
Metals Most major precious metal miners lost market value in September
Real estate Investors continue to dump funds into US real estate-focused ETFs in September
Retail, consumer products, gaming and leisure Strong US holiday sales predicted amid economic, geopolitical concerns
Technology, media and telecommunications Bookmaker William Hill's US CEO likes the odds for in-arena sports betting in DC

A Blackstone Group sign stands in front of its offices.
The Goldman Sachs logo appears above a trading post on the floor of the New York Stock Exchange.