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KKR commits $1B to aviation venture; Apollo-Arconic deal reportedly on horizon

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

Up in the air

* Private equity giant KKR & Co. agreed to invest $1 billion to acquire and build a leased commercial aircraft portfolio with Altavair AirFinance. KKR will buy a 50% stake in the commercial aviation finance company as part of the long-term partnership.

* A deal between Arconic Inc. and Apollo Global Management LLC reportedly could be reached by mid-January, after the private equity firm was chosen as the lead bidder in a monthslong auction in late 2018. Apollo proposed acquiring the aerospace manufacturer at $22 per share, although the final price is still under negotiation, people with knowledge of the matter told Bloomberg News.

SNL Image
A sign marking the Alcoa and Arconic Office Building is seen above
the Seventh Streeet Bridge in Pittsburgh.

Source: Associated Press

Tech transactions

* Carlyle Group LP closed its purchase of a majority stake in Sedgwick Claims Management Services Inc. from KKR and other investors in a deal valued at about $6.7 billion. Sedgwick provides technology-enabled insurance claims services.

* Thoma Bravo LLC finalized its $950 million all-cash acquisition of cloud-based software security platform Veracode Inc.

* Vector Capital is investing more than $100 million to purchase Aspect Software Inc., a provider of customer engagement, workforce optimization and self-service omnichannel technologies. The deal is scheduled for a first-quarter close.

Separately, the private equity firm wrapped up its buyout of cloud-based services company Host Analytics Inc. from StarVest Partners LP.

* GI Partners LLC bought managed wireless network solutions provider Single Digits Inc. Growth equity firm Bregal Sagemount will exit its investment in Single Digits as part of the deal.

* Middle-market private equity firm Centre Lane Partners LLC paid an undisclosed sum to acquire Turning Technologies LLC. The seller was Brockway Moran & Partners Inc., which purchased the learning solutions provider in 2010.

Energized deals

* ArcLight Capital Partners LLC, through an affiliate of its energy fund, revised its buyout offer for American Midstream Partners LP. The private equity firm is now offering to buy the common units it does not already own in the midstream energy partnership at $4.50 per unit, compared with an earlier bid of $6.10 apiece.

* Separately, an ArcLight affiliate reached a $332 million cash deal to acquire close to 43 Bcf of nonutility U.S. natural gas storage assets from a unit of Sempra Energy. The transaction is scheduled to close later in the first quarter.

SNL Image
Sempra Energy's corporate headquarters in San Diego, Calif.
Source: Sempra Energy

Capital commitments

* Ares Management Corp. held a final close for the Ares Senior Direct Lending Fund, pulling in about $3 billion in capital commitments. The vehicle is the asset manager's first U.S. senior direct lending fund in a commingled format.

* Menlo Ventures hit the fundraising market for Menlo Special Opportunities Fund II LP as it seeks to bring in $450.0 million.

* Chicago Pacific Founders, which targets investments in the healthcare services space, rolled out Chicago Pacific Founders Fund II LP with a fundraising target of $400.0 million.

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