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Bain consortium's $18B Toshiba deal cleared in China

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

Top-Dollar Deal

* Toshiba Corp. gained Chinese regulatory approval for the proposed $18 billion sale of its memory chip unit to an investor group led by U.S. private equity firm Bain Capital LP, after an initial delay spurred by the ongoing trade talks between the U.S. and China. The industrial conglomerate expects the sale of Toshiba Memory Corp. to close June 1.

SNL Image
Company logo of Toshiba Corp. displayed in front of its
headquarters in Tokyo.

Source: Associated Press

In Play

* Chinese hydropower company China Three Gorges Corp. launched a €9.07 billion all-cash bid to take over EDP - Energias de Portugal SA, of which private equity firm BlackRock Inc. is a major shareholder. Shares of the Portuguese electric giant jumped more than 9% following the news.

* Property and casualty insurer AmTrust Financial Services Inc.'s roughly $2.7 billion deal to be taken private by an investor group that includes an affiliate of private equity firm Stone Point Capital LLC is facing opposition from Carl Icahn. The activist shareholder plans to launch a proxy fight against the proposed transaction, which he calls "opportunistic."

* Brookfield Asset Management Inc. made an unsolicited offer to buy out Healthscope Ltd., a provider of healthcare services in Australia, New Zealand, Malaysia, Singapore and Vietnam, in a deal that values the Melbourne, Australia-based company at A$4.35 billion, or about US$3.27 billion.

* Private equity group TPG Capital Management LP halted a restructuring plan for Poundworld Retail Ltd. and hired Deloitte to help it evaluate a sale of the U.K. discount chain, Sky News reported, citing an unnamed source.

Agreed Deals

* Singapore-based hearing aid manufacturer Sivantos Pte. Ltd., which is backed by EQT Partners AB, will merge with Danish hearing aid manufacturer Widex A/S in a transaction that pegs the enterprise value of the combined entity at more than ?€7 billion.

* Irish bank AIB Group PLC is selling a €1.1 billion nonperforming loan portfolio to Irish credit management firm Everyday Finance DAC for roughly €800 million in cash. The deal is part of a consortium arrangement with Everyday Finance and Cerberus Capital Management LP affiliates.

* International Market Centers Inc., which was acquired by affiliates of private equity giant Blackstone Group LP alongside Fireside Investments Inc. in 2017, agreed to combine with AmericasMart Atlanta for an undisclosed sum in a deal that the parties said would form the world's biggest owner and operator of premier showroom space.

Capital Commitments

* California Public Employees' Retirement System plans to roll out a platform dedicated to executing direct private equity investments in the first half of 2019, with a projected annual investment of $13 billion, according to Sovereign Wealth Fund Institute.

* Vista Equity Partners Management LLC is looking to raise $12 billion for a new buyout fund, while Thoma Bravo LLC is in early talks with investors to raise $10 billion for its latest buyout fund, The Wall Street Journal reported.

* GreenOak Real Estate LP's third U.S. real estate fund pulled in $1.55 billion, the firm's largest investment vehicle. The fund will acquire "unloved or undermanaged" hotel, multifamily and office properties, GreenOak partner and founder Sonny Kalsi told Bloomberg News.

* London-based private equity firm Bridgepoint Advisers Ltd. is negotiating with investors to inject €750 million into its first credit fund. The group earlier in 2018 closed its largest buyout fund to-date at €5.7 billion, Private Equity News reported, citing unnamed sources.

* High investor demand led Milan, Italy-based Ambienta SGR SpA to close its environment-focused fund at its €635 million hard cap. The initial target was €500 million.

The VC Beat

* Indonesian venture capital firm Alpha JWC Ventures is planning to invest as much as US$5 million in financial technology startups in Southeast Asia via PayPal Holdings Inc.'s PayPal Incubator, according to Bloomberg News.

* Anglo American PLC is aiming to spin off its internal venture capital unit with the goal of investing in new hydrogen startups that promote the use of fuel-cell cars, according to the Financial Times.

The IPO Route

* Private equity firms Hillhouse Capital and CDH Investments, which own Belle International Holdings Ltd., are considering spinning off the shoe retailer's sportswear and apparel distribution business and taking it public in Hong Kong, Bloomberg News reported, citing unnamed sources.

* Warehouse club operator BJ's Wholesale Club, which was taken private by Leonard Green & Partners LP and CVC Capital Partners in 2011, plans to raise up to $100 million in an IPO.

Movers and Shakers

* Element Fleet Management Corp. tapped former Manitoba Telecom Services executive Jay Forbes as its new CEO and plans to shuffle its board as part of a deal reached with certain shareholders.

* U.S. department store chain Kohl's Corp. named Frank Sica, a partner and managing partner at private equity firm Tailwind Capital Group LLC, to succeed Kevin Mansell as board chairman.

Sector Intelligence

Banking Data Dispatch: Portuguese bad loans on course to decline further as sales, economy pick up

Energy MLP model 'fading' as tax changes, investor preferences favor C-Corps

Fintech Fintech funding flocked to investment tech in April

Healthcare HHS chief tells pharma Medicare merger coming, play on prices or be forced to

Insurance Fronting carriers eye organic, inorganic expansion

Media and communications House lawmakers say full ban on ZTE, Huawei could hurt US telecom providers

Metals Time for Australian gold midtiers to look overseas, fund managers say

Real Estate As healthcare tenants struggle, REITs shake things up

Retail, Consumer Products, Gaming & Leisure Data Dispatch: May retail market: Retail sales up, bankruptcies continue at a steady pace