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| | | GE, Baker Hughes set to join forces in $32B merger |
| | The downturn in crude oil prices for most of the past two years has taught the major players in the space a valuable lesson: partner up to weather the cycle. GE (NYSE: GE) and Baker Hughes (NYSE: BHI) are doing just that in a merger that creates the world's second-largest oilfield services provider, with roughly $32 billion in revenue.
In order to appeal to oil & gas customers looking to improve efficiency, partnerships have become necessary to... |
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| | | | | | | | | Blackstone strikes $6.1B pledge with TeamHealth |
| | Blackstone has agreed to buy TeamHealth (NYSE: TMH), a provider of physician outsourcing services, in a deal valued at about $6.1 billion—coming almost exactly a year after TeamHealth spurned a $5.3 billion takeover from AmSurg (NASDAQ: AMSG). The purchase price of $43.50 per share represents a 33% premium to the company’s closing price on October 3, the day before reports of a possible sale. It's the second time Blackstone has acquired the company, following a 2005 purchase that led to an IPO in 2009.
The rare take-private acquisition marks an infrequent foray into healthcare services for Blackstone, which is nowhere to be found on a list of the sector's most active PE investors. Since the start of 2014, firms have conducted 1,270 deals in the space, according to the PitchBook Platform, including 355 so far this year. The healthcare services vertical includes subsectors such as clinic & outpatient services, elder & disabled care and laboratory services. |
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| | | | | | | | | | | Flint, MI isn’t the only major US city with a lead-paint crisis on its hands. [Philly]
Should you go to the driving range or the bar? Why not both at the same time? [Bloomberg]
The Wall Street Journal seems to have finished up a many-faceted look at the rise of passive investing. [The Wall Street Journal]
Why private equity firms are falling in love with adtech. [Business Insider] |
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| Since yesterday, the PitchBook Platform added: | | 245 Deals | 1122 People | 472 Companies | 4 Funds |
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| | | 2010 US Venture Funds with IT Investments |
| | | Median IRR | | | | Top Quartile IRR Hurdle Rate | | | | 1.44x Median TVPI | 1.1x Median RVPI |
| | | | *IRR: net of fees | | 99 Funds in Benchmark » |
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| Deals in Play & Announcements |
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| | | CenturyLink to acquire Level 3 for $25B |
| | | CenturyLink (NYSE: CTL) has agreed to acquire Level 3 Communications (NYSE: LVLT) in a deal valued at approximately $34 billion, exchanging $26.50 in cash and about 1.4 of its shares for each share of Level 3 stock. The purchase continues a decade-long spate of acquisitions by CenturyLink, including deals for Qwest Communications International, Savvis and EMBARQ, Sprint's landline business. CenturyLink's stock finished trading Monday down 12.5% at $26.58 per share, and Level 3 closed up 3.9% at $56.15. |
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| | | Insight backs Ministry Brands |
| | | Application Software | Lenoir City, TN | Secondary Transaction |
| Insight Venture Partners has agreed to invest in Ministry Brands, the provider of a SaaS platform for churches, ministries and other faith-based organizations in the US, in a deal that could be valued at more than $1 billion, according to a Wall Street Journal report. Providence Equity Partners will exit Ministry Brands as part of the deal, while Genstar Capital will retain a significant minority stake. |
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| | | | | | | | | OEP-backed Duran completes Kimble Chase add-on |
| | | Containers | Vineland, NJ | Add-on |
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| | | Warburg Pincus adds two to European team |
| | | Warburg Pincus has hired David Reis as a principal in the firm’s industrial and business services team and Flavio Porciani as a vice president on the technology, media and telecommunications team. Both will be based in London. Reis was previously head of technology in the European merchant banking division at Goldman Sachs, while Porciani was most recently a principal at Searchlight Capital Partners. |
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| | | Genstar, Warburg Pincus line up $632M SaaS exit |
| | | Information Services | Cincinnati, OH | Corporate Acquisition |
| Genstar Capital and Warburg Pincus have agreed to sell ConstructConnect, provider of a SaaS platform for the commercial construction industry, to Roper Technologies (NYSE: ROP), a provider of engineered products, software and services. ConstructConnect’s platform is designed to help contractors manage the planning and bidding process for construction jobs. The two PE firms will exit an investment from 2014 with the $632 million sale. |
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| | | | | | | | | TorQuest completes GTT sale |
| | | Commercial Services | St. Paul, MN | Acquisition |
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| | | Kainos gathers $895M for second flagship fund |
| | | Kainos Capital has closed its oversubscribed Kainos Capital Partners II fund on a hard cap of $895 million. The firm's debut fund closed on $475 million in 2013. Kainos invests exclusively in the food & consumer industry and has backed companies including Ghirardelli Chocolate, Earthbound Farm and SlimFast. |
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