S&P Global Market Intelligence offers our top picks of global private equity news and more released throughout the week.
The UK is now Europe’s largest private equity market by deal volume and value after a wave of mega-deals in the first half of the year or deals worth at least £1bn .
Private equity deals completed in the UK totaled 96 deals with a total value of £19.7bn in the six months to June 30. Among the biggest deals was KKR & Co. Inc.’s bid to buy renewable energy company ContourGlobal PLC, which was valued at around £1.75 billion.
The activity reflects the resilience of the UK private equity market, despite headwinds such as rising interest rates, inflationary pressures, supply chain challenges and the war in Ukraine, said Christiian Marriott , Head of Investor Relations at Equistone Partners Europe Ltd.
However, compared to the prior year period, the value and volume of transactions in the UK decreased.
Find out more about the performance of the UK private equity market.
CHART OF THE WEEK: Robust first half for global M&A
⮞ Globally, 23 M&A deals worth $10 billion or more in the first half had a total deal value of $560.59 billion.
⮞ The total approached the levels set for the second half of 2020.
⮞ But June marked a weak end to the second quarter, with no deals over $10 billion announced globally during the month.
FUNDRAISING AND OFFERS
* A consortium led by KKR & Co. Inc., which includes Global Infrastructure Partners and Stonepeak Partners LP, is becoming the preferred bidder for Deutsche Telekom AG’s wireless tower business, Bloomberg News reported, citing people familiar with the subject. A group including Brookfield Asset Management Inc. and Spain’s Cellnex Telecom SA is also in the running for the tower unit valued at around $20 billion.
* Sumitomo Mitsui Trust Holdings Inc. and its unit Sumitomo Mitsui Trust Bank Ltd. agreed to inject $1.5 billion of capital into a diversified portfolio of alternative assets managed by Apollo Global Management Inc.
* Apollo and Blackstone Inc. are seeking buyers for Ridgeback Resources Inc., Reuters reported, citing four sources familiar with the matter. Private equity giants are reportedly seeking more than C$1 billion for the Canadian oil and gas producer.
* Hamilton Lane Inc. closed its Hamilton Lane Infrastructure Opportunities Fund LP with commitments of approximately $590 million. The fund’s original target was $500 million.
ELSEWHERE IN THE INDUSTRY
* The Ontario Teachers’ Pension Plan Board has completed its purchase of mortgage financing services company HomeQ Corp. of Birch Hill Equity Partners Management Inc.
* Peterson Partners LP has invested in publisher of accounting and invoicing software for the government Black Mountain Software Inc.
* Proyectos Formacion Y Servicios SL, or pfs, a Spanish provider of software lifecycle and technology risk management services, has received a capital injection from AnaCap Financial Partners Ltd.
* The Trans-Pacific Technology Fund, Genesia Ventures Inc. and RDS provided $4.2 million in seed funding to Rey Assurance Pte. Ltd., an integrated health, life and critical illness insurance technology company.
FOCUS ON: ENERGY
* Blackstone Energy Partners LP has agreed to invest $400 million in Xpansiv Ltd., a marketplace infrastructure platform for global carbon and environmental products.
* Eurazeo SE sold its entire stake in Reden Solar to a consortium led by Macquarie Asset Management Inc. for cash proceeds of €633 million.
* Qualium plans to sell Vulcanic SA, a European industrial electric heating group, in a 261.7 million euro transaction.