PE HUB Wire Highlights, 6.13.18


Photo of Luisa Beltran, PE HUB Senior Editor, courtesy of Buyouts Insider.

Blackstone Real Estate Asia II closes on $7.1B; LLR Fund V raises $1.2B; Dobbs Equity invests in Memphis BBQ legend

Happy Wednesday, Hubsters.

Mergermania scored a big victory yesterday. A federal judge has ruled that AT&T can buy Time Warnerwithout any restrictions. This clears the way for other vertical mergers, meaning that companies that control distribution, like cable and tech, can buy content companies, according to Recode. So, deals like CVS and Aetna, which is waiting for regulatory approval, are apparently legal. One of the first out of the gate is expected to be Comcast, which will likely make an offer for part of 21st Century Fox as early as today.

Will private equity take part in the expected mergermania? Of course. We’ve already seen some club deals this year. And PE firms are sitting on nearly $1 trillion in dry powder. They need to put money to work, so I expect them to take part in the merger rush.

What are the next deals out of the gate, Hubsters? Email me at [email protected]

GOAL!!! The U.S., Canada and Mexico have won their joint bid to host the FIFA 2026 World Cup. Sixty of the tournament games will be held in the U.S., USA Today said.

There’s lots of fund news this morning. Eamon Murphy is reporting that Cressey & Co wrapped up its $1 billion Fund VI in one closing. Read his story here.

JMI Equity is targeting $1.1 billion for its latest flagship fund, Sam Sutton says.

Blackstone announced the close of two funds. The buyout shop’s first Asia private equity fund raised about $2.3 billion, while its second Asian opportunistic real estate pool closed on about $7.1 billion.

LLR Partners closed its latest flagship on $1.2 billion. That’s up from LLR’s fourth fund, which weighed in at $950 million in 2014.

News from Buyouts/VCJ: Sarah Pringle is reporting on a VC deal. Yes, you read that right. Evolve BioSystems is gearing up to take its infant probiotic global and create new products that fight malnutrition, having scored a $40 million Series C financing led by the Bill and Melinda Gates Foundation and HorizonRead her story here.

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