A consortium of Canada Pension Plan Investment Board (CPPIB) and Brazil’s Votorantim Energia won a privatization auction this week to buy a controlling stake in power company Companhia Energética de Sao Paulo SA (Cesp) from the government of Sao Paulo state, Reuters reported. The consortium will pay 14.6 reais per Cesp share, a 2.09 percent premium over the minimum sale price at the auction. Considering the government’s stake of 40.6 percent, the consortium will pay a total of 1.7 billion reais (US$458.25 million). CPPIB and Votorantim Energia already have a joint venture in Brazil that plans invest in renewable power sources.
Canadian mining private equity firm Waterton Global Resource Management said it would call for a special meeting of Hudbay Minerals Inc’s shareholders after the Canadian miner refused its proposal for changes to its board, Reuters reported. Waterton, which said it owns a 7 percent stake in Hudbay, had also asked the miner to avoid any near-term acquisition or joint venture in a filing this week. Hudbay is in talks to buy Chilean miner Mantos Copper SA, according to media reports. “Hudbay’s recent market performance has been atrocious, as the company currently trades at a material discount to its peer group on multiple key valuation metrics,” Waterton said in a statement.
Private equity fund CVC has invited banks to pitch for the sale or initial public offering of Nordic optical retailer Synsam, sources told Reuters, in a deal which could value the company at more than $950 million.
U.K. shopping centre owner Intu Properties said it was considering a 215 pence per share preliminary takeover offer from a consortium led by its deputy chairman John Whittaker, Reuters reported. The proposed deal, backed by Saudi Arabia’s Olayan Group and Canadian property investor Brookfield Asset Management, values the FTSE 250 firm which owns Manchester’s Trafford Centre at 2.91 billion pounds (US$3.8 billion). Whittaker’s consortium initially offered 205 pence per Intu share on October 11. Olayan and Whittaker’s Peel Group already hold 29.9 percent of Intu.
Blackstone Group LP (BX.N), the U.S. buyout firm which is relying on Saudi Arabia to provide half the money for its planned $40 billion infrastructure fund, waved off concerns about funding on Thursday even as controversy rages over the disappearance of a Saudi journalist that has frayed relations between Wall Street and the oil-rich kingdom, Reuters reported.
HEMA, one of the Netherlands’ largest retail chains, said on Thursday it will be bought for an undisclosed sum by investment firm Ramphastos Investments, owned by Dutch billionaire Marcel Boekhoorn, Reuters reported.
French private equity firm Astorg on Wednesday said it had reached an agreement to acquire a majority stake in health devices manufacturer Nemera from Montagu Private Equity, with Nemera to be jointly controlled by Astorg and Montagu.
Private equity giant Blackstone Group (BX.N) has quit a takeover battle for Australian office-block owner Investa Office Fund (IOF.AX) after it was gazumped by Canadian landlord Oxford Properties Group’s A$3.35 billion ($2.4 billion) bid.
Acadia Healthcare Co Inc (ACHC.O), a U.S. operator of behavioral health centers, is in talks with private equity firms about selling itself after attracting buyout interest, sources told Reuters.
U.S. private equity giant Blackstone Group has quit a takeover battle for Australian office-block owner Investa Office Fund after it was gazumped by Canadian landlord Oxford Properties Group’s A$3.35 billion (US$2.4 billion) bid, Reuters reported. Blackstone told Investa it would not match the offer, all but handing the sought-after target to Oxford as office rents boom, especially in Sydney where Investa’s 20 towers are concentrated. Oxford’s offer will be voted on by shareholders at a meeting to be scheduled in December. Oxford invests in and manages real estate assets on behalf of the Ontario Municipal Employees Retirement System (OMERS).
Tilman Fertitta, the billionaire owner of the Golden Nugget Casinos, has approached U.S. casino operator Caesars Entertainment Corp about merging it with his own gaming empire, Reuters reported.
Uber Technologies Inc [UBER.UL] is considering selling minority stakes in its costly self-driving car unit as the ride-hailing company tries to address rising cost pressures ahead of its initial public offering, the Financial Times reported on Wednesday.
Ride-hailing company Uber Technologies Inc [UBER.UL] could be valued at $120 billion, when it finally goes public next year according to proposals made by U.S. banks bidding to run the offering, the Wall Street Journal reported on Tuesday.
Ride-hailing company Lyft Inc has chosen JPMorgan Chase & Co, Credit Suisse and Jefferies as underwriters for its initial public offering, slated for the first half of 2019, Reuters reported.
U.S. hedge fund Livermore Partners is calling for an overhaul of the board at Detour Gold Corp and a strategic review, becoming the second activist to target the Canadian mining company, Reuters reported. Livermore sent a letter to Detour this week, saying the board has failed its shareholders on “numerous governance and operational matters.” The move comes after Paulson & Co asked for Detour’s entire board to be replaced and demanded a formal process to evaluate alternatives. Livermore Managing Director David Neuhauser said Detour needed to a hire a global investment bank to evaluate all strategic options, including a sale or a joint venture with a partner, such as a Chinese miner.
Private equity group Advent is starting preparations for an initial public offering or sale of its Vienna-based bank Addiko, which has a strong presence in the Balkans, sources told Reuters.
Corporate travel bookings start-up TravelPerk has raised $44 million in new venture funding and is on track to more than triple bookings to 1 million next year as it aims to transform the business travel market, Reuters reported.
Israeli cybersecurity technology and services provider Sygnia said on Tuesday it will be acquired by Singapore-based investment firm Temasek for an undisclosed amount.