Blackstone Group LP plans to sell the 23.4 million shares of General Growth Properties Inc. it holds in four funds that were used to help the mall company emerge from bankruptcy more than two years ago, Reuters reported. The sale essentially means Blackstone has exited General Growth, according to a filing with the Securities and Exchange Commission. Factoring in the cost of the shares, which also included 5 million warrants and later the spin-off of Rouse Properties Inc , the fund's investment effectively was about $8.50 and $9 per share. Based on the price of General Growth on Tuesday, the sale would translate into a gross profit of between 154 percent and 169 percent.
Fifth Street Finance Corp. is acquiring Healthcare Finance Group, the firm announced Wednesday. HFG is a specialty lender providing asset-based lending and term loan products to the healthcare industry.
Sumitomo Mitsui Banking Corp. said it agreed to acquire as much as 40 percent of Indonesian lender BTPN, giving the Japanese bank a foothold in the fast-growing Southeast Asian economy, Reuters reported. SMBC's pursuit of Indonesia's seventh-biggest bank underscores a sustained push abroad by Japanese companies to beat sluggish growth in their home market. SMBC will first buy 24.26 percent of BTPN for 6,500 rupiah per share, a 14 percent premium to BTPN's last traded price - paying 9.12 trillion rupiah ($937 million) according to Reuters calculations. It is buying most of it from TPG Capital, which acquired 71.6 percent of Bank Tabungan Pensiunan Nasional Tbk PT in 2008.
Darby Private Equity, the private equity arm of Franklin Templeton Investments, announced that its Darby Converging Europe Mezzanine Fund will exit its holdings in Sirma, a Turkish bottled water and beverage manufacturer. The firm is selling a majority interest in Sirma to Danone. Darby made a mezzanine investment in Sirma in 2010, and a follow-on equity and mezzanine investment in 2011. Terms of the deal were not released.
Kayne Anderson Middle Market Credit, the private credit platform of Kayne Anderson Capital Advisors, along with Comvest Partners provided a $24 million term loan to SCG Financial Acquisition Corp. The loan will fund the business combination of Reach Media Group Holdings and Symon Communications Holdings Corp.
China Mengniu Dairy Co Ltd's deal to buy a $410 million stake in China's largest unpasteurised milk producer is a strategic move to rebuild trust after a series of scandals left local brands' reputations in tatters, writes Reuters. Mengniu said on Wednesday it would buy 26.92 percent of China Modern Dairy Holdings Ltd from private equity firms KKR & Co LP and CDH Investments.
Atlas Pipeline has closed on its previously announced purchase of TEAK Midstream, a private midstream company. Final cash consideration for TEAK totaled $1.0 billion, subject to working capital and other adjustments contemplated by the purchase and sale agreement.
Granite Partners has made a major investment in SIM Digital. The investment has enabled SIM to acquire PS Production Services. SIM is a rental facility specializing in digital production equipment and workflow services for the television and film industries and has offices across the USA, Canada and China.
OMERS Private Equity, the private equity investment arm of the Ontario Municipal Employees Retirement System, has completed its purchase of Civica Group PLC from British buyout firm 3i Group for an enterprise value of 390 million pounds (or around US$604 million). Civica is a London, U.K.-based provider of specialised software systems, cloud-based IT services and technical outsourcing to public sector organisations worldwide. 3i took the company private in 2008.
Haystax Technology, which is backed by Edgewater Funds, said Tuesday that it acquired FlexPoint Technology. Financial terms weren't announced. Reston, Va.-based Flexpoint, professional services company, provides private and public cloud solutions that supplies secure collaboration and application development capabilities.