The Flexitallic Group, a manufacturer of static sealing products, including gaskets, for the global energy industry, has agreed to be acquired by Bridgepoint, a U.K.-based buyout firm focused on mid-market businesses. The €450 million transaction (or around US$590 million) is expected to close in July 2013. Flexitallic, which operates in Canada via the Edmonton, Alberta-based AGS Flexitallic Inc., has recently increased its activity in Canadian oil sands through acquisitions.
German builder Hochtief has sold its airports division to PSP Investments for 1.1 billion euros (or around US$1.4 billion), seeking to cut debt and invest in its infrastructure business, reports Reuters. PSP Investments, which is the investment arm of the C$64.5 billion Montréal-based Public Sector Pension Investment Board, was one of several bidders for the business unit, which has holdings in airports in Athens, Budapest, Duesseldorf, Hamburg, Sydney and Tirana.
Canadian mid-market buyout firm Novacap has lent support to the acquisition activity of Montréal-based Fibre Noire Internet Inc., a telecommunications company specializing in fiber optic connectivity services for businesses. Fibre Noire bought Société des Réseaux Dédiés et Privés Inc. and Réseau du Haut-Richelieu Inc., two independent fiber optic networks in the Montréal area. The financial terms of the two transactions were not disclosed.
TPG has invested in Advent Software, which was up for sale earlier this year.
Darby Private Equity, the private equity arm of Franklin Templeton Investments, has put $15 million into Alta Rail Technology, a supplier of technology products and services to railroads. The firm invested out of Darby Latin American Mezzanine Fund II, L.P. Other terms of the deal were not disclosed.
Zalicus Inc., a publicly traded biopharmaceutical company, announced that it has entered into a stock purchase agreement with Lincoln Park Capital Fund. Under the terms of the deal, Zalicus has the right to sell up to $25 million in shares of its common stock to Lincoln Park.
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.