PE HUB Wire Highlights, 10.8.19

One Equity sophomore fund raises $1.75B; Warburg kicks off Accelya sale; HKEK calls off LSE offer

Lots of news this morning.

Blackstone‘s sale of Refinitiv to the London Stock Exchange appears to be a go after the Hong Kong Exchanges and Clearing Ltd backed down from its proposed merger with the LSE. HKEK in September pitched a merger of the LSE and Hong Kong Exchanges. That deal was contingent on the LSE abandoning its $27 billion offer for Refinitiv.

Today, the HKEX said its board “is disappointed that it has been unable to engage with the management of LSEG in realising this vision, and as a consequence has decided it is not in the best interests of HKEX shareholders to pursue this proposal.”

Finastra is also in play. Acuris reported on Sept. 30 that Vista Equity was looking to sell a minority stake in Finastra. (Vista combined Misys with D+H to form Finastra.) Bloomberg then said on Oct. 4 that Vista had tapped Goldman to advise on the deal, which could value Finastra at more than $10 billion. Vista is looking to sell as much as 50 percent of Finastra. Read our brief here. 

In more fintech news, Docutech is weighing a sale. The provider of compliance and documentation technology hired Raymond James after receiving inbound interest. Serent Capital owns a minority. Read my story to find out when Docutech could go up for sale.

Generational transition is a big issue for private equity firms. Buyout shops like Carlyle Group have set out their next generation of leaders. Blackstone solidified Jon Gray as heir apparent after handing over the day-to-day management of BX to him earlier this year.

But Steve Schwarzman, BX’s chttps://www.pehub.com/vc-journal/83north-wraps-up-fifth-fund-with-300-mln/hairman and CEO, isn’t going anywhere. The billionaire told The Telegraph that the question of when he will step down triggers immediate indignation. “I’m lucky that I’ve learned a lot during that period,” Schwarzman said in the story. “And we built a remarkable company at Blackstone, and I do all these not-for-profit things and also help out my own government from time to time. You know, why would I ever stop? I’d stop if I weren’t any good.

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