News
Advent sold its last CCC shares at $7.79. GTCR will pay $7.75.
GTCR and Elliott are paying $7.75 a share for CCC. Advent sold its final stake last November at $7.79, down from a $10 SPAC-era price.
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Thoma Bravo's Proofpoint pays 53 times free cash flow for Varonis
Proofpoint will pay $49.75 a share for Varonis, 52% above the June close. The multiple is 53 times free cash flow, and the first-half cash flow fell.
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Two buyout veterans have launched a national security private equity firm
Watch Point Capital has a one-page website and two founders from Madison Dearborn and Platinum Equity. Here is what we can say about the new defence-focused firm.
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Brightline projected eight million riders for 2026. It is on pace for 3.6 million.
Brightline filed Chapter 11 on Thursday, cutting $5.5 billion of debt to $2.7 billion. The bond documents said 3.2 million riders would cover the debt. The railway is carrying 3.6 million and still ended up in court.
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Blackstone bought Clarion for £600m in 2017. Informa is paying £2.24bn.
Informa is buying the events group from Blackstone after a shelved auction. The headline gain is 3.7 times, but the published figures do not show what Blackstone put in along the way.
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Blackstone tried to securitise its ageing fund stakes. The market passed.
Investors were offered 12% to hold the junior debt on 700 ageing fund stakes and still said no. The liquidity providers have discovered they need liquidity.
Deals
KKR's £5.75 billion DCC takeover passed with three points to spare.
The scheme needed 75% and got 78%. The loudest rebels had already sold to the arbs, and arbs vote yes.
Deals
Advent sold InPost at €16. It is buying it back at €15.60.
Advent floated InPost at €16 in 2021. On Friday 89.81 per cent of shareholders accepted €15.60 from a consortium Advent leads. The business quadrupled. The share price went round in a circle.
Deals
Chelsea's owners put in £2.9 billion. The exit values it at £3.7 billion.
Boehly and Walter leave Chelsea at roughly a gilt yield, and the only buyer permitted to pay was the one already holding 61.5%. The record deal of 2022 has become the record price of 2026.
Deals
Brookfield's opening bid for Reliance was the 2018 rights issue price, to the cent.
Four bids, five months, A$4.75. Reliance spent eight years and A$1.22 billion becoming the company Brookfield now buys for the 2018 rights price plus 14%.
Deals
Baldwin's 88% premium is mostly a measure of how far it fell.
Sequence Holdings and Michael Dell's family office are paying $32.50 a share, 20 times adjusted EBITDA, for a broker growing 2% organically. The premium looks big because the fall was bigger.
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Blue Owl carried Loparex near par in December. It is pennies now.
From par to five cents in nine months, and the borrower has not even filed. Our read on what one small credit says about a $1.8 trillion market's marks.