Deals

BC Partners and Investor Group Buy PetSmart

PetSmart, Inc., a pet retailer, has agreed to a deal to be acquired at US$ 83 per share in cash by a group of investors led by London-based private equity firm BC Partners, Inc. The transaction value is valued at approximately US$ 8.7 billion. Recently, BC Partners bought The Mergermarket Group, a global financial intelligence [...]


Thoma Bravo and OTPP to Acquire Riverbed Technology

San Francisco-based Riverbed Technology is being acquired by Thoma Bravo and Ontario Teachers’ Pension Plan (OTPP). The cash transaction is at US$ 21 per share, at a value of around US$ 3.6 billion. The price paid is an 11% premium over Riverbed’s December 12th closing price. Earlier in 2014, Paul Singer’s activist hedge fund firm [...]


seattle

Why Alaska’s Permanent Fund Should Buy Russell’s Investment Consulting Arm

When Russell Investments was on the selling block, the buyer universe was limited because potential acquirers did not want the whole enchilada. Many buyers wanted the crown jewel, the high-margin index business of Russell. Why? US$ 5.2 trillion worth of assets are benchmarked against Russell indices. When the London Stock Exchange Group (LSE) acquired Russell [...]


sovereign wealth fund center asia

ASIA RISING: December Asian IPOs Attract Sovereign Wealth Funds

China’s growing economy has surpassed the United States. A grouping of Asian initial public offerings (IPO) are set before the New Year. IPOs like Alibaba Group have boosted financial markets, uplifting the Asia-Pacific region to attract institutional investors such as hedge funds, sovereign wealth funds and insurance companies. [ Content protected for Sovereign Wealth Fund [...]


Singapore Sovereign Wealth Fund Invests in PE-Backed High-Speed Trading Firm

Singapore’s Temasek Holdings is investing in a stake in New York-based Virtu Financial LLC, a high-frequency trading firm. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


NO DEAL: Board of Songbird Estates Rejects QIA and Brookfield’s Latest Offer

The Songbird Estates’ board rejected the December 4th joint bid by the Qatar Investment Authority (QIA) and Brookfield Property Partners. Brookfield and QIA had made a final offer of 350 pence per share to takeover the entire share capital of the company. The offer was not high enough for Songbird’s board. The company’s board sets [...]


sovereign wealth deal

Malaysia’s KWAP Has Exposure to 1Malaysia Development Berhad

Malaysia’s Kumpulan Wang Amanah Pencen (KWAP) which manages government pension money has some exposure to 1Malaysia Development Berhad (1MDB). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


GIC to Back Virgin Cruise Venture

Mark Kleinman of Sky News is reporting that Singapore’s GIC Private Limited will be backing Richard Branson’s cruise venture. GIC will be joining Bain Capital as a founding shareholder in Virgin Cruises. GIC has invested in Bain Capital funds and in co-investment deals.


Temasek Leads – Asian E-Commerce Lazada Raises Capital

Asian e-commerce companies are drawing capital from venture capital funds, money managers and sovereign wealth funds. Singapore’s Temasek Holdings has allocated capital to a number of Asian e-commerce companies including Amazon rival Snapdeal, an Indian e-commerce company. The Amazon model of business is growing and thriving across Asia. Southeast Asian populations are far more dense [...]


KIC Chief: Merrill Lynch Investment Was a Painful Mistake

During the global financial crisis, beleaguered U.S. banks begged for private bailouts, trying to avoid U.S. government money. In 2008, the Korea Investment Corporation (KIC) invested US$ 2 billion in Merrill Lynch. Merrill Lynch issued US$ 6.6 billion in preferred stock to the Korea Investment Corporation, Kuwait Investment Authority and Mizuho Financial Group Inc. Eventually, [...]


ADIA Invests in AvivaSA’s IPO

On September 4, 2014, Aviva plc and Hacı Ömer Sabancı Holding A.S., co-owners of AvivaSA Emeklilik ve Hayat A.Ş., a Turkish pension and life insurance joint venture, planned for an initial public offering (IPO) of their JV. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Why Sovereign Wealth Funds Were Smarter Than Yahoo Shareholders

Sunnyvale-based Yahoo was founded by hungry entrepreneurs, Jerry Yang and David Filo. Post dot-com-boom, Yahoo had acquired, sold and shuttered many high-profile acquisitions such as Geocities, Overture Services, Hotjobs.com, Right Media and Broadcast.com (which made Mark Cuban very rich.) In 2013, Yahoo paid US$ 1.1 billion for a blog service called Tumblr, founded by young [...]


Sir Rocco Forte’s Hotel Group Gets Investment from FSI

Fondo Strategico Italiano, the Italian Strategic Fund (FSI), is investing capital into Sir Rocco Forte’s empire, Rocco Forte Hotels. FSI Investimenti, a joint venture between the FSI and the Kuwait Investment Authority (KIA), and FSI are investing £60 million into the hotel group for a 23% stake in the company. FSI Investimenti is about 77% [...]


Mumtalakat Looks to Raise $1 Billion in Debt Capital

Mumtalakat Holdings has formed separate bond and sukuk issuance programs via Irish stock exchange in a move to raise up to US$ 1 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Aabar Looks to Refinance Stake in UniCredit

Aabar Investments PJSC, owned by International Petroleum Investment Company (IPIC), is hoping to refinance their stake in UniCredit SpA. The position is valued at US$ 2.2 billion. Aabar is the largest shareholder in Italian banking giant UniCredit, clearing over 5%. In 2010, Aabar acquired a 4.99% stake in UniCredit, ownership moved to 6.5% post-2012 rights [...]


FOOTBALL MATES: IPIC and Real Madrid Ink Ties

Abu Dhabi-based International Petroleum Investment Company (IPIC) is the next “big sovereign wealth player” in European football, choosing Real Madrid CDF. Real Madrid boasts 10 European Champions League trophies. On October 28th, both organizations announced a long-term strategic partnership, essentially to “globalize” Real Madrid’s assets. See the institutional investor profile of IPIC [ Content protected [...]


Mubadala GE Capital Seeks Investors for 144A Bond

Mubadala GE Capital PJSC, a 50:50 joint venture between General Electric and Mubadala Development Co, is setting up some roadshows to market its dollar benchmark 144A bond. Barclays and Citigroup are the global co-ordinators and joint lead managers. Other joint leader managers for the offering are HSBC, First Gulf Bank and Natixis. The JV does [...]


Qatar Sovereign Wealth Fund May Be the Next Owner of HSBC Tower

The Qatar Investment Authority (QIA) is still pursuing real estate assets across Europe. The sovereign wealth fund holds interests in many notable UK companies and assets such as Sainsbury’s, Harrods, London Stock Exchange and the Shard. The QIA has made a £1.1 billion offer for the HSBC tower in London’s Canary Wharf at 8 Canada [...]


Kuwait Investment Authority to Shed $5.4 Billion in Domestic Companies

In a move to realign their portfolio, the Kuwait Investment Authority (KIA), is selling its interests in three local businesses that are valued at 1.56 billion KWD (US$ 5.4 billion). These assets are being planned for sale in the first half of 2015. The proceeds from the sales will be reinvested by the KIA. With [...]


India deals

IFC Looks to Invest in Fullerton India Credit Company

The International Finance Corporation (IFC), the private sector investment arm of the World Bank, is looking to allocate US$ 74 million in Fullerton India Credit Company Ltd, a unit of Fullerton Financial Holdings Pte. Ltd. Fullerton Financial is a sovereign wealth enterprise (SWE) of Singapore’s Temasek Holdings. Fullerton Financial has ten operating entities providing banking [...]