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EQT and GIC acquire Springer from Cinven and Candover



According to the Press Release, “The Board of Directors of Springer Science+Business Media (Springer Group), composed of Springer executives and representatives of Cinven and Candover, have agreed to accept an offer from and have signed a sales agreement with a partnership of EQT, a private equity investor based in Sweden, and GIC, a Singapore-based co-investor, for all shares of the Springer Group. The Springer Group is the world’s second largest scientific, technical and medical (STM) publisher and a leader in the digitalization of scientific information.

Furthermore, EQT and GIC have agreed to inject new equity into the Springer Group, to strengthen its balance sheet and decrease the overall cost of funding. A refinancing agreement with a syndicate of banks will give the Springer Group medium-term stability by removing imminent potential refinancing issues.

The acquisition is subject to examination and approval by European, US and national competition authorities. This process is expected to be finished by mid to late January or early February 2010.

Derk Haank, Springer’s CEO, said, “The Springer Executive Management Team has had constructive and collegial discussions with EQT. I am confident that this marks the beginning of a new exciting and successful chapter for us and for our new partners at EQT and GIC. The sale will allow us to move our ambitious and ongoing ‘e’ strategy forward, and to invest more heavily for our stakeholder’s benefit – this is the best solution for the company, our employees and shareholders.”

Financial advisors to the Springer Group were Goldman Sachs with Freshfields Bruckhaus Deringer acting as legal counsel.

Springer Science+Business Media is a leading global scientific publisher, delivering quality content through innovative information products and services. The company is also a trusted provider of local-language professional publications in Europe, especially in Germany and the Netherlands. In the science, technology and medicine (STM) sector, the group publishes around 2,000 journals and more than 6,500 new books a year, and has the largest STM eBook Collection worldwide. Springer has operations in about 20 countries in Europe, the USA, and Asia, and has more than 5,000 employees. In 2008, it generated annual sales of around EUR 892 million.”

read more: Press Release

DP World and NIIF Joint Venture Embarks on First Investment



Hindustan Infralog Private Limited, the US$ 3 billion joint venture formed in January 2018 between DP World and the National Investment and Infrastructure Fund (NIIF) to invest in ports, logistics and warehousing, agreed to acquire 90% of Continental Warehousing Corporation (Nhava Seva) Limited for US$ 400 million. 10% is being retained by the company’s founders – the Reddy family. Adi Keshav Reddy is the founder of Continental Warehousing. This is the first investment of the Hindustan Infralog platform.

The sellers include Warburg Pincus India Pvt Ltd, International Finance Corporation (IFC) and Aureos Capital, a joint venture between the CDC and Norfund that was acquired by Abraaj Capital.

Barclays, Citi and Detusche Bank advised on the transaction.

Continental Warehousing was formed in 1997 and is one of India’s biggest container warehousing firms – operating container freight stations and private freight terminals across India. In April 2011, Warburg Pincus invested in Continental Warehousing, committing US$ 100 million. In December 2015, IFC invested US$ 25 million in equity and lent US$ 35 million in debt to Continental Warehousing.

In India, DP World has been operating container port terminals since 1997.

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SWFI First Read, March 18, 2018



Surbana Jurong and China Vanke Tie up Deal for Industrial Town Projects

Surbana Jurong, a real estate development company focused on urban projects, inked a deal with China Vanke to partner on new industrial towns in China’s midwest regions. Surbana Jurong is majority-owned by Singapore’s Temasek Holdings. The first joint project is Vanke’s Jianzhou Dream Town in Chengdu. Surbana will provide the design for this project.

PIF Eyes Hollywood Talent

Saudi Arabia’s Public Investment Fund (PIF) is looking at investing around a 7% stake in Endeavor, LLC, a talent agency holding entity of WME for a reported US$ 400 million. Ari Emanuel is the CEO of Endeavor. PIF’s financial advisor for this deal is Michael Klein & Co. Endeavor is being advised by Ares Holdings.

Alex Wilmot-Sitwell of BAML Resigns

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Mubadala Invests in No Fly Zone Drone Radar Company



Data Collective led a US$ 15 million Series A round into Salt Lake City-based Fortem Technologies, Inc., a company that works on solutions that can detect, identify and classify drones in real time to maintain airspace safety. Other investors in the round include Boeing, Mubadala Investment Company, Manifest Growth, New Ground Ventures and Signia Venture Partners.

Ibrahim Ajami, Head of Mubadala Ventures said in the press release, ” Mubadala is excited to work with Fortem and its outstanding leadership team to help grow its business to new markets.”

Ajami added, “We strongly believe the TrueView radar is essential to maintain a safe airspace for both the aircraft and the critical infrastructure on the ground.”

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