Chris Witkowsky
TPG Special Situations Partners is partnering with Spain-based CaixaBank in Servihabitat Gestion Inmobiliaria, a real estate services company. TPG Special Situations will own 51 percent of Servihabitat, valued at EURO 310 million, and CaixaBank will hold 49 percent.
Generation Partners is partnering with media company Gannett Co. to spin out digital media business Captivate Network into a separate company co-owned by Gannett and Generation Partners. No financial details of the transaction were disclosed. Marc Kidd has been named Captivate's CEO.
Kohlberg Kravis Roberts and Panasonic Corporation will become joint partners of Panasonic Healthcare in a transaction valued at about $1.67 billion. KKR will own 80 percent of outstanding shares and Panasonic Corporation will own 20 percent. Panasonic and KKR will cooperate in the management of Panasonic Healthcare.
To close out your week, First Read delivers you a poignant baseball moment, news that Congress is taking us ever closer to government shutdown and 19 charts to restore your confidence in the global economy.
The Carlyle Group announced a minority investment in Beats Electronics, the audio brand co-founded by Dr. Dre and Interscope Geffen A&M Chairman Jimmy Iovine. Terms of the investment were not disclosed. Carlyle will work with Beats' management to expand the brand and build the business domestically and internationally.
Deal activity in the private equity secondary market this year has been a controversial topic – the overriding opinion being that deal activity has been slow from late last year through the first half.
Patton Boggs has hired the former chair of the private equity practice in the Dallas office of Locke Lord, Gina Betts. She is joined by Brad Hogan, a former associate in the Dallas office of Baker & McKenzie, where he worked in M&A, securities and corporate governance.
BIND Therapeutics, a biopharmaceutical company with venture backing, raised $70.5 million before underwriting discounts and commissions in its initial public offering of 4,700,000 shares priced at $15 per share.
Ares Capital Corporation, a specialty lender to U.S. middle market companies and private equity sponsors, plans to offer 11 mln shares of its common stock. Ares Capital will use net proceeds to repay debt and for general corporate purposes including investing in portfolio companies.
Heat Biologics, a developer of cancer immunotherapies, has named Louis Bock, a partner at Scale Venture Partners, to its board of directors. Heat Biologics held an initial public offering earlier this year in which it raised $25 million.