E.ON (EONGn.DE) is asking bidders to submit binding offers for its Spanish business by Nov. 3, in a sale likely to fetch as much as 2.2 billion euros ($2.8 billion) to help Germany's top utility cut debt, sources told Reuters.
Versa has completed a dividend recapitalization of its portfolio company Avenue Stores. JPMorgan Chase and Goldman Sachs provided the financing, which included a $90 million term loan and revolving credit facility. Avenue is a women's fashion retailer.
Cortendo has agreed to a private placement with HealthCap, the Third Swedish National Pension Fund, Storebrand and Arctic Fund Management. According to terms of the transaction, Cortendo will raise $11 million by selling over 19.3 million of its shares at SEK 4.22 per share. Arctic Securities and DNB Markets served as financial advisors to Cortendo. Headquartered in Göteborg, Sweden and with offices in Radnor, Penn., Cortendo is a biopharmaceutical firm focused on orphan endocrine disorders.
Permira has agreed to buy Metalogix, a provider of content infrastructure management software. No financial terms were disclosed. After the deal closes, Metalogix backers Insight Venture Partners and Bessemer Venture Partners will exit their stakes in the company.
The Blackstone Group's Tactical Opportunities Fund has agreed to acquire insurer and administrator Philadelphia Financial Group, Inc. for about $155 million in cash plus additional consideration of about $10 million to be paid over two years. Philadelphia Financial Group is a subsidiary of diversified holding company Tiptree Financial Inc. The transaction is subject to closing conditions, including regulatory approval and is expected to close in the third quarter of 2015.
Francisco Partners has completed the acquisition of Vendavo, Inc., a big data company focused on price optimization for businesses. As part of the deal, Francisco Partners operating partner David Mitchell will become Vendavo's chief executive officer. Current CEO Neil Lustig will move into an advisory role with Vendavo.
Aquiline Capital Partners, the financially focused private equity firm, is officially out in the market for its next fund.
Deltastream Energy Corp has received $100 million in funding in a deal led by Canadian energy private equity firm ARC Financial Corp. The transaction included an equity commitment from a subsidiary of U.S. financial services firm Wells Fargo & Co. Deltastream, a Calgary-based exploration and production company focused on medium and heavy oil asset opportunities in Alberta and Saskatchewan, was founded by president and CEO Roger Tang and executive vice president Steve Brownridge. ARC managing director William Slavin is the chairman of the company's board of directors. Carl Landry, a vice president at ARC, also serves on the board.
A consortium of two Canadian pension funds renewed its offer for satellite manufacturer Loral Space & Communications Inc, Reuters reported, citing a Wall Street Journal story. The Ontario Teachers' Pension Plan and Public Sector Pension Investment Board (PSP), recently approached Loral again about a deal, sources said. Loral's efforts to sell itself and its main asset, Telesat Holdings Inc, broke down earlier this year after the company failed to agree on a potential US$7 billion deal with the consortium.
Comvest Partners has acquired Old Time Pottery, a Murfreesboro, Tenn-based retailer of home goods and furnishings. No financial terms were disclosed. Harris Williams advised Old Time Pottery on the transaction.