Everyday Struggle: LivingSocial, Foursquare slug it out locally Disruptive: Updates from our competitor’s annual event What Gives? Fred Wilson, who earlier told us USV hadn’t made any secondary market exits, changes his tune Deals! Twitter buys Tweetdeck
Wibiya, the web publishing solution and app platform, has been sold to Conduit. Terms of the deal were not publicized and advisors were not named. Wibiya CEO Dror Ceder will remain with the company after its sale.
Once upon a time, there was an easy way to tell the man on the street the difference between Blackstone and BlackRock. Blackstone was a private equity colossus, while BlackRock was a giant institutional and retail money manager. Now, all of a sudden, this distinction has become fuzzier. BlackRock, which oversees more than $3.6 trillion in assets worldwide, is set to start its own private equity group, hiring three founders of Merrill Lynch’s private equity arm to help it become a player in the last alternative area where BlackRock lacked a direct presence. The new private equity group will be part of BlackRock’s alternative investment division, which manages some $115 billion in assets, already one of the country's largest alternative asset managers. Although the firm offers private equity through funds of funds, today’s announcement trumpets the firm’s intention to create its own branded private equity funds.
Private equity firm Kohlberg Kravis Roberts & Co. LP and International Finance Corp. led a Rs 4400 million investment in Magma Fincorp LTD, the non-deposit taking non-banking finance company. Ernst & Young (Advisory) and Wadia Ghandy advised Magma on the transaction. Ernst & Young (Transaction Advisory), McKinsey & Co., Simpson Thacher & Bartlett, AZB Partners and Kotak Mahindra Capital advised KKR on the transaction.
Nathan Thorne, George Bitar and Mandy Puri have joined BlackRock to build a PE platform that will include about 20 professionals within the next year. The three execs, which founded Merrill Lynch's PE business in 1994, will report to Matthew Botein, MD and Head of BlackRock Alternative Investors. The three execs are building out a PE capability at BlackRock, said Bobbie Collins, a firm spokeswoman. "It's too early to comment on what those capabilities will be or on any fundraisings that will take place," Collins said.
Hudson Transmission Partners, which is developing the Hudson Transmission project, has closed on $850 million in debt and equity. Energy Investors Funds and Starwood Energy Group Global are providing equity financing, while the debt is coming from a consortium of institutional investors through a private placement arranged by SG Americas Securities and RBS Securities. The funds will be used to finance the Hudson Transmission project, an underground and underwater cable between New Jersey and Manhattan.
Thoma Bravo has completed its buy of Tripwire. Financial details were not announced. Tripwire, of Portland, Ore., provides network security and compliance software.
Sophia has bought Guaranteach, which is backed by Innosight Ventures. Financial terms were not announced. Guarantech is a web-based service that provides math video tutorials along with assessment tools to K-12 students and teachers. Sophia is an online social teaching and learning platform.
Irish financial services company IFG Group has received a new takeover approach, Reuters reported, though the name of the potential buyer was not disclosed. The Sunday Times has reported that private equity firm Fiordland, which owns 18% of IFG Group, is the newest suitor. The Sunday Times also named private equity rival Bregal Capital as another potential buyer, saying the firm approached IFG earlier this month.
CCMP Capital Advisors is buying 80% of Medpace via a recap. Management will own the rest, according to a statement Monday. News of the deal was reported by peHUB last week. The transaction is valued at roughly $500 million, a person said. Cincinnati-based Medpace is a CRO that provides Phase I-IV core development services for drug, biologic, and device programs.