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PAG, Carlyle Stung by politics in $18bn Asia fundraising.
EQT in talks for a possible $5.8bn offer for Dechra.
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GI Partners , a private investment firm, completed the acquisition of Atlas Technical Consultants, a provider of infrastructure and environmental solutions, from Bernhard Capital Partners, an infrastructure and services-focused private equity management firm, for $1.05bn.
"Using our top-down, thematic Blueprint approach, we identified the growing need for inspection and materials testing services across commercial, state, and local levels. BCP partnered with an exceptional management team to build a market-leading business to meet that specialized demand and achieve an enhanced exit valuation. Since 2017, we worked with the management team to thoughtfully expand the business organically and through strategic acquisitions, and we are confident Atlas will only continue to grow and succeed with this new partnership," Jeff Jenkins, Bernhard Capital Founder and Partner.
Atlas Technical Consultants was advised by Bank of America , Kirkland & Ellis (led by Bill Benitez , Robert Goodin and Camille Walker Meissner ), Potter Anderson and Vallum Associates (led Chase Jacobson). Bank of America was advised by White & Case LLP (led by Denise Cerasani). GI Partners was advised by @Houlihan Lokey, Ropes & Gray, Chris Tofalli Public Relations (led by Chris Tofalli ). Bernhard Capital Partners was advised by Joele Frank (led by Ed Trissel and Jonathan Keehner ).
TPG , a global alternative asset management firm, and AmerisourceBergen, an American drug wholesale company, agreed to acquire OneOncology , an oncology practices network, from General Atlantic , an American growth equity firm, for $2.1bn.
“Our 2018 investment in OneOncology helped launch a shared vision to improve the future of cancer care amidst prevailing cost, quality and access issues. We are proud that this mission-driven approach has resulted in a leading oncology platform that empowers high-quality and innovative cancer care in the community setting. We wish Dr. Patton and the OneOncology team continued success in their next phase of growth,” Justin Sunshine, General Atlantic Managing Director.
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OneOncology and General Atlantic are advised by Centerview Partners and Paul, Weiss, Rifkind, Wharton & Garrison LLP . TPG Capital is advised by Guggenheim Partners , Debevoise & Plimpton and Mintz Levin . AmerisourceBergen is advised by J.P. Morgan , Morgan, Lewis & Bockius LLP (led by Aaron Suh and Crystal Fang ) and Sidley Austin LLP .
CVC and Francisco Partners , two private equity firms, offered to acquire Network International , a technology-enabled payments solutions provider, for $2.56bn.
Network said that its board had agreed to provide the CVC Capital and Francisco Partners consortium access to confirmatory due diligence.
Network International is advised by Citi (led by Robert Redshaw and Simon Lindsay), J.P. Morgan (led by Bill Hutchings and James Summer), PJT Partners (led by Simon Lyons) and Teneo (led by Andy Parnis).
PAG, Carlyle Stung by politics in $18bn Asia fundraising.
PAG and The Carlyle Group , alternative asset managers seeking to raise almost $9bn each for Asian private equity deals, are falling victim to an increasingly contentious political climate between the US and China, Bloomberg reported.
PAG, Asia’s biggest multi-asset manager, has slashed its target to $6bn, while Carlyle has pushed back closing its new fund to April after originally seeking to get it done last year. Carlyle is targeting a first close at 35% of its $8.5bn target this month. A successful fundraising in previous years would typically require achieving 50% of the target in an initial closing.
EQT in talks for a possible $5.8bn offer for Dechra.
EQT Group is in talks to acquire Dechra , a British veterinary pharmaceuticals maker. Dechra shareholders would receive $50 per share in cash at that price, which represents a 46.6% premium to Dechra's closing price of $35 per share. The possible offer was announced after the market close.
Dechra said it has informed EQT that it will recommend the possible offer if EQT announces a firm intention to make an offer.
Dechra Pharmaceuticals said it has informed EQT Group that it will recommend the possible offer if EQT Group announces a firm intention to make an offer. Dechra said it is in discussions that if a firm offer is made, Abu Dhabi Investment Authority's Private Equities Department would be a co-investor with EQT, Bloomberg reported.
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