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Blackstone, Warburg weighing $12bn sale of IntraFi.
PAG said to sell AirPower’s gas business for $6.8bn.
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TowerBrook Capital Partners L.P., an investment management firm, and CD&R, an American private equity company, completed the acquisition of R1 RCM, an American revenue cycle management company, for $8.9bn.
“R1 stands apart as the premier revenue management platform, leveraging advanced automation to set new standards in healthcare revenue performance. TowerBrook and CD&R's investment will propel our innovation as we expand our intelligent automation capabilities and drive customer value. On behalf of the Board, I thank Lee for his invaluable contributions and wish him continued success. I'm enthusiastic about our strengths and opportunities to serve the broader market and maintain our steadfast commitment to customers' success," Joe Flanagan, R1 RCM CEO.
R1 RCM was advised by Barclays, Qatalyst Partners, Kirkland & Ellis (led by Robert Hayward), Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates (led by Graham Robinson) and Joele Frank (led by Andrew Brimmer). Financial advisors were advised by Sullivan & Cromwell LLP (led by Stephen M. Kotran). TowerBrook was advised by Centerview Partners, Deutsche Bank, Kroll, RBC Capital Markets, Wachtell, Lipton, Rosen & Katz (led by George Tepe, Steven A. Cohen and Victor Goldfeld) and Brunswick Group (led by Alex Yankus). Financial advisors were advised by Cravath, Swaine & Moore LLP (led by Gregory J. Ligelis) and Morgan, Lewis & Bockius LLP (led by Alec Dawson). Debt financing was provided by Deutsche Bank and RBC Capital Markets. CD&R was advised by Centerview Partners, Deutsche Bank, RBC Capital Markets and Debevoise & Plimpton (led by Katherine E. Durnan Taylor, Christopher Anthony and Kevin Rinker). New Mountain was advised by J.P. Morgan.
AeroVironment, a defense contractor, agreed to acquire BlueHalo, a purpose-built platform providing industry-leading capabilities, from Arlington Capital Partners, a private investment firm, for $4.1bn.
“For over 50 years, AV has pioneered innovative solutions on the battlefield, and today we are poised to usher in the next era of defense technology through our combination with BlueHalo. BlueHalo not only brings key franchises and complementary capabilities, but also a wealth of technologies, diverse customers and exceptional talent to AV. Together, we will drive agile innovation and deliver comprehensive, next-generation solutions designed to redefine the future of defense. We are thrilled to welcome the talented BlueHalo team as we unite our strengths, expand our global impact and accelerate growth and value creation for AV shareholders,” Wahid Nawabi, AeroVironment Chairman, President and CEO.
BlueHalo is advised by J.P. Morgan and Goodwin Proctor. AeroVironment is advised by RBC Capital Markets, Latham & Watkins and Joele Frank (led by Joseph M. Sala).
Australia's competition regulator said it is seeking views on the Macquarie Group -backed telecommunications group Vocus ' AUD5.25bn ($3.4bn) takeover of local telecom operator TPG Telecom 's enterprise, government, and wholesale fixed business and fibre network assets, Reuters reported.
Macquarie and Aware Super -backed Vocus, an international telecommunications company headquartered in North Sydney, Australia, agreed to acquire the Enterprise, Government and Wholesale fixed business of TPG Telecom, an Australian telecommunications company, for AUD5.25bn ($3.4bn).
Vocus Group was advised by UBS and GRACosway Pty Ltd (led by Ben Wilson).
Blackstone, Warburg weighing $12bn sale of IntraFi. (FS)
Blackstone and Warburg Pincus LLC are in the early stages of weighing strategic options including a sale of IntraFi, a fintech that helps people secure their bank deposits, Bloomberg reported.
The alternative-asset managers have begun talking to investment banks about soliciting interest in IntraFi — which could fetch $12bn or more in any transaction — in early 2025. The company could appeal to large financial technology firms such as exchanges. IntraFi may also be a candidate for an initial public offering.
PAG said to sell AirPower’s gas business for $6.8bn.
PAG , one of Asia’s biggest alternative asset managers, agreed to sell the industrial gases business of AirPower to a Chinese consortium in a deal valued at $6.8bn, Bloomberg reported.
The sale is one of the biggest private equity exits from China investments in recent years. The Hong Kong-based firm will retain a 25% stake in the business, which is to be renamed Hangzhou Yingde Gases.
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