Deals getting done
Happy Friday!
Thank you, readers, for sharing your feedback on this newsletter. Some of you have appreciated the personal observations I make here. I am happy to continue sharing my thoughts and experiences so you can get to know me a little better outside of the TMT beat.
Last weekend I hosted a few friends over on our backyard in Brooklyn. We played some music, and even danced. Luckily, I am friends with some good DJs (and am an amateur DJ myself), so getting people to move wasn't difficult. But now I am ready for a quiet weekend after another busy week at work.
Speaking of work, several situations on my patch have landed an announcement, including Bain Capital's agreement to acquire the EdTech provider PowerSchool for $5.6 billion. This was the situation I tracked closely. First, because I like a good take-private. Second, because this process at one point became competitive, people familiar told me. You may know that PowerSchool was not the only EdTech company on the block. A couple of weeks ago I reported that Thoma Bravo-backed Instructure is also exploring a sale. Let's see what happens there, and if some interested parties in PowerSchool decide to switch gears and spend time on Instructure.
In tech...
Earlier today, I reported that Yext, a maker of software that promotes companies' information in online search directories and websites, is preparing to explore a sale after attracting takeover interest, according to people familiar with the matter.
The company has hired investment bankers to get ready to explore strategic alternatives, the sources said.
Yext shares rose as much as 21% in morning trading in New York on the news on Friday, giving the company a market value of about $700 million.
Elsewhere, people familiar told me and David French that private equity firm Clearlake Capital is exploring a sale of Confluence Technologies, hoping a deal will value the financial software and data management provider at more than $3 billion, including debt.
Clearlake is working with investment banks Morgan Stanley and Centerview Partners on the sale process for Confluence, said the sources.
Also, my colleague Amy-Jo Crowley and I reported that the London Stock Exchange Group and S&P Global are among potential bidders for data provider Preqin, according to four people with knowledge of the situation.
The owners of the UK data firm that focuses on the private equity industry are considering options including a full sale of the business, and are being advised by Goldman Sachs, three of the people said.
Those following the sale, first reported by the Financial Times and now in its second round, believe it could raise north of $2 billion, the three people said, speaking on condition of anonymity because the process is private.
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In media...
Dawn Chmielewski reported that Paramount Global Chair Shari Redstone is unhappy with Skydance Media's reduced offer for the family's controlling stake in the company, opening the door for rival bidders to make their case, according to two sources familiar with the matter.
Over a months' long pursuit of a deal with Paramount, Skydance CEO David Ellison reduced his initial $2.5 billion offer for National Amusements, which holds the Redstone family's Paramount stake, to provide additional cash for the company's nonvoting shareholders, according to one source familiar with the process.
In a later offer submitted last week, Ellison created more cash for shareholders by reducing Skydance's valuation of the merger to $4.75 billion from $5 billion, according to that source.
In semis...
Buyout firm Apollo Global Management will acquire a 49% equity interest in a joint venture related to Intel's new manufacturing facility in Ireland for $11 billion, the companies said on Tuesday.
Apollo will acquire the stake in the Fab 34 joint venture in Leixlip, Ireland, the U.S. chipmaker's first high-volume location for its Intel 4 manufacturing process using extreme ultraviolet lithography machines.
The deal, expected to close in the second quarter, would allow Intel to redeploy parts of its investment in the project to other parts of its business, the company said.
Intel has invested $18.4 billion in the facility to date.
Other news & commentary:
What else is going on? For any anonymous deal tips you can find me on Signal and Telegram. I am also available by email [email protected] and via cell.
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Have a great weekend!
Milana
Managing Director, Accenture Federal Services
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