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Roper Technologies to acquire Procare Solutions from Warburg Pincus and TA Associates for $1.86bn.? ?
Arcmont raises €10bn for European direct-lending fund.
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Investment companies ARKHOUSE and Brigade Capital Management, LP offered to acquire Macy's , an American department store chain, for $5.8bn.
The offer was rejected. In light of the board's concerns, as well as the lack of compelling value in their non-binding proposal, Macy's has determined not to enter into a non-disclosure agreement or provide any due diligence information to Arkhouse and Brigade. Arkhouse threatened to bring the matter directly to Macy's shareholders if talks do not pick up.
Macy's is advised by Bank of America , Wells Fargo and Wachtell, Lipton, Rosen & Katz . The bidders are advised by Jefferies , Cadwalader, Wickersham & Taft LLP , Paul, Weiss, Rifkind, Wharton & Garrison LLP and Longacre Square Partners (led by Scott Deveau and Joseph Germani ).
Blackstone , an alternative asset manager, agreed to acquire Tricon Residential , an owner, operator and developer of a portfolio of approximately 38k single-family rental homes, for $3.5bn.
"Tricon provides access to high-quality housing, and we are fully committed to delivering an exceptional resident experience together. We are excited that our capital will propel Tricon's efforts to add much needed housing supply across the US and in Toronto, Canada," Nadeem Meghji, Blackstone Real Estate Global Co-Head.
Tricon is advised by Morgan Stanley , RBC Capital Markets , Scotiabank , Goodmans LLP (led by John Connon), Osler, Hoskin & Harcourt LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP (led by Matthew Abbott, Brian Lavin and Christopher Cummings). Blackstone and BREIT is advised by Bank of America , Deutsche Bank , J.P. Morgan , Wells Fargo , Davies Ward Phillips & Vineberg LLP and Simpson Thacher & Bartlett LLP (led by Brian Stadler and Matt Rogers ).
Roper Technologies, Inc. , a diversified industrial company, agreed to acquire Procare Solutions , a child care software company, from Warburg Pincus LLC , a private equity firm, and TA Associates , a private equity firm, for $1.86bn.
"Our mission at Procare is to meet the complete management and family communication needs of all child care organizations, helping centers improve the education of young learners. I am proud of the successes and growth of our company and look forward to working with the Roper team to take us to the next level. I would also like to thank Warburg Pincus and TA for their support and partnership, resulting in this exciting new chapter for our company. Through our partnership, we have achieved incredible growth and had substantial impact on the child care industry, providing essential technology and automation tools for centers and families to navigate everything from addressing day-to-day needs to managing child care through a global pandemic," JoAnn Kintzel, Procare Solutions CEO.
Roper Technologies is advised by Jones Day (led by Bill Zawrotny ). Warburg Pincus is advised by Raymond James , William Blair and Kirkland & Ellis (led by Keri Schick Norton and Jai Agrawal).
Arcline Investment Management , a growth-oriented private equity firm, agreed to acquire Kaman Corporation , an American aerospace company, for $1.8bn.
“Following robust engagement with Arcline and careful evaluation of other potential value creation opportunities, we are pleased to have reached this agreement. Given the rigorous review of alternatives we recently completed, we are confident this transaction maximizes value for shareholders and is in the best interest of Kaman as well as our employees, customers and other stakeholders,” Ian K. Walsh, Kaman Chairman, President and CEO.
Arcline is advised by Morgan Stanley , Latham & Watkins (led by Josh Dubofsky and Navneeta Rekhi ), Paul Hastings (led by Holly Snow ) and Joele Frank (led by Tim Ragones and Jonathan Keehner ). Kaman is advised by J.P. Morgan , Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates (led by Maxim Mayer-Cesiano), Wiggin and Dana LLP and Joele Frank (led by Mahmoud Siddig and Andrew Siegel ).
Arcmont raises €10bn for European direct-lending fund. (FS)
Arcmont Asset Management raised €10bn ($10.9bn) for its latest European direct-lending fund, the high end of its target range, as institutional investors show a growing preference for larger managers like the investment firm, Bloomberg reported.
It’s the fourth fund devoted to London-based Arcmont’s direct-lending strategy. The company, an affiliate of investment heavyweight Nuveen, a TIAA company , has already committed about 55% of the capital.
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