Malaysian tycoon Vincent Tan is considering selling a 49% stake in the gaming unit of Berjaya Sports Toto Bhd, and has hired Citigroup Inc. as an adviser, Reuters reported. The deal could be worth $1 billion including debt, Reuters wrote. Buyout shops Carlyle Group and Providence Equity Partners were reportedly among those recently approached to buy the stake.
3 min read · 12 April 2011
India’s GMR Infrastructure Ltd., which develops airport and energy projects, plans to raise $150 million in private equity funding, Reuters reported. The company is in the process of securing government approval for the fundraising, which will support its airport business. Last month, GMR said Macquarie SBI Infrastructure Investments had invested $200 million in its unit, GMR Airports Holding Ltd, which runs the Delhi and Hyderabad airports, Reuters wrote.
1 min read · 12 April 2011
Discount retail chain 99-Cent Only Stores has formed a special committee of independent directors to consider a $1.34 billion buyout offer, Reuters reported. Leonard Green & Partners recently up with the Schiffer/Gold family, which owns about 33% of the company’s outstanding stock, to make the offer. The special committee will consider other proposals and strategic alternatives which may be available, 99-Cent said in a statement.
1 min read · 11 April 2011
Changsha, China-based HQ Global Education Inc., a publicly traded company, has named Kevin Chan as a non-executive director. Chan is a partner at SEAVI Advent Private Equity, a spinoff of middle-market buyout fund Advent International. Chan helped open the firm’s China offices in 2004. With the addition of Chan, HQ Global Education now has six board members, three of which are independent directors.
2 min read · 11 April 2011
Findus, a food group owned by buyout firm Lion Capital, has approached its lending syndicate of banks to discuss funding expanding the business, Reuters reported. Findus did not say how much would raise, although the Sunday Telegraph newspaper previously reported it was looking to raise a 1 billion pound ($1.64 billion) acquisition war chest, Reuters said. Lion Capital bought Findus in 2008.
1 min read · 11 April 2011
AccelOps, a developer of monitoring solutions designed for cloud-generation data centers and service providers, has named Elie Antoun president and chief executive officer. Antoun has been an entrepreneur-in-residence at early stage venture firm El Dorado Ventures since 2008. Previously he served as C.E.O. of Genesis Microchip, a publicly traded company, and of the venture-backed start-up MediaQ.
3 min read · 11 April 2011
USA Synthetic Fuel Corp., which is traded on the over-the-counter Bulletin Board, has inked $20 million in new financing from New York-based firm Kodiak Capital Group. The firm will inject the $20 million in fresh capital into USA Synthetic over the next six months. USA Synthetic Fuel is a cleantech company focused on ultra clean btu converter commercial deployment.
3 min read · 11 April 2011
Buyout shop Castanea Partners has acquired a minority stake in San Francisco-based suspension training equipment maker Fitness Anywhere. The company said it would use the proceeds to fund strategic growth. Financial terms of the deal were not released. Newton, Mass.-based Castanea Partners typically invests between $15 million and $75 million into companies focused on consumer products, specialty retail, marketing services, information services, and education.
3 min read · 11 April 2011
Private equity firm 3i Group has opened new offices in Brazil and named Marcelo Di Lorenzo to lead the effort. Di Lorenzo worked previously of Standard Bank Private Equity. The rest of the São Paulo-based team includes Edward Hanmer, Felipe Vivacqua and Carlos Lopes – all formerly of Standard Bank Private Equity. 3i will look to invest between $30 million and $100 million per transaction, in businesses with an enterprise value of up to $200 million. The main focus will be on businesses in the consumer and business services sectors, the company said.
2 min read · 11 April 2011
The Department of Justice has approved Google Inc.’s acquisition of flight information software company ITA Software Inc. In July 2010, Google said it would pay $700 million in cash for Cambridge, Mass.-based ITA. ITA’s investors include Battery Ventures, General Catalyst Partners, PAR Investment Partners, Sequoia Capital and Spectrum Equity Investors.
2 min read · 11 April 2011
