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Permira Credit raises €4.2bn for direct lending strategy. (Financial Sponsors)
EQT weighs sale of $2bn Danish software maker. (FS)
Billionaire Xavier Niel, partners make €1.1bn approach for French grocer Casino.
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Vodafone , a British multinational telecommunications company, and CK Hutchison Holdings Ltd , a Hong Kong–based and Cayman Islands–registered multinational conglomerate corporation, agreed to merge their UK telecommunication businesses, in a £7.3bn ($9.2bn) deal.
"The merger is great for customers, great for the country and great for competition. It's transformative as it will create a best-in-class - indeed best in Europe - 5G network, offering customers a superior experience. As a country, the UK will benefit from the creation of a sustainable, strongly competitive third-scaled operator - with a clear £11bn ($14bn) network investment plan - driving growth, employment and innovation. For Vodafone, this transaction is a game changer in our home market. This is a vote of confidence in the UK and its ambitions to be a centre for future technology," Margherita Della Valle, Vodafone Group CEO.
CK is advised by Linklaters (led by Robert Cleaver and Hugo Stolkin ). Vodafone Group is advised by Morgan Stanley , Robey Warshaw and Slaughter and May (led by Victoria MacDuff , Roland Turnill and Richard Hilton).
Darden , a multi-brand restaurant operator, completed the acquisition of Ruth's Hospitality Group , a restaurant company with a focus on American steakhouse restaurants, for $715m.
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"Ruth's Chris is a strong and distinctive brand in the fine dining segment with an impressive history of delivering elevated dining experiences to their loyal guests. It fits the criteria we have for adding a brand to our portfolio and supports our winning strategy. Ruth's Chris is a great complement to our portfolio of brands, and I'm pleased to welcome their nearly 5k team members to Darden," Rick Cardenas, Darden President and CEO.
Ruth's was advised by Jefferies and Kirkland & Ellis (led by Sarkis Jebejian and Rachael Coffey). Jefferies was advised by Covington & Burling LLP (led by Stephen Infante ). Darden was advised by Hunton Andrews Kurth LLP (led by Steve Haas and Gary Thompson).
Permira Credit raises €4.2bn for direct lending strategy. (FS)
Permira Credit, a debt management and advisory business, announced the successful completion of fundraising for its fifth direct lending fund, Permira Credit Solutions Fund V. Including associated vehicles and leverage, total investable capital for the strategy is €4.2bn ($4.5bn).
"The Permira Credit platform has experienced tremendous growth in recent years, with our Direct Lending, CLO Management and Structured Credit strategies seeing continued demand from investors. Last year's appointment of Ian Jackson to launch Permira Credit's Strategic Opportunities strategy was another significant step forward, and today, with a large and growing team, we look forward to continuing to serve our investors and act as a trusted partner to companies and sponsors across Europe," James Greenwood, Permira Credit CEO.
EQT weighs sale of $2bn Danish software maker. (FS)
EQT Group is considering options for Sitecore , including a potential sale that could value the digital marketing software provider at as much as $2bn, Bloomberg reported.
The Stockholm-based investment firm is working with Goldman Sachs to gauge interest from potential buyers of the Danish business.
Billionaire Xavier Niel, partners make €1.1bn approach for French grocer Casino.
Billionaire Xavier Niel and two partners approached ailing French grocer Groupe Casino with a €1.1bn ($1.2bn) rescue plan, seeking to counter a rival offer from another group of investors, Bloomberg reported.
Casino received a preliminary letter of intent from the trio which seeks to boost the group’s equity by as much as €1.1bn ($1.2bn), including up to €300m ($322m) invested directly by them. The rest would be raised from new partners and current creditors wishing to reinvest in the debt-laden retailer.
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