Here, Law360 breaks down the deal rumors from the past week that you need to be aware of.
Plans For A $108B Successor To SoftBank's Vision Fund Have Stalled
SoftBank Group Corp. has faced difficulties in hitting the $108 billion target for its second Vision Fund, with the Wall Street Journal reporting on Friday, Feb. 7, that the Japanese conglomerate is expected to raise far less than anticipated. According to the report, the new fund might wind up raising less than half of its goal, and much of the capital could come from SoftBank itself. The company has held discussions about potentially doing one-off deals with investors now that it has become clear the fundraising target was too high. SoftBank may be switching gears and launching a hedge fund, the report said, and the potential change in focus has led to internal strife between the company's chief executive and the head of the original Vision Fund.
Goldman Sachs' PE Biz Seeks $8B For New Fund
Goldman Sachs Group Inc. is gearing up to try and raise $8 billion for a private equity fund that represents the company's second buyout fund since the 2008 global financial crisis, according to a late evening Reuters report on Thursday, Feb. 6. According to the report, Goldman Sachs' private equity business, West Street Capital Partners, is expected to begin raising capital for the fund this month. The firm does not see the coronavirus as a hurdle to raising the new fund, the report said, because it will mainly target non-Chinese investors. A first close is expected by the end of March, the report noted. The new fund will target deals that give it majority control of a business, and 60% of the capital is expected to be poured into investments in the U.S. In total, the fund anticipates making about 25 investments across a variety of sectors, the report added.
Centerbridge Targets $5B For New Private Credit Fund
Private equity outfit Centerbridge Partners LP is hoping to rake in as much as $5 billion for its fourth private credit fund, according to a Thursday report from Reuters. According to the report, the firm began raising capital for the new fund in January, with an ultimate goal of nabbing between $4.25 billion and $5 billion from investors. The fund is aiming to take advantage of buying corporate debt that is "trading at a discount to its face value," the report said. The previous private credit fund raised by Centerbridge Partners brought in more than $4 billion, the report noted.
Cinven Considers IPO For German Lab Operator
Cinven is readying an initial public offering for German laboratory operator Synlab, although the London-based private equity firm is still seeking buyers willing to agree on a deal worth as much as €5.5 billion ($6 billion), Reuters reported on Wednesday. According to the report, Cinven has tapped investment bank Lija & Co. to assist with the IPO process, and an offering could come as soon as the second half of this year. Reports back in November said Cinven was considering a sale of Synlab, which boasts annual sales of about €2 billion. According to Wednesday's report, Cinven has reached out to potential suitors including Advent International, Bain Capital, Carlyle Group and EQT Corp. Cinven has been backing Synlab since 2015.
Singapore Press Plans $300M IPO For REIT
Media outlet Singapore Press Holdings Ltd. is planning to publicly list a real estate investment trust that could raise $300 million or more, according to a Monday report from Bloomberg. According to the report, the company has picked DBS Group Holdings Ltd., HSBC Holdings Plc and Oversea-Chinese Banking Corp. to serve as advisers on the initial public offering, which could go down in Singapore as early as the second half of this year. The REIT is backed by U.K. student housing organizations, the report noted. Everything is still preliminary, and it's possible details of the planned offering change, the report added.
SelectQuote Eyes $2B Valuation In Planned IPO
SelectQuote Insurance Services Inc. is working with Morgan Stanley, Credit Suisse Group AG and others as it prepares for a potential initial public offering that could value the company at more than $2 billion, including debt, according to a Wednesday report from Reuters. According to the report, the IPO could take place during the first half of this year, although the precise timing will depend upon market conditions. SelectQuote operates a website that allows for insurance policy comparisons.
German Luxury Fashion Retailer Plans $500M Stock Market Listing
Mytheresa, an online women's luxury fashion retailer based in Munich, is planning a flotation on the New York Stock Exchange, according to a Thursday report from Reuters. According to the report, Mytheresa's owner Neiman Marcus has hired Morgan Stanley to help with the planning listing, which could come as soon as April of this year and is expected to value the brand at about $500 million. Neiman Marcus is backed by private equity firm Ares Management LP.
CVC Readies Sale Or IPO Of German Perfume Chain
CVC Capital Partners is mulling a sale or initial public offering of German perfume chain Douglas, with Reuters reporting on Thursday that the private equity firm has hired Goldman Sachs to assist as it figures out what to do with the company. A listing likely wouldn't take place until the second half of this year at the earliest, the report said. CVC acquired a majority stake in Douglas back in 2015 in a deal worth almost €3 billion ($3.26 billion at the time), the report noted. Prior to that deal, previous Douglas owner Advent International was rumored to be considering an IPO for Douglas.
PE Firm Puts Higher Education Co. Galileo Up For Sale
Galileo Global Education, a European higher education provider, has been put on the chopping block by private equity owner Providence Equity Partners, with Reuters reporting on Thursday that the company could be worth around €2.5 billion ($2.72 billion) in a deal. According to the report, Providence is working with Goldman Sachs and Rothschild & Co. as it seeks to sell Galileo, which is based in Paris and runs a network of 42 schools in 10 countries. The auction process for Galileo began earlier this month, and potential buyers include family offices, sovereign wealth funds and infrastructure investors, the report said.
--Editing by Jay Jackson Jr.
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