Beauparc receiving takeover offers from Blackstone

The largest waste company in Ireland, Beauparc, has attracted takeover approaches from dozens of private equity firms after its minority shareholder, Blackstone, set about putting its stake on the market late last year.

The approaches may result in an outright purchase of the owner of the Panda and Greenstar waste firms for as much as €1 billion, sources said.

This transaction follows other PE-deals in the waste management field. British water utility Pennon Group Plc sold its waste and recycling business, Viridor, to US private equity group KKR & Co. Inc. last March for €4.7 billion at a robust valuation of 18.5 times EBITDA.

The latest set of financial results for Beauparc Utilities, the main operating company, show that its pretax profit rose to €28.1 million in 2019 from €18.7 million for the previous year, as revenues soared 40 per cent to €508.4 million.

The company spent €19.1 million on acquisitions during the year and declared dividends of €60.5 million.

The EU Clears acquisition of Refinitiv by the London Stock Exchange

The European Commission said on Wednesday it approved the $27bn (£22bn) acquisition of Refinitiv by the London Stock Exchange Group (LSEG).

The all-share deal will see the stock exchange group acquire Refinitiv from private equity giant Blackstone, which owns 55% of the company, and Thomson Reuters, which owns 45%.

The commission wanted to ensure that the markets will remain open and competitive and the acquisition will not lead to higher prices. In October last year, LSE agreed to sell Borsa Italiana to French rival Euronext, expecting the sale of the Italian stock exchange to help it overcome the EU regulatory obstacle of its Refinitiv buy.

Indian Prestige Group plans to build more office space

Real estate developer Prestige Group plans to build more than 40 million sq. ft of office space across multiple cities, after selling some of its office, retail and hotel assets to Blackstone.

The New York-based private equity giant received approval in December from the Competition Commission Of India to buy five office parks, nine shopping malls, two hotels and four under-construction office complexes totaling 21 million sq. ft for $1.5 billion from Prestige.

Money is flowing towards India. Another Bengaluru-based real estate firm RMZ Corp recently sold around 12.8 million sq ft of its 67 million sq ft portfolio to a fund managed by Canada’s Brookfield Asset Management for an investment value of $2 billion.

UnitedHealth acquires Change Healthcare

UnitedHealth Group agrees to buy Change Healthcare in a deal that values the health technology company at more than $13 billion.

The deal is expected to close in the second half of 2021. Private-equity funds affiliated with Blackstone Group that owns about 20% of Change Healthcare’s common stock have agreed to vote in favor of the deal, which is expected to boost UnitedHealth’s adjusted per-share earnings by 50 cents in 2022, the companies said.

The acquisition is the second major healthcare deal in the first week of 2021. Centene Corporation announced that it has agreed to buy Magellan Health in a $2.2 billion tie-up.

Blackstone gains support of Bill Gates in bid for Signature Aviation plc

Blackstone secured the support of Bill Gates, the biggest shareholder in Signature Aviation plc, bolstering its bid to buy the private-jet servicing company in the face of a rival approach from The Carlyle Group.

Blackstone’s agreement with Gates’ Cascade Investment Group, Inc. for its $4.29 billion offer comes just hours after Signature confirmed Carlyle’s takeover approach.

Shares in the company formerly known as BBA Aviation saw a 65% gain in the three weeks since Signature Aviation confirmed talks with Blackstone. Signature Aviation disclosed last month when it also rebuffed another proposal from Global Infrastructure Partners.

Blackstone backed Mphasis being reviewed by Brookfield Asset Management, Bain Capital, The Carlyle Group and Permira

Private equity firms Brookfield Asset ManagementBain CapitalThe Carlyle Group, and UK-based Permira have initiated due diligence for buying a controlling stake in Blackstone-backed tech firm Mphasis, reports said.

Blackstone’s 56.16% stake alone would be valued at $2.2 billion based on the company’s current market value. A sale will trigger an open offer for an additional 26%, which, if successful, can lead to the acquirer controlling more than 80% of the company in a deal that could cost about $3.1 billion. That would make it the largest technology deal in India to date.

Blackstone is looking to cash out of its largest investment in India to date after they invested about $1.1 billion in 2016. Blackstone increased their investment in the company after its share price fell more than one-third from its year-high in mid-March in a widespread market sell-off because of Covid-19.