DXY.cn has raised $500 million financing

Chinese digital healthcare technology firm DXY.cn has raised $500 million financing led by Trustbridge Partners and backed by Tencent Investment and GL ventures, according to an announcement.

With the fresh funding, DXY will strengthen collaboration with professional doctors and enterprises so as to give play to the expertise of all sides and be a guide for healthy life.

In response to the COVID-19 pandemic, DX Doctor – a platform operated by DXY, took the lead in introducing a COVID-19 Global Pandemic Real-time Report, which has become a major source of global data on the pandemic.

Patria files for NASDAQ IPO

Patria Investments, a Latin America-focused investor that has been partially owned by Blackstone for the past decade, is setting the table for a seldom-seen event: A public offering for a private equity firm.

Patria has filed to go public on the Nasdaq, a move that comes a little more than 10 years after Blackstone acquired a 40% stake in the Brazilian firm for a reported $200 million. Since that 2010 deal, Patria has grown its assets under management from $3.6 billion to $12.7 billion, with $7.2 billion of that current AUM.

Blackstone itself has been publicly traded since 2007, with fellow industry giants KKR & Co. Inc., The Carlyle Group, Apollo Global Management Inc. and Ares Management Corporation among the handful of other firms listed on US stock exchanges.

Angelini Pharma acquires Arvelle Therapeutics

Italian healthcare company Angelini Pharma said on Monday it would buy Swiss-based private equity-backed Arvelle Therapeutics in an all-cash transaction valuing the biopharmaceutical company up to $960 million.

The deal is the biggest acquisition ever for the 100-year old privately-held Italian group, which aims to become a leading player among companies focused on the central nervous system and mental health disorder treatments.

Arvelle has received investment from a global syndicate including NovaQuest Capital ManagementBRV Capital ManagementAndera Partners, and KB Investments.

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.

Apax Partners LLP signs agreement to acquire software of 3i Infotech Ltd

Private equity firm Apax Partners LLP has inked an agreement to acquire the software products business of 3i Infotech Ltd. for $136 million, sealing its first India deal in almost two years.

The deal will help 3i Infotech repay all its debt, strengthen its balance sheet and expand other verticals including software services, the company said in a stock-exchange filing.

This is Apax’s first India deal in nearly two years, the data research arm of Mosaic Digital. Its previous India transaction was a $200 million investment in data analytics firm Fractal Analysis in January 2019.

Waste and recycling companies Mergers

Waste and recycling companies completed a series of mergers and acquisitions throughout 2020 despite economic disruptions from COVID-19-related shutdowns.

Global private equity firm Arcapita purchased a controlling interest in Waste Harmonics in February 2020.

CEO Michael Hess provided insight: “It’s probably more of a recapitalization than an acquisition. Back in July 2015, I brought in a private equity (PE) partner, Prospect Partners out of Chicago, a great small- to mid-market PE firm. And the timing just seemed to be right.”

He added, “we have found ourselves with a new private equity partner that is excited about our business and the industry space that we’re in and, from my perspective, one that has some very deep pockets that will allow us to execute on an acquisition and growth strategy that we have over the next five years.”