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☆ Private equity bites off mostly what it can chew
▼ + stars: | 2023-08-17 | by ( Jonathan Guilford | ) www.reuters.com time to read: +4 min

Private equity firms notched nearly $300 billion of acquisitions worldwide through Aug. 15, according to Dealogic data. Deals in the $1 billion to $5 billion range are running closest to the same pace as 2022. STG, for example, secured a loan to value of more than 40% from private lenders. With capital tighter, it’s easy to understand why buyout firms are pursuing humbler deals more likely to exceed the minimum returns investors expect. GTCR’s plan to buy 55% of Worldpay at a $17.5 billion valuation requires an equity check equivalent to 15% of the buyout firm’s assets.

Persons: Simon & Schuster, STG, Clayton, Rice, Banks, Ares Capital’s, hasn’t, Jeffrey Goldfarb, Sharon Lam Organizations: KKR, New York Stock Exchange, Reuters, Avid Technology, GTCR, TPG, Francisco Partners, Bain Consulting, Thomson, & $ Locations: New York, U.S, can’t, Dubilier

REUTERS/Henry NichollsNEW YORK, Aug 9 (Reuters) - Private equity firm Symphony Technology Group (STG) is nearing a deal to acquire media editing software maker Avid Technology Inc (AVID.O) for close to $1.4 billion, including debt, according to people familiar with the matter. Palo Alto, California-based STG is a mid-market private equity firm focused on technology investments. Earlier this year, STG struck a deal to take Momentive Global Inc, the parent company of SurveyMonkey, private in a $1.5 billion deal. STG currently manages about $10 billion of assets and has invested in more than 50 companies in the technology industry. Reporting by Milana Vinn and Anirban Sen in New York; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Tom Cruise, Jennifer Connelly, Henry Nicholls, STG, Milana Vinn, Anirban Sen, Jonathan Oatis Organizations: REUTERS, Technology, Avid Technology Inc, Avid, Reuters, Impactive, Momentive, Inc, Thomson Locations: London, Britain, Burlington , Massachusetts, Palo Alto , California, New York

NEW YORK, Aug 3 (Reuters) - Symphony Technology Group (STG) and Francisco Partners are among the private equity firms competing to acquire media editing software maker Avid Technology Inc (AVID.O), according to people familiar with the matter. Avid, Goldman and Francisco Partners declined to comment. Palo Alto-based STG is a mid-market private equity firm focused on technology investments. Francisco Partners is a prolific tech investor, which has raised over $45 billion to date. Earlier this week, Francisco Partners teamed up with TPG Inc (TPG.O) to acquire New Relic (NEWR.N) for $6.5 billion.

Persons: Goldman, STG, Palo, Francisco, Milana Vinn, Anirban Sen, Sharon Singleton, Jonathan Oatis Organizations: Symphony Technology, Francisco Partners, Avid Technology Inc, Avid, Goldman Sachs, Reuters, Momentive, Inc, TPG Inc, Impactive, Thomson Locations: Burlington , Massachusetts, Palo Alto, New York

☆ JPMorgan highlights its top stock picks heading into July
▼ + stars: | 2023-07-07 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

JPMorgan updated its list of top stock picks for July, as investors are now eyeing the second half of the year. To kick off this month, JPMorgan added Domino's Pizza and Dollar General to its focus list. Domino's Pizza stock has slipped more than 3% in 2023, but it's still rated overweight by JPMorgan analyst John Ivankoe. Holdovers from previous iterations of the focus list include tech stocks Amazon and Microsoft . JPMorgan removed multimedia stock Avid Technology from its focus list earlier this week.

Persons: John Ivankoe, Stifel, Brian Cheng, Morgan Stanley Organizations: JPMorgan, Nasdaq, Sciences, Microsoft, Federal Trade Commission, Amazon Prime, Avid Technology Locations: OpenAI's

☆ EXCLUSIVE Activist Impactive eyes proxy fight at Envestnet amid sluggish stock price
▼ + stars: | 2022-11-15 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Impactive is now ratcheting up the pressure on Envestnet, which provides technology and automation software for financial advisors and banks. In a letter to the board, seen by Reuters, Impactive wrote it sees "no choice but to consider nominating a slate of directors" to help correct a string of failures, including a sluggish share price. Impactive criticized the board for failing to evaluate what the returns would be on the spending. But Envestnet roundly rejected Impactive's earlier suggestions that Wolfe join its board, saying she is "not a good fit." Impactive disagrees and wrote that its record on boards has spanned years and "led to over 30% annualized returns for Impactive."

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