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☆ UK's Ascential to sell digital commerce, product design units in $1.70 bln deal
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

Oct 30 (Reuters) - Information and analytics firm Ascential (ASCL.L) said on Monday it would sell its digital commerce and consumer research units for a combined enterprise value of 1.4 billion pounds ($1.70 billion) as the UK-based company focuses on its events business. London-listed Ascential said it intended to distribute about 850 million pounds to shareholders following the completion of the transactions. The digital commerce business would be sold to U.S.-listed Omnicom Group (OMC.N) for a total enterprise value of $900 million, it said. Ascential said its CEO Duncan Painter would join Omnicom to take on a new role as chief of Flywheel Digital, a newly formed part of the U.S.-based company which will operate the digital commerce business. The WGSN divestment is part of a break-up plan announced in January which originally included separation and a U.S. listing of its digital commerce assets.

Persons: Ascential, Duncan Painter, Philip Thomas, Aby Jose Koilparambil, Rashmi Aich, Jason Neely Organizations: Apax Partners, Thomson Locations: London, U.S, Bengaluru

LONDON/ZURICH, Oct 13 (Reuters) - Switzerland's SoftwareOne Holding (SWON.S), which helps companies manage software purchases from vendors such as Microsoft, Adobe and IBM, received non-binding bids this week from private equity firms Bain Capital and Apax Partners, said two people familiar with the situation. The Swiss software manager has been holding management presentations this month as part of a strategic review run by JPMorgan, a third person said. Non-binding bids were due on Oct. 11 and at least four parties submitted proposals, one of the people said. SoftwareOne declined to comment. ($1 = 0.9050 Swiss francs)($1 = 0.9014 Swiss francs)Reporting by Amy-Jo Crawley, Oliver Hirt and Anousha Sakoui; Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: SoftwareOne, Amy, Jo Crawley, Oliver Hirt, Louise Heavens Organizations: Microsoft, Adobe, IBM, Bain Capital, Apax Partners, JPMorgan, Thomson Locations: ZURICH, Swiss

☆ One $16 bln deal travels lonely dual track
▼ + stars: | 2023-10-09 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

NEW YORK, Oct 9 (Reuters Breakingviews) - When courting buyers, sellers like to make it seem as if there are plenty of options. So it is with buyout firms GTCR and Apax Partners as they explore ways to cash in on AssuredPartners, the insurance broker they own together. This parallel process, colloquially called a dual track, can build competitive tension to wheedle a higher price, but it’s too soon for the idea to pose a plausible threat. For example, cybersecurity provider AppDynamics was planning an IPO that would have valued it at around $2 billion in late 2016. Reuters Graphics Reuters GraphicsHigher interest rates have made it harder to borrow and for buyers and sellers to agree on valuations.

Persons: it’s, AppDynamics, Apax, AssuredPartners, GTCR, Jeffrey Goldfarb, Sharon Lam, Aditya Sriwatsav Organizations: Reuters, Apax Partners, Cisco Systems, Bloomberg, Reuters Graphics, Cisco, SoftBank, Thomson Locations: AssuredPartners

☆ Veteran Apple investor Alan Patricof says AI is the 'flavor of the month'
▼ + stars: | 2023-10-06 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +2 min

Venture capitalist Alan Patricof has a cautionary message about an AI bubble. "Everyone wants to be at an AI company — it's the flavor of the month," Patricof told the New York Post. Patricof recommends investing in companies utilizing AI as a tool, rather than buying AI platforms. AdvertisementAdvertisementAlan Patricof, the venture capitalist known for his investments in Apple and Venmo, has a cautionary message about an AI bubble. "Everyone wants to be at an AI company — it's the flavor of the month," said Patricof during a Thursday interview with the New York Post.

Persons: Alan Patricof, —, Patricof, Mostaque, David Rosenberg, James Penny, Wharton, Jeremy Siegel, Dan Raju, Raju Organizations: New York, Patricof, Service, Apple, Apax Partners, AOL, TAM Asset Management

☆ Apax set to buy stake in Palex Medical in 1 billion euro deal- sources
▼ + stars: | 2023-07-30 | by ( Andres Gonzalez | ) www.reuters.com time to read: +1 min

LONDON, July 30 (Reuters) - Private equity firm Apax is set to agree the acquisition of a 50% stake in medical group Palex in a deal that will value the company at around 1 billion euros ($1.1 billion), debt included, according to two sources with knowledge of the deal. Apax would acquire the stake in the medical equipment provider from investment fund Fremman and other minority shareholders, the sources said. Fremman, which was majority shareholder of Palex prior to the deal, would keep a 50% stake in a vehicle that will control the company. Apax and Fremman would partner with Palex's management team, which also owns a minority stake, the sources added. The deal will be announced as soon as next week, the sources said.

Persons: Apax, Fremman, Palex, Andres Gonzalez, Lisa Shumaker Organizations: Thomson Locations: Italian, Spanish, Europe, Spain, Portugal, Italy

☆ Inside the private-equity recruiting tornado that just hit — and why it may be turning some young bankers away from a career on the buyside
▼ + stars: | 2023-07-24 | by ( Emmalyse Brownstein | Reed Alexander | ) www.businessinsider.com time to read: +8 min

Private-equity recruiting for 2025 roles officially kicked off Friday, including at Apollo and TPG. Many of those bankers had barely started their current investment-banking jobs, and others were still in training sessions for them. As always, the firms were recruiting first-year investment banking analysts for jobs that won't start until 2025. Midnight interviews are not uncommon in private-equity recruiting, nor are "exploding offers," which demand that candidates make a decision before leaving the interview room to prevent them from shopping around. $300,000 offersOver the years, on-cycle recruiting has crept up on candidates earlier and earlier.

Persons: I'm, It's, Carlyle, Warburg Pincus, —, webinar, headhunting, Brian O'Callghan, O'Callaghan Organizations: Apollo, TPG, nab, General Atlantic, KKR, Permira, TPG Capital, Labor Locations: York

☆ Junior bankers are 'freaking out' and ditching summer training sessions amid rumblings that private equity recruiting is kicking off ridiculously early
▼ + stars: | 2023-07-21 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +10 min

Panic is setting in at investment banks across Wall Street as junior bankers are thrust into the whirlwind of private equity recruiting. Private equity recruiting is an annual Wall Street ritual, albeit an unwelcome one for some investment banks. Coffee chats vs on-cycleWhich private equity firms are recruiting and when is somewhat murky — for good reason. Private equity firms have also begun hosting events, including an invite-only networking social with KKR Thursday night and online information sessions hosted by Hellman & Friedman Wednesday. "I know it's crazy, but it's in your best interest to decide upfront whether you want to pursue private equity," he said.

Persons: I'm, Evercore, Asif Rahman, Friedman, Apax, Hellman, that's, Matt Ting, It's, Ting, they'll, Reed Alexander Organizations: Oasis, Henkel, Advisors, KKR, Hellman, Industry, headhunters, Permira Locations: Wall, New York

☆ How to land a job with Blackstone, Apollo, KRR, and other private equity titans
▼ + stars: | 2023-06-06 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +6 min

Private equity is often seen as the Holy Grail of finance jobs — but breaking in can be challenging. We also have data on private equity pay and the industry's top recruiters. Here is what we found about pay at private equity firms, including Blackstone, Apollo, and Bain Capital. Private equity recruiting has been starting earlier than ever Getty ImagesPrivate equity firms like to recruit young talent from investment banks. These days, the private equity recruiting process has started earlier than ever, resulting in middle-of-the-night interviews with offers being made — and blown up — all before Labor Day.

Persons: —, bymuratdeniz, Blackstone, Samantha Lee, Drew Angerer, Skye Gould, Jon Gray, Grace Koo, Read, Carlyle, Alex Crisses, Thoma Bravo, Warburg Pincus, Wharton's, Axel Springer Organizations: Blackstone, KKR, Service, Apax Partners, Oaktree, of Foreign Labor, Apollo, Bain Capital, Labor, General Atlantic, PJT Partners, Partners, dealmakers, Wall, University of Michigan Locations: Carlyle, Blackstone, Axel

MILAN, April 26 (Reuters) - Italian unlisted cooperative banking group ICCREA is awaiting by the end of May offers for its insurance business which it values at up to 950 million euros ($1.05 billion) in total, sources with knowledge of the matter said on Wednesday. ICCREA bought out its partner Cattolica, an Italian insurer now owned by bigger peer Generali (GASI.MI), after their accord expired at the end of last year and was not renewed, the three sources said. Cattolica and ICCREA had agreed in 2019 to extend until the end of 2022 their partnership under a deal that saw Cattolica raise to 70% its ownership of their insurance joint-ventures BCC Vita and BCC Assicurazioni. Now in possession of 100% of its insurance business, ICCREA is working with adviser KPMG to select new partners for both its life- and non-life divisions, the sources said. ICCREA Director General Mauro Pastore said in February the bank expected to select one or more partners for its insurance business by the end of the year.

☆ Ascential's consumer data unit draws interest from Apax, BC Partners - sources
▼ + stars: | 2023-04-05 | by ( Amy-Jo Crowley | ) www.reuters.com time to read: +3 min

Private equity firms including Providence Equity and Carlyle are also evaluating an offer for WGSN, two of the people said. Apax, Ascential, BC Partners, Carlyle, JPMorgan and Providence declined to comment. BC Partners has experience in owning information assets including the financial media and data firm Acuris, which it sold to Irish software firm ION Investment Group in 2019. Ascential generated 121.1 million pounds in adjusted EBITDA last year, up 36% from a year earlier. Revenue rose to 524.4 million pounds from 349.3 million pounds.

☆ Private-equity salaries revealed: Here's how much top firms like Blackstone, KKR, and Oaktree are offering 2024 associates
▼ + stars: | 2023-02-09 | by ( Emmalyse Brownstein | Rachel Durose | ) www.businessinsider.com time to read: +8 min

Some of the most recent private equity recruits will rake in nearly $200,000 in base pay alone. Among the firms recruiting are Bain Capital, Blackstone, and KKR & Co. — three of the largest private-equity firms in the world based on funds raised in the last five years. These private-equity firms, along with others, have increasingly accelerated their recruiting timelines to get ahead of competitors, as Insider previously reported. To woo promising junior talent, private-equity firms offer sky-high salaries and even more enticing bonus propositions, much like in investment banking, from which these firms cull most of their talent. Oaktree Capital ManagementOaktree Capital Management was founded in 1995, and has $170 billion in AUM, according to its website.

☆ Private equity giants are still racing to fill 2024 associate seats. See 8 firms — from Carlyle to Bain Capital — that have been recruiting first-year investment bankers for jobs that won't start for
▼ + stars: | 2023-01-30 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +9 min

Last year's on-cycle recruiting kicked off earlier than ever, and many junior bankers weren't ready. In an effort to win the war for talent that was raging last year, private equity firms pushed their recruiting efforts earlier than in ever— to late summer. To be sure, not all private equity firms kicked off on-cycle recruiting in August. It usually involves an intense week-long period (although sometimes shorter or longer) where private equity firms rush in to snag the top talent. The bottom line shows the month and year analysts started their roles, and the yellow line indicated when on-cycle recruiting began that season.

☆ The private equity industry is racing to fill 2024 associate roles after last year's hyper competitive hiring tactics backfired
▼ + stars: | 2023-01-25 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +9 min

☆ Private equity funds approach Italy's Serie A to explore media rights deal -sources
▼ + stars: | 2022-09-28 | by ( Elvira Pollina | ) www.reuters.com time to read: +2 min

The approach by the four private equity firms comes after Serie A last year failed to reach a media rights deal worth 1.7 billion euros ($1.7 billion) with a group of funds led by CVC Capital Partners due to opposition from some of its clubs, including Juventus (JUVE.MI) and Lazio (LAZI.MI). The sources, who declined to be named because talks are confidential, said representatives for Apax, Carlyle and Three Hills met with Serie A top executives earlier this week. One of the sources said the three funds, which are working with Italian law firm Zoppini, could present a joint preliminary proposal in the next few days. Searchlight representatives held a separate meeting with Serie A chiefs, the sources said, adding the fund is also considering submitting a formal expression of interest. The funds' interest was briefly discussed at a closed-door meeting the 20 Serie A clubs held in Milan on Wednesday, the sources said, adding Serie A would share with the clubs any proposal from the private equity investors.

☆ French telecoms tycoon Niel buys 2.5% stake in Vodafone
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterXavier Niel, founder of French broadband Internet provider Iliad, arrives for a hearing on the concentration of media ownership in the country, at the French Senate in Paris, France, February 18, 2022. REUTERS/Sarah Meyssonnier/File PhotoLONDON, Sept 21 (Reuters) - French billionaire telecoms executive Xavier Niel, the founder and majority owner of Iliad, has bought a 2.5% stake in Britain's Vodafone (VOD.L) through an investment vehicle. Register now for FREE unlimited access to Reuters.com RegisterAtlas said it was supportive of Vodafone’s publicly stated intention to pursue consolidation opportunities, as well as its efforts in infrastructure separation. Niel has telecoms investments in nine countries in Europe with nearly 50 million active subscribers and more than 10 billion euros of revenue, Atlas said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Paul Sandle; editing by James Davey and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ How to land a job in private equity, from Blackstone to Apollo, KRR, General Atlantic, and more
▼ + stars: | 2022-06-03 | by ( Business Insider | ) www.businessinsider.com time to read: +6 min

Private equity is a rewarding but challenging field to break into. Here is what we found about pay at private equity firms, including Blackstone, Apollo, and Bain Capital. Private equity recruiting has been starting earlier than ever Getty ImagesPrivate equity firms like to recruit from investment banks. These days, the private equity recruiting process has started earlier than ever, and it's resulting in middle-of-the-night interviews with offers being made — and blown up — all before Labor Day. General Atlantic managing director Alex Crisses walked Insider through the growth-equity investment firm's elite summer souring internship.

Persons: Jeffrey Hamilton, Alyssa Powell, Blackstone, Samantha Lee, Drew Angerer, Skye Gould, Jon Gray, Grace Koo, Read, Sara Diniz, Carlyle, Alex Crisses, Thoma Bravo, —, Warburg Pincus, Wharton's, Axel Springer Organizations: Blackstone, KKR, Morning, Getty, Apax Partners, Oaktree, of Foreign Labor, Apollo, Bain Capital, Labor, KKR KKR, General Atlantic, PJT Partners, Partners, dealmakers, Wall, University of Michigan Locations: Carlyle, Blackstone, Axel

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