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| Apollo's pursuit of PIPE deals could lead to a pandemic payday | |  | | Apollo Global Management took advantage of the stock market dip in March with a series of PIPE deals. (Spencer Platt/Getty Images) | | | While the economy was teetering on the brink of collapse, Apollo Global Management was ready to deal.
In early May, the firm was coming off a quarterly loss of nearly $1 billion after the economic chaos that came with the onset of the pandemic. But for a versatile investor like Apollo, chaos can be an opportunity.
And now, the storied investor seems poised to cash in: | | | | | | | | | | VC, PE vehicles lead private fund performance in 2019 | | As 2019 wound to a close, the prospect of a pandemic was still very far from most investors' minds. As expected in a quarter in which the S&P 500 was up 9.1%, the performance of private market funds finished last year on an upswing, with one-year horizon IRRs for both venture capital and private equity funds approaching 16%.
Updated with data through the end of 2019, PitchBook's latest Global Fund Performance Report compares those one-year figures both to other private strategies and to data from much longer investment horizons. The report also features copious amounts of fund analysis and data visualization to offer a full picture of how private funds have fared: | | | | | | | |
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| A message from The Wellness Agency | | |
| Wellness is a new vertical of unicorns | | The Wellness Agency supports founders in achieving their maximum potential while nurturing a global ecosystem of companies mainstreaming wellness for the benefit of humanity. TWA is headquartered in Venice, Calif., the hub of the global wellness industry as Silicon Valley is to technology.
We provide founders with a premier, vetted ecosystem to holistically scale their businesses and support growth in four key areas: incubator services, strategic partnerships, direct-to-consumer strategy, and market entry to China. In 2018, global wellness expenditure was valued at $4.5 trillion and growing 6-7% annually. TWA's services are tailored to drive revenue and add value for founders with a structure to embrace and amplify emerging sectors such as psychedelics for mental health wellness, hemp-based supercapacitor batteries, and male fertility.
Read more here | | | | | | | |
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| TikTok looks to avoid sale in the US | | TikTok's owner, ByteDance, is in talks with the US government to avoid a complete sale of the video app's US business, according to The Wall Street Journal.
If there isn't a full sale of the US unit, a deal could instead involve some restructuring of TikTok, the report said. TikTok could partner with a US technology company that would help secure its data and possibly take a minority stake in the business.
The latest development comes after the Chinese government recently imposed export restrictions that would require a license for ByteDance to sell its technology to a foreign company. That posed a roadblock for the Beijing-based company, which also faces a Sept. 15 deadline imposed by President Trump to sell TikTok or face being shut down in the US.
A joint bid from Microsoft and Walmart and a competing offer from Oracle are said to be the frontrunners for a possible TikTok deal in the US. | | | | | | | | | | Tiffany sues LVMH over failed $16B luxury mega-deal | |  | | (Andrew Toth/Getty Images) | | | Last November, LVMH lined up a $16 billion acquisition of Tiffany & Co. that was set to create a new titan in the luxury goods space. Now, the deal has collapsed amid a disagreement over the threat of new tariffs, and Tiffany is taking to the courts to try to get it back on track.
LVMH, the French conglomerate that owns Louis Vuitton, Moët Hennessey and dozens of other luxury fashion and liquor brands, announced Wednesday it would not complete the takeover because of an order from the French government to delay the deal, which cited the prospect of new tariffs levied on French products by the US. "It's a governmental order—we have no other choice," CFO Jean-Jacques Guiony said on a conference call, according to Bloomberg.
Tiffany quickly responded with a lawsuit in Delaware Chancery Court that will seek to force LVMH to follow through with the transaction, claiming it hadn't been informed of the governmental order until Tuesday and calling its validity into question. "[T]his supposed official French effort to retaliate against the US for proposed new tariffs has never been announced or discussed publicly," Tiffany chairman Roger Farah said in a statement. "[H]ow could it possibly then be an effort to pressure the US into revoking the tariffs?"
Tiffany further accused LVMH of intentionally delaying its pursuit of regulatory approval for the deal in order to miss a deadline. The New York-based company also alleged that LVMH previously attempted to use social justice protests in the US and the ongoing pandemic as reasons to invoke a material adverse effect clause and abandon the deal. | | | | | | | | | | As chaos unfolds throughout the retail industry, an Indianapolis real estate scion and a Canadian branding expert are using a series of high-profile deals to reshape the space. [The New York Times]
Private equity firms in the real estate industry are sitting on a huge pile of dry powder. Are they ready to start putting it to use? [National Real Estate Investor]
Predictive policing is a common trope in dystopian science fiction—think "Minority Report." In one Florida community, it's turned into a troubling reality. [Tampa Bay Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 277 Deals | 1422 People | 493 Companies | 16 Funds | | | | | | |
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| Thomas H. Lee to unload Alfresco Software | | | | | | | | | Cove Hill strikes deal for SecureLink | | | Cove Hill Partners has agreed to acquire a majority stake in SecureLink, a provider of vendor management software, from Vista Equity Partners, which has owned the Austin-based company since 2017. Vista Equity will retain a minority stake in the company as part of the latest deal. | | | | | |
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| JC Penney lines up $1.75B asset sale | | | Brookfield Property Group and Simon Property Group have agreed to acquire the retail and operating assets of JC Penney for $1.75 billion in cash and debt, about four months after the former retail giant filed for Chapter 11 bankruptcy protection. JC Penney will spin out its real estate assets into a separate trust and holding company that will be controlled by its first-lien lenders. JC Penney hopes to emerge from bankruptcy protection in time for the coming holiday season. | | | | | | | | Clickbait companies walk away from $2B combination | | | Taboola and Outbrain, two venture-backed companies that provide online publishers with advertising-based content recommendations, have called off a merger agreement, according to reports. The deal, originally agreed to in October, called for Outbrain shareholders to receive $250 million in cash and 30% of the combined business, with TechCrunch reporting the move would have created a company worth $2 billion. | | | | | | | | Arch leads $500M Watford bid | | | Bermuda-based insurer Arch Capital Group has teamed with private equity firms to make a takeover offer of about $500 million for Watford Holdings, a reinsurance business also based in Bermuda, according to Reuters. Watford went public on the Nasdaq last year, and activist investor Capital Returns Management publicly called for the company's sale this May. | | | | | |
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شغل الشاعر سعيد فرج باحريز رحمه الله الناس في المكلا وحضرموت عموماً باشعاره التي كانت لها مدلولات عميقة وثاقبة ومعانٍ بليغة وحكيم...
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