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If it feels like sovereign wealth funds are popping up in more and more large transactions, it's probably because they now manage a ridiculous amount of cash.
Assets under management for SWFs now totals a whopping $7.45 trillion, up 13% from last year, according to a new report from Preqin. Of that, $5.49 trillion is managed by just 10 funds.
• Fund scoop: 8VC, the San Francisco-based venture firm led by Joe Lonsdale, has quietly closed its second flagship fund with $640 million in capital commitments, Axios has learned.
• Don't mess with monks: Buddhist activists have forced a Chinese provincial government to scrap IPO plans for a tourism venture associated with a holy mountain.
• Toy story: Fairfax Financial has reached a tentative agreement to purchase 82 Canadian stores from Toys "R" Us for C$237 million.
Bratz founder Isaac Larian, who we discussed last week, says he will continue pursuing his efforts to buy around 200 performing U.S. stores via a sweetened bid. His original offer, which was not accepted, had included Canada (but he plans to drop that part).
The Stars Group (Nasdaq: TSG) has agreed to acquire Sky Betting & Gaming from CVC Capital Partners and Sky PLC (LSE: SKY) for US$4.7 billion in cash and stock.
• FuboTV, a New York-based seller of a “skinny bundle” streaming service, raised $75 million in new VC funding from AMC Networks, 21st Century Fox, Discovery, Northzone and Luminary Capital. http://axios.link/HtRr
• Formlabs, a Somerville, Mass.-based 3D printing company, raised $30 million in Series C funding led by Tyche Partners. http://axios.link/EmYZ
• Chai Point, an Indian owner of a chain of tea and snacks stores, raised $20 million in Series C funding. Paragon Partners led, and was joined by return backers Saama Capital, DSG Consumer Partners and Eight Road Ventures. http://axios.link/m2zm
🚑 Emboline, a Santa Cruz, Calif.-based developer of a device for embolic protection during transcatheter aortic valve replacement, raised over $10 million in Series B funding co-led by SV Tech Ventures and ShangBay Capital. www.emboline.com
• FlexyBeauty, a Paris-based provider of SaaS for hair and beauty professionals, raised €7 million from Serena Capital and Newfund. http://axios.link/10GA
• Slite, an internal documentation app for enterprises, raised $4.4 million in seed funding led by Index Ventures. http://axios.link/BRLL
🔨 ACON Investments completed its previously-announced purchase of a majority stake in Chicago-based hardware retailer True Value. http://axios.link/PHrq
• Apollo Global Management and Blackstone Group are the two remaining bidders for Spanish gaming hall operator Cirsa, “raising doubts about whether the sale will go ahead,” according to Reuters. http://axios.link/7jj4
🚑 Axcel Management has agreed to acquire the diagnostic testing unit of Finnish drug maker Orion for €163 million. http://axios.link/sBNw
• BC Partners and Ontario Teachers’ Pension Plan have agreed to recapitalize Canadian liquid waste management company GFL Environmental at an enterprise value of around $5.125 billion. http://axios.link/gNmD
• Bertelsmann has hired Goldman Sachs to manage an auction for call enter business Arvato, according to Reuters. Interested suitors reportedly include KKR-owned Webhelp and Carlyle-controlled Comdata. http://axios.link/8VTt
• Fastener Distribution Holdings, a Marina Del Rey, Calif.-based portfolio company of Audax Private Equity, has acquired Blue Sky Industries, a Monterey Park, Calif.-based distributor of c-class parts to aerospace and defense MRO and OEM customers. www.blueskyindustries.com
• Fulcrum Capital Partners acquired Athletica, a Canadian provider of dasher board systems for hockey arenas and multi-sport athletic facilities. www.athletica.com
🚑 Henry Schein (Nasdaq: HSIC) plans to spin off its animal health business and merge it with Vets First Choice, a Portland, Maine-based provider of tech-enabled healthcare services for veterinary medicine. Henry Schein shareholders will own around 63% of the combined company, while Vets First Choice backers like Clayton, Dubilier & Rice and Hillhouse Capital will own the remainder. http://axios.link/A819
🚑 Humana (NYSE: HUM), TPG and Welsh Carson Anderson & Stowe have agreed to jointly purchase Curo Health Services, a hospice operator with 245 locations in 22 states, for around $1.4 billion from Thomas H. Lee Partners. www.curohealthservices.com
🚑 Summit Partners has agreed to acquire Sound Inpatient Physicians, a Tacoma, Wash.-based provider of acute medical care, from Germany’s Fresenius for $2.15 billion. http://axios.link/blI8
• Six companies are expected to price IPOs on U.S. exchanges this week, seeking to raise a combined $1.3 billion. They are: DocuSign, Ceridian HCM, Smartsheet, Goosehead Insurance, nLight and aitan Liposome. http://axios.link/3PMs
• The Lovesac Co., a Stamford, Conn.-based seller of beanbag chairs, filed for a $40 million IPO. It plans to trade on the Nasdaq under ticker LOVE, with Roth Capital as sole underwriter. The company reports a $5.5 million net loss on around $102 million in revenue for its most recent fiscal year. Shareholders include Satori Capital and Mistral Equity Partners. www.lovesac.com
🚑 Ping An Healthcare & Technology, operator of Chinese mobile medical app Ping An Good Doctor, plans to raise up to $1.12 billion in its Hong Kong IPO. http://axios.link/xcXY
• Tencent Music is prepping an IPO for the second half of 2018, per the WSJ. http://axios.link/k2sb
🚑 AAC Capital has hired JPMorgan to find a buyer for Envirotainer, a Swedish renter of shipping containers for temp-sensitive healthcare products, per Reuters. The deal could be worth up to €1 billion. http://axios.link/RSR6
🚑 Alvogen, a German generic pharma company owned by CVC Capital Partners and Temasek, is seeking a buyer for its Central and Eastern European unit, which could fetch up to $1 billion, per Reuters. http://axios.link/4y4G
⛽ CenterPoint Energy (NYSE: CNP) is in talks to acquire rival gas and electric utility Vectren (NYSE: VVC), according to Reuters. http://axios.link/s5mD
• General Electric (NYSE: GE) reportedly is in talks to sell its $7 billion rail business to Wabtec (NYSE: WAB). http://axios.link/Cxzs
🚑 Fresenius of Germanty has terminated its $4.75 billion takeover of Illinois-based generic drug-maker Akorn (Nasdaq: AKRX) and said it will not renegotiate. The move comes after an investigation found data integrity “breaches” at Akorn. http://axios.link/xY72
⛽ Subsea 7 (Oslo: SUBC) has made a $2 billion hostile takeover offer for Houston-based offshore oil services company McDermott (NYSE: MDR), which already has a deal to merge with Chicago Bridge & Iron (NYSE: CBI). http://axios.link/HdfX
• NIO, a Chinese electric car company, reportedly is raising up to $500 million for an offshore fund that will invest in automotive technologies. http://axios.link/fHbX
• Armance Bordes has joined Sofinnova Partners as general counsel. She previously was with Eurazeo.
• Martha Coultrap has joined Dorsey & Whitney as a New York-based partner focused on private fund formation. She previously was with Sullivan & Worcester. www.dorsey.com
• Katherine Grass has joined Thayer Ventures as a Madrid-based venture partner. She previously was global head of innovation and ventures at Amadeus Group. www.thayerventures.com
• Dylan Love, a former executive recruiter for both Facebook and Uber, has joined Lightspeed Venture Partners as VP of executive talent, per his LinkedIn profile. www.lsvp.com
• Thomas Stierwalt has rejoined Cowen & Co. as director of tech investment banking, after having spent a year with Deutsche Bank, per his LinkedIn profile.
Whitney Bowman, a partner with Texas-based private equity firm Gauge Capital, passed away last Friday morning from sudden cardiac arrest. He was just 41 years-0ld, and leaves behind his wife Brittanie and six children.
More data from PitchBook: