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President Trump greeted the London sky this morning by railing against CNN owner AT&T, essentially urging a consumer boycott:
I believe that if people stoped using or subscribing to @ATT, they would be forced to make big changes at @CNN.
It may be the new normal, but I'm still jarred by an American President encouraging damage to a private business that employs hundreds of thousands of Americans. Let alone doing so from foreign soil.
It's also a reminder of why AT&T was so certain that political considerations were part of the Department of Justice's (unsuccessful) efforts to block its mega-merger with Time Warner, even though a judge did not allow those arguments to be made in court.
• Speaking of Trump: Huawei has agreed to sell a 51% stake in its undersea cable division to China's Hengtong Optic-Electric, per a Shanghai regulatory filing. We don't yet know if there's a direct cause/effect between this deal and White House pressure on the Chinese tech giant, but it clearly seems to reflect that Huawei is scaling back some of its global infrastructure ambitions.
• Record-breaker: Ardian is paying $5 billion for a portfolio of 92 limited partnership stakes in private equity funds from Japan's Norinchukin Bank, in what the WSJ calls the largest PE secondaries deal of all time.
• Unicorn hunters: The Wall Street Journal reports that SoftBank is getting the cold shoulder from several prospective investors for its second, $100 billion Visi0n Fund. Most notable is Saudi Arabia's Public Investment Fund, which pumped $45 billion into the first Vision Fund.
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Illustration: Sarah Grillo/Axios
The Blackstone Group agreed to pay $18.7 billion to buy a portfolio of U.S. industrial warehouses, totaling 179 million square feet, from Singapore's GLP (which had been prepping an IPO of the business).
• WorldRemit, a London-based money transfer company, raised $175 million in Series D funding at a post-money valuation north of $900 million from TCV, Accel and Leapfrog. http://axios.link/16wg
• Morse Micro, an Australian developer of ultra-low power chips, raised $17 million. Ray Stata led, and was joined by Blackbird Ventures, Main Sequence Ventures, Right Click Capital, Uniseed and the Clean Energy Innovation Fund. www.morsemicro.com
• Kodit.io, a Finnish home-selling platform, raised €12 million from FJ Labs, Speedinvest, All Iron Ventures and Norwegian Adevinta. http://axios.link/LMRd
• Office App, an Amsterdam-based tenant and employee experience platform, raised €4.3 million in Series A funding led by Join Capital. http://axios.link/Vvzd
• Owlin, an Amsterdam-based news analytics platform for financial institutions, raised $3.5 million in Series A funding led by Velocity Capital. http://axios.link/3x9Z
🚑 Advent International, BC Partners and CVC Capital Partners are among those considering bids for Bayer’s (DB: BAYN) animal medicines unit, which could fetch upwards of €8 billion, per the FT. http://axios.link/Lv8v
• Capital Senior Living (NYSE: CSU), a Dallas-based operator of senior housing communities, has rebuffed multiple takeover offers from TPG, according to Bloomberg. http://axios.link/iovr
• General Atlantic acquired a majority stake in Czech online travel agency Kiwi.com at a reported deal value of around $126 million. http://axios.link/ksZ
🚑 Goldman Sachs Merchant Banking acquired Capital Vision Services, the parent company of optometry practice network MyEyeDr, for $2.7 billion from Altas Partners and Caisse de dépôt et placement du Québec. http://axios.link/krOe
⛽ Gravity Oilfield Services, a portfolio company of Clearlake Capital Group, acquired certain water disposal assets of Pyote Water Systems, which focuses on the Midland and Delaware Basins. www.gvty.com
• Homewood Holdings, an Altadena, Calif.-based portfolio company of Building Industry Partners, acquired The Door Mill, a Phoenix-area distributor of residential interior and exterior doors. www.homewoodholdingsllc.com
• Welsh, Carson, Anderson & Stow agreed to buy Green Street Advisors, a Newport Beach, Calif.-based provider of data and research to the commercial real estate industry, from Golden Gate Capital. www.greenstreetadvisors.com
• Wynnchurch Capital acquired two closed-die forging facilities of Allegheny Technologies (NYSE:ATI).
• Three companies plan to price U.S. IPOs this week: Online fashion retailer Revolve Group, Chinese online tutor GSX Techedu and blank-check acquisition company GigCapital2. http://axios.link/ayMw
• Aluflexpack, a Swiss-Croatian packaging company, says it plans to raise between €130-€150 million when it floats later this year in Switzerland. http://axios.link/axEM
🐶 Chewy, the online pet supplies retailer being spun out of BC Partners portfolio company PetSmart, set IPO terms to 41.6 million shares at $17-$19. It plans to trade on the NYSE (CHWY) with Morgan Stanley as lead underwriter, and would have an initial market cap of $7.17 billion, were it to price in the middle. http://axios.link/eQxZ
• Global Fashion Group, an online fashion retailer backed by Rocket Internet, is planning to raise around €300 million in a Frankfurt IPO, per Reuters. http://axios.link/SnMz
🚑 Karuna Therapeutics, a Boston-based developer of therapies for schizophrenia and other CNS disorders, filed for a $75 million IPO. It plans to trade on the Nasdaq (KRTX) with Goldman Sachs as lead underwriter, and raised $122 million VC funding from such firms as PureTech Health (43.5% pre-IPO stake), Arch Venture Partners (18.6%), The Wellcome Trust (7.5%), Sofinnova Ventures (6.1%), Fidelity and Alexandria Venture Investments. http://axios.link/vT38
• The RealReal, a San Francisco-based luxury consignment platform, filed for a $100 million IPO. It plans to trade on the Nasdaq (REAL) with Credit Suisse as lead underwriter, and reports a $76 million net loss on $207 million in revenue for 2018. The company raised over $330 million, most recently at a post-money valuation just over $1 billion, from firms like Great Hill Partners (14.7% pre-IPO stake), Canaan Partners (13%), PWP Growth Equity (11%), InterWest Partners (9.9%), Greycroft (9%), E.ventures (8.1%) and Greenspring Associates (7.4%). http://axios.link/IFWj
• KKR is seeking a buyer for Goodpack, a Singapore-based intermediate bulk containers provider that could be worth more than $2 billion, per Bloomberg. http://axios.link/SXtq
• Trilantic North America hired Harris Williams & Co. to find a buyer for Home Franchise Concepts, an Irvine, Calif.-based home services provider (Budget Blinds, Tailored Living, etc.), per the WSJ. http://axios.link/2OYk
• BASF (DB: BAS) has launched an auction for its construction chemicals unit, which could fetch around €2.7 billion, per Bloomberg. Among possible suitors are The Carlyle Group and building materials company Standard Industries. http://axios.link/cuq2
• Hospitality Properties Trust (Nasdaq: HPT) is in talks to pay $2.4 billion for a rental real estate portfolio of Spirit MTA REIT (NYSE: SMTA), a major landlord of bankrupt retailer Shopko, per Reuters. http://axios.link/1fVR
• Infineon (XTRA: IFX) of Germany agreed to buy Cypress Semiconductor (Nasdaq: CY) for around $10.1 billion (including debt), or $23.85 per share. http://axios.link/X0dE
• London Stock Exchange Group (LSE: LSE) acquired Beyond Ratings, a French financial data provider. http://axios.link/ZzmZ
• Mondelez (Nasdaq: MDLZ) is considering a sale process for its Philadelphia cream cheese brand, per The Sunday Telegraph. http://axios.link/sw5S
⛽ ReNew Power, India’s largest renewable energy company, is considering asset sales after withdrawing IPO plans, per Bloomberg. Backers include Goldman Sachs. http://axios.link/RZc9
• Ken Collins joined Waud Capital Partners as a principal focused on healthcare services. He previously was a principal with Roark Capital Group. www.waudcapital.com
• Li Sun and Apoorva Pandhi joined venture firm Foundation Capital as partners. Sun previously was with Bessemer Venture Partners, while Pandhi is a serial entrepreneur (Quid, Funnel Labs) who once worked at Lightspeed Venture Partners. http://axios.link/ATXG
More from Coller:
"The proportion of LPs reporting net annual returns of 16% or higher since the inception of their private equity portfolios has reduced significantly since the global financial crisis — from around 45% of LPs in 2007 to around 20% of LPs since 2016... However, the proportions of LPs reporting net private equity returns of 11% or higher over the lives of their portfolios has ranged from 80 % to 87% since 2015."
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