Morning all, Craig McGlashan here on Europe Wire duty in the London newsroom.
We’re looking at the intersection of private and public markets this morning, first in the busy world of take-privates and then in the struggling IPO market.
First, we have KKR and Stonepeak making a final bid and winning board approval for Assura, a listed UK healthcare real estate investment trust. We also look at another couple of potential take-privates that have fallen through.
Next, we feature some comment on the UK’s Private Intermittent Securities and Capital Exchange System and whether the initiative might provide a boost to the moribund IPO sector.
We then look at how artificial intelligence is working its way into private equity sales processes, courtesy of West Monroe’s Connor Kohlenberg.
Switching to fresh deals, we’ve got a pair in the consultancy sector by Oakley Capital, one based in the UK and the other headquartered in Italy.
Finishing up, we feature some views from Blackstone’s Lionel Assant on why Europe is an attractive investment destination right now – something we’d looked at in depth yesterday.
Board backing
KKR and Stonepeak have made a ‘best and final’ offer for Assura, a listed UK healthcare real estate investment trust, winning the support of the board.
Read the premium version of the Wire for details on the bid, why the board picked it over a rival offer and news of a couple of other potential take-privates that look to have fallen by the wayside.
Questions remain
Now, all this take-private activity in the UK might be considered bad news for those fretting about the health of the public markets, which in turn might be seen as a worry for private equity firms looking to IPOs as an exit route.
Yesterday, the UK’s Financial Conduct Authority announced the final rules for the Private Intermittent Securities and Capital Exchange System, or Pisces for short. The system aims to alleviate liquidity issues for private capital investors by allowing shares in private companies to be traded.
As an Aquarius, the internet tells me that I should get on pretty well with a Pisces. But in the absence of knowing what star sign private equity is, we sought some comment on the new system, which is scheduled to launch this year.
Read the premium version of the Wire for those views.
We’d love to get readers’ views on the new Pisces system. A welcome addition to the exit ecosystem or merely a replacement for AIM? Send your views to me at [email protected]
Here to stay
Speaking of innovations, there’s none taking up more of investors’ time than artificial intelligence. The tech is now ubiquitous in sales processes, Connor Kohlenberg, partner, M&A, and London office lead at business and tech consultant West Monroe, told me.
Read the premium version of the Wire to learn more.
Double deal
Oakley Capital is betting on the consultancy sector, after making two deal announcements in the segment this morning.
Details on both deals are in the premium version of the Wire.
Big on Europe
Private equity’s growing interest in European assets is something we’ve covered a lot here at PE Hub, including Thoma Bravo’s planned push into the region and US GPs looking to get on deals even when they don’t have a physical presence on the continent.
Blackstone has added its name to the list of GPs looking at Europe, with the firm’s Lionel Assant, global co-chief investment officer and head of Europe, telling affiliate title Private Equity International that “Europe has some attractions unequivocally.”
Those attractions include increased defense spending – another topic we’ve looked at in depth here on PE Hub.
That’s everything from me today. Rafael Canton will be in the US chair later today and Nina Lindholm will write to you from London tomorrow.
Cheers,
Craig
Read the full Wire commentary on PE Hub ...
