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The Wire

Mar. 21, 2022

Thoma Bravo takes Anaplan private for $10.7bn; Clearlake, Motive acquire BETA+ from LSEG

Good morning, Hubsters. MK Flynn here with the Wire, on a busy Merger Monday with some big deal news.

 

In corporate dealmaking, Warren Buffett’s Berkshire Hathaway is buying Alleghany, best known for providing property and casualty insurance, for $11.6 billion. The deal includes a 25-day go-shop period during which Alleghany can seek a better offer.

 

Take private. In private equity deals, there’s another big LBO.

 

Thoma Bravo is buying Anaplan, a developer of business plan software, in a $10.7 billion take-private deal.

 

Wealth management. Clearlake Capital and Motive Partners are acquiring the so-called“BETA+” assets from London Stock Exchange Group. Additionally, Clearlake and Motive Partners announced a long-term strategic partnership with LSEG, in which the exchange will provide content, data, and tools to BETA+ and the sponsors’ other portfolio companies, such as InvestCloud.

 

Mission critical. Stellex Capital Management, a mid-market PE firm investing in aerospace and defense, today announced a new platform investment in RTC Aerospace, a provider of machined components and assemblies for mission-critical aerospace and defense applications.

 

Secondary sale. Kaiser Permanente, which has ramped up its private equity program at an extraordinary pace since 2019, is selling a portfolio of stakes in private equity funds valued at about $1.5 billion, four sources told Buyouts.

 

For more, read Chris’s story.

 

That’s it for this busy Monday morning!

 

Until tomorrow,

MK

 

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

As private equity valuations trail movements in the public markets, tech heavy private equity baskets likely will soon reflect the pummelling taken by public tech stocks. This may lead to a reconsideration of not just the amount pensions invest in private equity, but also to the types of funds to which they commit. (Buyouts)

 

An FT op-ed by Sujeet Indap, "Private equity facing more fractured world after invasion of Ukraine," says the Russia crisis "shows that the ability of commerce to bridge [political and social] gaps to be more limited. If that trend continues, the critical relationships that private equity firms have forged around the world in some difficult places may not look so good under this harsher light."