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The Wire April 26, 2021
What Blue Yonder's sale means for NMC's secondaries process, Q&A with EQT investor Eric Liu, Thoma Bravo buys Proofpoint in $12.3b deal
Happy Monday, everybody!
Late breaking: This just in...Tech specialist Thoma Bravo has agreed to acquire Proofpoint in a deal valuing the Software-as-a-Service cybersecurity and compliance company at $12.3 billion. The deal, at a 34 percent premium over Friday's closing share price, is being called the largest software take-private by a financial sponsor in history. Read PE Hub's brief on the deal.
Change of plans: Panasonic on Friday said it would acquire the remainder of Blue Yonder not already owned for $7.1 billion, buying stakes from New Mountain Capital and Blackstone. Blue Yonder was part of one of the potentially largest GP-led secondaries deals in the market, run by New Mountain, and now that has come to an end after the largest asset in the process was picked off in a regular M&A transaction, Buyouts writes. Finally, in a recent interview with EQT Partner Eric Liu, the investor spoke on everything from the good that has come out of the pandemic for the broader healthcare sector to EQT’s unique corporate governance model, and why, unlike many firms...
Read the full wire commentary on PE Hub...
That's it for me! Have a great week, and as always, hit me up at springle@buyoutsinsider.com with your comments, tips and anything else!
Also of note (may require subscriptions) Gender equality: Trilantic North America has teamed up with the Tuck School of Business at Dartmouth College to launch a new executive program aimed at empowering the next generation of female private equity leaders. The firm has committed $2 million over a four-year period to fund the program, and will be involved in its development, including curriculum. Read more on PE Hub.
Back on the table: Johnson & Johnson is reviving plans for a sale of its breast implant unit, according to people with knowledge of the matter, writes Bloomberg. The business is expected to draw interest from private equity firms, the report says. Read more here.
Secondaries: Pantheon has come to market with a fund dedicated to single-asset secondaries deals. Last summer, the London firm held a $2.2 billion final close for its sixth secondaries program, including separately managed accounts, as Secondaries Investor reported. Read it here.
Postpandemic office: Goldman Sachs and JPMorgan Chase don’t have names for their postpandemic policies, because they expect most employees to return to the office for most of the time, New York Times' Dealbook writes. But many companies have hatched a postpandemic plan in which employees return to the office for some of the time while mixing in more work from home than before. Read more on NYT.
PE Deals
They said it “Things change, even things independent of the company, like changes in the market, or specific developments that are more company-specific, any and all of that can put a deal at risk.”
A buyer in the secondaries market told Buyouts.
Today's letter was prepared by Sarah Pringle Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. FIND OUT MOREPlease visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC.
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