View this email online 

Vista details Apptio sale to IBM; Brookfield Reinsurance scoops up AEL

Good morning dealmakers!

It’s Obey Martin Manayiti here with the Wire, standing in for Chris Witkowsky, who’s on vacation this week.

I hope you all had a nice July 4th holiday. As always, I was mesmerized by the fireworks in the New York area.

Today I am detailing Vista Equity Partners’ Apptio sale to IBM for $4.6 billion, spotlighting an interview with Nadeem Syed, senior managing director and head of value creation at the firm.

I will also look at this morning’s news, starting with Brookfield Reinsurance announcing that it will acquire American Equity Investment Life Holding Company’s outstanding shares of common stock it does not already own in a cash and stock transaction that values Iowa-based AEL at approximately $4.3 billion.

I will close out with ArcLight Capital Partners’ announcement this morning that it will buy the commercial distributed generation business of Duke Energy for an enterprise value of $364 million.

Digital transformation

As companies navigate the complexities of digital transformation, a new breed of cloud-based software known as technology business management (TBM) has emerged, and Apptio has been a pioneer. Vista acquired Apptio in 2019 in a $2 billion take-private deal.

To learn more about the deal, I turned to Nadeem Syed, senior managing director and head of value creation, who sits on the board of Apptio. He discussed how the Bellevue, Washington-based software developer flourished under the PE firm’s control, with revenue doubling and Ebitda margins increasing by 4x. 

PE Hub subscribers can get the whole interview here.

Insurance business

In a deal valued at approximately $4.3 billion, Brookfield Reinsurance agreed to acquire all the outstanding shares of common stock of AEL it does not already own.

More on this deal on the premium version of The Wire.

Power up

Boston-based ArcLight Capital Partners announced this morning that it has reached an agreement to buy the commercial distributed generation business of Duke Energy for an enterprise value of $364 million. The deal is expected to close by the end of the year.

The distributed generation business being acquired includes REC Solar operating assets, development pipeline and O&M portfolio, as well as distributed fuel cell projects managed by Bloom Energy. 

Sign up to the premium version of The Wire for more on this deal.

That’s it for me today.

Please let us know what you are seeing in the market, or send a scoop on the latest deal or trends to me at obey.m@peimedia.com.

PE Hub editor-in-chief MK Flynn will be back with you tomorrow.

Have a nice day.

Cheers,

Obey

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Three secondaries advisory professionals at Credit Suisse are stepping down as the bank moves through its integration with UBS, its emergency acquirer, sources told Buyouts.

Carlyle is seeking up to $2 billion for a second renewable and sustainable energy offering, as climate strategies exhibit staying power in a tough fundraising market. (Buyouts)

Private Equity Real Estate is out with its annual PERE 100. With the ranking long dominated by Blackstone and Brookfield, to what degree are their successes masking a broader reality for institutional appetite for the sector? 

ABCD jostling places Canada’s investors atop global ag: Glencore’s merger with Bunge brings CPPIB and BCI into the evolving quartet at the heart of global ag trade, albeit in a less direct form than if it had succeeded in creating a true rival. (Agri Investor)

Emerging manager Henry Capital is raising capital for an investment opportunity meant to boost private equity firm employees’ ability to make LP commitments to their own funds. (Private Funds CFO)

London-headquartered Ancala Partners has found a new home for three of the UK-based assets in its 2017-vintage Ancala Infrastructure Fund I by opting to create a new strategy around them rather than a regular continuation fund – or a simple realization. (Infrastructure Investor)

Stirling Square Partners portfolio company Sustainable Agro Solutions has acquired agricultural inputs company Biovert. Financial details were undisclosed. (Agri Investor)

Paul Zuber, formerly operating partner and head of technology at Thoma Bravo, will be joining Hg as operating partner and North American lead, according to details shared with Private Equity International.

High profile attacks have pushed physical safety and cybersecurity to the fore. As these risks keep changing, so do the costs of keeping critical infrastructure secure. (Infrastructure Investor)