Luxury electric vehicle maker Lucid Motors on Monday agreed to go public by merging with blank-check firm Churchill Capital IV Corp in a deal that valued the combined company at a pro-forma equity value of $24 billion. Lucid, run by an ex-Tesla engineer, is the latest firm to tap the initial public offering market, with investors rushing into the EV sector, spurred by the rise of Tesla Inc and with emissions regulations toughening in Europe and elsewhere. The deal, which has a transaction equity value of $11.75 billion, includes a $2.1 billion cash contribution from CCIV and a PIPE (private ..read more

Bain Capital is picking up a minority stake worth $250 million in business services firm Sikich, which is planning to deploy the investment to finance its expansion plans, the companies said on Thursday. The private equity firm is the first outside investor at Chicago-based Sikich, which was founded in 1982. The $250 million is structured as preferred equity, the firms told Reuters. Sikich Chief Executive Christopher Geier said the company had reached an “inflection point” in its growth, and Bain’s involvement in the business would help Sikich take the next steps in its development. Get ..read more

Funds managed by affiliates of Blackstone, the world’s largest alternative asset manager, have acquired Civica, a public sector software solutions provider, from private markets firm Partners Group, acting on behalf of clients. The transaction has completed after securing all necessary regulatory approvals, having initially been announced last November. Financial terms of the transaction have not been disclosed. Civica was founded in 2001 and has since grown into one of the UK’s largest software companies, providing technology services to over 6,000 customers around the world. Get the week ..read more

Shares in Peloton soared by as much as 18% on Tuesday after CNBC reported that several private equity firms are considering a buyout of the connected fitness company, which is looking to refinance its debt and return to growth after 13 consecutive quarters of losses. CNBC’s report cited an unnamed source in confirming that the New York-based company has held talks with at least one firm as it considers going private, with a number of other private equity firms also reportedly viewing Peloton as a potential acquisition target, although it is unclear whether any other formal discussion have ta ..read more

Independent European infrastructure fund manager Arjun Infrastructure Partners has held the final close of its Infrastructure Alliance Europe 2 fund with total capital commitments of €1.1bn, with an additional €300m allocated to its co-investment programme. Arjun received commitments from its existing, long-term institutional investor base in Europe as well as substantial investor interest in both fund and co-investment opportunities from North America. Get the week’s top news delivered directly to your inbox – Sign up for our newsletter Sign up Launched in 2022 as a successor to the ..read more

Pub giant Marston’s has been approached by a US private equity firm over a potential takeover. Shares in the Wolverhampton-based company surged by more than a fifth immediately after it confirmed the proposal regarding a potential cash offer by Platinum Equity Advisors. The proposal comes as all of Marston’s 1,368 pubs remain shut to customers due to the national coronavirus lockdown. In a statement to investors, Marston’s said: “The board will evaluate the proposal with its advisers and a further announcement will be made in due course. “There can be no certainty that any firm offer will be ..read more

U.S. private equity firm Bain Capital is nearing the final close of its fifth and biggest Asia-focused fund after having raised around $6 billion from global investors, said two people with knowledge of the situation. The committed capital to the fund has exceeded the firm’s initial target of $5 billion, said one of the two people and a third source with knowledge of the fundraising Bain Capital, which started fundraising in the second half of last year, aims to complete the exercise in the coming weeks, said the three people, who all declined to be identified as the information is confident ..read more

Toshiba Corp is considering a $20 billion offer from private equity firm CVC Capital Partners to take it private, a person familiar with the matter said, as the Japanese industrial conglomerate faces pressure from activist shareholders to improve governance. The proposed deal, which comes three weeks after shareholders approved an independent probe into the scandal-hit company, could shield management, particularly Chief Executive Nobuaki Kurumatani, from that scrutiny. It would, however, invite regulatory review given its government work. “Toshiba received an initial proposal yesterday, and ..read more

U.S. buyout fund Bain Capital is in final talks to buy French IT services firm Inetum in a deal worth about $2.27 billion that would boost its presence across Europe’s tech sector, sources familiar with the matter told Reuters. The deal will see Inetum – formerly known as Gfi Informatique – returning into private equity hands after being sold to Qatar’s group Mannai Corp in 2016, the sources said, speaking on condition of anonymity. Bain is putting the finishing touches to the transaction which could be signed as early as this week and would value the 52-year old French firm at roughly 2 bil ..read more

In this interview, Johannes Geberth, Head of Institutional Investors at Raiffeisen Bank International AG, discusses the key role of relationship banks in supporting alternative investment funds throughout their lifecycle. 1. In your opinion, what are the key factors that alternative investment funds should consider when selecting a relationship bank? When selecting a relationship bank, alternative investment funds should consider key factors such as the bank’s industry expertise, tailored financial solutions, dedicated relationship management, flexibility, and ability to provide strateg ..read more