CPP Investments sells Chinese property stakes to Dajia Insurance for C$163 million, New Mountain Capital supports Grant Thornton U.S.-Ireland combination and Strategic Value Partners acquires Vista Outdoor’s sporting goods unit.
CPP Investments sells China real estate stake to Dajia Insurance for C$235m
The Canada Pension Plan Investment Board (CPP Investments) has agreed to sell its 49% interest in four China real estate joint ventures with Longfor Group Holdings to a Dajia Insurance Group affiliate for approximately C$235 million ($163 million) before closing adjustments. The assets comprise retail malls with connected office and rental housing properties in Shanghai, Suzhou, Chengdu and Chongqing. CPP Investments, which first partnered with Longfor in 2014, will maintain several other joint ventures with the Chinese real estate company following the deal. The transaction remains subject to customary closing conditions and regulatory approvals.
NMC-led investor group backs Grant Thornton U.S.-Ireland merger
An investor consortium led by New Mountain Capital has provided support for a transaction between Grant Thornton Advisors in the U.S. and Grant Thornton Ireland to establish a global platform offering audit, advisory and tax services. The merged entity will maintain its membership in the Grant Thornton International Limited network, which operates in more than 150 markets worldwide. New Mountain Capital Managing Director Andre Moura indicated the firm plans to support Grant Thornton’s future merger and acquisition initiatives.
Deutsche Bank Securities advised Grant Thornton Ireland, with A&L Goodbody as legal counsel. Jefferies and William Blair acted as financial advisers to Grant Thornton Advisors and New Mountain Capital, with Simpson Thacher & Bartlett, William Fry and Arthur Cox providing legal advice.
SVP completes $1.1bn acquisition of Vista Outdoor’s Revelyst unit
Strategic Value Partners has completed its previously announced acquisition of Vista Outdoor’s sporting goods business, Revelyst, in an all-cash transaction valued at about $1.1 billion. Following the deal completion, Revelyst has been delisted from the New York Stock Exchange.
