A bunch of notes this morning (if you’re a VC, be sure to read to the end)…
• First-half deal data: Worldwide M&A hit its highest level since 2007 in the first half of 2015, largely powered by a 48% bump in the number of deals worth $5 billion or more, according to Thomson Reuters. I can’t exactly remember what happened after 2007, but I’m sure everything worked out well…
Overall, nearly 20,500 worldwide M&A deals were announced in the first half of 2015, valued at $2.2 trillion. This included all-time M&A records for the U.S. ($1 trillion) and Asia-Pacific ($576 billion). For acquisitions of publicly-traded companies, the average price premium to the 4-week stock price was 25.9% globally, and 32.8% for U.S. targets.
There was $260.8 billion of private equity deal activity in the U.S. during the first half, which nearly doubled the $134.8 billion tally from H1 2014. Globally, private equity activity climbed y-o-y from $277.6 billion in H1 2014 to $413 billion in H1 2015, while its percentage of the total M&A pie also grew (from 16% to 18.4%).
Also, 27 VC-backed companies completed IPOs on U.S. exchanges in the second quarter, according to the NVCA and Thomson Reuters. This is a 59% increase in the number of offerings and more than double the number of Q1 dollar volume. VC-backed M&A, however, fell to its lowest quarterly number of deals since Q1 2003.
• Chip chop: Just coming over the wires is news of a massive shakeup at Intel, which includes president Renee James leaving “to pursue an external CEO role.” Most notable for Term Sheet readers is that Arvind Sodhani will retire in January as head of Intel Capital, which is generally the world’s most active corporate VC group. He will be succeeded by Wendell Brooks, who also will continue to lead M&A for Intel.
• As CalPERS turns: For those interested in how America’s largest public pension system is flailing around on private equity controls, you can read my latest by going here. For the click-phobic, four quick pieces of info:
(1) CalPERS used to receive aggregate carried interest info for its PE portfolio from an outside consultant, but the pension canceled that contract several years ago. (2) I spoke with CIO Ted Eliopoulos and deputy CIO Wylie Tollette, who provided further detail on what CalPERS is now doing to collect carried interest info, and plans to disclose it. (3) They confirmed those emails I mentioned yesterday — and insisted the timing was coincidental — but it’s worth noting that the emails were not mentioned in a confidential memo sent on Tuesday by CalPERS CEO Anne Stausboll to the system’s investment committee about how the situation was being addressed. (4) Separately, Fortune also learned that CalPERS has launched an internal legal investigation into how its private equity funds charge fees to its portfolio companies.
• Moving on: Tamara Elias has quietly stepped down as a partner with VC firm Essex Woodlands, where she co-led the firm’s healthcare services and healthcare IT growth equity practices. She originally joined the firm in 2007, and now will serve as VP of corporate strategy and biz dev at Becton Dickinson. In quasi-related news, a regulatory filing shows that Essex Woodlands has closed on $360.5 million for its ninth fund, which is targeting upwards of $750 million. A prior filing from July 2014 showed $221.5 million closed on the fund.
• Hey VCs: We are now less than two weeks away from Fortune Brainstorm Tech, our annual gathering of tech executives and investors in Aspen. Each year, Brainstorm Tech includes a startup pitch competition. This year we’ve changed it up a bit. Rather than having seed-stage (or pre-seed) companies present, each of our companies will have already raised institutional VC funding, with the audience voting on which one has the best chance of eventually becoming a unicorn.
This is where you come in: We’ve saved the final spot, so that Term Sheet readers can nominate one of their deserving portfolio companies. The startup must be VC-backed, valued at less than $100 million in its last funding round and have huge growth prospects. The one we pick will get a free pass to all of Brainstorm Tech (which is sold-out and invite-only), with the competition winner getting some pretty sweet prizes. I will select the final competitor in the next 24 hours, so get in your nominations ASAP by sending me an email (email@example.com).
To nominate a company, send me an email (firstname.lastname@example.org) of no more than three lines. Include the company name, what it does and why it will someday be worth more than $1 billion…
• Publishing note: Term Sheet will be off tomorrow for the July… ummm… July 3rd holiday. Have a great long weekend, and we’ll return on Monday.
THE BIG DEAL
• PayPal Inc. has agreed to acquire Xoom Corp. (Nasdaq: XOOM), a San Francisco–based digital money transfer provider, for approximately $890 million, or $25 per share (20.77% premium over yesterday’s closing price). Sellers would include Sequoia Capital, which holds a 14.72% stake. Read more.
VENTURE CAPITAL DEALS
• Prêt d’Union, a French online lending marketplace, has raised €31 million in new funding from firms like Eurazeo. Read more.
• INTTRA, a Parsippany, N.J.-based ocean shipping electronic marketplace, has raised $9.5 million in new VC funding led by ABS Capital Partners. www.inttra.com
• Leesa Sleep, a Virginia Beach, Va.-based online seller of mattresses, has raised $9 million in new funding from TitleCard Capital at a post-money valuation of $45 million. Read more.
• Your.MD, a UK-based “smart health assistant” app, has raised $5 million in VC funding led by Smedvig Capital. www.your.md
• Zagster, a Cambridge, Mass.-based provider of private and public-private bike sharing systems, has raised $3.5 million in Series A funding. Backers include LaunchCapital, Fontinalis Partners, Clean Energy Venture Group and LaunchPad Venture Group. www.zagster.com
• NextInput Inc., a Milpitas, Calif.-based provider of MEMS-based force-sensing solutions for touch-enabled devices, has raised $1.5 million in new VC funding from Intel Capital, Takata Holdings, Steve Nasiri and the Band of Angels. www.nextinput.com
• Thycotic, a Washington, D.C.-based account management solutions for global organizations, has raised an undisclosed amount of equity funding from Insight Venture Partners. www.thycotic.com
PRIVATE EQUITY DEALS
• Apollo Global Management has completed its previously-announced acquisitions of Protection 1, a Lawrence, Kansas-based provider of business and home security services, and ASG Security, a Beltsville, Md.-based provider of security monitoring solutions. The two companies have been merged into a combined company that is expected to have in excess of $500 million in annual revenue. Protection 1 was sold by GTCR, while AGS was sold by Parthenon Capital Partners. www.agm.com
• The Carlyle Group and TPG Capital are among 12 firms that have expressed interest in acquiring a majority stake in United Coconut Planters Bank from the Philippine government, according to Reuters. The deal is expected to be worth at least $350 million. Read more.
• EQT Partners has agreed to acquire HusCompagniet, a builder of single family brick-house market in Denmark. No financial terms were disclosed, except that HusCompagniet generated around $267 million in revenue last year. www.eqt.com
• FFL Partners has agreed to acquire Interactive Health, a Schaumberg, Ill.–based provider of workplace wellness solutions, from CI Capital Partners. No financial terms were disclosed. www.interactivehealthinc.com
• GenesisCare, an Australian radiotherapy services company owned by KKR, has acquired Cancer Partners UK, a British network of specialist outpatient cancer centers, from Apposite Capital. No financial terms were disclosed. www.genesiscare.com.au
• North Castle Partners has acquired a control stake in Sprout Organic Foods Inc., a Duluth, Ga.–based provider of organic foods for the baby and toddler market. No financial terms were disclosed. www.sproutorganicfoods.com
• PDC Brands, a Stamford, Conn.–based beauty and personal care company, has acquired Bodycology (specialty bath brand) and Cantu (hair brand) from Advanced Beauty Inc. for an undisclosed amount. PDC Brands is a portfolio company of Yellow Wood Partners. www.parfumsdecoeur.com
• Permira has completed its previously announced acquisitions of Medora Snacks LLC (Freeport, N.Y.) and Ideal Snacks Holding Corp. (Liberty, N.Y.), which now have been merged into a single “better for you” snack-maker called BFY Holdings. No financial terms were disclosed. www.permira.com
• RoundTable Healthcare Partners has agreed to acquire TIDI Products Inc., a Neenah, Wis.-based maker of single-use infection prevention products, from J.H. Whitney & Co., according to an FTC filing. www.tidiproducts.com
• Safe Fleet Investments, a portfolio company of The Sterling Group, has acquired the Elkhart, Ind.-based transit mirror product line for buses, shuttles and coaches from Hadley Products Corp. No financial terms were disclosed. www.safefleet.net
• SafeWorks, a Seattle-based maker of suspended access products, has acquired DualLift GmbH, a German manufacturer of traction hoists. No financial terms were disclosed. SafeWorks is owned by Evergreen Pacific Partners. www.safeworks.com
• Trive Capital has acquired Architectural Granite & Marble Ltd., an Austin, Texas–based importer and distributor of natural stone, engineered stone and related products used in residential construction, commercial construction and remodeling. No financial terms were disclosed. www.agmgranite.com
• TSG Consumer Partners has acquired Backcountry.com, a Park City, Utah-based online specialty retailer of outdoor gear and apparel, from Liberty Interactive Corp. (Nasdaq: QVCA). No financial terms were disclosed. www.backcountrycorp.com
• No IPO news this morning.
• Atlas Holdings has sold Forest Resources, a Hartford City, Ill.–based manufacturer of industrial paper and packaging products, to PaperWorks Industries and New-Indy Containerboard via a pair of transactions. No financial terms were disclosed. www.atlasholdingsllc.com
• KPS Capital Partners has completed a $465 million recapitalization of Anchor Glass Container Corp., a Tampa, Fla.-based maker of glass packaging products for the beer, liquor, food, beverage and ready-to-drink end markets. The financing includes a $150 million cash distribution to KPS. www.kpsfund.com
• ACE Ltd. (NYSE: ACE) has agreed to acquire fellow property and casualty insurer Chubb Corp. (NYSE: CB) for $28.3 billion in cash and stock. Read more.
• Amadeus, a listed Spanish travel company, has agreed to acquire Navitare, a Minneapolis-based provider of tech services to airlines and airline passengers, from Accenture PLC (NYSE: CAN) for $830 million. Read more.
• Cargill has agreed to sell its U.S. pork business to an affiliate of Brazil’s JBS for $1.45 billion. Read more.
• Centene Corp. (NYSE: CNC), a St. Louis-based provider of services to government-sponsored healthcare programs, has agreed to acquire Health Net Inc. (NYSE: HNT), a Woodland Hills, Calif.-based managed care organization, in a cash and stock transaction valued at around $6.8 billion (including the assumption of $500m in debt). The deal values Health Net stock at $78.57 per share, which represents around a 21% premium over yesterday’s closing price. www.centene.com
• The U.S. Justice Department filed suit yesterday to block General Electric’s planned $3.3 billion sale of its home appliances business to Sweden’s Electrolux, arguing that the deal would result in too little competition and higher prices for U.S. consumers. Read more.
FIRMS & FUNDS
• Gemini Investors, a Wellesley, Mass.-based private equity firm focused on the lower middle-markets, has held a $64 million close on its sixth fund, according to a regulatory filing. www.gemini-investors
MOVING IN, UP, ON & OUT
• Brian Buehler has joined Triton Pacific Capital Partners as a partner and president of the firm’s captive broker-dealer (Triton Pacific Securities). He previously was president of United Reality Advisors and United Realty Trust. www.tritonpacific.com
• Ratan Tata, chairman emeritus of Tata Sons, has joined Jungle Ventures as a special advisor. www.jungle-ventures.com
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