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Term Sheet — Tuesday, March 1

Random Ramblings

Some very quick notes to kick off your Super Tuesday:

• Another hurdle cleared: European regulators yesterday gave their blessing to Dell’s proposed $67 billion purchase of EMC Corp., less than one week after U.S. officials did the same. Next up are the Chinese, although no one seems too sure about when that ruling will come. It could even be after the planned EMC shareholder vote, which currently is slated for sometime later this spring.

• Where have all the listings gone? There is once again no IPO news this morning. No filings, no pricings, no talk of upcoming filings or pricings. The window might not be closed, but it sure does seem abandoned.

Reminds me a bit of early 2001, when one of my unfortunate job responsibilities was editing a print newsletter called The IPO Reporter. Each week we had to fill 12 pages with information on a hibernating market. Really hoping there’s no one with a similar job today but, if it happens to be you, please know that it will get better. Someday. Hopefully.

• Deep debt? The high-yield credit crunch seems to be getting even worse, according to new data from Thomson Reuters. It shows that global high-yield issuance is off 75% year-to-date through last Friday, compared to being down only 71% back through Feb. 11. Moreover, the U.S.-specific figure has ticked down from -60% to -66%. The only bright spot is that there has been some global and U.S.-specific improvement in investment grade issuance.

• More transparent: Yesterday I discussed a proposed bill in California that would require public pension funds in the state to require increased disclosure of their private equity (and VC) general partners. I’ve written a more detailed blog post — and embedded the actual legislation — which you can read by going here.

• Recommended reading: My Fortune colleague Brian O’Keefe recently visited West Africa to investigate big chocolate’s use of child labor, and has written a phenomenal (and disturbing) piece. You will not look at your impulse purchases or kid’s Halloween haul the same way again. Find it here.

• Last link: Venture capitalist Mark Suster recently surveyed dozens of limited partners in VC funds, to get their sense of the market in 2016. He has shared the results exclusively with Fortune. Here you go.


• GO Scale Capital is bidding for the non-Lumileds lighting business of Royal Philips NV, according to Bloomberg. The Chinese private equity firm originally had tried to purchase Lumileds, but was blocked last month by U.S. regulators. The new deal could be valued at around $5.4 billion. Read more.


• SomaLogic Inc., a Boulder, Colo.-based protein biomarker discovery and clinical diagnostics company, has raised $60.5 million in combined equity and debt financing from Visium Healthcare Partners. Existing backers include Otsuka Pharmaceutical Co., Stronghold Capital, ProQuest Investments, Profundix LLC, MorrGold LLC and Quest Diagnostics Inc.

• YourMechanic, a Mountain View, Calif.-based on-demand auto mechanic service, has raised $24 million in new funding. Backers include SoftBank Capital, Lerer Hippeau Ventures, Data Point Capital, Andreessen Horowitz, SAIC, Verizon Ventures, American Family Insurance, PG Ventures, Promus Ventures, and Silicon Valley Bank.

• Centage Corp., a Natick, Mass.-based provider of budgeting and forecasting software for small and mid-sized businesses, has raised $13.5 million in Series A funding. TVC Capital led the round, and was joined by Northgate Capital.

• Replay Technology, a Newark, Calif.-based provider of multi-dimensional video imaging technologies, has raised $13.5 million in Series B funding led by Deutsche Telekom Capital Partners.

• Stackla, a social media marketing startup with offices in Australia and San Francisco, has raised A$6.1 million in Series Afunding. Bailador Technology Investments led the round, and was joined by return backers Rampersand and Tony Faure.

• Deep Optics, an Israel-based developer of electronic lens and glasses systems, has raised $4 million in Series A funding. Backers include Essilor, Atomics 14 Ventures and Saar Wilf.

• Hungryroot, a New York-based natural food-based meal-kit delivery service, has raised $3.7 million in new funding from firms like Lightspeed Venture Partners, Lerer Hippeau Ventures and Crosslink Capital.

• Mariana, a Palo Alto, Calif.-based B2B demand generation platform, has raised $2 million in seed funding led by Blumberg Capital.

• Videogram (f.k.a. Cinemacraft), an online video monetization platform with offices in Japan and the U.S., has raised around $600,000 in bridge financing, according to TechCrunch. Asahi Broadcasting led the round, and was joined by return backers NTT DoCoMo Ventures, Samsung Ventures, Turner Broadcasting’s Media Camp and Fierce Capital. Read more.


• Accel-KKR has agreed to acquire an equity stake in IntegriChain, a Philadelphia-based cloud software company focused on channel management for life sciences suppliers. No financial terms were disclosed.

• American Securities is in exclusive talks to acquire North American Partners in Anesthesia (NAPA), a Melville, N.Y.-based anesthesia management company, for nearly $1 billion (including debt), according to Reuters. The seller would be Moelis Capital Partners. Read more.

• The Carlyle Group and Vinci Partners have jointly acquired Uniasselvi, a Brazilian distance-learning company, from Brazil-listed Kroton Educational. No financial terms were disclosed.

• Fleur de Lis Energy LLC an Irving, Texas-based oil and gas acquisition platform sponsored by KKR, is seeking to raise upwards of $1 billion in new capital, according to LBO Wire.

• KKR has completed its previously-announced acquisition of Mills Fleet Farm, a Midwestern value retailer of lifestyle merchandise with a focus on “active outdoor families.” No financial terms were disclosed.

• Tailwind Capital has acquired Stratix Corp., a Norcross, Ga.-based provider of outsourced managed mobile service solutions for global brands, from Grey Mountain Partners. No financial terms were disclosed.

• White Wolf Capital has acquired Stag Arms LLC, a New Britain, Conn.-based maker of sporting rifles. No financial terms were disclosed.


 No IPO news this morning.


• Cisco Systems (Nasdaq: CSCO) has agreed to acquire CliQr, a Santa Clara, Calif.-based provider of hybrid cloud migration and management solutions. The deal is valued at $260 million. CliQr has raised $38 million in VC funding, including a Series C round last summer at a post-money valuation that was shy of $100 million. Backers included Polaris Partners, Foundation Capital, Google Ventures and TransLink Capital. Read more.

• GoPro (Nasdaq: GPRO) has acquired video-editing startups Stupeflix (Paris) and Vemory (Austin, Texas) for a combined $105 million. Stupeflix had been backed by Seedcamp. Read more.

• Mobvista, a Chinese mobile ad platform, has acquired NativeX, a Sartell, Minn.-based developer of ad solutions for mobile games and apps. The deal is valued at around $24.5 million. Mobvista shareholders include Guangzhou Zuoshi Investment Management, Netease Capital, Hunan Satellite Television, Haitong Leading Capital and Shanghai Media Group. NativeX had been backed by Alta Communications and Rio Grande Investment Partners. Read more.

• The Sports Authority, a Leonard Green-backed retailer that is preparing for bankruptcy, has discussed selling stores and other various assets to rival Dick’s Sporting Goods (NYSE: DKS), according to Bloomberg. Read more.


• Barclays (LSE: BARC) announced plans to sell its 62% stake in Barclays Africa Group over the next two to three years, ending more than a century of presence on the continent. Read more.

• Chevron (NYSE: CVX) is considering a sale process for its Asian geothermal energy assets, according to Bloomberg. The deal could generate upwards of $3 billion. Read more.

• China Life Insurance has agreed to acquire a 20% stake in China Guangfa Bank from Citigroup (NYSE: C) for around $3 billion. Read more.

• Carl Icahn has offered to acquire the 18% he doesn’t already own in Michigan-based auto parts supplier Federal-Mogul (Nasdaq: FDML) for $7 per share (41% premium to prior closing price). Read more.

• Intercontinental Exchange (NYSE: ICE), owner of The New York Stock Exchange, is considering a takeover bid for London Stock Exchange Group, which currently is in merger talks with Germany’s Deutsche Börse. Read more.

• Toshiba Corp. (Tokyo: 6502) plans to sell its entire medical equipment business, rather than just a controlling stake, according to Reuters. The deal could be valued at around $3.5 billion, with both private equity and strategic suitors expected. Read more.

• Tribune Media Co. (NYSE: TRCO) said that it is considering an asset sale or strategic partnerships that could boost its slumping stock price. Read more.


• MTS Health Investors is raising upwards of $300 million for its fourth private equity fund, according to a regulatory filing. It already has secured more than $155 million.

• Resolute Ventures is raising upwards of $50 million for its third fund, according to a regulatory filing.

Sequoia Capital is raising its sixth China-focused fund, according to regulatory filings.


• Carl Eschenbach, VMWare’s president and chief operating officer, is leaving to join Sequoia Capital as a partner, according to Fortune. Read more.

• Goldman Sachs has named Pete Lyon and David Ludwig as co-heads of equity capital markets in the Americas, according to Reuters. They succeed John Daly, who will become chairman of global equity capital markets. Read more.

• William Kuntz has joined private equity firm Peak Rock Capital as a principal focused on the tech and tech-enabled services sectors. He previously was a principal with Housatonic Partners.

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