In QuotedData’s morning briefing 10 October 2024:
- As flagged yesterday, UIL (UTL) has entered into a sale and purchase agreement with General Provincial Life Pension Fund to acquire all of its stake (187,572,396 ordinary shares) in Zeta, following which UIL will own 95.03% of Zeta’s share capital. Based on Zeta’s NAV as at 8 October 2024 of A$0.2973, the acquired shares are valued at £28.7m. UIL is paying by transferring its stake in Allectus Capital (an unlisted investment company with a portfolio of technology businesses valued at £12.8m at 8 October 2024) and the issue of 9,504,199 new UIL shares at NAV (adjusted to eliminate the discount on Zeta). The statement says that the use of net asset values at the latest practicable date prior to entry into the sale and purchase agreement will ensure no pro-forma dilution in UIL’s net asset value per share. Starting on 11 October 2024, UIL intends to value its investment in Zeta at its underlying net asset value per share.
- Partners Group Private Equity (PEY) has flagged the IPO of KinderCare on the NYSE. Based on the closing share price, Kindercare is valued at $3bn. KinderCare is the largest private provider of high-quality early childhood education in the US by centre capacity with the ability to serve over 200,000 children across its more than 2,400 centres and sites. The trust saw a more than 50% uplift in the valuation of its stake as a result of the deal, potentially adding about €18m or 1.8% to the NAV (but there is a 180 day lock-up period on the KinderCare shares which means it cannot sell these yet).
We also have: