Last word

PurusCo’s tender offer to the shareholders of Danish cleaning company ISS has gone unconditional. EQT III, EQT IV, GS Capital Partners 2000 and affiliated funds have submitted a voluntary conditional public tender offer for all outstanding share capital. After the offer expired on May 3, PurusCo owned or had received valid acceptances in respect of an aggregate of 43m ISS shares. The acceptance level was 91.5%. PurusCo expects that settlement will take place on May 12, followed by a mandatory offer for the remaining shares.

• A private equity group led by Apax and Saban Capital Group has acquired a 30% stake in Israeli telecom firm Bezeq. The stake was purchased from the government in association with Moro Arkin, the Israeli investor. The investment group has the option to raise the stake by a further 10%. The other main shareholders in Bezeq are Zeevi Telecoms and employees with 17%. A further 35% is listed.
• S&P placed its long-term corporate credit rating on Republic of Ireland-based paper and packaging company JSG Packaging on CreditWatch with developing implications. The ratings on the various unsecured notes issued by group entities were also placed on CreditWatch with developing implications on the announcement by JSG and Kappa Packaging that they were in preliminary discussions that could lead to a merger. The two groups are leveraged buyout structures and it is likely that a potential combined entity would also be highly leveraged, S&P said.
• PCG Asset Management, the US private equity firm, has established a European office in Geneva, Switzerland. The office will be run by Michael Russell, the firm’s managing director for Europe, who has relocated from California. PCG is a unit of Pacific Corporate Group.