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’Schwarzman: some of my best friends are old people
The front page splash in Thursday’s Daily Mail has certainly struck a nerve at private equity group Blackstone.
It’s just fired off the following statement:
A news report that appeared this morning on former Blackstone portfolio company Southern Cross was inaccurate and misleading.
The reemergence of cov-lite loans
FT Alphaville noted last week that Citi analysts were predicting a return to the heady pre-crisis levels of leveraged buy-outs.
But, they argued, this time is kind of different: there will be fewer “mega-deals”
Bigger is not necessarily better in private equity
Size really does matter — but not how you think it might, according to one view of the private equity world.
As FTfm reports on Monday, new research from the Edhec-Risk Institute, an arm of France’s Edhec Business School,
About those Yahoo buyout rumours
Shares in Yahoo are blazing in pre-market trading:
That’s $17.21 per share versus a Wednesday close of $15.25 per share …
…after the Wall Street Journal reported that several private equity companies are mulling bids:
Blackstone’s property ambitions
Blackstone is on a roll. Having just reported strong Q2 results – featuring a 13 per cent annual increase in income and news that it raised $13.5bn in the quarter for its new buy-out fund, the biggest such fund since the financial crisis – it is now eyeing property investments in hitherto unchartered territory.
[GAIM conference 2010] The mirror crack’d
One of the more interesting things to watch at the GAIM hedge fund conference in Monaco this year – more for light, than heat, truth be told – was Mike Novogratz, one of the founders of the giant Fortress Group,
PETA says Blackstone kills whale trainers; SeaWorld fights back
The following press release from the People for the Ethical Treatment of Animals hit the FT Alphaville inbox on Tuesday (emphasis ours):
PETA has purchased common units in equity firm and SeaWorld owner
Party like it’s 2007: KKR finally files for a NYSE listing
In 2007, the (financial) world was a very different place. Blackstone had just become the first ever private equity firm to offer itself up to the public. That $7.8bn initial public offering was roughly seven times subscribed,
CIC takes on the world
After a low-key year, China Investment Corporation really has come back out swinging. After last week’s news of its nifty deal with Apax Partners in Europe, a (US) SEC filing by the Chinese sovereign wealth fund gives an intriguing glimpse into how it is using exchange-traded funds to take positions on sectors ranging from healthcare to consumer services and gold.
Ambac inches closer to the inevitable
Ambac, the bond insurer that warned in November it was rapidly running out of cash, has brought in Blackstone to advise on a restructuring strategy, according to Reuters.
The news agency, citing sources,
Bond insurer death watch, FGIC edition
According to the investor relations section of the website of FGIC, the bond insurer part-owned by PMI Group and Blackstone:
FGIC provides irrevocable and unconditional guaranty of timely payment of principal and interest on the securities it insures.
Blackstone in $1.3bn Birds Eye deal
Birds Eye Foods is being sold by its private equity owners for $1.3bn to Blackstone’s Pinnacle Foods, it was announced on Thursday. The deal, to be funded with $300m in additional equity from Blackstone and $1bn in debt,
Matalan draws buy-out groups
Five private equity groups are among the first-round bidders for Matalan, the privately owned UK discount clothing retailer that is being auctioned with an estimated price tag of about £1.5bn. TPG, Blackstone,
Investors eye Axa’s Taikang stake
Foreign private equity funds are this week expected to submit bids for Axa’s minority stake in Taikang Life, China’s fourth-largest insurer, which has been valued at up to $1bn. First-round bids are due by Friday and various overseas investors have signalled interest in the French insurer’s 15.6% stake,
Blackstone to back Asian fund
Nick Taylor, a former executive of Citadel Investment Group, is preparing to open the largest Asia-focused hedge-fund startup since May 2007 after receiving the backing of Blackstone Group, reports Bloomberg.
Blackstone plans listing spree
Blackstone, the world’s largest buy-out firm, is planning to list up to eight companies it owns and sell at least five others, in a marked reversal of its pessimistic view of financial markets. In a letter sent to investors on Friday,
Exxon takes $4bn stake in Ghana field
ExxonMobil has agreed to acquire a large stake in Ghana’s Jubilee oil field from its private equity owners, paying about $4bn for one of Africa’s most potentially lucrative oil discoveries. The deal,
Weekend catch-up
In case you missed these stories:
- Blackstone nears $3bn theme parks buy
US buyout group Blackstone is expected to buy 10 theme parks from brewing group AB InBev, in a $3bn deal that could be sealed on Monday.
Suntory seals Orangina deal
Blackstone and Lion Capital have sealed one of the biggest private equity exits of the year by agreeing a binding €2.6bn ($3.84bn) deal to sell Orangina Schweppes, the French soft drink maker, to its Japanese rival Suntory.
SWFs and the Noble chase for commodities
Forget unprofitable investments in western financial groups. The scramble is on among Asian sovereign wealth funds for a big piece of the commodities action. As the FT reports on Tuesday, China Investment Corp has agreed to take a 15 per cent stake in Noble Group,
Blackstone to buy 50% of Broadgate
British Land will complete the sale of half of London’s £2.2bn Broadgate office complex to US buyout group Blackstone. British Land was on Thursday night finalising the cash-and-debt deal, which entails a joint venture with Blackstone to hold the 32-acre City of London estate.
Suntory eyes Orangina
Suntory Holdings, the privately held Japanese beverage maker, is in talks to acquire Orangina, the French soft drink manufacturer, from buyout firm Blackstone and its partner Lion Capital in a deal that would likely be worth at least $3bn.
Blackstone in Broadgate stake talks
Blackstone is in exclusive talks with British Land to take a 50% stake in Broadgate, the landmark £2.5bn office development in the City of London, it emerged as British Land revealed on Tuesday it had
Blackstone seals British Land deal
Blackstone, the US buyout group, is set to buy half of the Broadgate Estate in the City of London from British Land, reports The Times. The deal could be announced as early as Tuesday when British Land reports Q2 results,
CEO pay: Schwarzman’s $702m package
What recession? “The 10 highest-paid CEOs of 2008 haven’t experienced one”, says Corporate Library Blog, an independent research group and blog, which puts together an annual “CEO Pay Survey,” a rundown of the whos,
Buyout firms to raise renminbi funds
Blackstone and the private equity arm of Goldman Sachs are among US firms establishing investment companies in China to raise renminbi funds from local investors and take stakes in local companies with Chinese partners. The two buyout firms join banks such as Citibank and HSBC in their ability to offer renminbi products.
Blackstone sells maiden bond deal
In a rare move for a private-equity firm, Blackstone Group has sold $600m 10-year senior bonds in its first such deal, reports the WSJ. The notes, issued through Blackstone Holdings Finance Co, yielded 6.73%,
Blackstone mulls Hilton debt shake-up
Blackstone is exploring options for a debt restructuring of Hilton, the hotel group it bought for $26bn in mid-2007. The US buyout group has ruled out asset sales but is looking at options to alter Hilton’s capital structure,
High yield debt lifts Blackstone
Blackstone reported improved Q2 profits on Thursday after the US buyout group benefited from stock market rallies and a stronger market for high yield debt. But executives said they do not plan to list their companies any time soon.
Blackstone shares surge 21%
The shares of private equity firm Blackstone Group rose 21% on Monday, a surge that some analysts attributed to investors buying on speculation about upcoming earnings, reports Reuters. Blackstone, which is scheduled to report Q3 earnings on Thursday,