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’£50m pat on back for CVC chiefs
CVC Capital Partners, the private equity group, has awarded as many as five of its partners pay-outs of as much as £50m each following the success of its third European fund, according to people close to the group.
Bupa buys CVC’s Australian aged-care stake
Bupa, the UK private health group, is to make its first acquisition in Australia’s growing market for aged care. Bupa said Wednesday it would acquire a controlling stake in DCA Agedcare, which operates nearly 100 homes in Australia and New Zealand,
Remember the buy-out industry? Blackstone ‘realistic’ and CVC optimistic
Forget, momentarily, the supposed crisis in leveraged finance and the general markets upheavals, and remember the private equity groups who have been merrily chipping away at raising newer, bigger and better buy-out funds.
Debenhams – flip or flop?
In UK private equity’s ‘most wanted’ list of those deals that have become a byword for all that its critics maintain is wrong with the industry, two seem routinely to bag the top spots.
The buyouts of the AA and Debenhams.
CVC buys Taiwan shutter maker
CVC Capital Partners Asia Pacific has offered to acquire the world’s largest manufacturer of shutters for T$18bn ($547m) in the buy-out industry’s latest foray into Taiwan. Nien Made Enterprise said it received a tender offer from CVC on Tuesday at T$41.28 a share,
Delta Two in £12bn move on Sainsbury
Delta Two, the Qatari investment group, has made a 610p a share offer for J Sainsbury, valuing the UK retailer at £12bn, just three months after the UK retailer rejected a high-profile offer from CVC Capital Partners,
Imperial to offer €12.8bn for Altadis
Imperial Tobacco will on Wednesday deliver a €50-a-share all-cash bid for Altadis in a deal that will value the Franco-Spanish tobacco group at about €12.8bn (£1.9bn). An announcement could be made as early as Wednesday,
CVC sweeps up Holland’s Univar
No sign on Monday of any let up in the flow of private equity deals. CVC Capital Partners unveiled the €1.5bn acquisition of Dutch chemicals distribution specialist Univar, sending shares in the Rotterdam-based company up by more than a third.
The Real Deal: Only Altadis can stop this game of chicken
It has been 16 weeks since Altadis rejected Imperial Tobacco’s revised €47-a-share offer, and two weeks since the due diligence process ended. Yet, neither the UK tobacco group nor CVC, its rival suitor,
CVC to buy Samsonite for $1.7bn
A consortium of investors including Bain Capital, Ares Management, a smaller private equity group, and the Ontario Teachers Pension Plan, on Thursday agreed to sell Samsonite for $1.7bn to CVC Capital Partners,
Case closed — CVC to buy Samsonite for $1.7bn
Just as we were getting close to an assumption that substantially all private equity deals leak before any formal announcement, up pops CVC with a surprise takeover of a household name. Or an airport name,
UK private equity bosses admit mistakes
Private equity executives left a UK parliamentary inquiry on Tuesday seeming happy they had cleared a hurdle by adopting a humble attitude and acknowledging past mistakes. Unlike the hostile interrogations that MPs unleashed on several of their competitors and trade representatives at two previous Treasury select committee hearings,
PE vs MPs – the rematch
“Researchers from the University of St Andrews, Brazil’s Mamirauá Institute and the Zoological Society of London are conducting research on an often misunderstood animal – the piranha.” (The Royal Society)
And,
CVC raises cov-lite debt in Altadis bid
CVC has lined up covenant-lite debt for its planned €12.8bn leveraged buy-out of Altadis in spite of rising investor aversion to financing deals without traditional lender protections. The senior debt is set to be covenant-lite,
Bids loom in race for Spain’s Altadis
Two bidders are expected within days to make competing offers for Altadis that could value the cigarette and cigar maker at €13bn ($17.5bn) or more and result in one of the biggest tobacco deals ever,
Buy-out groups agree to share power in AA/Saga
The three private equity groups orchestrating the £6.2bn merger of Saga, the travel and insurance services provider, and the AA breakdown services company have agreed a power-sharing deal giving them two seats each on a nine-man board – despite earlier tension among the trio.
UK buy-out bosses set for second showdown
Private equity is set for a second showdown with the Treasury select committee next week, when four more buy-out titans will face questions from the Labour-dominated group of MPs. The four – expected to be David Blitzer of Blackstone,
Off market M&A – Saga and AA get together
Fresh from a kicking in the UK parliament, private equity is going about its business unperturbed.
On Monday, the private-equity owners of the AA and Saga said they would combine the businesses, creating a group valued at £6.15bn.
CVC secures backing for Altadis bid
CVC has secured financial backing for a €12.8bn bid for Altadis, the Franco-Spanish tobacco group, bankers said Monday. The offer, which values the maker of Gauloise cigarettes at €50 a share, could be formalised this week,
Cinven set to acquire 26 Bupa hospitals
Private equity group Cinven is poised to win the battle to acquire 26 Bupa hospitals for £1.4bn-£1.5bn in a deal that could be announced as early as Monday. Cinven’s private equity rivals – CVC, Terra Firma,
Sysco joins bidding for Brake Bros
Sysco, the Texas-based food distribution company, on Thursday night emerged as a contender in the auction for Brake Bros, its UK peer which is being sold by Clayton Dubilier & Rice, the private equity group,
Austria’s Voestalpine succeeds where CVC failed
Voestalpine, the Austrian steel giant, announced on Tuesday that it had succeeded in taking over local peer Boehler-Uddeholm. Having first bid €69 per share in late March before raising its offer to €73 a share in mid-May,
Seven banks sign up for CVC’s Altadis bid
CVC has lined up an impressive array of banking power behind its proposed bid for Spanish tobacco firm Altadis, reports El Pais on Friday.
The big difference, though, is that instead of just providing the funds for CVC’s bid,
CVC to go solo in Altadis bid
CVC is set to launch a solo bid for Altadis after its bidding partner PAI, the French private equity group, withdrew from the battle over the £12bn Franco-Spanish tobacco company. However, CVC is thought to be keen to involve either a French or Spanish co-investor in order to help appease the unions in both countries,
Coles shares slide as KKR, CVC quit consortium
KKR and CVC Asia Pacific on Monday withdrew from a private equity consortium set to bid for Coles, Australia’s second largest retailer, as it emerged that Woolworths, the company’s main rival, is in talks over joining a possible A$20bn-plus ($16.4bn) buy-out.
Packer to sell 25% stake to CVC
James Packer, Australia’s richest man, is set to sell more of his TV and print media assets to buy-out firm CVC Asia Pacific as he looks to retreat from traditional media and focus on his casinos business.
New Look bids to reach £2bn mark
First-round bids for New Look are due on Monday, with more than half a dozen bidders intending to make offers for the retailer that may reach £2bn. CVC is working with Landmark, the Middle Eastern private equity firm that already has a 3 per cent stake in New Look.
Altadis tries to spark a bidding war
Altadis, the Franco-Spanish tobacco group, opened its books on Tuesday to Imperial Tobacco and a CVC-led consortium -– raising hopes of a bidding war, the FT reports.
The Altadis board said a €50-per-share preliminary offer from CVC and PAI,