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’Barbarians, back at the gate
KKR announced Wednesday that Q4 2011 net income rose 39 per cent to $714.6m from $515.3 m in Q4 2010. This nudged us into thinking back to 2007:
In a note out on Tuesday, Citi analysts reckon we’re due for a rerun of the heady LBO days.
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,
Cashing out of De La Rue
Interesting developments in the De La Rue takeover saga.
From Thursday’s Daily Telegraph:
France’s Oberthur Technologies has offered a handful of private equity firms a £300m-£400m stake in its planned acquisition of bank note printer De La Rue.
Snap news
Breaking pre-market news on Monday,
- Ingenico says potential buyer not in position to submit acceptable offer — statement.
- KKR fails in A$1.75bn bid to buy Perpetual — FT.
- 888 Holdings confirms in early discussions over possible transaction with Ladbrokes — statement.
Snap news
Breaking pre-market news on Friday,
- KKR-led group buys Del Monte for around $4bn excluding debt — report
- Genzyme CEO says he’s open to linking performance of Campath drug to price of Sanofi bid — report
- Mahindra &
Snap news
Breaking pre-market news on Thursday,
- Hana acquires 51 per cent of Korea Exchange Bank for $4.1bn — Reuters
- Simon Property asks Capital Shopping Centres to delay Trafford Centre deal; considering cash offer — statement.
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.
Forget oil, shale gas just gets sexier
As BP’s oil leak disaster adds to concerns about growing regulatory and safety risks of oil, coal and other conventional energy sources, shale gas is burnishing its reputation as the sexy new energy play.
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,
KKR sees Q3 profit amid rebound
KKR, the US buy-out firm run by Henry Kravis and George Roberts, on Thursday reported a Q3 profit of $656.6m in its first results after becoming a publicly listed company, amid a rebound in buy-outs, reports Bloomberg.
Sleeping with private equity
There’s been considerable gnashing of teeth over the downfall of the venerable American bed maker, Simmons. Having helped people sleep better for more than 135 years, the company answered to five different private equity masters before tumbling into insolvency under its most recent owner,
Northrop agrees TASC sale
Northrop Grumman has agreed to sell TASC, its advisory services division, for $1.65bn to buy-out firms General Atlantic and KKR. The deal was viewed as a benchmark to gauge the health of the private equity industry and comes after this year’s biggest LBO – a $5.2bn deal for TPG Capital and Canada Pension Plan to buy IMS Health,
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,
Capmark files for bankruptcy
Commercial real estate company Capmark Financial filed for bankruptcy protection on Sunday, wiping out the investment of several private equity firms including KKR, reports Reuters. Capmark, which was created in March of 2006 through a leveraged buyout of the commercial real estate assets of General Motors’ finance arm GMAC,
KKR’s Chinese lessons
KKR, fresh from its low-key Dutch listing after merging with its Amsterdam-listed European fund, is quietly and steadily stepping up its Chinese shopping activities.
The US buyout firm is expected to announce later on Wednesday a $160m investment in a Chinese lender to small and medium-size businesses,
KKR to invest in Chinese lender
A consortium led by KKR is expected to announce on Wednesday a $160m investment in a Chinese lender to small and medium businesses, marking the US buy-out firm’s third deal in mainland China, reports the WSJ.
Key auctions test buyout groups
A buyout consortium led by KKR is frontrunner for the $1bn-plus services unit of Northrop Grumman in one of two auctions being closely watched by dealmakers to judge the health of the private equity industry.
KKR goes public, in Amsterdam
KKR on Thursday finally became a publicly quoted company as the US buyout group merged with its listed Amsterdam fund to end two years of frustrated flotation attempts. KKR inched closer to matching its rival Blackstone’s IPO in New York by swapping a 30% stake in itself for the $3bn assets of Dutch-listed KKR Private Equity Investors.
Kodak turns to KKR for funds
KKR will buy up to $400m of senior secured notes in Eastman Kodak, reports the FT. The troubled US photography company is raising as much as $300m in convertible debt through a private placement, part of which will go to repurchasing earlier debt.
Buyout groups eye Japan’s BellSystem24
KKR and Permira are vying to acquire Citigroup-owned BellSystem24, Japan’s largest telemarketer, in a deal that would be one of the largest private equity investments in Japan this year. Nikko Principal Investments,
KKR readies Dollar General IPO
Dollar General, a discount retailer owned by buyout firm KKR, registered Thursday to sell stock through an IPO, the first in what is expected to be a wave of buyout-owned companies trying to sell shares into a rallying stock market,
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,
KKR raises ire with Avago IPO role
KKR is raising hackles on Wall Street as its capital markets unit participates in the IPO of Avago Technologies, a semiconductor company that the US buyout group bought with a partner in 2005. The move,
KKR plans Dollar General IPO
KKR is in advanced preparations for an IPO of stock in houseware and food retailer Dollar General, as the US buyout firm tries to solidify its reputation ahead of its own trip to the public markets, reports the WSJ.
KKR to merge US business with Amsterdam listing
Kohlberg Kravis Roberts will on Monday publish details of its plan to list on the Amsterdam stock exchange after the independent directors of its Dutch-listed fund approved a merger with the US private equity group.
Bertelsmann forms music duo with KKR
Bertelsmann, the German media group, has launched a new music publishing venture with Kohlberg Kravis Roberts to acquire catalogues of songs with about €250m of financing from the US private equity group,
Lex: The return of growth capital
Private equity firms are continuing their evolution into “alternative asset managers” by returning to their roots while simultaneously branching out into other areas such as mezzanine loans, property and infrastructure.
Buyout firms eye AIG’s Taiwan unit
Carlyle, Primus and MBK Partners may seek to buy Nan Shan Life Insurance, the Taiwanese unit of US insurer AIG, reports Bloomberg. KKR, Affinity Equity Partners, Cathay and Chinatrust have also asked AIG for information about the sale and may take part in a first round of bids scheduled for July 3.
KKR to merge with Euronext fund
KKR announced on Wednesday that it will give itself an Amsterdam public listing by merging its operations with those of its Euronext Amsterdam-listed fund, KKR Private Equity Investors (KPE), which could lead to a listing of its entire operation on the NYSE.