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’Hands back once again
None other than Guy Fawked himself.
Breaking on Sky News:
Guy Hands, the private equity tycoon who last week lost control of EMI, the music company, is in talks to buy Chaucer Holdings, the Lloyd’s of London insurer,
Guy Fawked [updated]
Hands-free at last, etc. Terra Firma — boss: one Guy Hands — just lost control of EMI to a Citigroup manoeuvre. Click for full statement (PDF):
(H/T to Bryce Elder for headline)
Update (7:05pm GMT) — Terra Firma issued this slightly pithier statement on Tuesday afternoon:
Should Guy Hands be barred from Britain?
Based on the contents of this delirious court filing we would argue that the answer is an unequivocal “yes.”
That’s not because Guy Hands, the founder of Terra Firma and, by extension, the boss of EMI,
Hands v Wormsley (or Terra Infirma)
Oh dear. Guy Hands, the self-respecting veteran of British private equity, is clearly closer to the edge than we realised.
If you start accusing a leading bank of getting one of its analysts to write knocking copy on one of your businesses just so as to undermine you,
Hands warns governments on banks
Guy Hands, head of UK buy-out group Terra Firma, has warned that unless governments push banks to restructure $7,000bn of leveraged loans due to mature by 2014, the US and Europe could face the “Japanese problem” of zero growth.
Hands signals regret over EMI
Guy Hands, founder of private equity firm Terra Firma, on Thursday admitted that if the May 2007 auction of music group EMI had happened two weeks later, he would not have bought the company. The remarks,
Guy Hands in talks for wind farm
Private equity investor Guy Hands is in advanced talks to invest up to $350m for a controlling stake in EverPower Wind Holdings, a New York-based developer of wind farms, reports the WSJ. EverPower will use the money to expand and to refinance a loan.
Terra Firma injects more cash into EMI
UK buyout firm Terra Firma has been forced to inject more cash into EMI for the second time in six months, after the debt-laden UK music group missed targets imposed in its banking covenants. Terra Firma,
Funds write down European investments
Guy Hands’ Terra Firma private equity house was among the worst performing European leveraged buy-out funds last year, according to figures from investors in the beleagured industry. Some of the biggest buyout firms,
Hands steps down at Terra Firma
Guy Hands is stepping down as chief executive of Terra Firma, the private equity group he founded, handing over day-to-day responsibilities for operations to Tim Pryce, a co-founder of the firm, who worked with Hands at Japanese bank Nomura.
Terra Firma writes off half of EMI buy
Terra Firma, the buy-out house run by financier Guy Hands, has written off half its €2.6bn (£2.3bn) investment in EMI, the music group. EMI accounted for the majority of a €1.37bn impairment charge in Terra Firma’s annual review,
Hands buys out investors
Guy Hands has bought three cash-strapped investors out of their holdings in his Terra Firma private equity fund at a heavily discounted price that underlines concerns about its indebted investments, notably music group EMI.
The ugly reality at EMI
An adviser to Guy Hands, speaking privately this time last year:
They think there are people with ‘magic ears! (guffaws) They believe they have people who can spot talent. They don’t know how to use market research or anything like that…All I can tell you is that Guy will be cutting a lot more cost out of that business than has so far been indicated publicly…
UBS in legal challenge over debt sale
UBS has launched a legal challenge against a company controlled by Terra Firma, the UK buyout firm, and a Deutsche Bank fund for preventing the Swiss bank from selling debt it had lent the company. The lawsuit in the High Court,
Weekend catch-up
In case you missed these stories:
‘Shocking’ GE results show size of crisis
General Electric on Friday announced its worst quarter in five years and slashed full-year forecasts, in a move described as “shocking” by a senior GE executive.
Hands warns on UK tax regime
Guy Hands will on Wednesday warn he is reviewing whether to move at least part of Terra Firma, his UK-based buy-out firm, overseas in protest at the recent tax increases on capital gains and non-domiciled residents.
EMI moves in on Chrysalis
EMI last night edged closer to winning the auction for Chrysalis, one of Britain’s last big independent music groups, as it emerged that rival Warner Music had been sidelined, reports The Times. While a handful of others are understood to be involved in the auction,
Lina Saigol: Why buy-outs will become (even more) expensive
When the credit crunch ends, should investment banks go back to financing private equity deals as well as advising on them?The numbers suggest not. Over the past five years, the world’s biggest banks have earned almost $67bn in fees from bankrolling the buy-out funds,
Suez pulls out of Biffa counterbid
Biffa, the UK waste management group, said Monday that a consortium planning a possible counterbid to an earlier £1.2bn recommended offer had backed away. Suez, the French water and energy utility that is in the process of merging with France’s state-owned Gaz de France,
Terra Firma, Suez to counterbid on Biffa
Terra Firma and Suez are preparing a £1.5bn counterbid for Biffa which would involve breaking up the UK waste management and landfill company with a bid above the 350p-per-share offer already accepted from a rival buy-out consortium.
EMI falters on £2bn Citi loan facility?
This weekend, EMI gave, perhaps, a grim portent of things to come for leveraged buyouts.
By our reckoning, Monday’s £200m rights issue is, in fact, an “equity cure.”
This equity has probably been issued to meet a cash-flow shortfall – real or projected – on EMI’s £2bn loan facility with Citi,
Chrysalis founder in buy-out talks
Chris Wright, executive chairman of the Chrysalis Group, finally faced the prospect on Wednesday of giving up the business he founded in 1967, saying he has been involved in preliminary talks with possible buyers.
The Real Deal: Trials of winning the wrong auction
Bankers bored of the credit squeeze are now obsessing over Guy Hands and his £4bn investment in EMI.
Word is the chief executive of buy-out group Terra Firma is in a wild panic about his impulsive acquisition and how he’ll manage to make a return on the record company he bought on the back of 43 pages of basic due diligence.
Terra Firma puts Infinis float on hold
Infinis, one of the UK’s biggest renewable energy companies, has pulled its IPO planned for this autum after Terra Firma, the buyout group of dealmaker Guy Hands, which acquired Infinis in 2003, decided to put its five-year plan on hold,
Hands warns of ‘fundamental change’ at EMI
EMI will drop artists it feels are not working hard enough and “unpick” its own executives’ pay packages, its new private equity owner has told staff. Guy Hands, chief executive of Terra Firma, promised “fundamental change”
EMI pension battle intensifies
As reported by FT Alphaville on Tuesday, UK private equity group Terra Firma has hit trouble with the pension scheme of EMI, the music group it took private last summer for £4bn ($8.1bn). Wednesday’s FT reports that Guy Hands’ private equity group could be hit by big contribution demands.
Jaguar and Landrover: The next ‘bad’ challenge for Guy Hands?
First it was EMI, now it’s Jaguar and Land Rover… UK buy-out group Terra Firma is among the potential bidders for Jaguar and Land Rover, reports the FT on Thursday.The buy-out group, headed by City financier Guy Hands,
Lina Saigol: Three options for the buy-out crowd
So we know all leveraged buy-outs are sunk, but what does that actually mean?
Here’s Guy Hands’ take on it. Six weeks ago, the Terra Firma chief executive, and now proud owner of EMI, was looking at doing another deal.
EMI chief to leave with £3m
Eric Nicoli, EMI chief executive, will leave the company with more than £3m, it emerged on Wednesday, as Terra Firma, the UK private equity group, gave the first indications of its plans once it takes the music company private next month.
EMI’s poor data affirm Terra Firma’s task
EMI on Monday underscored the scale of the task facing its new owner, UK private equity group Terra Firma, disclosing that its recorded music revenues fell 13.4 per cent in the first 18 weeks of its financial year,