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’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.
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.
SEC accuses ex-Lazard, TPG employees of insider trading
Insider trading – it’s the new black.
The SEC on Wednesday accused a former vice president and investment banker at Lazard Freres and a former associate at private equity firm TPG Capital of “serial insider trading”.
TPG, American offer JAL $1.1bn
American Airlines said it, Oneworld alliance members and private equity fund TPG would be willing to invest $1.1bn in Japan Airlines to bolster the airline’s finances and prevent it from defecting to a rival alliance,
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,
TPG lets investors cut exposure
TPG is giving investors a chance to sharply reduce commitments to its specialised financial fund, highlighting the difficulties facing buy-out firms seeking to buy distressed banks. TPG Financial Partners originally gained commitments for a $6bn fund in February 2008 but cut back the size of the fund to $4.6bn in January.
TPG set for successful IPO exit
TPG is set to complete one of private equity’s most successful Asian deals on Monday when Myer, the Australian department store group, debuts in Sydney with a market value of A$2.4bn ($2.2bn). TPG and its associate Blum Capital,
TPG sells out of Debenhams
Private equity group TPG has sold its 9 per cent stake Debenhams for £100m, making it the second of the department store’s three former owners to exit the group. Shares in Debenhams rose 3 per cent to 84.35p,
TPG exits Debenhams
The trade has not printed yet – but we are told it will do so later on Tuesday.
TPG, the US private equity house, is rumoured to have sold its remaining 9.3 per cent stake in Debenhams — that’s 120m shares.
TPG exits down under
“Exit” is the theme of the month in Asia, as Australia becomes the latest spot for private equity groups to take advantage of greatly improved market conditions and monetise their regional portfolios.
In what will be Australia’s biggest IPO in more than two years (since Boart Longyear,
TPG’s Myer targets $2bn for IPO
Myer Group, controlled by US buyout firm TPG, plans to raise as much as A$2.34bn ($2bn) in Australia’s biggest IPO in two years as private equity companies profit from a stock rally, reports Bloomberg.
Weekend catch-up
In case you missed these stories:
- Opel deal sparks European backlash
GM’s deal to sell its European business to a Canadian-Russian consortium drew criticism around Europe on Friday, as Belgium accused Berlin of reverting to protectionism,
TPG to choose Myer IPO advisers
TPG, the US private equity group, this week is expected to choose banking advisers to assist in the A$2bn ($1.7bn) IPO of Myer, the Australian department store chain. TPG interviewed about 10 investment banks in Melbourne last week as part of a formal “beauty parade”,
Buyout groups bid for First Republic
US buyout groups Carlyle, Blackstone and TPG are leading an investor group that is bidding to acquire First Republic Bank, a private banking unit of Bank of America, reports Bloomberg. The firms may partner with First Republic chairman James Herbert.
Ping An’s TPG deal ‘faces opposition’
Opposition in China is building to a deal in which US buyout firm TPG plans to sell its controlling stake in Shenzhen Development Bank to Ping An Insurance, China’s second-largest insurer, for a profit of more than 150%.
TPG set to sell Shenzhen bank stake
TPG is close to a deal to offload at least part of its $1.5bn controlling stake in Shenzhen Development Bank to Ping An insurance, China’s No 2 insurer, providing an exit route for the US buyout firm’s biggest China investment,
MGM scrambles to restructure
Metro-Goldywn-Mayer, the Hollywood studio, is considering drastic measures including a debt for equity swap with the group’s 140 lenders as it works frantically to restructure its $3.7bn debt pile. MGM,
TPG highlights buy-out woes
US buyout group TPG has highlighted the tough conditions facing the buy-out industry in a letter to investors disclosing it had considered 140 leveraged buy-out deals in recent months – and agreed to none.
TPG allows reduction in Asian stakes
TPG is allowing its investors to reduce commitments to its $4.2bn Asian fund, in a move that reflects the poor performance of the US buyout firm’s investments in regional companies including Japan’s NIS .
Buy-out funds eye distressed debt
Goldman Sachs is asking investors in its $15bn private equity fund for approval to shift much of its remaining uninvested money into distressed debt, in a stark indication of dysfunctional conditions in the buy-out business.
TPG in bankruptcy aid clash
TPG is stirring controversy on Wall Street by offering to provide bankruptcy financing for a company that it owns, a strategy that could put it in the ironic position of being paid before some other creditors.
TPG’s Aleris files for Chapt 11
Aleris International, a US-based aluminium processor bought by TPG in 2006, filed for Chapter 11 bankruptcy protection for its US operations on Thursday. TPG paid $3.3bn, including debt, for Aleris. With the bankruptcy filing,
TPG ends talks on stake sale
TPG has broken off talks to sell a stake in itself to investors including the Kuwait Investment Authority and two California state pension funds, highlighting the difficulties facing big buyout firms. The talks,
Goldman, TPG, eye Heidelberg stake
Private-equity firms including Goldman Sachs’ buyout arm are considering an investment in HeidelbergCement, the building-materials maker owned by the family of late German billionaire Adolf Merckle, reports the WSJ.
Investors turn screw on buy-out groups
Some of the world’s biggest buy-out groups are coming under pressure from cash-strapped investors to reduce their commitments after Permira’s landmark offer to let its backers off the hook for €1.5bn.
TPG pulls out of Indonesian deal
TPG has withdrawn from a deal in Indonesia between Northstar Pacific, a local affiliate of the US buyout group, and the country’s powerful Bakrie family to buy shares in coalminer Bumi Resources, said people familiar with the situation.
Investors flee buy-out funds
Investors in buy-out funds are so concerned that private equity returns will slump in coming years that they are selling their commitments for as little as 30% of their original value. If such stakes were available at all 18 months ago,
TPG China deal at risk over dispute
TPG, the US private equity firm, risks losing a substantial investment in a Chinese leasing venture after a business dispute in which the company’s local staff called in police to remove TPG’s representatives.
Bondholders urged to take investment cut
Heavily indebted companies owned by private equity firms, including Harrah’s Entertainment and Realogy, are asking their bondholders to accept big cuts in the value of their investments or risk falling behind other creditors in getting repaid.