private equity

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Private Equity Pounces on Nuveen
Private Equity Pounces on Nuveen
Jun 20, 2007 1:32 PM CDT

Private Equity Pounces on Nuveen

$5.75B Madison Dearborn offer is highest ever for asset-management firm

(Newser) - Private equity fund Madison Dearborn has made the biggest-ever play for an asset management firm, offering $5.75 billion to buy out Chicago-based Nuveen Investments. The $65-per-share offer—a 20% premium over Nuveen's closing price yesterday—signals the growing demand for cash-rich money-management firms as buyout targets.

Gambling Firm Agrees to Buyout
Gambling Firm Agrees to Buyout
Jun 15, 2007 4:08 PM CDT

Gambling Firm Agrees to Buyout

Penn National Gaming changes hands for $8.9B

(Newser) - The casino-operator buyout spree continued today as Penn National Gaming agreed to be acquired by two private-equity firms for $8.9 billion. The deal, which allows the company to solicit bids for 45 days, includes $2.8 billion in debt. News of the $67-a-share offer, a 31% premium over yesterday's...

Senate Puts Blackstone on Notice
Senate Puts Blackstone on Notice
Jun 15, 2007 12:48 PM CDT

Senate Puts Blackstone on Notice

Tax maneuver may derail IPO, transform private equity

(Newser) - Less than 2 weeks ahead of Blackstone's IPO, bipartisan legislation introduced in the Senate yesterday threatens to hamper or halt the avidly anticipated stock sale. The private equity behemoth's tax bill would more than double if the measure—under which partnerships like Blackstone would pay the 35% corporate rate rather...

KKR Buyout Spree Hits a Snag
KKR Buyout Spree Hits a Snag
Jun 12, 2007 4:31 PM CDT

KKR Buyout Spree Hits a Snag

Traditional investors tapped out; equity firm looking elsewhere

(Newser) - Buyout giant KKR's $26B acquisition of electronic payment processor First Data Corp is not going smoothly, reports the Wall Street Journal. Once enthusiastic investors are shying away from private equity deals as interest rates steepen. "We have enough exposure to KKR already," said one major financier.

Blackstone Honchos Cash In on IPO
Blackstone Honchos Cash In on IPO
Jun 11, 2007 9:04 AM CDT

Blackstone Honchos Cash In on IPO

Barbarians at the gate will arrive flush with cash—$2.33B of it

(Newser) - And the billionaires get richer. Blackstone founders Steve Schwarzman and Pete Peterson will collect a combined $2.33 bil from the private equity giant's planned IPO, which could take place as early as late June. Schwarzman will keep a 24% stake in the $32B company, worth just under $450M, and...

Sallie Mae Chief Quits
Sallie Mae
Chief Quits
May 23, 2007 5:52 AM CDT

Sallie Mae Chief Quits

Equity firm pressured loan giant CEO to step down, ease buyout

(Newser) - The CEO of student loan giant Sallie Mae resigned unexpectedly yesterday in the midst of a $25 billion buyout by a private equity firm. The Wall Street Journal reports that Thomas J. Fitzpatrick was pressured out to stave off Congressional criticism of the buyout by J.C. Flowers and Co,...

Kerkorian Bets on Bellagio
Kerkorian Bets on Bellagio
May 22, 2007 2:54 PM CDT

Kerkorian Bets on Bellagio

Billionaire who controls MGM Mirage makes bid for its two hottest assetsi

(Newser) - Activist investor Kirk Kerkorian, who holds a controlling interest in MGM Mirage, is making a play to buy two of the casino company's crown jewels. Kerkorian's company, Tracinda Corp., is in talks to acquire MGM's Bellagio Casino and the $7.4 billion CityCenter development, currently under construction. Kerkorian currently owns...

Hedge Funds Skip Riskier Gambles
Hedge Funds Skip Riskier Gambles
May 22, 2007 11:52 AM CDT

Hedge Funds Skip Riskier Gambles

Returns are down as more cautious investors hold sway

(Newser) - Are hedge funds going soft? The swashbuckling industry has long been known for its high-risk, high-rewards MO, but returns are down, on average trailing the S&P 500 last year. The reason, BusinessWeek suggests, may be that alternative investments are no longer so alternative. And other non-traditional investments, like private...

Private Equity Binge Goes Wireless
Private Equity Binge Goes Wireless
May 21, 2007 10:18 AM CDT

Private Equity Binge Goes Wireless

Goldman Sachs, Texas Pacific Group will buy Alltel for $27.5B

(Newser) - A consortium led by the Texas Pacific Group and Goldman Sachs yesterday snapped up the nation's fifth-largest wireless provider for $27.5 billion, the largest telecom buyout ever. The $71.50 per share offer for Alltel awaits shareholder and regulatory approval and comes weeks before a scheduled auction for the...

China to Buy $3B Stake in Blackstone

Beijing moves onto Wall Street with historic deal

(Newser) - The Chinese government will buy a 9.9% stake in Blackstone, the US private equity fund that's about to launch its IPO. The $3 billion purchase of nonvoting shares, the first time China has invested its enormous foreign reserves in commercial stock, is meant to exploit a private equity market...

Clear Channel Board Takes Private Equity Bait

(Newser) - After months of stops and starts, Clear Channel's board today gave the green light to a $19.5 billion buyout offer. The communications giant bit after Thomas H. Lee Partners and Bain Capital, which have been bidding since November, gained the backing of two large shareholders. The successful offer was...

Blackstone Makes $7.8B Deal for Alliance

Private equity continues to pour into financial processing

(Newser) - Blackstone has snapped up credit card services provider Alliance Data for $7.8 billion, joining a surge of private equity into dull but profitable back-office firms. The 30% above-market offer for Alliance, which also runs a data processing unit, is the latest in a wave of takeovers in the financial-processing...

Private Equity Firm Eyes Bausch & Lomb

Troubled contact lens giant fields $4.5B buyout offer

(Newser) - Bausch & Lomb is seeing the private equity light at the end of the tunnel. After a year of costly recalls, accounting snafus, and lawsuits that have shaken the contact lens giant, B&L is entertaining a $4.5 billion offer—including $830 million in debt—from Warburg Pincus. The...

Chrysler Sale Suggests New Deal for Detroit

Ford, GM see hope for restructuring labor costs

(Newser) - The sale of Chrysler to private-equity firm Cerberus Capital Management could be a watershed for the entire industry, the Wall Street Journal predicts. Cerberus thinks it can make the embattled carmaker profitable by restructuring its debilitating $18-billion health care and pension liability. If it succeeds without resorting to bankruptcy—which...

&quot;Vulture Fund&quot; Behind Chrysler Deal
"Vulture Fund" Behind Chrysler Deal
May 14, 2007 10:49 PM CDT

"Vulture Fund" Behind Chrysler Deal

(Newser) - Der Spiegel vivisects Cerberus, the private equity group that won Chrysler for a relative bargain today from German auto giant Daimler. Financier Stephen Feinberg's 15-year-old firm has $60 billion in assets, and specializes in companies on the brink of bankruptcy. The group avoids the spotlight, recruits former CEOs and politicians,...

KKR Dominates in '07 Buyouts
KKR Dominates in '07 Buyouts
May 14, 2007 1:18 PM CDT

KKR Dominates in '07 Buyouts

With 44% of this year's private equity deals, is firm spending too much too fast?

(Newser) - Private equity powerhouse KKR has been on a monumental spending spree this year, closing more than $120 billion in deals to date in 2007—more than twice its closest rival. Now the Financial Times wonders whether the veteran PE firm it may be hitting the market too forcefully.

Daimler to Unload Chrysler in $7.4B Deal

German firm keeps minority stake in American auto giant

(Newser) - DaimlerChrysler has sold a majority stake in the Chrysler Group to the American private-equity firm Cerberus for $7.4 billion, the auto giant announced today. The deal unhooks the money-losing American arm of the international conglomerate from its German partner, which will retain a 19.9% stake in Chrysler and...

Cerberus Close to Consuming Chrysler
Cerberus Close to Consuming Chrysler
May 13, 2007 10:10 PM CDT

Cerberus Close to Consuming Chrysler

Proving that three heads may be better than one

(Newser) - Private equity firm Cerberus Capital Management is said to have cut a deal to buy Chrysler from DaimlerChrysler.  Cerberus has lots of experience in negotiating for assets in the auto industry, having led the buyout of auto parts maker Delphi, which has not yet closed and may yet fall...

Chicago Retail Institution Sam's Wines Sells Out to Private Equity

Is no one safe?

(Newser) - Proving that size (or lack thereof) is no obstacle to the relentless march of private equity, Chicago’s best known and among its largest liquor stores, Sam’s Wines, sold 80% of itself to Chicago-based private equity company, Arbor Investments.

Qantas Deal Crashes
Qantas Deal Crashes
May 5, 2007 8:00 AM CDT

Qantas Deal Crashes

(Newser) - Qantas Airlines will keep flying solo, after what would have been the biggest airline takeover in history fell through yesterday evening. Airline Partners Australia, the private equity consortium that offered $11.1 billion for the company, failed to secure the 50% of stock it needed to move the deal to...

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