The Blackstone Group L.P.NYSE
Why Blackstone Group LP May Have Further To Fall
Keuka Capital • 74 Comments
Keuka Capital • 74 Comments
Why Owning Blackstone Group LP Is A Risky Proposition
Keuka Capital • 107 Comments
Keuka Capital • 107 Comments
Mon, Oct. 31, 8:11 AM
- The all-cash deal works out to $43.50 per share, a 33% premium to TeamHealth's (NYSE:TMH) close on Oct. 3, the day before reports the company was mulling a sale. TMH closed at $36.80 on Friday.
- Jana Partners approves the deal and will vote its roughly 8% stake in favor of it.
- There's a 40-day go-shop period. Closing is expected in Q1.
Thu, Oct. 27, 3:37 PM
- Sanchez Energy (SN +2.7%) is in talks to partner with Blackstone (BX +1%) on a deal to purchase Anadarko Petroleum's (APC +1.5%) south Texas oil and gas assets for $3B-$3.5B, WSJ reports.
- Blackstone and the P-E firm’s GSO Capital Partners credit arm likely would fund or participate in the purchase, although the details are not known, according to the report.
- Sanchez reportedly also has been in talks with Apollo Global Management (APO +1.5%) and energy-focused P-E firm EIG Global Energy Partners to participate in the bid.
Wed, Oct. 19, 4:08 AM
- Blackstone (NYSE:BX) is the lead bidder to acquire physician-services company Team Health (NYSE:TMH), Reuters reports.
- The agency couldn't say what Blackstone has offered, although Team Health closed +7.2% at $40.25 yesterday, giving it a market cap of $2.93B.
- Blackstone has already owned Team Health before - from 2005-2009 - and its second pursuit of the company comes amid consolidation in the sector.
- Earlier this year, Team Health was forced to make board changes following pressure from activist investors such as Jana Partners.
Wed, Sep. 21, 1:04 PM
- As previously reported, Bayer (OTCPK:BAYRY) aims to jettison its dermatology business in order to help fund its Monsanto buy. Although discussions are in the early phase, there appears to be plenty of interested parties. In addition to skincare-focused players like Allergan (NYSE:AGN), Almirall (OTC:LBTSF) and Nestle (OTCPK:NSRGY)(OTCPK:NSRGF), Teva Pharmaceutical Industries (NASDAQ:TEVA), Perrigo (NASDAQ:PRGO) and Sun Pharma (OTC:SMPQY) are also reportedly in the mix.
- On the institutional investor side, KKR (NYSE:KKR), Nordic Capital, Bain Capital, Blackstone Group (NYSE:BX) and Cinven may also be eyeing the unit which, analysts say, could fetch $1.1B.
- Previously: Bloomberg: Bayer eyes sale of $1.1B dermatology business (Sept. 8)
Wed, Sep. 14, 8:37 AM
- American Electric Power (NYSE:AEP) agrees to sell four power plants totaling ~5,200 MWs for ~$2.17B to a newly formed joint venture of Blackstone (NYSE:BX) and ArcLight Capital Partners, confirming an earlier report.
- The sale includes plants in Cheshire, Waterford and Mount Sterling, Ohio, and Lawrenceburg, Ind.
- AEP, which had announced in January that it was exploring strategic alternatives for the power plants, is making the sale as part of a move away from wholesale power markets and toward its regulated utilities.
- AEP says it is evaluating options and will share details about its plans for investment of the proceeds from the sale at a Nov. 1 analyst day.
Tue, Sep. 13, 4:31 PM
- American Electric Power (NYSE:AEP) is near a deal to sell four Midwest power plants to Blackstone Group (NYSE:BX) and ArcLight Capital Partners for ~$2.1B, WSJ reports.
- The P-E firms would acquire the coal-fired Gavin Power Plant in Cheshire, Ohio, and three natural gas plants in Indiana and Ohio, according to the report.
- Slumping wholesale electricity prices, partly due to weak natural gas prices, have pressured some independent power generators such as the ones AEP is selling.
Tue, Sep. 6, 2:58 PM
- Sempra Energy's (SRE +1.4%) IEnova Mexican unit said yesterday it agreed to buy two wind farms in northeastern Mexico from a group led by units of Blackstone (BX -0.6%) for $375M.
- IEnova also will assume $477M in debt related to project financing, valuing the transaction at $852M.
- The Ventika I and Ventika II wind farms, which are adjacent to each other in the state of Nuevo León, include 84 wind generators with a combined electricity generation capacity of 252 MW.
- IEnova says the acquisition is part of its plan for short-term and medium-term growth, and will increase its operations in renewable energy.
- Mexican cement maker Cemex (CX +0.4%) will continue to manage the farm, which was completed in December and started operating in April.
Tue, Aug. 16, 2:12 PM
- Blackstone (BX -0.4%) has offered a financing plan to help JDA Software, giving it an alternative option to selling itself to Honeywell (HON -0.3%), Reuters reports.
- BX reportedly has proposed to JDA a payment-in-kind financing deal whose coupon would be paid with additional securities, and would include equity warrants that would give BX a significant minority stake in the company.
- JDA's majority owner, buyout firm New Mountain Capital, now must decide whether to sell the company outright to HON for ~$3B, or stick with it and seek to speed its turnaround with new capital from BX that would allow JDA to invest in its sales force and products, according to the report.
Tue, Aug. 2, 6:37 PM
- Sinclair Broadcast Group (SBGI -1.4%) has expressed interest in buying the Weather Channel TV network for as much as $100M in talks that have been longstanding but recently heated up again, The Wall Street Journal reports.
- IBM had bought the digital assets of the company last October from its owners -- NBCUniversal (CMCSA -1%) and private-equity firms Bain Capital and Blackstone Group (BX -2%). But ownership held on to the linear TV network.
- That digital deal came in for more than $2B; if the TV operation sells for $100M as expected, it will have been a significant loser for ownership, which bought it in 2008 for about $3.5B.
- Sinclair, the nation's biggest local broadcaster with a growing appetite for content, acquired the Tennis Channel early this year.
Mon, Aug. 1, 3:10 PM
- Private-equity fund Cinven has edged out competitors including a part of Blackstone (BX -1.3%) for the inside lane to acquire the Italian wealth unit of Old Mutual (OTC:ODMUF), Reuters reports.
- The value of the deal is likely €300M and Old Mutual hopes to wrap it by the end of the month.
- Cinven will start exclusive talks for the Milan-based unit, over rival bids from Blackstone's Lombard International Assurance and U.S. firms JC Flower and Apollo.
Wed, Jun. 8, 4:45 AM
- Blackstone (NYSE:BX) is in advanced discussions to acquire Acrisure, in a deal that could value the U.S. insurance brokerage at well over $2B, including debt.
- According to Reuters, Blackstone has so far prevailed in the auction for Acrisure, though negotiations with the company's owner, buyout firm Genstar Capital, are still continuing.
Thu, Jun. 2, 2:33 PM
- Concordia Healthcare (CXRX -14.2%) was up big earlier today on a rumor Blackstone (NYSE:BX) was near a deal to purchase. Now the WSJ is reporting both Blackstone and The Carlyle Group (NASDAQ:CG) did not submit final bids which were due on Tuesday, leaving Apollo Global (NYSE:APO) as potentially the last P-E suitor standing.
Wed, May 11, 2:47 AM
- The head of the Ultimate Fighting Championship, the world's largest mixed martial arts organization, has denied a report stating the group was exploring a sale.
- "The ESPN story is overblown," said UFC president Dana White, adding that the facts "could not be further off."
- ESPN reporter Darrell Rovell previously said that interested bidders included Blackstone (NYSE:BX), WME/IMG, China Media Capital and the Dalian Wanda Group, and a winning bid was expected to be between $3.5B-$4B.
Thu, Apr. 21, 1:34 PM
- Concordia Healthcare (NASDAQ:CXRX) halted after shares spiked more than 10%.
- Resumes at 1:35:35.
- There is chatter that Blackstone (NYSE:BX) is considering a bid for CXRX.
- Update: Shares have resumed trading and are +19% to $29.00.
- Update: In a statement, the company announces that it has formed a special committee of board members to explore strategic alternatives.
- Now read Thoughts On Concordia Healthcare 2015Q4 Earnings »
Mon, Apr. 18, 11:56 AM
- Glass and metal packaging company Ardagh is the lead bidder for assets that Ball (BLL +2.3%) and Rexam (OTCPK:REXFF) are selling as part of their merger, potentially fetching ~$4B, Bloomberg reports.
- Apollo Global Management (NYSE:APO), Blackstone (NYSE:BX) and Madison Dearborn Partners also are among bidders for the assets, according to the report.
- In January, the EU approved BLL’s £4.4B ($6.3B) takeover of Rexam, creating the biggest maker of food and beverage cans, after agreeing to sell 12 plants on the continent to eliminate antitrust concerns.
- Now read Ball upgraded at J.P. Morgan; Rexam risk/reward seen as more favorable
Mon, Apr. 4, 3:19 AM
- After shooting down a rumor stating it was looking into Brazilian shopping mall operator BR Malls Participacoes, Blackstone (NYSE:BX) is setting its sights on India.
- The U.S. asset manager is paying up to $1.1B to buy MphasiS from Hewlett Packard Enterprise (NYSE:HPE), underscoring a bullish outlook on the Indian IT outsourcing business.
- In December, Blackstone purchased a minority stake in India's IBS Software for $170M.