Tue, Sep. 20, 5:04 PM
- An affiliate of the Carlyle Group (CG -1.2%) is selling another 10M shares of CommScope (COMM -0.8%).
- CommScope shares are off another 0.3% in after-hours trading. It won't receive any proceeds from the sale.
- Carlyle had sold a similar amount last month, reducing its holdings to 16.2% of CommScope stock. The new move cuts its holdings to about 19.72M shares, or about 10.2% of CommScope.
- The sole underwriter, Credit Suisse Securities, has a greenshoe option to buy up to 1.5M additional shares. The offering is expected to close next Monday.
- Shares in CommScope are up 7.2% in the month since Carlyle's late-August sale plan.
Tue, Sep. 20, 2:39 AM
- Takata (OTCPK:TKTDY) shares fell 12% in Tokyo as bidders for the company were said to consider the possibility of some form of bankruptcy proceedings for the air bag maker behind the auto industry's biggest ever safety recall.
- Suitors have been asked to submit their proposals by early this week, and include Carlyle (NASDAQ:CG), Daicel Corp. and KKR, sources told Bloomberg.
Thu, Sep. 15, 3:15 AM
- McDonald's (NYSE:MCD) has received final bids from at least three groups for its China and Hong Kong outlets, with Carlyle Group (NASDAQ:CG) and TPG Capital separately teaming up with Chinese partners for the business worth up to $3B, sources told Reuters.
- Real estate firm Sanpower Group also made an offer for the assets. The company had previously said it was teaming up with Beijing Tourism Group.
Thu, Sep. 8, 2:33 PM
- Philadelphia Energy Solutions, operator of the largest oil refinery on the east coast, says its finances are “significantly stressed” and is looking to cut workers, reduce benefits and delay capital projects, according to a Bloomberg report.
- The company, owned by Carlyle Group (CG +0.8%) and Energy Transfer Partners' (ETP -0.1%) Sunoco (SUN +0.2%) unit, reportedly says ~$250M in costs for government-backed ethanol blending credits this year, low fuel prices and high east coast inventories are forcing it to cut spending in all areas.
- East coast refining margins have been pressured by seasonally high inventory levels of gasoline, and the front-month gasoline crack spread on the Nymex is the lowest for this time of the year since 2013.
Fri, Sep. 2, 3:29 AM
- South Korea's Maeil Dairy Industry is considering a bid for acquiring McDonald's (NYSE:MCD) South Korean operations in partnership with the Carlyle Group (NASDAQ:CG).
- According to investment banking sources, a sale could be worth up to 600B won ($535M).
- Carlyle has also teamed up to bid for McDonald's outlets in China and Hong Kong in a deal worth between $2B-$3B.
Mon, Aug. 29, 9:29 AM
- Returns have been lame and assets under management are vanishing, so what's to like about the vehicles anymore?
- AUM at Claren Road have dipped to under $1B from $8.5B two years ago, and another fund - Vermillion - was rejiggered last year after posting losses, and renamed Carlyle Commodity Management. Earlier this year, Carlyle (NASDAQ:CG) shut Diversified Asset Management - its fund of fund business, and just later, the head of its Global Market Strategies unit stepped down to start his own investment management company.
- “This is the business segment where our performance did not meet our or our investors’ expectations," says CFO Curt Buser. "We’re thinking through kind of what the next steps are there.”
Wed, Aug. 24, 10:19 AM
- CommScope (COMM +2.7%) says a sale of its shares by a Carlyle Group (NASDAQ:CG) affiliate has been upsized to 10M shares.
- The company announced yesterday that the Carlyle fund would sell 7M shares. CommScope won't see any of the proceeds.
- Credit Suisse, the sole underwriter, will again have a greenshoe option (to buy up to 1.5M more shares from Carlyle). Afterward, Carlyle will beneficially own 29.7M-31.2M shares, or a stake between 15.4% and 16.2%.
Tue, Aug. 23, 5:02 PM
- CommScope (COMM +1.5%) is off 1% after hours as it notes the sale of 7M shares of its stock by an affiliate of Carlyle Group (NASDAQ:CG), with Credit Suisse acting as sole underwriter.
- CommScope won't see any proceeds from the offering, which is expected to close about Aug. 29.
- CS will have an option to purchase up to 1.05M more shares from Carlyle, after which Carlyle will continue beneficially owning about 33.2M-4.2M shares (17.2%-17.8% stake).
Tue, Aug. 23, 8:19 AM
- Carlyle Group (NASDAQ:CG) is one of the final two bidders to land restaurants owned by McDonald's (NYSE:MCD) in China, sources tell the New York Post. Previous reports indicated that the Beijing Tourism Group, Sanpower, and ChemChina were in the mix.
- McDonald's is looking to lower its risk by moving to a franchise model in the nation.
- Carlyle has been successful in the restaurant industry before, notably flipping its investment in Dunkin' Brands at a tidy profit a few year ago.
Tue, Aug. 2, 5:39 AM
- Private equity firm Carlyle Group (NASDAQ:CG) said it could make a pair of acquisitions in Japan worth $2B apiece, a strategic departure from its previous focus on smaller transactions.
- "There could be about two large deals... from our current fund focusing on Japan," Carlyle Managing Director Takaomi Tomioka said at a media briefing, but didn't name any acquisition targets, nor indicate any preferred sectors for investment.
Wed, Jul. 27, 7:53 AM
- Q2 net funds raised of $3.6B brings YTD total to $.37B; LTM to $11B.
- Equity invested of $2.9B brings YTD total to $6.8B; LTM to $12.7B.
- Carry returns of 5% for the quarter, 6% YTD, and 3% LTM.
- Realized proceeds of $5.3B for the quarter, $8.5B YTD, and $16.3B LTM.
- Economic net income of $158M vs. $180M a year ago. Distributable earnings of $288M vs. $386M; per unit of $0.84 vs. $1.18. Distribution of $0.63 per unit vs. $0.89.
- Fee-related earnings of $45M fell 5% Y/Y. Realized net performance fees of $233M fell $100M from a year ago.
- CC at 8:30 ET
- Previously: CGI Group beats by $0.22, beats on revenue (July 27)
- CG flat premarket
Wed, Jul. 27, 6:33 AM
Tue, Jul. 26, 5:30 PM
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Fri, Jul. 8, 1:46 PM
- An auction of Verizon's (VZ +0.9%) data centers has moved to a second round, CTFN reports.
- The carrier had launched a sales effort at the beginning of the year with hopes to drawing $2.5B or more.
- Now rumored suitors include Providence Equity, Carlyle Group (NASDAQ:CG) and Blackstone Group (NYSE:BX) among those who might pay $2.5B-$3B, a price that weeds out a lot of strategic buyers.
- The move to sell data centers -- news that was shot down in the fall by CFO Fran Shammo -- would be a reversal of its actions five years ago, when it paid $1.4B for Terremark in a move into hosting and co-location.
Fri, Jun. 24, 3:13 PM
- With London's status as a financial hub, Brexit raises questions over just how firms - including U.S. asset managers - will do business on the Continent from the City (such as selling financial products) under the new regime.
- The good news, says Citi's William Katz, is the poor performance of most of the sector means investors may have already priced in falling NAVs and AUM.
- The worst of the fallout, says Katz, will hit those managers with the largest presence in the U.K., including Invesco (IVZ -13%) and Affiliated Mangers Group (AMG -10.8%). Again, the recent struggles for both these stocks means the blow could be softer than feared.
- While the whole affair could make for good buying opportunities for private-equity funds, that doesn't mean the stock prices of players like Carlyle Group (CG -2.8%), Blackstone (BX -5%), KKR (KKR -6%), Fortress (FIG -3.9%), and Oaktree (OAK -1.7%) couldn't come under a great deal of pressure in the short term.
Thu, Jun. 23, 6:56 PM
- Carlyle-backed (NASDAQ:CG) Philadelphia Energy Solutions, which breathed new life into a "zombie" refinery complex on the U.S. east coast now is seeking to sell the investment in the face of market headwinds, Reuters reports.
- The company reportedly is offering prospective buyers the potential to break up the two plants, which together make up the east coast's largest refinery, with the capacity to convert 330K bbl/day of crude into products such as gasoline, diesel and jet fuel.
- The renewed interest in selling comes after an attempt to take PES public was indefinitely postponed last year and after millions of dollars in public investment; the planned IPO valued the refinery at $1.3B, but buyers who have engaged in talks over the past year have valued the complex at less than half that amount, according to the report.