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Dec. 8, 2015, 9:52 AM
- With the stock price charts of all three moving sharply down and to the right for several months, Bank of America pulls Buy ratings on Apollo Global (APO -3%), Blackstone (BX -2.6%), and Carlyle Group (CG -1.5%). All are downgraded to Neutral.
- Not completely giving up on the sector, BofA upgrades the equally beaten-down Ares Management to a Buy.
Nov. 23, 2015, 9:38 AM
- Airbus (OTCPK:EADSY) aims to pick a buyer for its defense electronics unit by the end of 2015 as part of its plan to dispose of assets with combined revenues of around €2B, Chief Executive Tom Enders told Frankfurter Allgemeine Sonntagszeitung.
- The final offers for the defense electronics business, which could fetch a price of up to €1B, are due early next month.
- Sources told Reuters that Rheinmetall (OTCPK:RNMBY) has tied up with buyout group Blackstone (BX -1%) to bid for the unit, rivaling private equity groups Cinven, Carlyle (CG +0.5%) and (KKR +0.3%) as well as French peer Thales (OTC:THLEY).
Nov. 17, 2015, 11:43 AM
- Reuters reports banks have withdrawn financing for the $8B sale (announced in August) of Symantec's (SYMC -0.2%) Veritas storage software unit to Carlyle (CG +0.1%). The sale has been expected to close by Jan. 1.
- Symantec hasn't moved much on the report. The market's original reaction to the deal was lukewarm, with Symantec's $1.5B+ expected tax bill sparking criticism. Symantec has promised a large chunk of the deal's $6.3B in expected net proceeds to shareholders, and has suggested it will use some of the remaining funds to make security acquisitions.
Nov. 3, 2015, 8:11 PM
Nov. 2, 2015, 3:14 PM
- Leading the way higher for the roughed-up sector are alternative players like Och-Ziff Capital (OZM +10.1%) and KKR (KKR +9.3%). There's also Blackstone (BX +4.3%), Fortress (FIG +3.2%), Oaktree (OAK +4.2%), and Carlyle Group (CG +7.4%).
- Traditional names like Manning and Napier (MN +11.7%), Affiliated (AMG +2.6%), Waddell & Reed (WDR +2.7%), Virtus Investment (VRTS +3.7%), and Legg Mason (LM +2.3%).
- Many of these names have reported Q3 already, and the results have mostly disappointed. On tap for tomorrow is Och-Ziff.
Oct. 28, 2015, 8:06 AM
- "Q3 economic net income was largely driven by portfolio valuations on the final day of September," says Carlyle Group (NASDAQ:CG) co-CEO David Rubenstein. "Since then global markets and valuations have moved higher."
- Q3 economic net loss of $128M compared to profit of $180 in Q2 and $181M a year ago.
- Distributable earnings of $244M or $0.74 per unit vs. $157M and $0.44 one year ago. Distribution was $0.56.
- Along with the decline in the value of the company's energy holdings and a slowdown in deal flow, Carlyle also booked a charge associated with the struggling Claren Road hedge fund.
- Total AUM of $187.7B down from $192.8B in Q2 and $140.2B a year ago.
- Funds raised of $4.6M in Q3, bringing YTD total to $13.7B. Equity invested of $1.6B bringing YTD total to $4.6B. Realized proceeds of $3.7B bringing YTD total to $14B. Carry fund return of negative 4%, bringing YTD total to +5%.
- Earnings call at 8:30 ET
- Previously: Carlyle misses by $0.07, misses on revenue (Oct. 28)
- CG flat premarket
Oct. 28, 2015, 6:37 AM
- Carlyle (NASDAQ:CG): Q3 EPS of -$0.43 misses by $0.07.
- Revenue of $93.5M (-83.8% Y/Y) misses by $5.05M.
Oct. 27, 2015, 5:30 PM
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Oct. 14, 2015, 4:14 PM| Oct. 14, 2015, 4:14 PM
Oct. 8, 2015, 7:47 AM
- Entergy (NYSE:ETR) agrees to sell its 583 MW Rhode Island State Energy Center to Carlyle Power Partners (NASDAQ:CG) for ~$490M.
- The facility is a natural gas-fired, combined-cycle generating plant that entered commercial service in 2002.
- ETR says it expects to record a net gain of ~$0.50/share, to be classified as a special item, assuming the sale closes in Q4.
Sep. 23, 2015, 7:32 AM
- British aircraft services company BBA Aviation agrees to acquire U.S. competitor Landmark Aviation from Carlyle Group (NASDAQ:CG) for $2.065B, a deal that would make the combined entity the biggest fixed-base operator in the world.
- The deal would merge BBA's Signature Flight Support business, which has the highest number of fixed base operations in the U.S., with Landmark's, which has the third highest.
Aug. 31, 2015, 7:13 AM
Aug. 24, 2015, 8:21 AM
- Private-equity firms have gathered into three separate packs to get enough juice to bid up to $6B on the South Korean business of Tesco (OTCPK:TSCDY), Reuters reports, in what could be Asia's biggest P-E deal ever.
- A combination of KKR and Affinity Equity Partners is in one group; Carlyle Group (NASDAQ:CG) and GIC are another; and MBK Partners will look for funding from South Korea's National Pension Service to pursue it.
- Divesting its South Korean business, Homeplus, would be the biggest move the chain has made as it tries to reverse a decline resulting from an accounting scandal.
- The Homeplus unit has annual revenue of about $5.9B. Final bids for the business are due today. Along with pretty much everything else, Tesco shares are down 3.5% in London.
- Carlyle Group is down 1.1% and KKR down 3.8% in premarket trading.
Aug. 21, 2015, 8:28 AM
- Carlyle Group's (NASDAQ:CG) Emerging Sovereign Group's Nexus Fund gained about $100M in two days last week as put options it owned on the yuan soared in value following this month's devaluation, reports the WSJ.
- The gain turned the year around for the fund - after being down 11% through the end of July, it's now up about 50% YTD.
- Carlyle purchased a 55% stake in ESG in 2011, and since then assets have tripled to about $5B. The profits at the Nexus fund are needed good news for Carlyle's hedge fund business. The company's Claren Road Asset Management has made news lately for its poor performance and mass redemptions.
Aug. 18, 2015, 3:43 PM
- The fast pace of redemptions continues at Carlyle Group's (CG -1.9%) Claren Road Asset Management, where investors submitted requests for the return of nearly $2B of the fund's $4.1B in AUM in July.
- At its peak less than a year ago, Claren Road was managing $8.5B.
- The fund's managers are hearing from exiting investors and are in the process of deciding on a future path, including maybe shutting the doors.
- Carlyle will write off up to $175M of the remaining $216M value of Claren Road still on its books. Trying to diversify its asset management business, the P-E firm bought a 55% stake in the fund in 2010 for an undisclosed price.
- Previously: Carlyle Hedge fund could face redemptions after warning (July 28)
Aug. 18, 2015, 7:51 AM
- Buyout firms are dominating the bidding at Airbus's (OTCPK:EADSY) defense asset auction, according to Bloomberg.
- Carlyle (NASDAQ:CG), KKR and Blackstone (NYSE:BX) are among private-equity firms that bid in the first stage of the auction. Rheinmetall (OTCPK:RNMBY) and Thales (OTC:THLEY) also submitted proposals by a July deadline.
- The operations, which comprise Airbus’s defense sensors and border security businesses, are said to have operations with 2015 revenue estimated at €1.1B.
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