Nov. 27, 2013, 7:32 AM
- Danaher (DHR) and Blackstone (BX) have reportedly joined together to bid for the water-treatment unit of chemicals manufacturer Ashland (ASH) in a deal that could exceed $1.5B.
- Other suitors vying for the business include Apollo (APO) and Goldman Sachs' (GS) private-equity arm.
- The move for the Ashland ops is the second deal that Danaher and Blackstone are working on, with the companies also looking to acquire J&J's clinical diagnostics unit, which could attract $4B.
Aug. 25, 2013, 2:45 AM
- BATS Global Markets (BATS) is reportedly in advanced negotiations to merge with Direct Edge Holdings in an all-stock deal that would create the second-largest exchange operator in the U.S. in terms of shares traded, putting it behind the NYSE (NYX) but ahead of Nasdaq (NDAQ).
- BATS CEO Joseph Ratterman is expected to become the head of the new firm, while Direct Edge boss William O'Brien would become president. The companies plan to continue operating all four of their U.S. stock-exchange platforms after the merger.
- Both firms are profitable, with BATS earning EBITDA of $101M in 2012.
- Direct Edge's owners include KCG Holdings (KCG), Goldman Sachs (GS), Citadel and the International Securities Exchange. Those of BATS include KCG also, as well as Bank of America (BAC), Citigroup (C), Credit Suisse (CS), Deutsche Bank (DB), JPMorgan (JPM) and Morgan Stanley (MS).
Aug. 21, 2013, 2:47 AM
- Lloyds (LYG) has agreed to sell German life insurer unit Heidelberger Leben for £250M to a joint venture of private equity group Cinven and Hannover Re.
- The U.K. bank expects the sale to lead to a loss on disposal of around £330M, but combined with other divestments, should strengthen the group's common equity tier 1 capital by around £400M.
- The deal is part of Lloyds' strategy of "rationalizing its international presence." (PR)
- Separately, Lloyds has also agreed to sell a portfolio of leveraged loans to Goldman Sachs (GS) unit ELQ Investors II for at least £254M. The portfolio mainly comprises U.K.-based assets in a range of sectors, including manufacturing and retail. (PR)
Jul. 16, 2013, 7:00 AM
The $4.7B buyer of Smithfield Foods (SFD) - Shuanghui International - plans a Hong Kong IPO after closing the purchase, reports Reuters, with sources saying Hong Kong would place a higher valuation on the company than exchanges elsewhere. The move would provide an exit route for Shuanghui's P-E investors, including Goldman Sachs (GS).| Jul. 16, 2013, 7:00 AM
Jun. 3, 2013, 5:31 AM
The General Motors Building in Manhattan has become the most valuable office property in America after the families of Chinese property developer Zhang Xin and Brazil's Safra banking empire acquired a 40% in the 50-story skyscraper for $1.4B. The sellers were a group of Persian Gulf interests, some of whom are represented by a Goldman Sachs (GS) fund. The other 60% is being retained by Boston Properties (BXP). Reports of the deal, which values the GM Building at $3.4B, follow news that Carlyle is selling a 27-story Manhattan building for $1.3B.| Jun. 3, 2013, 5:31 AM
May 31, 2013, 3:08 AM
Lloyds (LYG) will make a handsome profit from a portfolio of U.S. mortgage bonds after agreeing to sell the assets to different institutions for £3.3B. That's above the book value of £2.7B, allowing Lloyds to make a pretax gain of £540M. One of the buyers is Goldman Sachs (GS), which is paying £200M for MBSs with a book value of £170M. Lloyds' shares are +0.5% in London. (PR)| May 31, 2013, 3:08 AM
May 30, 2013, 3:06 AMFiat (FIATY.PK) is reportedly in negotiations with major banks to borrow up to $10B that the Italian carmaker would use to acquire the 41.5% of Chrysler it doesn't own and refinance the two companies' debt at lower interest rates. The banks include Bank of America (BAC), Deutsche Bank (DB), Goldman Sachs (GS) (GS) and BNP Paribas (BNOBF.PK). Fiat's purchase of the holding is being held up by a legal dispute over the value of the stake. | May 30, 2013, 3:06 AM | 3 Comments
May 1, 2013, 9:49 AM
Mar. 8, 2013, 5:46 AM
Chinese investors are in talks to acquire a 40% holding in the General Motors Building in Manhattan in a deal that would value the 50-story skyscraper at $3.4B, including debt, making it the most valuable tower in the U.S. The investors, who are led by the family of Soho China CEO Zhang Xin, would acquire the holding from a Goldman Sachs (GS) fund that represents Persian Gulf interests. The owner of the other 60% is Boston Properties (BXP).| Mar. 8, 2013, 5:46 AM
Feb. 15, 2013, 7:38 AM
"The Goldilocks era of post-crisis M&A has never been an if, but a when," says JPMorgan (JPM) vice-chair James Lee. "CEOs are declaring that day has come." Including the Berkshire buy, $40B in deals were announced yesterday and $140B this month. Transaction volume is up 27% Y/Y vs. an 8% slump for 2012. It should mean sweet profits for the newly lean banks.| Feb. 15, 2013, 7:38 AM | 8 Comments
Jan. 3, 2013, 5:08 PM
Abbott Labs (ABT), Johnson & Johnson (JNJ) and Sanofi (SNY) have all displayed an interest in Warburg Pincus' Bausch & Lomb. Warburg, working through Goldman Sachs (GS), is hoping to get at least $10B for the business and is seeking first-round bids by month’s end. The $10B price tag would be a major coup for Warburg, raking in a 200% return off its $1.7b equity investment.| Jan. 3, 2013, 5:08 PM | 1 Comment
Dec. 11, 2012, 6:48 PMGoldman Sachs (GS) gets the nod by Warburg Pincus to explore a sale of Bausch & Lomb, the company's eye-care division. Warburg is said to be seeking at least $10B for the business. According to reports, Goldman has already contacted Sanofi (SNY), GlaxoSmithKline (GSK), and Merck (MRK) this month, and that Abbott Laboratories (ABT) will be among the other companies contacted. | Dec. 11, 2012, 6:48 PM
Nov. 26, 2012, 8:41 AM
Nov. 19, 2012, 4:34 AM
News Corp (NWS) will reportedly this week close a deal to acquire 49% in YES TV, the home TV channel of the New York Yankees, and will have an option to boost the stake to 80% within 3-5 years. YES would be valued at $3B under the initial transaction, more than the Yankees, whose holding company owns 34% in the cable channel. Goldman Sachs (GS) and Providence Equity own another 40%. (previous)| Nov. 19, 2012, 4:34 AM
Nov. 15, 2012, 3:56 AM
News Corp (NWS) is reportedly in advanced talks to buy a stake - possibly almost 40% - in YES, the cable channel that televises New York Yankees games. News Corp is likely to acquire most of the holding from Goldman Sachs (GS) and Providence Equity Partners. The potential deal is likely to value YES at $3B.| Nov. 15, 2012, 3:56 AM
Nov. 14, 2012, 5:28 AM
KAR Auction Services (KAR) has ended its attempts to sell itself following the breakdown of negotiations with P-E firm Clayton Dubilier & Rice over price and other transaction terms, Reuters reports. The vehicle auction company, which has a market cap of $2.38B, is 78%-owned by a group of P-E firms, including Goldman Sachs Capital Partners (GS).| Nov. 14, 2012, 5:28 AM