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  • Thu, Feb. 11, 8:22 AM
    • Q4 economic net income of $71M or $0.08 per share vs. $46M and $0.05 one year ago. Full-year ENI of $1.21 per share vs. $1.84 in 2014.
    • Q4 after-tax cash earnings per share of $0.21 vs. $0.44 a year ago; full-year of $1.78 vs. $2.47 in 2014.
    • Book value per adjusted unit of $11.78 slips from $12.07 a year ago.
    • 17.5M shares bought back during quarter for $270M, and another 1.7M stock awards were canceled for a total of 19.2 shares retired - nearly 5% of the float.
    • Conference call at 10 ET
    • Previously: KKR misses by $0.19, beats on revenue (Feb. 11)
    • KKR -4.2% in very thin premarket action.
    | Thu, Feb. 11, 8:22 AM | 10 Comments
  • Thu, Feb. 11, 7:46 AM
    • KKR (NYSE:KKR): Q4 EPS of $0.08 misses by $0.19.
    • Revenue of $337.15M (+38.0% Y/Y) beats by $52.86M.
    • Press Release
    | Thu, Feb. 11, 7:46 AM | 3 Comments
  • Wed, Feb. 10, 5:30 PM
    | Wed, Feb. 10, 5:30 PM | 26 Comments
  • Wed, Feb. 10, 3:15 PM
    • These MOUs are paid to take their capital and reap big returns doing deals, not try and support the stock price with share repurchases. “It doesn’t make much sense, obviously,” says UMass economics professor William Lazonick.
    • Yet The Carlyle Group (CG +3.3%) today joined Apollo Global (APO -0.9%), KKR (KKR -5.2%), and Fortress Investment (FIG -1.7%) in launching sizable share repurchase programs, with Carlyle CEO David Rubenstein saying (earnings call transcript) none of his company's owners finds the current stock price "satisfactory or acceptable."
    • Don't look for Blackstone (BX +1.9%) to join the crowd. “Limited partners believe that if you don’t invest in your own funds, you don’t show confidence or alignment,” said Stephen Schwarzman on his recent earnings call (transcript). "We always want to have a lot of money around." Just to be clear, Schwarzman has also been very vocal about how cheap he believes Blackstone shares are.
    • The last word goes to Lazonick: “At least they’re not buying high, but that’s not relevant ... They should be trying to figure out how to invest better.”
    • ETFs: PSP, PEX
    | Wed, Feb. 10, 3:15 PM | 25 Comments
  • Tue, Jan. 26, 9:51 AM
    • Two German government sources have denied a Handelsblatt report that Berlin had given its consent to sell Airbus's (OTCPK:EADSY -0.1%) defense electronics unit to buyout groups KKR and Carlyle (NASDAQ:CG).
    • The sale is part of a plan by Airbus to dispose of assets with combined revenues of around €2B, following a strategic decision to focus on civil and military aeronautical and space assets in the face of low European defense spending.
    • Previously: Airbus defense asset sale 'progressing well' (Jan. 07 2016)
    • Previously: Airbus close to choosing final electronics bidder (Dec. 15 2015)
    | Tue, Jan. 26, 9:51 AM
  • Thu, Jan. 21, 10:28 AM
    • Fans of P-E and contrarian headline indicators may be sniffing a bottom for the sector as Bloomberg pronounces Henry Kravis' (KKR +3.5%) golden age for private equity claim a bust.
    • Kravis was referring to the years prior to the financial crisis, but a check of the scoreboard finds those mega-deals have mostly produced mediocre results. The endowments and pension plans which invested in those most of those deals would have done better calling up Vanguard.
    • “The big deals were done more out of ego than economic sense," says an advisor to pension plans. "People paid steep prices and put on too much debt.”
    • The question going forward is if the P-E giants have learned their lesson. According to Bloomberg's sources, TPG Capital has sworn off the huge deals, and other players have vowed to focus on price, not size.
    • Interested parties: Blackstone (BX +3.5%), Apollo Global (APO +2.8%), Carlyle Group (CG +4.2%)
    | Thu, Jan. 21, 10:28 AM | 13 Comments
  • Wed, Jan. 20, 6:17 PM
    • As Husky Energy (OTCPK:HUSKF) opens a data room next month on a package of western Canadian oil and natural gas assets, companies such as Canadian Natural Resources (NYSE:CNQ) and Crescent Point Energy (NYSE:CPG) as well as several P-E firms including KKR and Apollo Global Management (NYSE:APO) likely will show interest, Bloomberg reports.
    • Morgan Stanley says the average Q4 sale price for producing properties in Canada was C$35K per flowing barrel, meaning the assets could be worth ~C$2.1B (US$1.5B).
    • Husky says it is looking to sell ~59.5K boe/day of production that are 54% liquids.
    • Earlier: Husky Energy suspends Q4 dividend, cuts 2016 spending plan
    | Wed, Jan. 20, 6:17 PM | 5 Comments
  • Tue, Jan. 5, 7:16 AM
    • Bayer AG (OTCPK:BAYRY) closes its previously announced sale of its Diabetes Care business to Panasonic Healthcare Holdings, a company backed financially by investment firm (NYSE:KKR) and the Panasonic Corporation (OTCPK:PCRFY)(OTCPK:PCRFF). The value of the deal was €1B (JPY 132B). The stand-alone organization, headquartered in Basel, Switzerland, will do business as Ascensia Diabetes Care Holdings.
    • Previously: Bayer to sell diabetes unit to Panasonic Healthcare (June 10, 2015)
    | Tue, Jan. 5, 7:16 AM
  • Dec. 23, 2015, 8:02 AM
    • The P-E firm announces an agreement to pursue acquisitions and investment opportunities in oil and gas through an entity providing asset management services to that industry.
    • The new platform will be led by Deepak Munganahalli, who will be based in Dubai.
    • Munganahalli: “Our goal is to become an integrated solutions provider for engineering, maintenance, repair and overhaul services for asset owners and operators in the oil and gas industry.:
    | Dec. 23, 2015, 8:02 AM | 7 Comments
  • Dec. 11, 2015, 7:54 AM
    • With loans to the U.K.'s Casual Dining Group and  Spain's Sarquzvitae, KKR's direct lending platform for medium-sized European companies has completed eight deals for more than $500M this year.
    • The company reminds of the size of the opportunity in non-bank lending in Europe given the state of the banking system there.
    • Source: Press Release
    | Dec. 11, 2015, 7:54 AM
  • Dec. 10, 2015, 10:26 AM
    • Outliers to the upside in private-equity today are KKR (KKR +3.8%) and Apollo Global (APO +3.9%) as Jefferies initiates coverage on three of the battered sector's names.
    • KKR is started with a Buy and $20 price target - 27% upside to last night's close. Apollo is started with a Buy and $19 PT - 25% upside to last night's close.
    • The Carlyle Group (CG +0.7%) is initiated with a Hold and $19 price target.
    | Dec. 10, 2015, 10:26 AM | 14 Comments
  • Dec. 2, 2015, 2:07 AM
    • More major tech sales? Buyout firms KKR (NYSE:KKR), Thoma Bravo and Vista Equity Partners are competing for $4B worth of Dell's assets, according to Reuters.
    • Divesting the assets would help Dell bolster its balance sheet after it agreed in October to buy data storage company EMC for $67B.
    • That deal is expected to close by October 2016, subject to approval of shareholders.
    | Dec. 2, 2015, 2:07 AM
  • Nov. 25, 2015, 10:21 AM
    • General Electric (GE -0.7%) has completed the sale of its Australia and New Zealand consumer finance business, representing aggregate ending net investment of approximately $4.3B, to a consortium made up of Varde Partners, KKR (KKR -0.2%) and Deutsche Bank (DB +0.6%).
    • "Combined with the recently announced agreement to sell our commercial lending business in A&NZ, this is a big step in the complete exit of GE Capital from the region," said Keith Sherin, GE Capital chairman and CEO.
    • Previously: Investor group to buy GE Capital consumer finance arm for $6.3B (Mar. 15 2015)
    | Nov. 25, 2015, 10:21 AM | 6 Comments
  • 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. 23, 2015, 9:38 AM | 1 Comment
  • 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.
    | Nov. 2, 2015, 3:14 PM | 10 Comments
  • Oct. 29, 2015, 5:58 PM
    • The CEO of KKR-backed Samson Resources plans to resign, a lawyer for the bankrupt oil and gas producer told a judge today, as a restructuring plan announced in August has unraveled and the company and lenders negotiate for new terms to refinance.
    • The restructuring deal is in peril due to tumbling natural gas prices, the lawyer says, adding that CEO Randy Limbacher will continue in his role until December.
    • "The initial [agreement] can be terminated at any moment," as milestones in the deal have not been met, the lawyer said according to Reuters.
    | Oct. 29, 2015, 5:58 PM | 3 Comments
Company Description
KKR & Co LP offers a broad range of asset management services to its investors and provides capital markets services to its firm, its portfolio companies and its clients.
Sector: Financial
Country: United States