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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)
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%)
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
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)
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. 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. 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. 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.
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. 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. 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. 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. 28, 2015, 9:12 AM
Oct. 28, 2015, 7:38 AM
- Q3 economic net loss of $286M or $0.37 per unit vs. a profit of $508.7M or $0.50 one year ago. Distributable earnings of $349.1M or $0.35 per unit vs. $504.8M and $0.45.
- The company moves to a fixed distribution policy, with the payout to be $0.16 per quarter beginning for Q4 (Q3 payout is $0.35). This would be an annualized yield of 3.6%. Previous policy had KKR paying out 75-80% of distributable earnings.
- As part of the new capital management strategy, a $500M buyback program is launched, good for about 6% of the float at last night's regular session close. It appears to be the first-ever buyback from a publicly-traded P-E firm.
- Shares -6.1% premarket
- Previously: KKR misses by $0.07, misses on revenue (Oct. 27)
Oct. 27, 2015, 5:54 PM
- KKR (NYSE:KKR): Q3 EPS of -$0.37 misses by $0.07.
- Revenue of $188.6M (-45.3% Y/Y) misses by $70.09M.
- Shares -7% AH.
Oct. 26, 2015, 5:35 PM
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