KKR & Co.: Looks Can Be Deceiving
Ashleigh Rogers • 37 Comments
Ashleigh Rogers • 37 Comments
KKR Financial: Use The Subsidiary To Get A Discount On The Parent
ValueArtifex • 16 Comments
ValueArtifex • 16 Comments
KKR Financial Holdings: 20% Upside For 2014
Douglas E. Johnston • 17 Comments
Douglas E. Johnston • 17 Comments
Thu, Jul. 28, 4:59 AM
- Fresh off a $70M investment from Twitter, SoundCloud may be putting itself up for sale for as much as $1B.
- Sony (NYSE:SNE) has agreed to sell a portion of its battery business to Murata Manufacturing (OTCPK:MRAAY).
- Fosun Pharmaceutical (OTCPK:FOSUY) is acquiring Indian drugmaker Gland Pharma - backed by KKR - for about $1.4B.
- Asciano's (OTCPK:AIOYY) $6.8B buyout by a global consortium led by Brookfield Infrastructure (NYSE:BIP) has cleared final antitrust hurdles in Australia, marking the country's biggest foreign takeover in five years.
Tue, Jul. 26, 7:30 AM
- Q2 economic net income of $191.2M or $0.23 per share vs. $746.7M and $0.88 one year ago. Distributable income of $508M vs. $465.3M. Distribution is $0.16.
- AUM of $131B vs. $114.5B a year ago. Fee-paying AUM of $94.6B vs. $86.9B. Uncalled commitments of $38.4B vs. $25.9B.
- Management fees of $262M vs. $265.6M a year ago. Performance income of $328.6M vs. $598.5M. Investment loss of $46.7M vs. a gain of $383.7M. Investment loss this quarter includes an increase in the value of energy holdings, but more than offset by decreases in values of publicly held investments, including First Data Corp.
- Private equity portfolio appreciated 4.5% for the quarter, and 6% Y/Y.
- Previously: KKR beats by $0.18, misses on revenue (July 26)
- CC at 10 ET
- KKR flat premarket
Tue, Jul. 26, 6:18 AM
Tue, Jul. 26, 6:04 AM
Mon, Jul. 25, 5:30 PM
- ABG, ACW, AHGP, AKS, ALLY, AOS, ARLP, ASTE, ATI, AUDC, AVY, AXE, AXTA, BAX, BEAV, BP, BPOP, CAT, CHKP, CIGI, CNC, CNHI, CNX, CPLA, CSL, CTG, CVLT, CYNO, DD, DTE, EEFT, EXAS, FBC, FCH, FCX, FELE, FIS, FMER, GPK, HOT, HUBB, HZO, ICLR, JBLU, JNS, KEY, KKR, LLY, LPT, MAS, MBLY, MCD, MDXG, MMM, NCI, NEO, NLSN, NORD, PCAR, PCH, RAI, RDWR, SAH, SIR, SIRI, ST, TGNA, TNC, TOWR, TROW, UA, USG, UTX, VLO, VZ, WAT, WDR, WWW, XRS
Mon, Jul. 11, 2:36 AM
- Despite denying rumors about a sale several weeks ago, the UFC has agreed to sell itself to WME-IMG for about $4B, NYT reports.
- Backing the transaction are private equity firms Silver Lake, Kohlberg Kravis Roberts (NYSE:KKR) and Michael S. Dell.
- The deal highlights the power and reach of the 23-year-old UFC, whose fights are now shown in more than 156 countries and claim millennials as some 45% of its audience.
Wed, Jul. 6, 7:56 AM
- KKR has agreed to buy business software company Epicor Software Corp. from Apax Partners, the latest in a streak of technology buyouts.
- The buyer paid about $3.3B, including the assumption of Epicor’s existing debt, WSJ reports. For Apax, the transaction amounted to a return that is more than 4x its investment in the company.
Fri, Jul. 1, 12:04 PM
- Harley-Davidson (HOG +13.1%) spikes higher following a report from TheFly.com that traders are circulating chatter of potential takeover interest in the motorcycle maker from KKR (KKR -0.3%).
- A P-E deal for HOG is "not a completely far-fetched idea," TheStreet.com's Brian Sozzi writes, noting that shares had been down ~30% YTD but the company has built up significant brand equity through the years that may not be reflected in the valuation, and has worked to re-tool its manufacturing facilities for more efficient production.
- From HOG's perspective, "it may be open to offers as a way to leave Wall Street's scrutiny in what has been several challenging quarters," Sozzi says.
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, 3:20 PM
- Altegris Investments has won regulatory approval for the Altegris KKR Commitment Fund which plans to buy stakes in funds run by KKR. The fund will be available only to investors with annual income of more than $200K or more than $1M in assets, excluding a primary residence.
- The minimum investment will be $25K and fees will be as high as 2.6%.
- Unlike other such funds, Altegris will be able to advertise and make available to the public information about its performance.
- While KKR has lent its name to the fund, it won't have a role in managing it, nor will it get a share of fees. KKR, of course, will collect its standard management fee on investments it makes (typically 1-2% and 20% of profits above certain thresholds).
Tue, Jun. 21, 7:56 AM
- The region is in the "infancy" of a recovery, says Guillaume Cassou, head of European real estate for KKR. "There’s still a lot of deleveraging to be done, and it’s all about selection and being creative.”
- KKR Real Estate Partners Europe LP - which was raised in 15 months - will focus on Germany, the U.K., France, Spain, and Italy.
- Brexit? The company is prepared, says Cassou, but the "bar may be higher" for investing in the U.K. should that country decide to leave the EU.
Thu, Jun. 16, 6:47 PM
- KKR and Pemex are wrapping up details on a $1.2B sale and leaseback agreement, as Mexico's distressed state-owned oil company scrambles for extra cash, Reuters reports.
- Pemex would sell some of its infrastructure assets but continue to operate and maintain them for 15 years and pay rent to KKR, and then repurchase the assets after the lease ends, according to the report.
- The assets are said to include pipelines, a system of subsea cables, two non-drilling platforms and a facility for gas compression.
- A successful deal could encourage other P-E firms to invest in Mexico's energy sector, which in 2014 opened to private oil producers for the first time in decades.
Mon, Jun. 13, 10:46 AM
- Jerry Kohlberg, George Roberts, and Henry Kravis started out in 1976 with $120K, and forty years later KKR manages more than $120B. The biggest lesson between all those zeros: The trio wanted their company to get as far as possible from the 'eat what you kill' philosophy in force at their former employer, Bear Stearns.
- "We wanted everyone to share in everything we did, whether you worked on a deal or not ... We started with that 40 years ago, and today our culture remains identical."
- As for the next forty years in P-E, it's certain they're going to be more competitive than the previous forty. It's already an asset class that nearly every institution is invested in.
- Full interview with Bloomberg's Jason Kelly
Wed, May 25, 6:31 PM
- US Foods (Pending:USFD) has priced its IPO at $23/share, on the upper half of its predicted range of $21-$24.
- That means the company sold 44.4M shares and raised $1.02B, the second-biggest IPO this year. The company had planned to put funds toward debt reduction.
- That values the food distributor at $5.07B including underwriters' allotment. Owners Clayton Dubilier & Rice and KKR paid $7.1B for US Foods nine years ago, but have taken dividends along the way.
Tue, May 17, 7:54 AM
- KKR expands its Pillarstone platform, inking a deal with Alpha Bank and Eurobank to manage up to $1.35B of problem loans.
- Pillarstone was launched last summer through a partnership with two Italian banks. It's aim is to provide a fresh source of long-term capital to capital-challenged banks, along with the P-E firm's restructuring expertise. Banks signing on will be able to capture some of the upside as loan performance improves.
Mon, Apr. 25, 7:17 AM
- Q1 economic net loss of $553M or $0.65 per share vs. a profit of $526M and $0.62 one year ago. Book value per share of $10.79 falls from $12.19.
- Fee-paying AUM of $93.7B vs. $91.7B a year ago.
- Management fees of $279.9M vs. $337.1M a year ago. Performance loss of $124.9M vs. a gain of $326.8M. Investment loss of $593M vs. a loss of $176.4M. P-E portfolio lost 0.9% in value, and equity portfolio lost 5.4%.
- The company's largest investment, First Data Corp. (NYSE:FDC), lost about 20% in Q1, and accounted for roughly $300M of KKR's pretax loss.
- The company announced its buyback plan in late October, and since has repurchased 26.4M shares for $388M. Another 3.6M in equity awards were canceled for $57M to satisfy tax obligations. In total, 30M units have been retired.
- Conference call at 10 ET
- Previously: KKR misses by $0.32, beats on revenue (April 25)
- Shares flat premarket
KKR & Co. LP provides investment and private equity asset management services. It operates business through three business segments: Private Markets, Public Markets and Capital Markets & Other. The Private Markets segment is comprised of the global private equity business, which manages and... More
Industry: Asset Management
Country: United States
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