KKR
 (KKR)

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  • Oct. 21, 2015, 3:13 PM
    • KKR is raising its first fund aimed at private tech companies, reports Dan Primack, and is marketing the vehicle to only a select group of investors.
    • The move comes as clients had asked how they could participate alongside KKR in a number of off-balance sheet deals the P-E firm has done (Sonos, FanDuel, Identity among them).
    • There's no specific target size for the new fund,  but KKR itself will reportedly investment at least $200M, or more than 30% of the total (larger than a typical commitment by a general partner).
    | Oct. 21, 2015, 3:13 PM | 5 Comments
  • Oct. 15, 2015, 10:29 AM
    • After a disappointing IPO which priced at the bottom of its expected $16-$17 range (which had been cut from $18-$20), First Data (NYSE:FDC) is at $15.75 in early action.
    • At $16 per share, First Data's market value is about $14B vs. the near-$30B KKR paid for it in 2007.
    • Nevertheless, the $2.56B raise is 2015's largest IPO.
    • Payment processing upstart/competitor Square filed for its own IPO yesterday.
    • Previously: First Data prices IPO at $16 (Oct. 14)
    • Previously: First Data reportedly cutting IPO price range (Oct. 14)
    | Oct. 15, 2015, 10:29 AM | 2 Comments
  • Oct. 14, 2015, 2:52 PM
    • There's apparently muted interest for the First Data (Pending:FDC) IPO as the deal price has been cut to $16-$17 per share from $18-$20, according to Barron's. The sale is expected to price later today.
    • At issue for First Data is a still-heavy debt load and little valuation discount to smaller, faster-growing payments-and-processing names like Vantiv (NYSE:VNTV), Total Systems Services (NYSE:TSS), Global Payments (NYSE:GPN), and Heartland Payments Systems (NYSE:HPY). It's a hot sector and the whole group is up sharply this year.
    • First Data would still raise $2.6B at the midpoint of the reportedly revised range, with a valuation of about $15B, and more than $18B in debt still outstanding after the IPO.
    • Bernstein's Lisa Ellis: “Our perspective on First Data’s business outlook, in brief — chronic underperformer in a market with strong secular growth, on a slow, steady improvement path.”
    • KKR took First Data private in a top-ticker of a deal in 2007 for $30B.
    • Previously: First Data about to go public (Oct. 14)
    | Oct. 14, 2015, 2:52 PM | 6 Comments
  • Oct. 14, 2015, 3:22 AM
    • First Data Corporation is expected to price its initial public offering today in what could be the largest IPO of the year.
    • The KKR-backed company, which processes more than 40% of electronic payments in the U.S., has been marketing 160M shares for $18-$20 apiece, indicating an offering size of $3B (at the midpoint) and a valuation of $16.7B.
    • The stock, listed on the NYSE under ticker symbol FDC, will begin trading on Thursday.
    • Previously: First Data files S-1 (Oct. 01 2015)
    | Oct. 14, 2015, 3:22 AM | 1 Comment
  • Oct. 3, 2015, 5:49 PM
    • Laureate Education (LAUR) files for an $100M IPO. The deal size could eventually be pushed to as high as $1B, according to Renaissance Capital.
    • The for-profit education company reported revenue of $4.414B in 2014 and operating income of $299.5M. Also of note, Laureate Education has a close prior association with Bill Clinton and the Clinton Global Initiative.
    • KKR (NYSE:KKR) was a lead investor in the group that took Laureate private in 2007.
    • SEC Form S-1
    | Oct. 3, 2015, 5:49 PM | 7 Comments
  • Oct. 1, 2015, 7:35 AM
    | Oct. 1, 2015, 7:35 AM
  • Sep. 21, 2015, 3:38 PM
    • Earlier in September, Bloomberg reported payment procession gorilla First Data (Pending:FDATA) would aim to raise at least $2.5B in an IPO coming as soon as this month. The WSJ today says the number is $3B and a filing with details could come today, with trading maybe starting by mid-October.
    • The IPO is expected to value the company at between $20B and $25B, says the Journal, maybe beginning to offer a positive ROI for KKR which bought the company at the peak of buyout boom for nearly $30B. KKR at one point marked down the value of its investment to as low as $0.60 on the dollar.
    • Previously: Bloomberg: First Data IPO could come this month (Sept. 9)
    | Sep. 21, 2015, 3:38 PM | 1 Comment
  • Sep. 18, 2015, 7:29 AM
    • IMC Financial Markets has yet to adequately explain why it opened KKR's stock at $10 per share (vs. the previous evening's close of $19.55) amid the market panic of Monday morning on Aug. 24. The stock had been trading at $17-$18 on electronic exchanges prior to the NYSE open.
    • Over the five seconds following that $10 open, roughly 476K traded hands at as low as $8 each. By 9:45, the stock was back to $17.50, but for a few minutes the net worths of KKIR co-CEOs Henry Kravis and George Roberts each fell about a $1B. The stock closed at $19.46 last night.
    • Despite the crazy opening causing no lasting problems for KKR, executives a the P-E firm aren't pleased and are considering dropping IMC. The SEC is taking a broad look at market open that day.
    • Source: WSJ
    | Sep. 18, 2015, 7:29 AM | 2 Comments
  • Sep. 17, 2015, 7:45 AM
    • KKR-owned oil and gas driller Samson Resources filed for Chapter 11 bankruptcy protection last night to carry out a debt-cutting plan reached with key lenders who will assume control of the company.
    • The action was anticipated a month ago when a restructuring plan reportedly was finalized.
    • Lenders agreed to cut Samson's obligations by swapping the $1B they are owed for nearly all newly issued stock, and will invest $450M in the company.
    • The restructuring plan must be approved by the U.S. Bankruptcy Court in Wilmington, Del.
    | Sep. 17, 2015, 7:45 AM | 2 Comments
  • Sep. 11, 2015, 5:05 PM
    • KKR and Apollo Global Management (NYSE:APO) are seeking to acquire GE’s inventory finance arm, Bloomberg reports.
    • The buyout firms made bids two weeks ago for GE Capital Commercial Distribution Finance, a unit with $11B in assets, according to the report, which also says GE could select a buyer for the unit by the end of the month.
    • The business is among a batch of four commercial lenders with a combined $40B in assets that GE began auctioning in June as part of the company’s refocus on manufacturing; GE’s transportation finance division was sold yesterday to Bank of Montreal.
    | Sep. 11, 2015, 5:05 PM | 6 Comments
  • Sep. 9, 2015, 4:06 PM
    • The company plans to seek at least $2.5B in what would be the biggest IPO of the year, reports Bloomberg.
    • First Data (Pending:FDATA) filed IPO plans in July without specifying timing or a fundraising target.
    • It's biggest equity bet ever, KKR eight years ago took First Data private for $29.8B.
    • Previously: KKR's First Data files for IPO (July 20)
    | Sep. 9, 2015, 4:06 PM | 10 Comments
  • Sep. 9, 2015, 7:55 AM
    • Started in 1997 by Paul Marshall and Ian Wace, London-based Marshall Wace has over $22B in AUM. KKR says the purchase will "significantly scale" its presence in hedge fund offerings.
    • Under the cash and stock deal which should close this year, KKR will acquire a 24.9% stake in firm, with options which could increase ownership to 39.9% over time. Other details weren't disclosed.
    • The purchase is expected to be immediately accretive to KKR's after-tax distributable earnings per unit and after-tax ENI per unit.
    | Sep. 9, 2015, 7:55 AM | 1 Comment
  • 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. 24, 2015, 8:21 AM | 1 Comment
  • Aug. 19, 2015, 3:24 PM
    • "KKR levered their energy bets to the hilt and ended up in the woodshed," says University of Michigan professor Erik Gordon.
    • Samson Resources is set to file for bankruptcy protection by Sept. 15. Combined with last year's bankruptcy of Energy Future Holdings, it could cost KKR's investors about $5B.
    • As a group, P-E firms since the middle of last year have seen about $17B in market cap erased from public energy producers they own, according to Bloomberg.
    • KKR's $17.6B  2006 Fund LP put about $3B into the Energy Future and Samson LBOs, and KKR itself invested about $700M. A group of KKR's largest fund investors separately put up the remainder of the money for the P-E firm's stakes in those companies.
    • Even with the two major stumbles, the fund has produced an annualized return of 9% after fees.
    • Another $900M fund which began raising money in 2010 to invest in producing oil and gas operations has a minus 39% annualized return after fees, and a $2B fund which completed fundraising last year is now valued at 8.5% below investment costs.
    • KKR hasn't made any new oil and gas private equity investments in North America since January 2014.
    | Aug. 19, 2015, 3:24 PM | 10 Comments
  • 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.
    | Aug. 18, 2015, 7:51 AM | 1 Comment
  • Aug. 14, 2015, 6:20 PM
    • KKR -6.1% AH after Dow Jones reports Samson Resources plans to file for chapter 11 bankruptcy by mid-September after finalizing a restructuring plan with key creditors today.
    • The move would wipe out the ~$4.1B investment of KKR and its partners, which led a $7.2B leveraged buyout of Samson in 2011 in the biggest-ever such deal for an oil and gas producer.
    • Samson, which is primarily a natural gas producer, has lost more than $4.5B since the buyout, including a $490M loss during Q1, the most recent period for which it has reported results.
    | Aug. 14, 2015, 6:20 PM | 14 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