• 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.
    | 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
  • Oct. 28, 2015, 9:12 AM
    | 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. 28, 2015, 7:38 AM | 8 Comments
  • 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. 27, 2015, 5:54 PM | 9 Comments
  • Oct. 26, 2015, 5:35 PM
  • 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
Company Description
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
Sector: Financial
Industry: Asset Management
Country: United States