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Aug. 10, 2015, 6:21 PM
- Samson Resources is close to entering an agreement with its lenders that will put it into bankruptcy court as soon as Aug. 15, Bloomberg reports, wiping out the $4B investment made by the KKR-led group that acquired the business in a $7.2B deal in 2011.
- Samson is said to be talking with loan holders led by Silver Point Capital and Cerberus Capital to iron out details on a proposal that would give the company a ~$300M loan to fund operations during Chapter 11 proceedings.
- If a restructuring plan is not complete by Aug. 15, when a $110M interest payment comes due on its bonds, Samson reportedly would skip the payment and continue talks during a 30-day grace period.
Jul. 23, 2015, 8:24 AM
- KKR (NYSE:KKR): EPS of $0.88 beats by $0.26.
- Revenue of $265.6M (+9.4% Y/Y) beats by $11.69M.
Jul. 23, 2015, 8:21 AM
- Q2 economic net income of $839.9M vs. $501.6M a year ago. ENI after taxes per share of $0.88 vs. $0.57.
- Distributable earnings of $491.M or $0.42 per share vs. $701M and $0.67 one year ago.
- AUM of $101.6B; Fee-paying AUM of $83.7B.
- Private Markets segment revenue of $1B vs. $642.9M a year ago. Fair value of P-E portfolio up 7.4% for the quarter, up 11.8% in H1. ENI of $666.2M vs. $376.2M.
- Public Markets segment revenue of $188.2M vs. $157.2M a year ago. ENI of $136.6M vs. $105.6M. Strong gains were seen across a number of the company's public holdings, including HCA which gained 21% for the quarter.
- Conference call at 10 ET
- KKR +1.7% premarket
Jul. 22, 2015, 5:30 PM
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Jul. 8, 2015, 7:52 AM
Jun. 29, 2015, 12:00 PM
- KKR (KKR -0.9%) agrees to pay nearly $30M to make the SEC go away in its investigation into so-called "broken deal" expenses. The SEC charged that the costs were all borne by KKR's funds' limited partners, but not co-investors (which included KKR executives).
- In reaching the settlement, KKR neither admitted nor denied the charges, but notes the deal relates to past, not current, practices. The SEC said the "one-sided" arrangement lasted for a six-year period ending in 2011.
- Source: Dan Primack
Jun. 26, 2015, 7:24 AM
- Results at Australia's largest supermarket chain haven't been so hot of late, and its CEO has announced his retirement, but the stock closed higher by 3.8% in Sydney today on a rumor KKR is ready to bid for the company.
- A buyout could be the largest cross-border P-E deal ever, given Woolworths' current enterprise value of about $30B, according to Bloomberg. Takeovers or large Aussie companies have averaged a multiple of 1.18x enterprise value.
- In 2006, KKR tried but failed to buy Woolworths' largest competitor, Cole Group.
Jun. 23, 2015, 9:18 AM
- 3M (NYSE:MMM) has agreed to acquire Capital Safety from KKR for a total enterprise value of $2.5B, including the assumption of approximately $0.7B of debt, net of cash acquired. The deal is expected to close in the third quarter.
- On a GAAP reported basis, 3M estimates the acquisition to be $0.04 dilutive to earnings in the first 12 months following completion of the transaction. Excluding adjustments and one-time expenses, 3M estimates the acquisition to be $0.12 accretive to earnings over the same period.
- Capital Safety, a provider of fall protection equipment, had approximately $430M in sales for its fiscal year ended March 31, 2015.
- KKR +0.7% premarket
Jun. 15, 2015, 6:34 PM
- Coty (NYSE:COTY) +7.5% AH after the NY Post reports it has acquired three beauty products and fragrance lines from Procter & Gamble (NYSE:PG) for as much as $12B combined.
- The businesses are believed to include PG's Max Factor, CoverGirl and Wella hair care brands, and would catapult Coty into the big leagues in the consumer space.
- Other bidders reportedly had included Henkel (OTCPK:HENKY) and P-E firms KKR, Clayton Dubilier & Rice and Warburg Pincus.
Jun. 10, 2015, 8:16 AM
- Singapore-based precision-engineering company MMI International is the latest victim of weakness in Southeast Asia, reports the WSJ, as KKR pulls its planned IPO of the company for the third time.
- A timeframe for try number four hasn't yet been set.
- Singapore is lower by 1.4% this year, and IPOs of just $41M compare to about $600M over the same time frame in 2014.
- KKR purchased MMI in 2007 for $700M and previously attempted to IPO the company in 2011 and 2012.
Jun. 10, 2015, 2:57 AM
- Bayer (OTCPK:BAYRY) has agreed to sell its Diabetes Care business to Panasonic Healthcare, a joint venture backed by buyout firm KKR, for €1B. The unit makes blood-glucose monitoring systems and lancing devices.
- Besides the diabetes sale, Bayer intends to list its plastics unit on the stock market, as it looks to focus on more lucrative life-sciences businesses.
- Previously: Rumored price for Bayer's diabetes device business continues to slide (Mar. 30 2015)
- Previously: KKR's Panasonic Health Care nearing deal for Bayer diabetes unit (Feb. 19 2015)
Jun. 9, 2015, 3:04 AM
- Stepping closer to shedding some more non-core assets, P&G (NYSE:PG) has received several binding offers for separate parts of its beauty business.
- Bidders, including Henkel (OTCPK:HENKY), Coty (NYSE:COTY) and P-E firms KKR (NYSE:KKR), Clayton Dubilier & Rice and Warburg Pincus, have made offers in the billions of dollars for P&G's haircare unit, cosmetics division and fragrance business.
- CEO Lafley said last August he would reverse the company's strategy of aggressive expansion and unload more than half of its brands.
- Previously: Personal care companies prep bids for P&G beauty brands (Apr. 16 2015)
Jun. 8, 2015, 8:04 AM
- A list of external managers used by the $305B retirement system includes giants like KKR, Carlyle Group (NASDAQ:CG), and Blackstone (NYSE:BX).
- The industry bellwether today will make public plans to reduce to 100 from 212, the direct relationships it has with private-equity, real estate, and other external funds, reports the WSJ.
- The move - coming under the leadership of CIO Ted Eliopoulos who took the reins last year - won't necessarily change Calpers' investment strategy nor the amount of assets managed internally vs. externally. The 100 left will just get a bigger pool of funds to manage, though they likely will be pushed to lower fees.
- As recently as 2007, Calpers had about 300 external managers.
Jun. 1, 2015, 12:17 PM
- KKR and Dubai-based Fajr Capital are close to buying a 25% stake in Lebanon-based fashion retailer Azadea Group, according to Reuters. Azadea operates across the Middle East, North Africa, Turkey, and Pakistan, and holds the franchise rights for brands like Gap, Zara, and Superdry.
- Sources say the stake being sold could fetch between $400M and $500M.
- The Middle East consumer sector is a popular one for investors given the region's young and increasingly wealthy population, and KKR's name has surfaced as a possible buyer in a number of deals.
May 26, 2015, 8:54 AM
- “The private wealth side is such an under-tapped segment, and way under-invested in alternatives,” says Brendan Boyle, Blackstone's (NYSE:BX) senior managing director of private wealth management. For Blackstone, $43B of its total $310B in AUM comes from private wealth - more than triple the amount of five years ago.
- Across all of P-E, family offices account for about 6% of capital, up from about 4% in 2010.
- By aiming at these new pools of wealth, private equity is looking to reduce its reliance on state and corporate pension plans, but it's not all about gathering assets - family offices often bring loads of expertise which can be put to use in the buyout game.
- "They didn't really pitch products," says a money manager for the founders of a consumer-products company, who was recently flown into NYC by KKR. "They brought out David Patraeus."
- Source: Bloomberg
May 11, 2015, 3:36 PM
- KKR will begin marketing the fund in Q3, reports Bloomberg, and is targeting $10B at a minimum.
- Competitor Blackstone collected $17B for its latest fund in seven months, according to sources, and Apollo Global last year completed the raising of $18.4B.
- KKR's 11th North America-focused fund, which started investing in 2012, raised $9B from 2011-2014, and was about 60% invested as of March 31. It's produced an annualized return of 21% after fees.
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