KKR & Co.: Looks Can Be Deceiving
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Ashleigh Rogers • 37 Comments
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ValueArtifex • 16 Comments
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Douglas E. Johnston • 17 Comments
Douglas E. Johnston • 17 Comments
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, Mar. 18, 4:10 PM
- P-E firm KKR agrees to acquire Airbus' (OTCPK:EADSF, OTCPK:EADSY) defense electronics business for €1.1B ($1.2B), with the European aerospace firm possibly keeping a minority stake in the division during the transition period.
- Airbus is shedding several areas to focus its defense division on missiles, warplanes, launchers and satellites.
- The deal went ahead after Airbus excluded its border security business from the planned sale, having missed its goal of reaching a deal by early 2016 because of delays with a border project in Saudi Arabia.
Sun, Mar. 13, 5:37 AM
- Private equity firm Apollo Global Management (NYSE:APO) is nearing a deal to acquire The Fresh Market Inc (NASDAQ:TFM) for $28.50 per share in cash, or more than $1.3B, in a move that could derail bids from Kroger (NYSE:KR), KKR, and TPG Capital.
- Sources told Reuters that an agreement could be announced as early as Monday, but cautioned that a deal had not yet been finalized and was still possible to be amended or fall apart at the last minute.
Fri, Mar. 4, 1:41 PM
- Thomson Reuters (TRI +0.5%) is apparently open to selling off its Intellectual Property & Science business in parts rather than all at once, a move that could speed divestitures and raise it more than $3B.
- The deal is likely to attract bids from private-equity firms, Bloomberg says -- including KKR (KKR +3.2%), Advent International, BC Partners and Cinven, along with corporate bidders.
- Thomson Reuters would prefer to sell it as a whole, but could independently sell scientific and scholarly research, life sciences, and intellectual property, sources told Reuters' news division. Proceeds could be used to buy back shares, as CEO Jim Smith said he has no plans for major acquisitions this year.
- An auction is set to kick off later this month. The company had said in November it was exploring strategic options for the unit, which employs about 3,200 and had revenue of about $1B in 2014.
- Previously: Thomson Reuters exploring options for $1B IP & Science business (Nov. 11 2015)
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)
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.
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.
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. 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)
Mar. 31, 2015, 7:00 AM
- KKR (NYSE:KKR) and Hong Kong-based Anchor Partners are in talks to buy a majority stake in Groupon's (NASDAQ:GRPN) South Korean unit for around 350B won ($316M), Reuters reports quoting the Korea Economic Daily.
- The two firms are in final talks to acquire a 51% stake in e-commerce firm Ticketmonster.
- GRPN -1.5% premarket
Mar. 15, 2015, 5:47 AM
- In one of the biggest deals in the Asia-Pacific region so far this year, a consortium of KKR (NYSE:KKR), Varde Partners and Deutsche Bank (NYSE:DB) has agreed to buy GE (NYSE:GE) Capital's Australian and New Zealand consumer lending arm for about $A8.2B ($6.26B).
- The move comes after General Electric disposed of its appliances unit, real estate holdings and a stake in NBCUniversal, and shed more of its banking businesses to return to its industrial focus.
- Previously: GE reportedly weighing deeper cuts to banking business (Mar. 11 2015)
Mar. 10, 2015, 2:18 PM
- KKR (NYSE:KKR) is in advanced talks to acquire Air Medical Group from Bain Capital in a deal that could value the U.S. helicopter ambulance company at around $2B including debt.
- A deal could be announced as early as this week.
- Bain acquired Air Medical in 2010 in a $1B deal.
- Bain is working with Barclays on an auction for Air Medical.
- Source: Reuters
Feb. 2, 2015, 6:46 AM
- CRH (NYSE:CRH) is not planning to keep control of all the assets it has agreed to buy from Holcim (OTCPK:HCMLY) and Lafarge (OTCPK:LFRGY).
- The Irish building supplies company is now in talks with private equity firm KKR (NYSE:KKR) to partner on some.
- CRH +5.8% premarket
- Previously: CRH to buy Lafarge, Holcim assets (Feb. 02 2015)
Dec. 13, 2014, 2:16 PM
- Leon Black’s Apollo Global Management (NYSE:APO) appears to have edged out KKR (NYSE:KKR) in the final round of bidding for PetSmart (NASDAQ:PETM), NY Post says.
- A deal could be announced as soon as this weekend.
- Banks led by Barclays and Citi are arranging $6.25B in debt financing, which is more than 6.5x PETM's Ebitda, exceeding the Fed's guideline of 6x Ebitda. Sources say at least two more banks dropped out of the running in recent weeks after being warned by the Fed and the OCC about taking on excess leverage.
- Previously: Banking issues cloud PetSmart buyout (Dec. 8), Report: Banker anxiety could derail PetSmart buyout (Dec. 5), P-E firms circle around PetSmart (Dec. 3)
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
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