Tue, Nov. 22, 10:42 AM
Tue, Nov. 8, 12:32 PM
- Blackstone (BX +0.6%) is scrapping its Tamarind Energy venture in southeast Asia after it was unable to find attractive deals in the region, WSJ reports.
- BX had committed $800M to back the energy venture, created by former execs of Canada’s Talisman Energy, to seek deals across the region two years ago, but the money was never deployed and the entities parted ways in August, according to the report.
- P-E investors have struggled to find oil and gas deals across Asia as few sizable assets have become available at attractive prices; Mandala Energy, a similar venture backed by rival KKR (KKR +0.1%), reportedly has signed less than $200M in deals in Southeast Asia since its March 2015 launch.
Wed, Nov. 2, 6:42 AM
- Representatives from KKR weren't present when automakers met last week with the bidders for Takata (OTCPK:TKTDY) , Bloomberg reports, stating the private equity firm is no longer in the bidding to buy the troubled Japanese air bag maker.
- Takata plans to finalize a shortlist of as many as three bidders for a final round of negotiations by mid-November.
- Autoliv (NYSE:ALV), Key Safety Systems, Flex-N-Gate and Daicel (OTC:DACHF) are all said to still be in the running.
Tue, Oct. 25, 8:05 AM
- Q3 after-tax economic net income of $598.2M or $0.71 per share vs. a loss of $314.8M and $0.37 a year ago. Distributable earnings of $461.5M vs. $333.1M a year ago.
- Robust realizations included a number of secondary offerings, strategic sales, dividend recaps, and other non-PE activity during quarter.
- AUM of $131B up 17% from one year ago. Management fees of $795M over the last 12 months compares to $732M earned in 2015.
- YTD P-E fund performance: North America XI +16%, Europe III +18%, Asia II +23%.
- Conference call at 10 ET
- Earnings presentation
- Previously: KKR beats by $0.16, beats on revenue (Oct. 25)
- KKR +3.6%
Tue, Oct. 25, 6:01 AM
Mon, Oct. 24, 5:30 PM
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Fri, Sep. 30, 5:01 AM
- Less than three months after being acquired by Hollywood talent agency WME-IMG, the UFC is going A-list.
- Twenty-three celebrities, including Ben Affleck, Adam Levine and Serena and Venus Williams, are investing in the rapidly expanding sports league.
- Backers of the $4B transaction in July included private equity firms Silver Lake, Kohlberg Kravis Roberts (NYSE:KKR) and Michael S. Dell.
Thu, Sep. 29, 7:46 AM
Tue, Sep. 27, 11:12 AM
- "For any professional investor, this is the most difficult period we’ve ever experienced,” says Joe Baratta, Blackstone's (NYSE:BX) global head of private equity. “You have historically high multiples of cash flows, low yields. I’ve never seen it in my career. It’s the most treacherous moment.”
- For private-equity players, lofty valuations make it a great time to cash in on investments, but a not-so-great time to redeploy capital into new deals. Not finding a lot of value in large LBOs, Baratta says Blackstone is targeting smaller companies with lower leverage.
- Source: Bloomberg's Devin Banerjee
- Other interested parties: Carlyle Group (NASDAQ:CG), Apollo Global (NYSE:APO), KKR, Fortress Investment (NYSE:FIG)
Fri, Sep. 23, 12:32 PM
- The legendarily hard-chargers at KKR are softening with the times by trying to make it easier for employees to have a family life alongside the demands of constant travel and 70-hour workweeks.
- Among new generous benefits: KKR will pay to fly nannies and infants on business trips during the baby's first year.
- Among the goals: To attract and hold onto female talent - women make up 18% of the company's 510 core investment pros and 31% of overall personnel.
- It's a start. “The fact is, we still have a distance to go on a lot of things, but we’ve come a great distance from where we were," says the company's HR boss, Robert Gottlieb.
Wed, Sep. 21, 1:04 PM
- As previously reported, Bayer (OTCPK:BAYRY) aims to jettison its dermatology business in order to help fund its Monsanto buy. Although discussions are in the early phase, there appears to be plenty of interested parties. In addition to skincare-focused players like Allergan (NYSE:AGN), Almirall (OTC:LBTSF) and Nestle (OTCPK:NSRGY)(OTCPK:NSRGF), Teva Pharmaceutical Industries (NASDAQ:TEVA), Perrigo (NASDAQ:PRGO) and Sun Pharma (OTC:SMPQY) are also reportedly in the mix.
- On the institutional investor side, KKR (NYSE:KKR), Nordic Capital, Bain Capital, Blackstone Group (NYSE:BX) and Cinven may also be eyeing the unit which, analysts say, could fetch $1.1B.
- Previously: Bloomberg: Bayer eyes sale of $1.1B dermatology business (Sept. 8)
Tue, Sep. 20, 2:39 AM
- Takata (OTCPK:TKTDY) shares fell 12% in Tokyo as bidders for the company were said to consider the possibility of some form of bankruptcy proceedings for the air bag maker behind the auto industry's biggest ever safety recall.
- Suitors have been asked to submit their proposals by early this week, and include Carlyle (NASDAQ:CG), Daicel Corp. and KKR, sources told Bloomberg.
Tue, Sep. 13, 4:47 PM
- Colonial Pipeline's days-long shutdown of the main line that moves gasoline to the Atlantic coast from the Gulf coast has caused the unintended effect of starting to alleviate the glut of domestic gasoline supply, Reuters reports.
- "The longer it's down, the more bullish it is for gasoline," says Energy Aspects analyst Andrew Echlin. "You add that to all the refinery shutdowns and the limited supply, and East coast refiners could see a bump in margins as well."
- The U.S. east coast has been weighed down by bloated gasoline inventories, which are still 10% above the five-year average at ~64.9M barrels, but U.S. gasoline margins jumped today to a near one-month high of $13.68, and gasoline futures gained as much as 1.9% to $1.4128/gal.
- Colonial Pipeline is owned by Koch Industries, South Korea’s National Pension Service, Royal Dutch Shell (RDS.A, RDS.B, SHLX), KKR and others.
Tue, Aug. 30, 4:30 AM
- Chevron (NYSE:CVX) has signed a 10-year term supply deal with China's ENN to supply up to 650K metric tons per annum of LNG, which could boost the formation of a spot market for the fuel in Asia.
- More gas is coming on board from Statoil (NYSE:STO) after its Gullfaks Rimfaksdalen field started production four months ahead of schedule.
- KKR-backed Samson Resources has reached a new agreement with creditors that aims to bring the company out of Chapter 11 under the ownership of its second-lien lenders.
Mon, Aug. 15, 6:46 AM
- M&A activity is kicking off the headlines this week with an array of deals expected to be announced shortly.
- Among them: Mid-America Apartment (NYSE:MAA)- Post Properties (NYSE:PPS), Sharp (OTCPK:SHCAY)- Foxconn (OTC:FXCOF), Honeywell (NYSE:HON)- JDA Software, Xylem (NYSE:XYL)- Sensus USA and KKR- Entertainment One (OTC:ENTMF).
- The technology sector is still leading the global M&A market in 2016, but the real estate segment is not far behind.
- Will 2016 outpace 2015's record in terms of acquisitions and deal value?
Mon, Aug. 15, 6:31 AM
- KKR may bid for television distributor Entertainment One (OTC:ENTMF) after the owner of the preschool cartoon character "Peppa Pig" rejected an offer from ITV Plc (OTCPK:ITVPF), Bloomberg reports.
- Last week, eOne rebuffed a £1B ($1.3B) takeover offer from the British broadcaster, saying it undervalued the production and distribution company.