Sep. 16, 2014, 8:30 AM
- KKR agrees to the purchase of Pioneer's DJ equipment business for $551M, with Pioneer retaining a 14.95% in the company. "Our business selling DJ equipment would have required large amounts of investment to continue to grow, and we can't afford to invest in it while also seeking to grow our in-car electronics operations," says Pioneer President Susumu Kotani. The business is a popular one, with global market share of 60% and a profit margin of 20%.
- In other news, the P-E firm does more business in India, agreeing to provide $164.2M in structured long-term financing to infrastructure development company GMR Infrastructure.
Sep. 9, 2014, 6:57 AM
- PRA Health Sciences, a clinical research company mostly owned by KKR (NYSE:KKR), is planning to raise $375M in an IPO just filed with U.S. regulators.
- KKR agreed to buy PRA from Genstar Capital for an undisclosed amount in June 2013.
- Jefferies, Citigroup, KKR and UBS are among the underwriters of the offering.
Sep. 8, 2014, 3:36 AM
- Carlyle Group (NASDAQ:CG) has closed its fourth Asia fund at $3.9B, taking the firm's total amount of assets managed by its Asia funds, including Japan, to $13.6B.
- PE firms have raised record amounts in recent years for Asia-focused funds, with TPG closing a $3.3B fund in May and KKR (NYSE:KKR) raising a $6B fund last year.
Sep. 3, 2014, 4:07 AM
- German internet service provider United Internet (OTC:UDIRY), has agreed to acquire full control of Versatel, a company which owns Germany's second-largest fiber optic cable network.
- United Internet, which announced it was considering the takeover last month, will now acquire the 74.9% of Versatel it didn’t already own from KKR (NYSE:KKR) for €586M ($769M) in cash.
Sep. 1, 2014, 2:42 AM
- Carlyle Group (NASDAQ:CG) is now the last to settle allegations against the world’s largest private equity groups, which previously accused the firms of conspiring to fix the prices of LBOs.
- Although Carlyle has now agreed to pay $115M, it still denies wrongdoing and does not regard the settlement as an admission of guilt.
- The decision follows similar settlements from the Blackstone Group (NYSE:BX), Goldman Sachs (NYSE:GS), KKR (NYSE:KKR), Bain Capital, Silver Lake Partners and TPG Capital, which were all accused of conspiring not to jump each others' deals.
Aug. 26, 2014, 8:35 AM
- KKR's $400M investment in Fujian Sunner Development comes amid another food safety scandal in the country (OSI Group), and repeated bird-flu outbreaks which have triggered sharp falls in sales.
- "Vertically integrated chicken farming is a key solution to the food safety threats facing China's animal protein sector," says KKR partner Julian Wolhardt.
- Pork is the most widely consumed meat in China, but chicken has been catching up thanks its lower cost. China is the world's biggest consumer of chickens, but the average Chinese person eats just 10 kg of chicken per year vs. 43 kg in the U.S. Chicken represents 17% of total Chinese meat consumption vs. nearly 40% in Hong Kong and Taiwan
- Press Release
Aug. 18, 2014, 6:36 AM
- KKR (NYSE:KKR) and Australian property manager Abacus Property Group have agreed to buy 70% of the World Trade Center in Melbourne for A$120.4M ($112.1M).
- The stakes in Towers 2, 3 and 4 of the World Trade Center will provide an initial yield of 9.3% a year, says Abacus.
- The deal will be KKR's first real estate investment in Australia, having previously focused on markets such as China, India and South Korea.
Aug. 15, 2014, 7:11 AM
- Both KKR and Apollo Global (NYSE:APO) are cut to Market Perform from Outperform, with analyst Chris Harris saying he sees risk as we approach the latter stages of the credit cycle. Both stocks had big runs from about the 2nd half of 2012 through the end of last year, but they've spent 2014 giving back some of those gains.
- Apollo is lower by 23% YTD while KKR is down about 5%.
Aug. 11, 2014, 2:00 AM
- Australia's Treasury Wine Estates (OTCPK:TSRYF) says it has received a new takeover approach from TPG Capital which matches the $3.1B bid from KKR and Rhone Capital.
- The rival bid sparks the prospect of a bidding war over the winemaker.
- TPG has already started due diligence on Treasury after reaching a decision to make an approach over the weekend.
Aug. 8, 2014, 8:52 AM
- A Kuwaiti company operating fast food franchises like TGI Friday's, KFC, and Pizza Hut in the Middle East and North Africa, Americana - also known as Kuwait Food Co. - has a market value of over $4B, so its buyout would rank as one of the largest-ever in the Middle East.
- According to the WSJ, KKR and CVC Capital Partners - who have teamed up in the past - are preparing a joint bid.
- KKR's interest in Americana was first floated last month.
Aug. 7, 2014, 12:35 PM
- Blackstone (NYSE:BX), KKR, and TPG Capital have reportedly agreed to pay $325M to make go away a lawsuit accusing them of conspiring not to outbid each other on buyouts. None will admit wrongdoing as part of the settlement.
- The case was brought by investors who sold shares in 27 companies to a number of P-E firms. Goldman, Bain Capital, and Silver Lake all previously settled.
Aug. 4, 2014, 2:14 AM
- KKR (NYSE:KKR) has raised its bid for Australia's Treasury Wine Estates (OTCPK:TSRYF) to $3.15B, lifting its bid price 10.6% to A$5.20 per share.
- Treasury Wine Estates rejected an earlier $2.85B bid in May stating the offer was too low.
- The Australian wine industry has been struggling through volatile market conditions and a high currency in recent years, which has greatly affected Treasury's operations.
Jul. 29, 2014, 3:12 AM
- KKR's (NYSE:KKR) next step to take full control of Germany-based WMF, a provider of cutlery and coffee machines, will be backed by a €600M leveraged financing loan. KKR already owns a 72% stake in WMF.
- Commerzbank and Deutsche Bank are leading the debt financing to fund the deal which is due to be launched for syndication to investors after the summer.
Jul. 24, 2014, 8:32 AM
- Carrying value of P-E portfolio gained 5% in Q2 and 23.7% from a year ago.
- Cash distribution of $0.67 per unit includes $0.41 of realized cash carry, now making more than 4 straight years realized cash carry has added to the distribution.
- Private markets segment AUM of $59.4B down 1.8% Q/Q. Segment revenue of $642.9M vs. $197.8M a year ago. ENI of $376.2M vs. $78.5M.
- Public market segment AUM of $38.5B down 7.9% Q/Q, mostly due to the KFN acquisition. Segment revenue of $157.2M vs. $80.6M a year ago. ENI of $105.6M vs. $43.2M.
- Conference call at 10 ET
- Previously: KKR misses by $0.11, misses on revenue
- KKR -0.8% premarket
Jul. 24, 2014, 8:06 AM
Jul. 23, 2014, 5:30 PM
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