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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Jul. 23, 2014, 5:38 AM
- The Royal Bank of Scotland (NYSE:RBS) is looking to retreat from Ireland as it considers selling Ulster Bank to a private equity firm, Reuters reports quoting the Irish Examiner.
- The newspaper mentions that private equity firms KKR (NYSE:KKR) or Apollo (NYSE:APO) would be the most likely candidates to buy the bank.
- The sale is dependent on the stipulations involving Ulster's distressed assets, but a price of $673M-$3.4B is expected.
Jul. 18, 2014, 2:00 AM
- The buyout collusion lawsuit continues, as Blackstone (NYSE:BX), KKR (NYSE:KKR) and TPG Capital now enter talks to settle the LBO court case filed against them and eight other PE firms for conspiring not to jump each others bids after buyouts were announced. The trial is scheduled for November 3.
- Previously, Lake Partners, Bain Capital and Goldman Sachs' private equity arm all agreed to multi-million dollar settlements after being charged of colluding in deals prior to the financial crisis.
Jul. 14, 2014, 7:00 AM
- KKR (NYSE:KKR) is buying two minority stakes in European online marketplaces for $175M. The first digital business called Scout24 Schwiez operates car and real estate websites, while the second called Omnimedia is an online advertising agency.
- The new move outlines KKR's private equity focus toward fast-growing digital businesses.
- "This is the future of private equity," said Philipp Freise, who leads KKR's European media industry team. "We have to become solutions providers and invest much more flexibly. In many cases, it doesn't matter if we don't use debt or have a majority stake. If you like a business, you have to partner and be creative in how you offer entrepreneurial capital."
Jul. 14, 2014, 4:29 AM
- After closing its $500M stock hedge-fund last month, KKR has pivoted itself back into the hedge-fund market by purchasing a 24.9% stake of BlackGold Capital Management, a $1.4B fund in the natural-resources and energy sector.
- KKR is concentrating on diversifying its business, slowly moving into the hedge-fund sector from corporate buyouts.
- The hedge-fund business of KKR currently includes a $10B fund of hedge funds, KKR Prisma, and its minority stakes in external funds.
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