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.
Jul. 10, 2014, 2:26 AM
- Continuing with its Australian expansion, KKR is now planning to enter a joint bid with Pacific Equity Partners for compliance company SAI Global (SGLOF). The two will make an offer before the July 15 bid deadline.
- Pacific Equity previously launched a $1B non-binding proposal for SAI in May, but SAI Global related that other prospective buyers had also contacted it and therefore published more information about its business.
Jul. 9, 2014, 9:16 AM
- KKR and fellow private equity firm Riverstone Holdings agree to merge existing assets in KKR Natural Resources Funds with the assets of Riverstone portfolio company Legend Production Holdings to create Trinity River Energy. Terms are not disclosed.
- The new firm will be headquartered in Ft. Worth and brings together complimentary producing properties and acreage in the Barnett Shale, along with properties in the Permian Basin, East Texas, South Texas, Louisiana, and Mississippi.
- The deal is expected to close in Q3.
- Source: Press Release
Jul. 9, 2014, 7:59 AM
- Headquartered in Scotland with regional hubs worldwide, OEG Offshore is a provider of specialist equipment to the offshore oil and gas industry. KKR has purchased a majority interest in the company with OEG management continuing to hold a sizable stake. Terms are undisclosed.
- KKR's Dominic Murphy: "OEG has built an impressive track record of growth and has an exciting development path ahead, expanding its fleet, geographic coverage, and suite of products and services."
- Soure: Press Release
- In other KKR news, the stock is boosted to Outperform at Credit Suisse with price target lifted to $333 from $29.
Jul. 1, 2014, 7:50 AM
- Known an Americana, Kuwait Foods Co. is a Middle Eastern food manufacturer and a franchise operator of restaurants like KFC, TGI Friday's, and Pizza Hut in MENA.
- KKR is among the firms considering a bid for the stake of Americana's largest shareholder, the Al-Kharafi family, reports Bloomberg. The bid could value the entire company at about $5B, according to sources. In Kuwait trading today, Americana shares rose 3.6%, valuing the company at $4.1B.
Jun. 27, 2014, 8:23 AM
- Alex Navab previously shared the role with Michael Michelson, but Michelson is being move aside and will now be spending more time sourcing deals and working with portfolio companies, according to a memo sent to investors, and seen by Bloomberg.
- Confirming the story, a KKR spokeswoman says the move is related to "streamlining" management of the group.
Jun. 24, 2014, 6:46 AM
- KKR (KKR) has announced it will buy a one-third stake in the energy division of Spain's Acciona Energia for €417M ($567M). The private equity firm was looking to expand its renewable energy portfolio, and the new investment will make it one of the world's largest.
- Once the deal concludes, Acciona Energia International will have an enterprise value of €2.6B, half of which is in equity and half in net debt.
Jun. 19, 2014, 7:03 AM
Jun. 17, 2014, 3:24 PM
- "If you ask who the new Goldman Sachses are going to be, you can see it already," says Trilantic Capital's Jon Mattson. "KKR is much more of a merchant bank ... They are doing what investment banks in the U.S. did 30 years ago."
- Once the dominant name in P-E, KKR has been slower than competitor Blackstone to branch out into new businesses, but Henry Kravis and George Roberts - each 70 years old - are busy transforming the company into a credit player that can act as a lender, investor, and syndicator all at the same time - i.e. Goldman Sachs minus the sales/trading.
- “Our balance sheet gives us that extra firepower,” says Kravis. “We can provide almost any kind of debt product that a company may need. We can provide equity, and we can take minority or majority positions in a company ... I think we're in the 2nd or 3rd inning ... I'm working harder today than I've ever worked in my life."
- Full Bloomberg article
Jun. 12, 2014, 1:57 AM
- Goldman Sachs (GS) will pay $67M and Bain Capital will pay $54M to settle a lawsuit claiming they conspired not to outbid each other on companies they wished to buy.
- The settlement fees will go to the former shareholders of the companies they acquired in the LBOs.
- Five other firms are also accused of conspiring not to jump each others' deals, including the Blackstone Group (BX), Carlyle Group (CG), KKR (KKR), Silver Lake Partners and TPG Capital Management.
Jun. 5, 2014, 10:03 AM| 1 Comment
Jun. 5, 2014, 7:17 AM
- Looking to boost its Asian property holdings, KKR buys the 83.8K square meter K Twin office towers and retail complex in Seoul's main business district from Hong Kong-based hedge fund LIM Advisors in a deal valued at about $489M.
- The move follows last year's hiring of Bryan Southergill from JPMorgan to lead real estate operations in Asia, where competitor Blackstone is the dominant P-E force.
Jun. 4, 2014, 7:27 AM
- Following the merger of Holcim and Lafarge (HCMLF, HCMLY), the two companies are divesting certain cement and building-aggregate plants, and both KKR and CVC Capital partners have met with bankers to talk about a deal, according to Bloomberg.
- The two could go it alone or form a larger consortium, according to the report, which notes talks are only in preliminary stages at this point.
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