Wed, Sep. 9, 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.
- Source: Press release
Mon, Aug. 24, 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.
Tue, Jun. 23, 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
Wed, Jun. 10, 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)
Tue, Jun. 9, 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)
Tue, Mar. 31, 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
Sun, Mar. 15, 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)
Tue, Mar. 10, 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
Mon, Feb. 2, 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)
Nov. 19, 2014, 2:06 AM
- As the auction for PetSmart (NASDAQ:PETM) heats up, buyout firms KKR (NYSE:KKR) and Clayton, Dubilier & Rice have teamed up to take the pet food retailer private for more than $7.5B, Reuters reports.
- Petsmart, which reported a FQ3 beat after the bell yesterday, said in August it would explore a potential sale amid pressure from Jana Partners and other activist investors.
- KKR and CD&R are planning to submit a joint bid next month. Apollo Global Management (NYSE:APO) and BC Partners are also considering offers.
- PETM +2.6% AH
Nov. 7, 2014, 12:58 PM
- P-E firms including KKR, Apollo Global Management (NYSE:APO), BC Partners and Clayton Dubilier & Rice have been invited to the final round of bidding for PetSmart (NASDAQ:PETM), WSJ reports.
- A deal to take PETM private would be the largest leveraged buyout of the year, according to data from Dealogic.
Oct. 23, 2014, 10:51 AM
- KKR (KKR +1.4%) is taking a serious look at PetSmart (PETM +0.6%), according to the New York Post.
- The investment firm has a nice track record in the pet supplier business after guiding Pets at Home to a profitable IPO.
- Firdt-round bids on PetSmart are due in by the end of the month with JPMorgan overseeing the action.
- Investors haven't really assigned a buyout premium on PETM as shares trade lower than they did three months ago.
Sep. 29, 2014, 3:31 AM
- Australia's Treasury Wine Estates (OTCPK:TSRYY) has ended talks with private equity bidders for the sale of its business.
- "It is now apparent to the company that the bidders are not able to support a transaction on terms and at a price acceptable to the Board," says Treasury.
- The last takeover approach was made by TPG Capital in early August for $3.1B, and matched a bid from KKR (NYSE:KKR) and Rhone Capital.
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.
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.
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