Barry Whyte

Providence Equity Partners, a Rhode Island-based private equity firm, is selling a 16.7 percent take in Kabel Deutschland, a German cable television group. Deutsche Bank is handling the deal. Kabel Deutschland’s current share price is EUR28.1 ($38.17), which would mean a cash price of around EUR420 million ($573 million) for the stake.

Lion Capital, a London-based private equity firm, has raised about EUR1 billion ($1.35 billion) for its third buyout fund. The overall target is EUR2 billion. Lion has around 40 backers, nearly all of whom were expected to invest in the new fund. Lion’s holdings include breakfast cereal maker Weetabix, noodle bar chain Wagamama, and, a recent acquisition, French frozen food retailer Picard Surgeles.

The Massachusetts-based Gloucester Engineering Co. has announced that it has filed a Plan of Reorganization and that will allow it to exit Chapter 11 bankruptcy. Gloucester is backed by private equity firm Blue Wolf Capital Partners and the Plan of Reorganization is being sponsored by an affiliate of Blue Wolf Capital Fund II.

Winsway Coking Coal Holdings Ltd, a Chinese coking coal company which is partly owned by private equity firm Hopu Investment, raised $743 million in its initial public offering in Hong Kong. Winsay sold 990 million shares at HK$3.70 ($0.47), compared with a range of HK$3.25 ($0.41) to HK$4.50 ($0.58), according to sources.

Hainan Airlines, China's fourth biggest airline, will launch a private equity fund with plans to invest in aircraft leasing. Hainan aims to raise 5 billion yuan ($747 million).

Actis Advisors and Sequoia Capital Advisors, who together hold a 70 percent stake in Paras Pharmaceuticals, an Indian medical company, are looking for $700 million for their share of the company, according to reports in India. Morgan Stanley has sought bids from Pfizer Inc, GlaxoSmithkline, Sanofi-Aventis, Daiichi Sankyo and Taisho Pharma.

Blackstone Group will pay $200 million for a 40 percent stake in Brazilian private equity firm, Patria Investimentos. Blackstone will pay for the deal through a mixture of cash and stock and the acquisition is being made by Blackstone itself, not one of its private equity funds. Brazil’s economy is expected to expand this year, while the Brazilian economy already makes up 45 percent of Latin America’s GDP.

The Government of Singapore Investment Corp will be investing more in developing countries, it has announced, because it expects a slowdown in economic growth in the West. Its chief investment officer, Ng Kok Song, said that growth in Asia will be 8 percent, compared to 2.4 percent in the developed world. The GIC manages over $200 billion, the larger portion of which will go into emerging markets.

Barnes & Noble chairman Leonard Riggio has won a bitter proxy war with Ron Burkle. Riggio has the support of 44 percent of voting shareholders, which prevents Burkle, the owner of the Yucaipa Companies private equity firm, from joining the Barnes & Noble board and buying out the company. Riggio said that Barnes & Noble will now be looking for interested buyers.

National Coal Corp, an Appalachian coal producer, is to be bought out by a unit of Ranger Energy, a buyout company owned by Jim Justice. Shareholders in National Coal will receive $1 a share, 54 percent higher than the company’s Monday close.