Standard Chartered’s private equity arm has completed its first deal in Saudi Arabia, investing $75 million for a minority stake in a Saudi Binladin Group unit: Construction Products Holding, Reuters reported. The firm is scouting for more deals in Saudi Arabia, Reuters wrote, making it one of many buyout shops interested in the kingdom. Carlyle Group and Kohlberg Kravis Roberts & Co. have also make moves into the Saudi market.
Buyout shop WL Ross & Co. has increased its stake in Exco Resources by 2%, and now owns about 12% of the Dallas-based oil and gas producer, Reuters reported Monday. WL Ross is the second largest shareholder in Exco. The company recently said that Ross could not own more than 20% of outstanding shares. Exco has been a takeover target since last fall, when oilman T. Boone Pickens and other investors bid $4.36 billion for it, Reuters wrote.
TPH Partners said Monday that it had formed Clearfork Resources LLC, an independent oil and natural gas company focused on acquiring and developing conventional and unconventional reservoirs. The company, based in Fort Worth, Texas, will focus primarily in the state of Texas. With the formation of the company, Clearfork bought up three properties in North Texas. TPH Partners is the private equity arm of Tudor Pickering Holt & Co.
Kohlberg Kravis Roberts & Co. completed its acquisition of Ipreo Holdings, the firm announced Friday. Ipreo makes deal execution platforms and investor communication tools for investment banks and corporations. Terms of the deal, first announced in May, were not released.
Private equity investor Ares Management will acquire Indicus Advisors, an investment manager in European leveraged finance and global structured corporate credit. Terms of the deal were not released. Ares Management is based in Los Angeles.
Buyout firm Clayton Dubilier & Rice will buy a 60% stake in Hussmann International, a maker of refrigerated display merchandising equipment and refrigeration systems for the retail food industry. The private equity firm is investing $195 million to acquire convertible participating preferred stock of Hussmann. Ingersoll-Rand, the current owner, will retain a 40% stake.
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Bain Capital and Kohlberg Kravis Roberts & Co. are among the potential buyers for Australian software maker MYOB, Reuters reported. A sale of the company could fetch around $1 billion. MYOB is owned by Archer Capital and HarbourVest Partners, private equity investors that picked up the company in 2008 for roughly 450 million Australian dollars.
China-focused hotel operator New Century Hotel, which is backed by the Carlyle Group, is planning a $400 million initial public offering, Reuters reported, citing news in the Wall Street Journal. The hotel group operates 70 hotels across China.
Private equity shop Cinven is in talks to buy 190-year old Guardian Life Insurance in a deal that could total more than 250 million pounds ($410 million), Reuters reported, citing the Financial Times. Guardian was put up for sale last month by Dutch life assurer Aegon, which bought the company in 1999, Reuters wrote.