Who is buying Novell Inc? That's the question I've been asking myself this morning. Novell, a business software provider, has been up for sale since March. At that time, the firm rejected a $5.75 a share, or $2 billion, offer from Elliot Associates. Novell then tapped J.P. Morgan Chase to explore alternatives. The auction attracted many suitors which narrowed to three in August. This included a PE-backed company, a UK-based buyout shop and a joint bid between a publicly traded tech company and a buyout shop, according to 451 Group. On Tuesday, the NY Post said Novell will sell in two parts: a strategic will buy the Novell piece that develops and delivers Linux SUSE Systems and a PE firm will buy the rest.
Wright Express Corp. completed its acquisition of Retail Decisions’ Australian assets. This conists of fleet and prepaid card businesses. The sellers were Palamon Capital Partners and its co-investors Morgan Stanley Alternative Investment Partners and AlpInvest Partners. In July, Wright Express agreed to acquire the assets for A$353 million ($318 million).
(Reuters) – Private equity fund Providence Equity Partners has dropped out of the $2 billion auction of Taiwan cable operator China Network Systems Co, a source with direct knowledge of the matter told Reuters on Wednesday. Providence’s exit narrows the field to Australian investment bank Macquarie Group Ltd (MQG.AX: Quote, Profile, Research), Bain Capital and […]
(Reuters) – Specialist investment firm Polar Capital has bought financial funds manager HIM Capital Holdings as part of its strategy to grow by attracting new investment talent and building specialist expertise. The price was not disclosed but was funded by a mixture of cash and shares, sources close to the company said. It is Polar’s […]
(Reuters) – France’s Casino (CASP.PA: Quote, Profile, Research, Stock Buzz) and Britain’s Tesco (TSCO.L: Quote, Profile, Research, Stock Buzz) are among the bidders still in the running to buy Carrefour’s (CARR.PA: Quote, Profile, Research, Stock Buzz) stores in Southeast Asia, people close to the matter said on Wednesday. Carrefour, Europe’s No.1 retailer, has set a […]
Credit Suisse’s asset management division agreed to acquire a minority interest in York Capital Management, which will continue to operate independently under the leadership of founder and CEO Jamie Dina and CIO Dan Schwartz. Credit Suisse will pay an initial $425 million for its interest in York. The transaction includes an earn-out payments based on five-year financial performance.
Flagstar Bancorp, which is majority owned by MatlinPatterson, is trying to raise $600 million in a share sale to boost capital after eight straight quarterly losses, according to Bloomberg News. Flagstar has held talks with PE firm and may sell shares to current investors, the story said. Flagstar expects to use proceeds to boost capital and pursue growth, including possible acquisitions. Last year, MatlinPatterson, which was founded by David Matlin and Mark Patterson, invested $350 million in Flagstar last year.
Kraton Performance Polymers filed Tuesday with the SEC to sell 8 million shares of common stock. If the underwriters exercise their overallotment iotuib, the shares to be sold will total 9.2 million. TPG Capital and J.P. Morgan Chase are selling the stock. Kraton, a specialty chemicals maker, said it won't receive any proceeds from the offering.
Advent International has agreed to invest in Five Below, an extreme value retailer owned by LLR Partners. Once the deal closes later this year, Five Below founders David Schlessinger and Tom Vellios, LLR and company management will continue to own a significant stake. Founded in 2002, Five Below targets the youth and young adult market, offering merchandise priced between $1 and $5. LLR Partners is a Philadelphia PE shop that invests in middle market firms.
Permira, the European buyout shop, has bought another satellite firm. On Monday, Permira agreed to buy Asia Broadcast Satellite. The PE firm will have roughly 70% of ABS while management will have the rest, a person says. The seller is Citi Venture Capital International and ADM Capital. The transaction, valued at more than $200 million, is expected to close by the end of the year, probably by October or November.