NEW YORK (Reuters) – Buyout house Terra Firma Capital Partners Chairman and Chief Executive Guy Hands proposed three months ago to break up music company EMI Group Ltd, court documents filed on Friday show. Hands made the proposal in a letter to Chad Leat, head of the alternative asset group at Citigroup Inc (C.N), Terra […]
Today Moody’s upgraded its debt ratings on PE-backed Clear Channel with the expectation that “a full restructuring or bankruptcy filing is no longer imminent.” The ratings agency upgraded Clear Channel’s bank credit facilities to Caa1 from Caa2 and its speculative grade liquidity rating to SGL-2 from SGL-4. THL Partners and Bain Capital acquired the company […]
Advent International, Bain Capital and Berkshire Partners today announced an agreement to acquire Skillsoft (Nasdaq: SKIL), a Dublin, Ireland-based provider of e-learning and performance support SaaS solutions. The $1.1 billion deal is the year’s largest take-private, and represents a 10.66% premium over yesterday's closing price. The buyout firms secured debt financing from Morgan Stanley and Barclays Bank, which consists of a $40 million senior secured revolving facility, a $435 million senior secured term loan and a $240 million senior unsecured interim loan. That equates to a $385 million equity check, presumably split evenly between the three sponsors. On a conference call for the deal this morning, analysts and shareholders seemed unimpressed by both the price and the opportunity for a counterbid.
NeuroTherm, a Wilmington, Mass.-based medical device maker focused on interventional pain, has acquired certain assets of neurodiagnostic accessory maker Technomed Europe. No financial terms were disclosed. NeuroTherm is a portfolio company of The Cortec Group.
LONDON (Reuters) – Private equity-backed airline ticketing firm Travelport called off its $1.78 billion London listing on Wednesday, citing poor market conditions, the latest in a slew of failed IPOs across Europe. The decision to postpone what would be the biggest initial public offering (IPO) in London in two years followed scrapped deals of Belgium […]
SkillSoft PLC (Nasdaq: SKIL), a Dublin, Ireland-based provider of e-learning and performance support SaaS solutions, has agreed to be acquired by Advent International, Bain Capital and Berkshire Partners. The deal is valued at approximately $1.1 billion, with SkillSoft stockholders to receive $10.80 per share (10.66% premium over yesterday's closing price). Credit Suisse Securities advised SkillSoft on the deal.
North Castle Partners has recapitalized Flatout Inc., a Saline, Mich.-based maker of premium flatbreads, wraps and snack crisps. No financial terms were disclosed for the deal, which also included participation from Glencoe Capital's Michigan Opportunities Fund.
NEW YORK (Reuters) – Plastic container maker Graham Packaging Co Inc (GRM.N) was the lone gainer in a trio of U.S. companies that made their debuts on the nation’s stock exchanges on Thursday. Internet marketing company QuinStreet (QNST.O), advised by investment banker Frank Quattrone, closed flat. Generator company Generac Holdings Inc (GNRC.N) closed down 1.23 […]
LONDON (Reuters) – British fashion retailer New Look has postponed its planned initial public offering, making it the third private equity-backed firm in as many days to abandon a flotation in turbulent financial markets. The decision will put a question mark over other IPO hopefuls, like travel firm Amadeus and online grocer Ocado, and marks […]
LONDON (Reuters) – The board of British fashion retailer New Look will meet on Friday to decide whether to proceed with its planned initial public offering (IPO), a person familiar with the matter said on Thursday. The meeting comes after a series of IPOs have been cancelled due to unfavourable market conditions. New Look declined […]