Apax Partners has agreed to acquire a majority stake in Israeli asset management firm Psagot from York Capital Management. No financial terms were disclosed. Psagot has nearly $32 billion in assets under management.
NEW YORK (Reuters) – Standard & Poor’s on Friday raised its ratings on Clear Channel Communications and gave it a positive outlook, indicating further upgrades could be on the cards, citing the planned debt sale at its advertising unit. A unit of Clear Channel Outdoor Holdings Inc (CCO.N) plans to sell $750 million in new […]
NEW YORK (Reuters) – Two companies’ shares struggled in their debuts on the New York Stock Exchange on Friday, capping a week of poor performance for initial public offerings as investors grow choosier at year-end. Chinese radiotherapy and medical imaging company Concord Medical Services Holdings Ltd (CCM.N), closed 13.6 percent below its IPO price, and […]
FRANKFURT (Reuters) – Private equity company BC Partners has hired four investment banks to supervise an initial public offering for chemicals distributor Brenntag, several sources familiar with the matter told Reuters on Friday. BC Partners has picked Deutsche Bank, Goldman Sachs, JP Morgan and Merrill Lynch to manage the offering planned for the first half […]
LONDON (Reuters) – Three buyout firms have made it on to the final lap of the race for Montagu Private Equity’s British Car Auctions (BCA), sources familiar with the situation said on Friday. Cinven, Bridgepoint and Clayton Dubilier & Rice all submitted second-round bids for the business, which sells some 12,000 cars a week via […]
LONDON (Reuters) – Lenders to travel reservations group Amadeus have asked the company to improve the terms of a loan amendment that will give the green light to an expected initial public offering (IPO), sources said on Friday. The request follows improvements to a similar pre-IPO loan amendment for German chemicals company Brenntag that were […]
LOS ANGELES (Reuters) – British private equity firm Terra Firma accused Citigroup Inc (C.N) of fraud and sued the bank for billions in damages in connection with Terra Firma’s purchase of music business EMI Group in 2007, court documents filed on Friday in New York showed. Terra Firma accuses Citigroup of inflating the price it […]
Welsh, Carson, Anderson & Stowe has agreed to buty Spectrum Holding Co. from Apax Partners for $230 million. Spectrum is a Greensboro, N.C.-based provider of clinical laboratory and disease screening services.
Yesterday we posted a list of the year's five "false alarms," or trends that were blown out of proportion in the last year. Things that everyone got excited about happening (for better or for worse) but never really happened. You know, things like LP defaults, the secondary market, and PE bank deals. That's not to say we weren't surprised by a few things, for better or for worse. Here's a slightly shorter list of what caught private equity off guard this year.
DETROIT (Reuters) – Private equity firm Patriarch Partners has agreed to take a controlling stake in U.S. auto parts supplier Dura Automotive Systems by investing up to $125 million of capital, the investment company said on Friday. Patriarch Partners, which has built a $7 billion investment house by acquiring distressed companies, said it plans to […]