CHICAGO (Reuters) - Republic Airways Holding Inc. said on Tuesday it would buy Midwest Airlines from private equity group TPG Capital for $6 million in cash and a $25 million note. In addition to getting all of Midwest's equity, Republic will receive TPG's $31 million secured note. After the completion of the deal, TPG may convert its $25 million five-year note to RJET stock at $10 per share. TPG also will have the right to nominate a member to Republic's board of directors. The deal comes a day after Republic said it would buy bankrupt U.S. regional carrier Frontier Airlines Holdings Inc (FRNTQ.PK) for $108.75 million. "This acquisition will enhance the strategic positioning of Republic Airways," Republic Chief Executive Bryan Bedford said of the Midwest purchase.
NEW DELHI (Reuters) – Indian mobile firm Aircel, 74 percent owned by Malaysia’s Maxis, is in talks to sell its 12,000 mobile towers valued at about $1.5 billion to raise funds, the Economic Times reported on Tuesday. Tower operator Tata-Quippo, a joint venture of India’s Tata Group, private equity funds and Indus Towers, a joint […]
HOUSTON (Reuters) – Huntsman Corp (HUN.N) reached a $1.73 billion settlement with Credit Suisse (CSGN.VX) and Deutsche Bank (DBKGn.DE) on Tuesday, ending a long and bitter battle over the 2008 collapse of a $6.5 billion buyout of the chemical company. Still, Huntsman shares fell as much as 12.6 percent as investors reacted with disappointment to […]
GTCR has agreed to invest $200 million into Ironshore Inc., a Bermuda-based insurance company founded in 2007. The investment is part of a $300 million round that includes other, undisclosed investors.
J.F. Lehman & Co. announced that it has agreed to buy marine services business Drew Marine from Ashland Inc. (NYSE: ASH). The deal is valued at approximately $120 million, and is expected to close within 90 days. And earlier LBO Wire report said that the transaction would include more than $70 million in debt financing, with CIT and BNP Paribas arranging senior debt, and Babson Capital arranging around $20 million in mezzanine notes.
International Automotive Components Group, a portfolio company of WL Ross & Co., has agreed to acquire certain operations of bankrupt German auto parts supplier Stankiewicz. No financial terms were disclosed.
BC Partners this morning invested $350 million into retailer Office Depot Inc. (NYSE: ODP), which represents approximately a 20% ownership stake. The investment includes $275 million in newly-created 10% Series A convertible perpetual preferred stock, convertible at $5 per share (32% premium to yesterday's $3.79 per share closing price), and $75 million of newly-created 10% Series B convertible perpetual preferred stock, convertible at the same terms (assuming shareholder approval).
Voyager Learning Co. (OTC BB: VLCY), an educational publisher for the K-12 market, has agreed to merge with Cambium Learning Inc., a provider of education services to at-risk and special student populations. The deal will result in Cambium sponsor Veronis Suhler Stevenson holding a majority stake in the combined public company, with Voyager stockholders to receive approximately $194 million.
HONG KONG (Reuters) – Shares of Chinese electronics retailer GOME Electrical Appliances Holdings (0493.HK) doubled on Tuesday when trading resumed after U.S. private equity firm Bain Capital agreed to invest up to $418 million. GOME, dubbed China’s Best Buy, on Monday agreed a high-profile deal for Bain Capital to invest via convertible bonds and new […]
(Reuters) – Hedge funds that provided bankrupt U.S. auto parts maker Delphi (DPHIQ.PK) with debtor-in-possession (DIP) financing are not getting access to the firm’s books, hindering their ability to make a takeover offer, the New York Post reported, citing a person familiar with the situation. The lenders are led by hedge fund Elliott Associates, the […]