PHILADELPHIA (Reuters) – Merck & Co Inc (MRK.N) said on Wednesday it was exploring the divestiture of its stake in an animal health venture, or selling a similar unit at Schering-Plough Corp (SGP.N) as part of the planned merger of two pharmaceutical companies. “We are exploring the opportunities open to us by evaluating the potential […]
MELBOURNE (Reuters) – Up-for-sale Australian rail and ports operator Asciano Group Ltd (AIO.AX) may find bids trimmed this week after the state of Queensland said it was going to sell almost $10 billion worth of rival assets. The state government said this week it was going to sell five assets over the next three to […]
NEW YORK (Reuters) – American International Group Inc (AIG.N) is in talks to line up financing to facilitate the sale of its aircraft leasing unit, but it will consider options such as selling some aircraft if it fails to do so, a person familiar with the matter said on Wednesday. AIG is negotiating with three […]
Cartesian Capital Group has formed Iris Reinsurance Ltd., a Bermuda-based provider of industry-loss warranties. No financial terms were disclosed. Iris Reinsurance will be run by Chase Toogood (formerly with Credit Suisse and ACE Capital Re) and Schuyler Havens (Freestone Capital Management).
Advent Venture Partners has sponsored a management buyout of The Foundry, a UK-based developer of visual effects software. No financial terms were disclosed. PRESS RELEASE Leading visual effects software developer, The Foundry, whose software products have been used to make many of the past year’s biggest motion pictures, today announced a management buyout for an […]
NEW YORK (Reuters) – Investors who bought debt that helped finance an $8 billion buyout of the now troubled Extended Stay hotel chain have sued banks that provided much of the financing, accusing them of scheming to seize the properties and wipe them out. The case stems from Lakewood, New Jersey-based Lightstone Group LLC’s purchase […]
LONDON, June 3 (Reuters) – British department stores group Debenhams (DEB.L) plans to raise over 300 million pounds ($499 million) on Thursday in a placing and open offer of new shares, two sources familiar with the matter told Reuters on Wednesday. One source said the fundraising was likely to be priced above 75 pence a […]
NEW YORK (Reuters) – Auto and mortgage lender GMAC LLC on Wednesday launched a $4.25 billion guaranteed two-part note sale, its first debt issue backed by the Federal Deposit Insurance Corp, said IFR. The sale includes $3.5 billion of fixed-rate notes due Dec. 19, 2012, which were launched at a rate equal to mid-swaps, and […]
NEW YORK (Reuters) – WellPoint Inc (WLP.N) evaluated a leveraged buyout of the health insurer, but determined it would be difficult to pull off, the company’s chief financial officer said on Wednesday. Asked at an investor conference about an LBO, WellPoint CFO Wayne DeVeydt said the company “evaluated and explored” the possibility, but determined “it’s […]
The Tale Of Two Buyouts: Further evidence of "how private equity groups are struggling to keep control of companies bought during the credit bubble and providing clues on whether they will succeed." (FT) Buyout Books: Towerbrook Capital doubled its money on its investment in celebrity show company Jimmy Choo. Now there's a book that details how the small couture business rose to become an "international sensation." (WSJ) Backing into it: WSJ breaks down just how big of a deal Delphi is for Platinum Equity: Platinum recently closed on a $2.75 billion private-equity fund. Typically a buyout fund will invest no more than 15% of a fund into a single deal, so not to concentrate its risk. Using that benchmark, Platinum's maximum capital commitment would be about $413 million. (WSJ) Won't Refi Again: Debt refinancings on buyout-owned companies are hitting a brick wall. (DJ) Bankers in Low Wage Jobs? How mortifying. "Carlos Araya used to order lobster, filet mignon and $200 bottles of red wine at the Palm Restaurant in midtown Manhattan. Now, he seats customers at its Tribeca branch." (WSJ)