SINGAPORE/HONG KONG (Reuters) – Indonesian investment firm Armadian Tritunggal is exploring the sale of its majority stake in coal miner PT Berau Coal, in a sale that could value the coal firm at around $1 billion, sources told Reuters. Tritunggal, which is controlled by Indonesian businessman Rizal Risjad, is seeking advice from Deutsche Bank (DBKGn.DE) […]
(Reuters) – About half a dozen investment managers have put forward bids, ranging between $400 million to $800 million, for troubled insurer American International Group’s asset management business, the Wall Street Journal reported, citing people familiar with the matter. Private equity firms Ashmore Investment Management, Hellman & Friedman LLC, Rhone Group and TA Associates as […]
NEW YORK (Reuters) – A federal bankruptcy judge ordered the auction for the assets of instant camera maker Polaroid Corp reopened, giving the two leading bidders until Tuesday to resubmit bids, a lawyer for Polaroid confirmed Monday. A joint venture between liquidators Hilco Consumer Capital and Gordon Brothers Group LLC, and New York private equity […]
KT Capital Partners has acquired ConArt Inc., a provider of concrete products for commercial, industrial and public buildings in the Southeastern United States. No financial terms were disclosed. Corporate Finance Associates advised ConArt on the sale.
Zohar Waterworks LLC, a Columbus, Ohio–based maker of water coolers and drinking fountains, has filed for Chapter 11 bankruptcy protection. The company said that it hopes to auction off its assets on May 1. Zohar was formed by Patriarch Partners in 2005, via the acquisition of Oasis Corp.’s assets. www.patriarchpartners.com
NEW YORK (Reuters) – MGM Mirage (MGM.N) has hired Morgan Stanley (MS.N) to advise on selling a number of its casinos, and is talking to potential buyers about the assets, a source familiar with the situation said on Sunday. The No. 2 casino operator, controlled by billionaire Kirk Kerkorian, is grappling with weak consumer demand […]
Apollo Management has offered to acquire Legacy Reserves LP (Nasdaq: LGCY), a Midland, Texas-based oil and gas exploration company focused on the Permian Basin and mid-continent regions. Legacy unit-holders would receive $14 per unit (40% premium to Friday’s closing price), for a total equity value of $435 million. Legacy management has signaled that it would be retained, were the deal to be approved.
Emerging Capital Partners has acquired a “significant minority stake” in la Nouvelle Societe Interafricaine d'Assurance Participations SA, a Cote d'Ivoire-based insurance group in French-speaking Western and Central Africa. The deal is valued a $47.7 million.
Atlantic Street Capital has acquired EZE Trucking, a Los Angeles-based provider of specialty logistics services for the infrastructure market. No pricing terms were disclosed for the deal, which included senior debt from PNC Bank and subordinated notes from Prism Mezzanine Fund.
Vista Equity Partners has offered to acquire Sumtotal Systems Inc. (Nasdaq: SUMT), a Mountain View, Calif.-based provider of enterprise learning and performance management systems. Under terms of the offer, Sumtotal stockholders would receive $3.25 per share (62% premium to Friday’s closing price), which values the outstanding equity at approximately $103 million. Vista currently holds around a 13% stake in Sumtotal, and plans to nominate a slate of three directors to the company’s board, at an annual meeting on June 12.