SHANGHAI (Reuters) – China Investment Corp, a $200 billion sovereign wealth fund, and state-owned China Development Bank are both in talks to buy into CITIC Capital Holdings Ltd, an official newspaper said on Thursday. Three parties including CIC, CDB and CITIC Group, which is directly led by the State Council, China’s cabinet, are involved in […]
ATHENS (Reuters) – Greece’s biggest buyout fund Marfin Investment Group (MIG) said it was interested in Olympic Airlines on Thursday after a tender to privatise the loss-making national carrier collapsed. The government had appealed on Wednesday to Greek businessmen to step in after it announced the much-heralded privatisation process failed to attract satisfactory bids. “MIG […]
Update: Fortunoff has filed for Chapter 11 bankruptcy protection. NEW YORK (Reuters) – U.S. retailer Fortunoff is considering filing for bankruptcy again, nearly a year after the company was bought out of bankruptcy for about $100 million by NRDC Equity Partners, according to sources familiar with the matter. The company is in discussion with liquidators […]
Last month, Senator John Ensign (R-NV) introduced legislation that would have provided a temporary suspension of income taxes for companies buying back their own distressed debt. The plan did not make it into the Senate’s economic stimulus package, but Ensign nonetheless managed to get a compromise that would amount to a massive bailout for private equity-backed companies. For the uninitiated, companies are required to pay income tax on any “gains” made by buying back their own debt at reduced prices. For example, imagine that Wire Corp. negotiates with its lenders to buy back $1 billion worth of notes for $700 million. Wire Corp. would then be required to pay income tax on the $300 million difference. The original Ensign bill would have eliminated those taxes for 2009 and 2010, but the compromise would defer 2009 and 2010 payments until 2011 (at the earliest), and then allow them to be paid out over an eight-year period.
Univita Health, a platform portfolio company of Genstar Capital, has acquired Enurgi, a provider of Web services for connecting families and patients with clinical caregivers. No financial terms were disclosed. Genstar recently formed Unitiva via the acquisition of Long Term Care Group, an Eden Prairie, Minn.-based provider of outsourced services to the long term care insurance industry and the geriatric care market.
Peak Technologies, a Columbia, Md.-based systems integrator of supply chain automation and inventory management solutions, has acquired Integrated Labeling Systems, a Nashua, N.H.-based provider of automatic ID solutions to manufacturing, distribution, warehousing and healthcare facilities. No financial terms were disclosed. Peak Technologies is a portfolio company of Platinum Equity.
(Reuters) – AT&T Inc (T.N) is among the bidders for Verizon Wireless’ roughly $3 billion in wireless assets the latter must divest as part of its purchase of Alltel Corp, the Wall Street Journal said, citing people familiar with the matter. Others include a joint bid from private-equity firms Carlyle Group and Kohlberg Kravis & […]
Tensar Corp., an Atlanta-based construction services company, has withdrawn registration for a $201.25 million IPO. It had planned to trade on the NYSE, with Lehman Brothers, Credit Suisse and Merrill Lynch serving as co-lead underwriters. Tensar shareholders include Arcapita (86.3%), Electra Private Equity (6.3%) and KRG Capital Partners. Tensar offers products and technologies for projects like high-performance roadways, earth retention structures, building foundations and erosion control. www.tensarcorp.com
August Equity, a UK lower mid-market private equity firm, has backed a second round of bolt-on financing in a week for portfolio company Enara Group. On Friday 30 January, Enara bought Beech Care and Nursing Agency, a privately-owned domiciliary care agency. Today it added the simultaneous acquisitions of Companions Care and Freshford Homecare. Deal terms […]
(Reuters) UK private equity group Apax Partners and market research firm GfK are circling Synovate, the market research arm of Britain’s Aegis. The Daily Telegraph said Aegis Group Plc could decide to sell Synovate after a structural review, or the unit could be spun off if Aegis merges with French rival Havas SA. The Telegraph […]