TAIPEI (Reuters) – AIG’s (AIG.N) plan to sell its Taiwan Nan Shan Life unit was thrown into doubt on Friday as three bidders offered less than $1.5 billion each for the unit, far lower than the $2 billion expected by the troubled U.S. insurer, sources said. Primus Financial and Taiwan’s Cathay Financial (2882.TW) have submitted […]
(Reuters) – Global buyout firms including Permira and KKR are set to bid for a core Citigroup (C.N) asset next week in a deal worth more than $1 billion, grabbing a rare opportunity for them to chase big investments in Japan. Around 20 buyout firms have reviewed the books of Bellsystem24, a Japanese telemarketer owned […]
Law Firms Not Hiring: This fall, law students are competing for half as many openings at big firms as they were last year in what is shaping up to be the most wrenching job search season in over 50 years. (NY Times) But Hedge Funds Are: "As returns have improved and redemptions slowed, some funds have grown confident enough about attractive investment opportunities to take on staff, particularly marketing executives to help lure back assets, operations staff and fund managers in popular strategies." (Reuters) Q&A: AIG's stock shot up today on the Reuters story that the firm's new CEO has reached out to former CEO Hank Greenberg. The three-hour interview with Benmosche is posted: (Reuters) Via Abnormal Returns: Blackstone Group (BX) has become the leading manager of hedge fund of funds. (NY Post)
TOKYO (Reuters) – UK Private equity firm CVC Capital Partners said it had given up a holding in Japanese restaurant chain Skylark Co, its biggest investment in the country, as the restaurant chain has posted losses for three consecutive years. CVC Capital has agreed to give its holding in Skylark to Chuo Mitsui Capital Co, […]
LONDON (Reuters) – Montagu Private Equity has been granted exclusivity in the auction of Siemens’ (SIEGn.DE) ADB Airfield Solutions unit, banking sources said on Thursday. Bank of Ireland and WestLB are leading a buyout financing of 70-80 million euros ($99.65 million) backing the purchase, which consists of term loans, working capital and bonding facilities, one […]
Mega-buyout firm Apollo Management has a lesser known BDC outfit called Apollo Investment Corp. (Nasdaq: AINV), which invests in CLOs, sub debt, second lien bank debt and warrants of leveraged buyouts. But the interesting part of Apollo Investment is its co-investments. The firm makes equity investments alongside a number of well-known private equity firms. Because the firm is public, its quarterly report includes a number of not-otherwise disclosed write-downs and write-ups on portfolio companies of firms like GTCR Golder Rauner, Code Hennessy, Wasserstein & Co. and Madison Dearborn Partners. UPDATE: The mark-to-market values which the firm holds its companies at are provided by independent third parties, not the general partners or Apollo itself, a representative for the firm said. Follow the jump to view the second quarter write-downs and write-ups on the 23 LBOs in which AINV has co-invested:
Ancor Capital Partners has acquired Spencer N. Enterprises Inc., an El Monte, Calif.-based maker of soft home decor products. No financial terms were disclosed.
DUBAI (Reuters) – Port operator DP World (DPW.DI) has never been approached to sell a stake to a private equity firm and any decision would be up to the company’s board, Chief Executive Mohammed Sharaf said on Thursday. “There is no update … we haven’t been approached by anybody,” he said in a conference call. […]
LONDON (Reuters) – Britain’s debt laden bus and rail operator National Express (NEX.L) has received an all cash offer worth about 600 million pounds ($972 million) from a group led by its main shareholder, as other rivals eye the struggling transport company. National Express said on Thursday the consortium, which includes Spanish shareholder the Cosmen […]
LONDON (Reuters) – Shareholders in the National Express (NEX.L) were gathered this week to find out whether they want a 350 million pounds rights issue or prefer to pursue a takeover proposal, the Financial Times reported on Thursday. The board of the troubled rail and bus operator has met 15 of its institutional investors to […]