J.F. Lehman & Co. said Monday that it has acquired ACR Electronics. Financial terms weren’t disclosed. Chelton Avionics, subsidiary of Cobham, was the seller. ACR Electronics is a global provider of safety products and solutions to the aviation, marine, military and commercial markets. BNP Paribas provided debt financing. PRESS RELEASE J.F. Lehman & Company (“J.F. [...]
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The last couple of years have seen a steady trickle of banks and insurers selling private equity assets and other non-core units as regulators globally toughen capital requirements.
In the US, the Volcker Rule, a part of the financial regulatory overhaul law that limits proprietary trading, or investments by banks using their own capital, has been forcing banks to sell part or all of their private equity portfolios.
In Europe, banks are selling their private equity assets to boost their balance sheets to prepare for the Basel III reform package which will impose capital constraints on investments. The new rules will come into force on January 1, 2013, with full implementation by 2019.
Today, we’ll take a look at some of the US and European institutions who have been offloading their private equity assets and what prices they have been getting. It also includes a couple that are on the sales block waiting to make their announcement. There are also a few among the bunch that, since being spun out, have commenced efforts–with varying degrees of success–to raise new funds. How successful these PE shops will be independently in some cases remains to be seen…
Indian energy giant Reliance Industries is among companies in talks to buy the exploration and production (E&P) unit of US pipeline company El Paso Corp, Bloomberg reported, citing unnamed people with knowledge about the matter, reports Reuters. Private equity firm Apollo is among the other companies in talks for the unit, which is estimated to [...]
The Sterling Group has acquired Liqui-Box Corp. from DuPont. Financial terms were not announced. Liqui-Box is the fourth business Sterling has bought from DuPont. Worthington, Ohio-based Liqui-Box supplies bag-in-box flexible packaging to the global dairy, beverage and bulk food markets. BNP Paribas and BMO provided senior debt while Oaktree Capital Management supplied mezz debt.
BNP Paribas and Commonwealth Bank of Australia have sold a total of around A$130 million ($133 million) of senior debt in global buyout fund CVC Asia Pacific’s Nine Entertainment TV network, writes Reuters. Hedge funds have bought most of the debt, three sources told Reuters. (Reuters) – BNP Paribas and Commonwealth Bank of Australia have [...]
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French Lender Considers Sale: BNP Paribas may dispose of up to $700m PE assets
French lender BNP Paribas is considering selling a private-equity portfolio worth more than $700 million, the Financial Times reported on Monday, wrote Reuters. The bank is mulling whether to dispose of more than 50 private-equity fund interests. (Reuters) – France’s No. 1 bank BNP Paribas is considering selling a private-equity portfolio worth more than $700 [...]
Antin Infrastructure Partners, a Paris-based infrastructure funded backed by BNP Paribas, has reached a final fundraising close at 1.1. billion euros ($1.5 billion), according to Reuters. BNP Paribas has committed 300 million euro and owns 40 percent of the fund’s management company. Antin has invested to date in UK train leasing company Porterbrook, Croatian motorway Bina Istra, French oil storage firm Pisto, and a portfolio of dry bulk ports in continental Europe called Euroports.
DUBAI (Reuters) – French bank BNP Paribas (BNPP.PA) may raise up to $300 million for a private equity fund active in the Gulf Arab region to tap opportunities arising from the financial crisis. BNP is looking to raise $150 million in the first phase by mid-October and possibly a further $150 million later, its regional [...]
BNP Paribas Investment Partners has acquired a minority equity stake in Northern Lights Ventures, a Tacoma, Wash.-based private equity firm focused on the money management industry. No financial terms were disclosed.