Cerberus pulls out of Seibu IPO as pricing slashed – Reuters

Japanese railway and property conglomerate Seibu Holdings slashed the price of its initial public offering and said its largest shareholder, US private equity firm Cerberus, would not participate in one of Japan’s biggest IPOs this year, writes Reuters. Seibu dropped the tentative price of its IPO by as much as 30 percent to 1,600 to 1,800 yen per share from the initial estimate of 2,300 it had announced in March.

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peHUB First Read

This Monday morning First Read brings you tips on how to value pre-IPO portfolio companies, the various sources of finance in the clean tech sector and news of NYSTRS committing over a billion to real estate and PE.

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peHUB First Read

Kick off Thursday morning with the latest on Cerberus’ new fund; Zombies taking advantage of PE’s weakness and Yahoo’s acquisition of to-do app maker Astrid.

Reuters – Cerberus Closes on SDIC German Property Deal

Private equity investor Cerberus has agreed to acquire roughly 22,000 German flats from insolvent Speymill Deutsche Immobilien, writes Reuters. As part of the deal, Cerberus is restructuring 985 million euros ($1.25 billion) in SDIC’s debt and will inject an undisclosed sum of fresh capital, according to Reuters. Reuters – Private equity investor Cerberus has agreed […]

Goldman, Cerberus Exit GSW Immobilien

Golman Sachs and Cerberus have exited German property company GSW Immobilien, Reuters reported, by placing a 20% stake on Thursday. The firms sold 7.9 million shares at 22.18 euros a share, Goldman Sachs said in a statement on Friday.

PE Investments in FIG On Pace for Strongest Year Since Crisis, Freeman Says

This year should be the best for PE investments in financial services since the financial crisis, according to Freeman & Co.

So far in 2011, there have been 69 PE transactions in financial services. But only 48 disclosed their valuations, Freeman said. Whatever the number, the deals totaled $14.9 billion during the first half of 2011, said Freeman, a New York IB that focuses mainly on financial services.

Last year, there were about the same number of deals, 70, valued at $10.1 billion, Freeman said. The average deal size this year was $309.4 million, a 39% increase from the $222.7 million posted during the first half of 2010.

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