Warburg Pincus has agreed to sell 2,500,000 shares of Primerica‘s common stock in an underwritten public offering. Closing of the offering is expected to occur on February 15, 2013, subject to customary closing conditions. Citigroup is acting as book-running manager for the offering.
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The UK business of Indian tour operator Cox & Kings will receive $137.75 million in funds from a Citigroup venture capital arm to help it reduce debt, writes Reuters. Prometheon Holdings will use the capital to retire debt that it raised when it bought British specialist travel company Holidaybreak last July. Reuters – The UK [...]
Indian directory services provider Just Dial has filed fresh regulatory papers for an IPO, after earlier shelving a public offer, writes Reuters. Just Dial plans to sell 9.55 million shares in the IPO. The Indian units of Citigroup and Morgan Stanley are the book running lead managers to the offer, writes Reuters. Reuters – Indian [...]
Kohlberg Kravis Roberts has hired Tashwinder Singh, a Citigroup official, as its director to grow KKR’s private equity and non-banking finance operations in India, writes Reuters. Singh has been with Citigroup for 18 years. Reuters – Kohlberg Kravis Roberts & Co. has hired Tashwinder Singh, a top official with Citigroup, as its director, the U.S. [...]
Deutsche Bank, Credit Suisse and Citigroup are among the banks that will likely be added as underwriters for the Facebook IPO, two sources told Reuters.
Geoffrey Coley was named head of Gleacher & Company Securities’ corporate credit group.Coley is the former co-head of global fixed income at Citigroup. Gleacher & Company Securities is the broker–dealer subsidiary of Gleacher & Co. PRESS RELEASE Gleacher & Company Securities, Inc., a broker–dealer subsidiary of Gleacher & Company, Inc. (Nasdaq: GLCH), today announced that [...]
Citigroup‘s private bank has appointed Yvonne Siew as head of Asia real estate, replacing Quek Kwang Meng, reports Reuters. Siew has been with Citi Private Bank since 2005 and will continue to be based in Singapore reporting to Daniel O’Donnell, global head of private equity and real estate. Reuters – Citigroup’s private bank on Tuesday [...]
Abraaj Capital has appointed Citigroup to provide fund administration services for Riyada Enterprise Development, the US$650 million small and medium sized enterprise fund of the Abraaj Capital group. Riyada Enterprise Development was established in 2009 to capitalize on investment opportunities in small and medium sized businesses in the Middle East and North Africa. PRESS RELEASE [...]
Citigroup Inc may consider further restructuring of its securities and banking unit if the business does not see meaningful revenue recovery over the course of 2012, Chief financial officer John Gerspach said on a conference call, wrote Reuters. Citi’s securities and banking unit includes investment banking, private equity and hedge fund operations. Reuters – Citigroup [...]
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…