With a $250 million follow-up commitment from the Oregon Investment Council, Kohlberg Kravis Roberts & Co’s latest flagship fund is within reach of its $8 billion target, a fundraising goal the firm started pursuing nearly two and a half years ago, according to Buyouts, peHUB’s sister magazine…
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CVC Capital Partners, the London-based private equity firm, has announced that its chairman, Michael Smith, will retire in January. Smith will be succeeded by Donald Mackenzie, Rolly van Rappard and Steve Koltes, who will act as co-chairmen of the group.
Just a year after buying BJ’s Wholesale, CVC Capital and Leonard Green appear to be getting most of their money back via a dividend.
The top 5 dividends so far this year from PE-backed companies include Attachmate, HCA and Clear Channel.
Private equity firm CVC Capital has sold a $1.6 billion stake in Formula One to three investors including BlackRock ahead of the motor racing company’s planned $3 billion initial public offering in Singapore, writes Reuters. The pre-IPO deal cuts CVC’s stake in Formula One to about 40 percent from 63.4 percent. The two other investors [...]
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ConvergEx Group, a software provider for brokerage and investment technology firms, said it terminated its merger agreement with private equity firm CVC Capital, partly because of probes by U.S. regulators, Reuters reported Friday. CVC Capital was looking to buy ConvergEx, which is partly owned by Bank of New York Mellon, for $1.9 billion, Reuters wrote.
Volatility may have slowed down M&A in third quarter but tech deals don’t seem to have been affected.
There were 759 tech deals worldwide from July to September, valued at $56.4 billion, according to Ernst & Young’s “Global Technology M&A Update.” This up 22% from the 700 deals that occurred in Q3 2010 that totaled $46.2 billion.
“Looking at the data, I would say that volatility did not [affect tech deals],” says Joe Steger, E&Y’s global technology transaction advisory services leader.
It looks like CVC Capital partners will be buying ConvergEx.
In May, peHUB reported that ConvergEx had put itself up for sale. At the same time, ConvergEx was pursuing a $400 million IPO in a dual track process. Goldman Sachs is advising on the auction, while J.P. Morgan is lead bookrunner on the IPO (Goldman is also an underwriter on the IPO), sources have told peHUB.
Luggage maker Samsonite, which is owned by buyout shop CVC Capital, has approval from the listing committee of the Hong Kong stock exchange for an initial public offering, Reuters reported. The IPO could raise as much as $1.5 million, Reuters said.