Seat Pagine Gialle shareholders back restructuring plan – Reuters

Shareholders in Italy’s Seat Pagine Gialle gave the go ahead for a plan aimed at relaunching the heavily indebted Italian yellow pages publisher, allowing creditors to take control of the struggling company, writes Reuters. The company has struggled to manage its debt pile following a buyout in 2003 by private equity companies CVC, Permira and Investitori Associati.

British entertainments group Merlin to float in London – Reuters

Private-equity backed Merlin Entertainments plans to sell at least 20 percent of its shares in an initial public offering in London, writes Reuters. Merlin, the owner of Madame Tussauds and Legoland, said it would raise 200 million pounds ($323.8 million) from the sale of new shares to reduce debt. Its owners, the Danish investment company Kirkbi that controls Lego Group and private equity firms Blackstone Group and CVC, will also sell some of their holding.


NYC Pensions Pledge $500M Each to Apollo, CVC

New York City Public Pension Funds marked its largest commitments yet to private equity via marquee funds from Apollo Global Management and CVC Capital Partners. It was part of an overall $1.3 billion series of pledges by the $137 billion retirement system that also included first-time commitments to several emerging managers.

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peHUB First Read

This Thursday morning First Read brings you news of the deal making opportunities that have returned to Europe; the latest corporate finance market chatter and exactly how much you can charge for a bit of peace and quiet in NYC.

Reuters – Evonik Owners Say to Place More Shares Ahead of Listing

Investment banks Deutsche Bank and Mainfirst are placing up to 2 percent in German chemical company Evonik at a fixed price of 32.20 per share, writes Reuters. The shares will be sold exclusively to institutional investors ahead of a public listing planned for Thursday in a private placement on behalf of the RAG foundation, a public-sector trust that will bear the liabilities of Germany’s wound-down coal mines, and private equity group CVC.

Reuters – CVC’s Ista Buyout Backed by Loan, Bond Package

Reuters – A debt financing of more than 2 billion euros ($2.62 billion) backing the 3.1 billion euro ($4.06 billion) purchase of German metering firm Ista by private equity firm CVC will be a mix of leveraged loans and high-yield bonds, writes Reuters. CVC trumped rival BC Partners to buy a 76 percent stake from co-owner Charterhouse last week in Germany’s largest private equity deal since 2008, writes Reuters.


peHUB First Read

Here’s the latest after the weekend including the three-way battle to buyout Dell; the weekly Asian deals update; five ways big data will change your world and a look at who’s who in New England tech and biotech.

Reuters – CVC in Early Stage Talks on McCarthy & Stone Bid

Private equity firm CVC is in talks on a bid for Britain’s largest retirement home builder McCarthy & Stone, writes Reuters. The firm is expected to team up with Alan Bowkett, who resigned as McCarthy & Stone chairman last week, to try to buy the company, which is owned by a number of banks and hedge funds.

Reuters – Texas Teachers’ Fund to Buy Stake in Formula One

The $100 billion Teacher Retirement System of Texas is to buy a stake in Formula One racing from the estate of collapsed investment bank Lehman Brothers, writes Reuters. The pension fund will buy a three percent stake in the motor racing business from the Lehman Brothers’ estate in a deal worth about $200 million, writes Reuters. This follows a string of powerful investors that have bought into Formula 1 as owner CVC gradually reduces its stake.

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