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peHUB First Read

Here’s the latest from the weekend including Providence reaching its reduced $5bn target; Blackstone’s second lending fund getting to its hard cap and a resume of the worst companies to work for in the US.

Edward Snowden photo by Gleb Garanich of Reuters

Snowden Fallout Comes at Bad Time for Private Equity

(Reuters) – The Edward Snowden saga may be a headache for his former employer Booz Allen Hamilton Corp and its 67 percent owner, the private equity firm Carlyle Group LP, but it could turn out to be a bigger problem for some of Carlyle’s rivals.

LP Scorecard: Energy Gives Idaho a Boost

It’s direct energy investments that are boosting The Public Employee Retirement System of Idaho’s private equity portfolio, according to its Private Equity Performance Summary by Investment.

Reuters – PE Firms Said No to British Mega-Mobile Deal

The former head of British mobile phone company Everything Everywhere approached private equity groups six months ago about an eight billion pound buyout but found no takers, writes Reuters. Tom Alexander, who left the France Telecom-Deutsche Telekom joint venture a year after it was created, spoke to firms including KKR, CVC and Providence. But he […]

PE firms to sell shares in TDC

The private equity firms who together hold 88% of Danish telecoms group TDC Blackstone, Permira, KKR, Providence and Apax Partners – plan a share sale in December and have appointed banks to coordinate the sale, according to Reuters. The five PE firms bought into TDC in 2005 for a record $18 billion. The five-firm consortium is aiming to complete the sale by the end of the year. There is no information yet on the size of the sale share.

Skype’s Been On the Block For Nine Months. That Means It’s Time to Leak

Two can play the game of press leaks. If you read between the lines of yesterday’s reports on eBay’s potential divestitures of Skype, it appears both sides of the deal might be using the media to influence pricing.

Before I get into it, I want to mention that a private equity investor told me his firm first received the Skype pitch around nine months ago. The inquiry was led by Mark Dyne of Europlay Capital Advisors. You may remember that name from Skype’s initial sale to eBay—Dyne was a member of Skype’s board (he didn’t return calls for comment). My source’s firm passed on the deal because Skype isn’t profitable, he said. The company’s profitability has been debated, but it had $550 million in revenues last year, according to its annual report.

So, The New York Times broke the news, reporting that Skype’s founders had been talking with private equity backers to help them buy the company back from eBay. The crucial pricing details are:

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