NEW YORK–A judge on Friday sentenced former New York state comptroller Alan Hevesi to a minimum of one year and a maximum of four years in prison for a state pension kickback scheme in which Governor Andrew Cuomo said Hevesi “presided over a culture of corruption.” Hevesi, a Democrat, pleaded guilty to a felony corruption […]
Benchmarking private equity fund performance is a notoriously slippery effort, with a variety of data providers, including our publisher, Thomson Reuters, generating results that can be widely divergent from one another. The newest player, poised to enter the game this month, is The Burgiss Group of Hoboken, NJ, a software developer and consultant to the alternative investment market. The company plans a Good Friday launch of an online benchmarking product, Private iQ, with data on 3,000 funds current through the end of 2010. (Have you tried it? If so, please let us know what you think ...
Discovery Communications is considering making a bid for German broadcaster ProSieben‘s Nordic TV assets, Reuters reported. Bids for ProSieben’s TV and radio stations in Denmark, Finland, Sweden and Norway were due by midnight Friday, Reuters wrote. ProSieben, majority-owned by buyout shops Kohlberg Kravis Roberts & Co. and Permira, is selling assets to pay down debt. […]
German diesel engine maker Tognum said a 3.2 billion euro ($4.6 billion) offer by Daimler and Rolls-Royce was too low, and it would not recommend it to shareholders, Reuters reported. The 24 euro-per-share offer was less that the current trading price of Tognum stock. Daimler once owned all of Tognum but sold it to Swedish private equity group EQT for 1.6 billion euros in December 2005. It then bought back more than 20% in April 2008, Reuters wrote.
A Morgan Stanley property fund failed to repay $3.3 billion in debt on a Tokyo property, which means that keys to a central Tokyo office building are now in the hands of buyout shop Blackstone Group and other investors, Reuters reported. The debt payments were due Friday, Reuters said, adding that this is the largest repayment failure of its kind in Japan.
Centurion Private Equity, an affiliate of Roswell Capital Partners, has upped its equity investment in Saskatchewan-based Clean Power Concepts Inc. to $30 million. In March, Centurion announced that it had signed a non-binding term sheet to provide a $15 million equity funding facility to Clean Power Concepts. Intellivest Securities arranged the funding.
Terra Firma Capital Partners Ltd is in talks with a buyer for its cinema chain Odeon & UCI Cinemas Group, the firm’s founder Guy Hands said. The name of the potential buyer was not released. Reuters reported that the firm would want a minimum of $1.96 billion for the company.
Rhone Group is close to a deal to buy the Carbon Black unit of German chemical maker Evonik, Reuters reported. The sale, expected to fetch more than 900 million euro ($1.3 billion) could be signed as early as Friday. Private equity firm CVC Capital Partners bought a 25% stake in Evonik in 2008.
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Nordic Capital, a private equity firm based on the island of Jersey, off the coast of Normandy, France,has acquired a privately owned specialist diagnostics company from its founder for an undisclosed amount of funding. The company, The Binding Site, is based in Birmingham, U.K.. PRESS RELEASE: Nordic Capital Fund VII (“Nordic Capital”) has acquired The Binding Site Corporation […]