NEW YORK (Reuters) – The drawn-out sale of Bank of America’s (BAC.N) $1 billion wealth management business ultimately came down to how much protection against any unforeseen losses bidders demanded, rather than price. The fact that asset quality was a key issue in the First Republic auction shows just how concerned many investors still are […]
ComVest Group has been completed its $81 million acquisition of Cynergy Data LLC, a payments processor that filed for Chapter 11 bankruptcy protection earlier this fall.
Smarterville Inc., a provider of supplemental educational content like Hooked on Phonics, has acquired selected operating and brand assets of Educational Resources Inc. and Sunburst Technology Corp. No financial terms were disclosed. Smarterville is a portfolio company of Sterling Partners.
(Reuters) – Tire maker GPX International Tire Corp said on Tuesday its U.S. operations filed for Chapter 11 protection as a result of 44 percent antidumping duties levied by the U.S. Commerce Department against its manufacturing facility in China. GPX, which specializes in making tires for off-road use, said it would use the restructuring process […]
Coachman Industries Inc. (OTC BB: COHM), an Elkhart, Ind.-based home construction company, has raised $20 million in debt financing from an affiliate of H.I.G Capital. The deal includes $10 million of convertible debt funded at closing and a $10 million revolving line of credit.
American Securities has completed its $38 per share tender offer for GenTek Inc. (Nasdaq: GETI), a Parsippany, N.J.-based maker of inorganic chemical products and valve actuation systems and components for automotive and heavy-duty engines. The acquisition is expected to close shortly, at a total value of approximately $673 million (including $262m of assumed debt and liabilities).
EQT Partners has agreed to acquire Bulgarian cable television companies Eurocom and CableTel, at a combined enterprise value of more than €200 million. It plans to merge the companies and invest additional capital, alongside current CableTel shareholder Ron Finley.
SYDNEY (Reuters) – Myer, Australia’s largest department store chain, raised A$2.2 billion ($2 billion) in the nation’s biggest IPO in two years, selling shares at the lower end of an indicative range, as institutional investors baulked at the rich valuation. Myer said in a statement on Thursday its private equity owners TPG Capital and Blum […]
HONG KONG (Reuters) – China Investment Corp (CIC), a near-$300 billion sovereign wealth fund, plans to invest $700 million in Hopu-backed Iron Mining International Ltd, a source told Reuters on Thursday. The investment would be the Chinese fund’s second involvement this week in a Mongolian mining deal as it shifts its investment strategy to natural […]
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