NEW YORK (Reuters) – KAR Holdings Inc, which runs auctions for used vehicles, plans to go public and raise as much as $400 million, according to a regulatory filing on Monday. KAR, based in Carmel, Indiana, runs 214 physical auction sites and several websites that facilitate the sale of cars unloaded by dealers, repossessed vehicles […]
LONDON (Reuters) – Rio Tinto (RIO.AX) (RIO.L), the world’s second-largest miner, is to sell a 56 ercent stake in the cable division of its Alcan Engineered Products unit to U.S. investment firm Platinum Equity for an undisclosed sum. The miner has been selling assets to boost a balance sheet damaged by the takeover of Alcan two […]
First Reserve is a Greenwich, Conn.-based buyout shop sitting on nearly $9 billion to invest exclusively in the energy sector. Today the firm announced it would commit $500 million to back a management team in building a new energy exploration company called KrisEnergy Holdings, to be based in Singapore. It's the second time First Reserve pursued this management team. Last year the trio of Keith Cameron, Chris Gibson-Robinson and Richard Allen were preparing to sell Pearl Energy, the exploration and production company they formed in 2000. First Reserve was interested but shied away because valuations were too rich, according to Will Honeybourne, a managing director with First Reserve. But the firm left the door open for future collaboration with the trio, which eventually led to KrisEnergy. The $500 million in equity will go towards a roll-up strategy. KrisEnergy's managers have already been engaging potential exploration, development and production targets in the Southeast Asia region, Honeybourne said.
PARIS (Reuters) – The French arm of U.S. electronics group Molex (MOLX.O), which has been the subject of violent protests from workers afraid they might lose their jobs, could be acquired by investment firm HIG Capital. HIG Capital said on Monday it was interested in buying Molex France, adding it was working with the French […]
(Reuters) – Music and entertainment company Muzak Holdings LLC said it filed a reorganization plan with a Delaware bankruptcy court that would reduce its debt by more than half to $230 million. Muzak, which is known for providing background music in stores and hotels, said the plan is supported by a majority of its creditors. […]
Regency Energy Partners (Nasdaq: RGNC), Alinda Capital Partners and GE Energy Financial Services plan to construct a $47 million pipeline extension of the Haynesville Expansion Project in North Louisiana. Regency owns a 38% stake, Alinda holds a 12% stake and GE holds a 50% stake.
First Reserve Corp. has committed up to $500 million in equity financing for KrisEnergy Holdings Ltd., a new Asia-focused oil and gas exploration, development and production platform. KrisEnergy's founding team previously formed Pearl Energy.
TOKYO (Reuters) – CVC Capital and Blackstone (BX.N) are teaming up in the second round of bidding for Bellsystem24, Citigroup’s (C.N) telemarketing company in Japan, three sources with direct knowledge of the deal said. Citigroup Inc (C.N) is looking to sell Bellsystem24 in a deal that could fetch more than $1 billion, as it sells […]
Crédit Agricole Private Equity has acquired an undisclosed stake in Elettrostudio Energia, an Italian green energy producer. The deal was valued at €5 million.
McJunkin Red Man Holding Corp., a Tulsa-based industrial pipe supplier owned by GS Capital Partners, has agreed to acquire Transmark Fcx Group BV, a Houston, Texas-based distributor of specialty valves and flow control equipment. No financial terms were disclosed. McJunkin canceled a proposed $750 million IPO earlier this year. PRESS RELEASE McJunkin Red Man Corporation (MRC) today […]