Mason Wells has completed its acquisition of Appleton's Performance Packaging operations. The deal was valued at around $58 million. The newly-independent company will be named NEX Performance Films Inc., and will make single and multilayer polyethylene films.
(Reuters) – Private equity owners of New Zealand’s Yellow Pages Group have launched a sale process for the business, two sources familiar with the deal said on Friday, in a sale media reports say could be worth around $700 million. An information memorandum has been sent to potential buyers, including large private equity firms and […]
(Reuters) – UK-based Metals Exploration’s (MTL.L) key shareholder offered to take it private for about 35.8 million pounds ($54.6 million) in cash, in a bid to control the mining firm’s gold and molybdenum project in Philippines. The offer price of 13 pence for each share in the Western Pacific Rim-focused company represents a premium of […]
HONG KONG/MANILA (Reuters) – Universal Robina Corp (URC.PS) and a consortium comprising the Campos family and Century Pacific Group of Companies have been shortlisted by Philippine conglomerate San Miguel Corp (SMC.PS) to buy a stake in its Pure Foods (PF.PS) unit, sources told Reuters on Friday. San Miguel Pure Foods Co Inc has a market […]
Just a short update on Abry Partners' auction for portfolio company Executive Health Resources: peHUB has learned that the sale of Executive Health has narrowed to strategics, with the financial sponsors having dropped out. One of the remaining bidders is Ingenix, which is owned by United Health Group. Ingenix, a health information technology and services company, recently agreed to buy Picis, which provides health information services for high acuity areas of hospitals like the ER, OR and intensive care units.
Moody's is out today with a new report on Harrah’s, the casino giant taken private two years ago for $27 billion. And its conclusions are not good for Harrah’s owners Apollo Management and TPG Capital. Instead, Moody’s virtually compares the pair — only identified as “management” — to degenerate gamblers. The company has enormous debts, but rarely takes the opportunity to pay them down. Instead, it keeps spending on new initiatives, hoping that the payouts will constitute salvation.
After a surprisingly sluggish 2009, secondary dealmaking is on the rise. The latest deal comes from Bank of America, which reportedly is selling $1.2 billion of commitments made to various Warburg Pincus funds. Around half of it will go to Lexington Partners and China Investment Corp. This comes just a couple of months after BoA sold a $1.9 billion portfolio of PE fund interests to the secondary arm of AXA Private Equity. Earlier this month, Citigroup agreed to sell $900 million of PE interests to Lexington Partners, while RBS reportedly is close to selling a $500 million portfolio to Alpinvest.
(Reuters) – Private equity firm Cerberus Capital Management LP offered to buy out BlueLinx Holdings Inc (BXC.N) by acquiring shares it does not already own, valuing the distributor of building products at $111.1 million. Cerberus, whose affiliate already owns 55.39 percent of BlueLinx as of May 7, said it would buy the remaining shares for […]
NEW YORK (Reuters) – Private equity firm TPG Capital [TPG.UL] is investing $300 million in natural gas company Copano Energy (CPNO.O), which it will use to fund shale gas production developments, Copano said on Wednesday. TPG is making the investment through a purchase of convertible preferred equity priced at $29.05 per unit, convertible into common […]
(Reuters) – Private equity firm Blackstone Group LP (BX.N) is close to finalizing a deal to purchase real estate loans with a face value of around 100 billion yen ($1.14 billion) owned by Morgan Stanley’s (MS.N) Japanese operations, the Nikkei business daily reported. This would mark Blackstone’s first investment in Japan and could help breathe […]