NEW YORK (Reuters) – Citadel Broadcasting Corp (CTDB.OB), the third-largest U.S. radio broadcaster, said on Sunday it filed for the bankruptcy protection, as the radio industry continues to be hard hit by depressed advertising revenue. Citadel, whose network consists of 165 FM stations and 58 AM stations, filed for Chapter 11 bankruptcy protection under a […]
LONDON (Reuters) – U.S private equity firm Apollo has approached British bookmaker and bingo group Gala Coral with a rescue proposal, according to The Sunday Times, citing sources familiar with the plans. Apollo has submitted a proposal to Gala Coral’s board under which it would pay 250 million pounds ($405 million) in exchange for half […]
General Atlantic and KKR have completed their $1.65 billion acquisition of the TASC consulting unit of defense contractor Northrop Grumman (NYSE: NOC).
NEW YORK (Reuters) – The head of network equipment maker Avaya Inc said its purchase of some Nortel Networks Corp (NRTLQ.PK) assets will boost market share and help a potential initial public offering or some other type of exit by its private equity owners. Avaya, bought by Silver Lake and TPG Capital in 2007, on […]
NEW YORK (Reuters) - U.S. mobile phone maker Motorola Inc's set-top box unit has generated a lot of private equity interest, with a number of major buyout firms putting in initial bids this week, sources familiar with the matter said. Motorola is exploring a potential sale of its television set-top box and wireless networking equipment business, sources told Reuters last month. Called "home and networks mobility," the unit had $10.1 billion in 2008 sales. The first round expressions of interest, due Wednesday, came from private equity firms including Bain Capital, TPG Capital, Blackstone Group LP, KKR and Silver Lake Partners, the sources said.
Defense Venture Group, a portfolio company of J.F. Lehman & Co., has acquired the run-flat tire business of Drive Dynamics, for an undisclosed amount.
LONDON, Dec 18 (Reuters) – At least seven private equity firms have submitted bids for Pets at Home, increasing the likelihood of a sale of the UK retailer rather than an initial public offering (IPO), sources familiar with the matter said. The sources said Apax Partners, Bain Capital, Blackstone (BX.N), Charterhouse, Cinven, KKR and TPG Capital […]
As usual, we have a week’s worth of ratings actions on the debt of LBO-backed companies from ratings agencies Moody’s Investors Service and Standard & Poor’s Ratings Services. Mixed bag this week, with a handful of downgrades, one upgrade and two withdrawals, one for "business reasons," which can mean any number of things, including the company not liking its rating. To this I say, 'lame.' Company: Wastequip Inc.
Sponsor: Carlyle Group and Odyssey Investment Partners
Action: Moody's lowered the company’s corporate family and probability of default ratings to Caa2 from Caa1. In addition, the ratings on the senior secured credit facility and term loan were lowered to B3 from B2.
Highlight: ‘The ratings downgrade reflects Moody's view that revenues and earnings will remain at relatively low levels and that financial leverage will remain elevated over the near term.”
Airvana Inc. (Nasdaq: AIRV), a Chelmsford, Mass.-based provider of broadband network infrastructure, has agreed to be acquired for approximately $530 million, or $7.65 cash (23% premium to yesterday's closing price). The buying consortium includes S.A.C. Private Capital Group, GSO Capital Partners, Sankaty Advisors and ZelnickMedia.
Linsalata Capital Partners has acquired Spartan Foods of America Inc., a Spartanburg, S.C.-based maker of pizza and pancake products under the Mama Mary's brand. No financial terms were disclosed, except that Golub Capital provided a $20.5 million senior debt facility and $500,000 equity co-investment.