BRUSSELS (Reuters) – The European Commission said on Friday that the notification of a deal by British investment fund RREEF Fund and Spanish Union Fenosa Gas jointly to acquire Spanish liquid natural gas company SAGGAS had been withdrawn. The European Union’s antitrust watchdog made the announcement in a daily list of planned mergers under scrutiny, […]
LONDON (Reuters) – Nycomed, the private equity-owned Swiss drugmaker, recently made a fully financed 4 to 4.5 billion euro ($5.88 to $6.62 billion) offer to buy Solvay SA’s (SOLB.BR) drug unit, people familiar with the matter said. As reported by Reuters in August, Nycomed would fund any buyout of the Belgian pharmaceutical business by high-yield […]
The whole “bridge now, finance later” theme began last year when buyers realized they weren’t able to guarantee financing for deals. Rather than depend on lenders to get deals done, take out a bridge loan for the deal, which can be financed out later. Seems simple enough, right? Just another day of “creative dealmaking in […]
Despite recent reports that deals like Skype and Warner Chilcott have signaled the return of lenders willing to finance large buyouts, guys in the trenches are saying "not to fast." In a panel titled, "The Changed Look of Wall Street" at the second day of the Private Equity Analyst conference, panelists painted a tough reality: leverage is not comin' back anytime soon. Said John Coyle, head of Permira's New York office: "Until the banks feel comfortable that they have enough capital and until the well runs dry on non capital businesses, they aren't even thinking about LBOs." In 2010, he said, the banks will eventually begin to look to take on more risk once they accumulate enough capital. That's not the reality today. He added that people may be excited about Skype but, it's still relatively small, with around 50% equity. And Warner Chilcott, the largest credit facility for an LBO this year, was actually a delevering transaction. The company, backed by Bain Capital LLC, Thomas H. Lee Partners LP, and the buyout units of JPMorgan Chase & Co. and Credit Suisse Group, actually went from 4x leverage to 3x in its acquisition of Procter & Gamble's prescription drugs business, Coyle said.
Cortec Group has acquired a majority stake in 180 Medical Inc., an Oklahoma City-based distributor of disposable, single-use urologic catheters in home settings. No financial terms were disclosed, except that Madison Capital Funding led the senior note facility.
(Reuters) – MSC Software Corp (MSCS.O), a simulation and software services company, said Symphony Technology Group’s affiliate matched the $8.15 per share takeover offer from third-party private equity firms. On Tuesday, the third-party private equity firms had raised their offer to $8.15 a share to trump the $8 per share offer from Maximus Holdings, a […]
Beacon E&P Co., a Denver-based oil and natural gas company, has received a $150 million equity commitment from Kayne Anderson Energy Funds, BAML Capital Partners, company management and others.
Golden Gate Capital has acquired the enterprise management solutions IT unit of CH2M Hill, for an undisclosed amount. The resulting company will be named Critigen, and will maintain a three-year preferred provider agreement with CH2M Hill.
Nexar Capital Group has launched as an investment management firm founded by former hedge fund execs at Société Générale. It is being sponsored by an undisclosed amount of funding from Aquiline Capital Partners.
(Reuters) – Photography company Eastman Kodak Co (EK.N) plans to raise up to $700 million, including a commitment from private equity firm Kohlberg Kravis Roberts & Co [KKR.UL], to bolster its balance sheet and free up capital for investments, the company said on Wednesday. Kodak, which makes cameras, picture frames and consumer printers, about a […]