JEN Partners and Real Estate Capital Partners have agreed to acquire substantially all the tax credit equity business of MMA FInancial, an Municipal Mortgage & Equity LLC (OTC: MMAB). The deal is valued at approximately $31 million. PRESS RELEASE JEN Partners, a New York-based private equity real estate firm, today announced that it has entered […]
NEW YORK (Reuters) – Bankrupt hotel chain Extended Stay was granted interim access on Monday to its cash for a second time so it can make mortgage payments and pay the company managing its hotels. Judge James Peck of U.S. Bankruptcy Court in Manhattan said Extended Stay could to tap into $86 million of its […]
(Reuters) – Ares Capital Corp (ARCC.O) said it plans to raise about $250 million through a debt fund for investing in newly originated and secondary senior secured debt. Ares Capital said it expects to sell a warrant for fair value to the new fund for cash that would permit the fund upon certain conditions to […]
NEW YORK (Reuters) – Bank of America Corp (BAC.N), the largest U.S. bank, and First Data Corp have created a joint venture to offer electronic payment services to merchants, the companies said on Monday. The venture will combine Bank of America’s brand name — and its 240,000 merchant relationships — with First Data’s payment services […]
NEW YORK (Reuters) – Disgraced financier Bernard Madoff was sentenced to 150 years in prison on Monday for perpetrating the biggest and most brazen investment fraud in Wall Street history. The courtroom erupted in cheers and applause as U.S. District Court Judge Denny Chin imposed the maximum possible prison sentence on the 71-year-old defendant. Madoff […]
Premier Precision Group, a Minneapolis-based contract manufacturer of fabricated and complex precision machined components, has acquired the assets of Phoenix-based Aimco Precision Inc. No financial terms were disclosed. PPG is a portfolio company of Spell Capital Partners.
LONDON (Reuters) – The British government is likely to put on hold plans to sell part of Royal Mail because it has run out of parliamentary time and market conditions are not right, Business Secretary Peter Mandelson said on Monday. Speaking to the Financial Times, Mandelson pointed to the depressed state of financial markets as […]
British buyout firm Candover Investments (CDI.L) said it had ended talks with potential acquirers and looks set to meet key debt covenants thanks to cost cuts and disposals. The troubled group said in March it had run out of cash to invest in its own 2008 fund and received takeover approaches. Candover said on Monday […]
The Blackstone Group has closed its third European real estate fund with €3.1 billion in capital commitments, compared to a €2.5 billion target. The Park Hill Group, a Blackstone affiliate, served as placement agent.
NEW YORK (Reuters) – Microsoft (MSFT.O) has hired Morgan Stanley (MS.N) to sell Razorfish, its digital agency, and French marketing company Publicis Groupe SA (PUBP.PA) is thought to be a possible bidder, the Financial Times said on its Website late Sunday. Microsoft acquired the agency, formerly called Avenue A Razorfish, as part of its $6 […]