It’s Thursday, Hubsters.
It looks like Blackstone will finally get to exit NCR, the ATM maker that was put up for sale earlier this year. Blackstone’s investment in NCR dates back to November 2015 when it provided $820 million to the company, according to press reports.
BX has been trying to sell its stake. In 2017, the firm sold 49 percent of its holding, or about 14.4 million shares, as part of an early release of its lock-up period.
NCR went on the block earlier this year after receiving takeover interest, Bloomberg reported in May. The process drew the interest of Warburg Pincus and Apollo Global Management, along with other PE firms, press reports said. Warburg and Apollo then walked away from the sale, the New York Post reported in June.
NCR said yesterday that it was paying BX $302 million for a chunk of its shares. It allowed Blackstone to convert 274,548 shares of preferred stock to about 9.16 million shares of NCR common stock. NCR said the stock would be part of a secondary sale of roughly 9.13 shares. See our brief here.
Yesterday, we spoke about congressional scrutiny of surprise medical billing. The House Committee on Energy & Commerce Chairman Frank Pallone and ranking member Greg Walden sent letters to firms including Blackstone, KKR and Welsh, Carson, Anderson & Stowe about this trend.
Personally, I think healthcare is more dangerous financially than buying a car. Once you agree to a medical procedure, the companies can add any fee or service that consumers don’t know about. It’s terrifying.