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Carl Icahn Could Snatch Dell Away From Michael Dell

Two alternative offers come in for tech giant

(Newser) - Michael Dell might not get the company he founded back after all. Carl Icahn and the Blackstone Group have both put in competing bids for Dell (the company), and they both appear to value it more highly than the offer Dell (the guy) put in last month , the company confirmed... More »

SeaWorld Plans 2013 IPO

Waterpark franchise profitable, but faces $1.83B debt

(Newser) - It could be a whale of a deal. SeaWorld Entertainment has filed the paperwork to go public, three years after being bought for $2.3 billion by Blackstone Group, reports the Wall Street Journal . Media reports vary on what the move is expected to raise, with the Journal citing figures... More »

Knight Capital Gets $400M Rescue Deal

Deal will let firm stay alive after $440M loss

(Newser) - Knight Capital desperately needed somebody in shining armor to come to its rescue after it lost $440 million in 45 minutes last week, and a lifeline has arrived—but at a very heavy cost to shareholders. A group of financial services and private equity firms has agreed to a $400... More »

Private Equity Giants See Big Payday—If They Don't Go Bust

All the major players have survived so far

(Newser) - None of the major players in the "shadow banking" world of private equity—the likes of Blackstone, Carlyle, and KKR—has yet gone bust, and the guessing game of which one will be first is well under way, reports Newser founder Michael Wolff in Vanity Fair. Don't hold your... More »

Schwarzman Weighs In on Market Reforms

Private-equity billionaire says regs should be global, streamlined

(Newser) - With the world in “the worst financial crisis in recent memory,” private-equity billionaire Stephen Schwarzman advocates seizing the opportunity to prevent a repeat. In an op-ed piece in the Wall Street Journal, the Blackstone CEO, who pocketed $677 million from the firm’s IPO last year, calls for... More »

Hedge Funds Poised to Profit as Banks Shun Risk

Private equity eyes trading territory ceded by changes at Goldman, Morgan Stanley

(Newser) - With the last two large US investment banks going commercial in an effort to stay afloat, private-equity and hedge funds are stepping into the void, the Wall Street Journal reports. Taking on roles previously filled by the likes of Goldman Sachs and Morgan Stanley, hedge funds like Citadel and private-equity... More »

Lehman Shops Key Unit in Quest for Cash

The troubled Wall Street firm is taking offers for its strong fund management wing

(Newser) - Lehman Brothers is shopping a piece of its investment management unit, the Wall Street Journal reports, joining other large banks in shedding strong-performing businesses to offset mortgage meltdown losses. Lehman’s management business, which includes Neuberger Berman and hosts 27 mutual funds managing $22 billion in individual and institutional wealth,... More »

Weather Channel Sells for $3.5B

NBC, Blackstone, and Bain score cable stalwart for far under expected $5B

(Newser) - NBC is heading an investor group that will buy the Weather Channel for nearly $3.5 billion—well below the $5 billion Landmark Communications was expecting when it put the iconic cable channel up for sale in January. The group, which includes private equity firms Bain Capital and the Blackstone... More »

Landmark NY Library to Be Renamed for Donor

Wall Street financier donates $100 million

(Newser) - Following the style of sports stadiums, Manhattan's stately beaux arts library on Fifth Avenue will be renamed for a key contributor to a billion-dollar expansion of the library system. Private equity king Stephen Schwarzman is giving the library $100 million from his several-billion-dollar fortune, reports the New York Times. Schwarzman,... More »

PHH Deal Collapses After Banks Back Off

Blackstone Group says lenders reneged on original financing terms

(Newser) - The $1.8 billion sale of mortgage and auto-leasing company PHH to General Electric and  the Blackstone Group is off the table, after Blackstone was snubbed by banks it had lined up for its share of financing, Bloomberg reports. The deal is the latest private-equity buyout felled by the subprime... More »

Chinese Pension Fund Considers US Private Equity Deals

Burned by Blackstone, Beijing takes it slow

(Newser) - China, suffering buyer’s remorse after investing in US private equity firm Blackstone, is taking its time before diving back into that end of the financial pool, reports the Financial Times. The Big Three of US equity firms, Carlyle, KKR, and TPG, are each seeking a minority investment from China’... More »

Congress Drops Tax Hike for Private Equity

Superwealthy investors will get to keep tax breaks they now enjoy

(Newser) - A proposed tax hike on some of America's wealthiest investors isn't likely to happen this year, as Senate Democrats say they're shelving a bill that would have eliminated the special tax rate enjoyed by private-equity managers. Senate Majority Leader Harry Reid says a crowded legislative calendar makes considering the bill—... More »

Blackstone Partners Profit on IPO Taxes

Loopholes pay off for buyout firm managers after $3.7 bil offering

(Newser) - The Blackstone Group's partners have expertly negotiated a labyrinth of loopholes to dodge taxes on $3.7 billion they raised with an IPO last month, the Times reports. The maneuver comes as congress discusses what to tax private equity managers, but analysts say the rate debate misses the point; firms... More »

Euro Hotels Hot After Blackstone Deal

Stocks soar on speculation of more private equity buyouts

(Newser) - Investors are snapping up shares of some Europe's biggest hotel chains, the Financial Times reports, as the market bets that more private equity firms will tuck into new cross-Atlantic deals. They're inspired by Blackstone's $26 billion Hilton offer, and a banner year for hotel buyouts more generally. More »

Blackstone Books Hilton For $26B

Offer represents 40% premium; chain to stick to hotel management

(Newser) - Blackstone moved to expand its hotel portfolio in a big way late today, making a deal to take Hilton private for $26 billion, including $7.5 billion in debt. The $47.50 per share offer, 40% more than yesterday's close, turned the head of the chain's CEO, who called it... More »

KKR Makes IPO Official

Private equity behemoth follows Blackstone into the public pool

(Newser) - Undeterred by the possibility of potentially devastatingly tax-law changes, Kohlberg Kravis Roberts firmed up its IPO plans today, filing SEC documents that value the issue at up to $1.25 billion. The private (for now) equity firm said it will list as a partnership, like archrival Blackstone, which went public... More »

Mortgage Worries Drive Markets Down

Exchanges sink on subprime woes; Blackstone jumps in debut

(Newser) - The major exchanges plummeted today, wrapping up a week of seesawing during which the Dow and the S&P 500 lost about 2% and the Nasdaq fell 1.4%. Even Bear Stearns' announcement that it will bail out a hedge fund entangled in subprime loans couldn't stop the bleeding. The... More »

KKR Joins IPO Party

After Blackstone's triumph, barbarians at the public gate

(Newser) - Corporate raiders Kohlberg Kravis Roberts & Co. have announced an initial public offering, on the heels of a wildly successful $34B IPO by rival Blackstone yesterday. The mammoth LBO group, whose boss Henry Kravis maintains a well known rivalry with Blackstone's Stephen Schwarzmann, waited to make sure Blackstone swam before... More »

Blackstone IPO Fetches $4.13B

Private equity giant enjoys largest US debut in 5 years; Schwarzman enjoys largest share

(Newser) - The Blackstone Group went public today, selling 133.3 million shares at $31 and raking in $4.13 billion, the largest American IPO since 2002. The keenly anticipated issue values the private equity firm, founded by Stephen Schwarzman 27 years ago with $400,000, at $33.5 billion; the price... More »

Senate Puts Blackstone on Notice

Tax maneuver may derail IPO, transform private equity

(Newser) - Less than 2 weeks ahead of Blackstone's IPO, bipartisan legislation introduced in the Senate yesterday threatens to hamper or halt the avidly anticipated stock sale. The private equity behemoth's tax bill would more than double if the measure—under which partnerships like Blackstone would pay the 35% corporate rate rather... More »

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