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Financial Times (UK)
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May 21, 07 7:18 AM CDT
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The Chinese government will buy a 9.9% stake in Blackstone, the US private equity fund that's about to launch its IPO. The $3 billion purchase of nonvoting shares, the first time China has invested its enormous foreign reserves in commercial stock, is meant to exploit a private equity market booming almost as much as China itself.
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Bloomberg
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May 18, 07 3:14 PM CDT
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After months of stops and starts, Clear Channel's board today gave the green light to a $19.5 billion buyout offer. The communications giant bit after Thomas H. Lee Partners and Bain Capital, which have been bidding since November, gained the backing of two large shareholders. The successful offer was $39.20 per share, 20 cents more than a previously rejected bid.
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Reuters
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May 17, 07 2:55 PM CDT
(Newser) -
Blackstone has snapped up credit card services provider Alliance Data for $7.8 billion, joining a surge of private equity into dull but profitable back-office firms. The 30% above-market offer for Alliance, which also runs a data processing unit, is the latest in a wave of takeovers in the financial-processing sector that started with KKR's April bid for First Data.
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Rochester Business Journal
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May 16, 07 11:34 AM CDT
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Bausch & Lomb is seeing the private equity light at the end of the tunnel. After a year of costly recalls, accounting snafus, and lawsuits that have shaken the contact lens giant, B&L is entertaining a $4.5 billion offer—including $830 million in debt—from Warburg Pincus. The company has 50 days to solicit better offers.
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Wall Street Journal
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May 15, 07 7:41 AM CDT
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The sale of Chrysler to private-equity firm Cerberus Capital Management could be a watershed for the entire industry, the Wall Street Journal predicts. Cerberus thinks it can make the embattled carmaker profitable by restructuring its debilitating $18-billion health care and pension liability. If it succeeds without resorting to bankruptcy—which the airlines have found necessary—GM and Ford will surely follow.
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Der Spiegel
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May 14, 07 10:49 PM CDT
!["Vulture Fund" Behind Chrysler Deal](/image/4468-2.image ""Vulture Fund" Behind Chrysler Deal")
(Newser) -
Der Spiegel vivisects Cerberus, the private equity group that won Chrysler for a relative bargain today from German auto giant Daimler. Financier Stephen Feinberg's 15-year-old firm has $60 billion in assets, and specializes in companies on the brink of bankruptcy. The group avoids the spotlight, recruits former CEOs and politicians, including John Snow and Dan Quayle, and flips its holdings expeditiously.
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Financial Times (UK)
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May 14, 07 1:18 PM CDT
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Private equity powerhouse KKR has been on a monumental spending spree this year, closing more than $120 billion in deals to date in 2007—more than twice its closest rival. Now the Financial Times wonders whether the veteran PE firm it may be hitting the market too forcefully.
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Associated Press
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May 14, 07 7:34 AM CDT
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DaimlerChrysler has sold a majority stake in the Chrysler Group to the American private-equity firm Cerberus for $7.4 billion, the auto giant announced today. The deal unhooks the money-losing American arm of the international conglomerate from its German partner, which will retain a 19.9% stake in Chrysler and change its name to Daimler AG as soon as this fall.
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Reuters
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May 13, 07 10:10 PM CDT
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Private equity firm Cerberus Capital Management is said to have cut a deal to buy Chrysler from DaimlerChrysler. Cerberus has lots of experience in negotiating for assets in the auto industry, having led the buyout of auto parts maker Delphi, which has not yet closed and may yet fall apart.
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Chicago Tribune
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May 12, 07 8:19 PM CDT
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Proving that size (or lack thereof) is no obstacle to the relentless march of private equity, Chicago’s best known and among its largest liquor stores, Sam’s Wines, sold 80% of itself to Chicago-based private equity company, Arbor Investments.
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New York Times
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May 9, 07 11:00 AM CDT
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Financial data giants Reuters and Thomson have confirmed that a merger is in the works. Should the deal go through, the company will control 34 percent of the financial data market, to current leader Bloomberg's 33 percent. Reuters CEO Tom Glocer would head the new Thomson-Reuters, which would remain under the Thomson family's control.
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Globe and Mail
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May 9, 07 8:00 AM CDT
(Newser) -
Thomson, the Canadian publishing company, is poised to buy Reuters, the global news and information agency, the Globe and Mail reports. The timing of the takeover, which values Reuters at $17.7 billion, appears a response to Rupert Murdoch's proposed purchase of Dow Jones, but sources say they have been in talks with Reuters for months.
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Wall Street Journal
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May 5, 07 8:00 AM CDT
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Reuters is being wooed by a buyer, though the British information service is steadfastly mum on its suitor's identity. The WSJ predicts one of two outcomes: an intra-industry move from Canadian publishing powerhouse Thomson, or a swoop in by private equity, aimed at profiting off the company's steady cash flow.
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Age (Aust.)
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May 5, 07 8:00 AM CDT
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Qantas Airlines will keep flying solo, after what would have been the biggest airline takeover in history fell through yesterday evening. Airline Partners Australia, the private equity consortium that offered $11.1 billion for the company, failed to secure the 50% of stock it needed to move the deal to its next stage.
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Bloomberg
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May 2, 07 11:20 AM CDT
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The Dolans have finally struck a deal to take Cablevision private. The $10.6 billion transaction, announced today, ends two years of wrangling with the entertainment conglomerate's board, and is a victory for Charles, the company's 80-year-old founder and his son James, now CEO.
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