Apollo Global Management LLC reported a 37 percent drop in fourth-quarter profit per share, failing to match its carried interest income from a year ago, yet the result beat most analysts’ expectations on stronger fund values, sister news service Reuters reported.
2 min read · 07 February 2014
Swiss industrial conglomerate ABB Ltd is seeking to sell several non-core businesses in deals that could raise more than $1 billion, according to people familiar with the matter, sister news service Reuters reported.
3 min read · 07 February 2014
Private equity firm Oaktree Capital Group LLC is looking to sell Osmose Holdings Inc, which makes wood preservation chemicals and also provides services to railroads and utilities, in a deal that could value the company at close to $900 million, according to people familiar with the matter, sister news service Reuters reported.
1 min read · 07 February 2014
French property group Gecina said on Thursday that its stakeholders Blackstone and Ivanhoé Cambridge had requested they be allowed to appoint board members to reflect their 22.98 percent interest in the firm. Gecina said it had been informed that a statement of intent was filed with France's securities regulator by Eliseo Finance, a vehicle controlled by the U.S. investment firm Blackstone and Canadian property manager Ivanhoé. Blackstone and Ivanhoé acquired their stake last month following a ruling by a Luxembourg court which awarded them an equity stake in exchange for debt. Ivanhoé is the real estate investment arm of pension fund manager the Caisse de dépôt et placement du Québec.
1 min read · 06 February 2014
The Canada Pension Plan Investment Board (CPPIB) named Ed Cass as its new chief investment strategist and a member of its senior management team on Thursday, giving him responsibility for the overall investment strategy of the massive pension fund, reports Reuters. Cass, currently head of global tactical asset allocation in the pension fund's public market investments department, will replace Donald Raymond in the role. Raymond announced last month that he was stepping down from the position, effective March 31. CPPIB said Cass was managing director of Fortress Investment Group's Drawbridge Relative Value Fund before joining CPPIB in 2008.
1 min read · 06 February 2014
HFP Acoustical Consultants Corp, a Calgary-based provider of acoustics and noise control consulting services, has been bought for an undisclosed amount by SLR Management Ltd. SLR, a U.K.-based international environmental consultancy and portfolio company of British private equity firm 3i Group, at the same time bought the affiliated HFP Acoustical Consultants Inc of Houston, Texas. SLR said that the purchase of HFP, which has completed more than 5,800 acoustical engineering projects in 30 countries, brings technical expertise in industry sectors in which the company has a strong market position. 3i acquired a significant minority investment stake in SLR in 2008.
3 min read · 06 February 2014
Illinois Tool Works Inc is nearing a deal to sell its industrial packaging unit for more than US$3 billion, with buyout firms Carlyle Group LP and Onex Corp competing in the final stretch of the auction, people familiar with the matter told Reuters. The company narrowed the list of potential buyers to Carlyle and the consortium of Onex Corp and Canada Pension Plan Investment Board (CPPIB) after reviewing final offers submitted on Monday, and could strike a deal as soon as this week, the people said on Thursday. Illinois Tool Works announced in September it was initiating a process to sell the industrial packaging unit, as the conglomerate continues to streamline its diversified business lines. The packaging business makes steel, plastic and paper products used for bundling, shipping and protecting transported goods, with brands including Signode, Strapex, Angleboard and Mima.
2 min read · 06 February 2014
Private equity firm AEA Investors LP is in advanced talks to acquire Gypsum Management and Supply Inc (GMS), a privately-held maker of specialty building materials, for more than $700 million, according to three people familiar with the matter, sister news service Reuters reported.
1 min read · 06 February 2014
Nestle is exploring a possible sale of frozen foods business Davigel for about 300 million euros ($400 million), three sources familiar with the matter told sister news service Reuters, as part of a drive to trim its sprawling portfolio.
2 min read · 06 February 2014
Illinois Tool Works Inc has agreed to sell its industrial packaging unit (IPG) to Carlyle Group LP for $3.2 billion, beating out a rival bid from Onex Corp in the final stretch of the auction, according to a company statement and a report by sister news service Reuters.
2 min read · 06 February 2014
