Mizuho Financial Group plans to increase its ownership in consumer credit firm Orient Corp., buying 30 billion yen ($368 million) worth of shares from investors Morgan Stanley and Kohlberg Kravis Roberts & Co., Reuters reported. Morgan Stanley bought 35 billion yen worth of Orient Corp. in 2007, at the same time buyout shop KKR invested 20 billion yen in the company. Mizuho, Japan's second-largest bank by assets, already owns 27.2% of Orient. It now plans to buy 19.7 million additional shares from KKR and 30.6 million shares from Morgan Stanley, Reuters reported.
2 min read · 30 December 2010
Luxembourg-based corporate telecom company Colt Group SA has named private equity executive Mark Ferrari as its chief financial officer, Reuters said. Ferrari, a managing director with private equity firm Devonshire Investments, is currently a non-executive director for Colt. He will begin his new position in March, replacing Stuart Jackson.
2 min read · 30 December 2010
The Carlyle Group has partially exited its investment in China Pacific Insurance, selling an $860 million stake in the company, Reuters reported. The Washington, D.C.-based buyout shop paid roughly $800 million between 2005 and 2007 for its stakes in China Pacific. Before the sell-down, Carlyle held a 15.4 percent stake in China Pacific's overall outstanding shares, Reuters said.
2 min read · 30 December 2010
Ifbyphone has raised $8 million in Series B financing from Apex Venture Partners, Origin Ventures, Spring Mill Ventures, Second Century Ventures and the i2A Fund. Ifbyphone has raised $16 million in total venture funding to date. Skokie, Illinois-based Ifbyphone provides voice applications for enterprise customers.
3 min read · 30 December 2010
Nunavut Iron Ore, which is backed by private equity firm Energy and Minerals Group, sweetened its offer for Baffinland Iron Mines on Wednesday, Reuters reported. Nunavut Iron increased its hostile bid to $1.40 Canadian dollars ($1.40), up from $1.35. The group wants to take a 60% stake in Baffinland. ArcelorMittal, the world's largest steel producer, previously bid C$1.25 a share in a friendly buyout offer, and has no plans to increase the bid, Reuters reported. Baffinland controls a vast iron-ore deposit in the Canadian Arctic.
3 min read · 29 December 2010
PlayCore Holdings, which is backed by Irving Place Capital, has acquired BigToys Inc., a maker of commercial playground equipment, and Spectrum Products, whose products are used in swimming pool construction. Financial terms of the acquisitions were not released. PlayCore makes a wide range of recreation products, and is based in Chattanooga, Tenn.
4 min read · 29 December 2010
Canadian firm Alberta Investment Management Corp. will acquire a 50% stake in Santiago, Chile-based toll road operator Sociedad Concesionaria Autopista Central, joining shareholders Abertis Infraestructuras S.A. and Santander Private Equity S.A. Autopista Central is a 61-kilometer, six-lane highway that connects the Santiago suburbs with the Pan-American Highway.
2 min read · 29 December 2010
Billionaire investor Carl Icahn got the go-ahead Tuesday from the Federal Trade Commission for his $665 million cash takeover of Dynegy Inc., Reuters reported. Icahn’s acquisition of the power producer follows a failed takeover attempt by buyout shop Blackstone Group.
1 min read · 29 December 2010
Private equity firms the Carlyle Group, MBK Partners, Affinity Equity Partners and Corsair Capital are among the groups shortlisted to help finance Hana Financial Group’s acquisition of Korea Exchange Bank, Reuters said, citing a report by online news service MoneyToday. Hana is planning a $1 billion share sale to help fund its $4.1 billion acquisition of KEB.
1 min read · 29 December 2010
A private equity fund run by Korea Development Bank has completed its purchase of a 1 trillion won ($874.8 million) stake in Daewoo Engineering & Construction Co., Reuters reported.
1 min read · 29 December 2010
