Private Equity
ArcelorMittal, the world’s largest steelmaker, has upped its bid for Canadian miner Baffinland Iron Ore Mines, Reuters reported. The company raised its bid to 1.25 Canadian dollars ($1.23) per share, from 1.10 Canadian dollars ($1.08). ArcelorMittal increased its offer after Nunavut Iron Ore Acquisition, which is backed by private equity firm the Energy and Minerals Group, acquired more than 15 million shares in a rival, hostile takeover bid, Reuters said.
2 min read · 20 December 2010
British buyout shop CVC Capital Partners is putting together a 12 billion euro ($16 billion) bid for Spanish toll-road operator Abertis, Reuters reported, citing a story in The Sunday Times. CVC bought a 15.5% stake in the company in August, and had this summer attempted a three-way takeover deal involving Spanish builder ACS and bank La Caixa, Reuters said. That deal fell apart in July.
2 min read · 20 December 2010
Buyout shop MBK Partners said it would invest up to 2 trillion won ($1.73 billion) in Hana Financial Group’s buyout of Korea Exchange Bank, Reuters said, citing a report in online news outlet MoneyToday. The fund said it would create a consortium of investors including National Pension Service to help fund the $4.1 billion acquisition of KEB.
2 min read · 17 December 2010
Phoenix Venture Fund has recapped Xplore Technologies Corp., a maker of tablet computers. The deal involves the conversion of roughly $9.5 million of debt into Series D convertible preferred stock, the company said. The deal is designed to bolster Xplore’s balance sheet and provide additional liquidity. Xplore was formed in 1996 and is traded on the over-the-counter bulletin board.
3 min read · 17 December 2010
Private equity firms Apax Partners and EQT are each preparing to offer 1.25 billion euros ($1.66 billion) for German discount clothing retailer Takko, Reuters reported. Takko is currently owned by buyout shop Advent International. The price of the offer is roughly 10 times earnings before interest, tax, depreciation and amortisation, Reuters said. Rival private equity firms TPG Capital and PAI were previously in the running for Takko, but dropped out, Reuters said.
2 min read · 17 December 2010
Xe Services, the security firm formerly known as Blackwater, has been acquired by an investor consortium led by private equity firms Forte Capital Advisors and Manhattan Partners. Xe, which has been criticized for its activities in Iraq and Afghanistan, provides training and domestic and international security services. Financial terms of the deal were not disclosed.
4 min read · 17 December 2010
European private equity shop Montagu Private Equity said that it will acquire Moss, Norway-based Helly Hansen Pro. Financial terms of the deal were not released. HH Pro provides survival and personal protection suits for the offshore and shipping markets.
2 min read · 17 December 2010
South Korea canceled the sale of its $6 billion stake in Woori Financial Holdings, nixing what would have been the country’s largest ever financial sector privatization, Reuters reported. The government said it would consider other alternatives, including a private contract and block sale, Reuters said.
3 min read · 17 December 2010
Canadian private equity firm Onex Corp. is in talks with other buyout shops to sell portfolio company Husky Injection Molding Systems for as much as $2 billion, Reuters reported. Apollo Global Management and the Carlyle Group are among the firms expressing interest in Husky, Reuters said.
1 min read · 17 December 2010
American Express will pay up to $660 million for German marketing company Loyalty Partner, Reuters reported. European buyout shop Palamon Capital Partners owns a 54% stake in Loyalty Partner. The deal, which is expected to close in the first quarter of 2011, is the firm's sixth sale of an investment this year and triples its initial equity investment, Reuters said.
2 min read · 16 December 2010
