Private Equity
After lengthy negotiations, HSBC Holdings has agreed to sell U.K.-based train leasing business Eversholt to a consortium of infrastructure funds in a 2.1 billion pound ($3.39 billion) deal, Reuters reported. Morgan Stanley Infrastructure, 3i Infrastructure and Star Capital comprise the group buying Eversholt, which owns close to a third of Britain’s trains. HSBC bought Eversholt in 1997 for 726.5 million pounds.
2 min read · 05 November 2010
Mail.ru, a Russian internet company that holds a 2.4% stake in Facebook, has priced its London IPO at $27.70 per share, raising $912 million, Reuters reported. Moscow-based Mail.ru sold 32.93 million shares in the IPO, representing a 17% stake in the company prior to an overallotment option, Reuters said. In addition to Facebook, Mail.ru holds stakes U.S. internet start-ups Groupon and in San Francisco-based Zynga Game Network, the maker of the popular “FarmVille” Facebook game.
1 min read · 05 November 2010
Saudi investors with ties to the royal family will pay 250 million euros ($353.6 million) to buy the Hotel de Crillon from U.S. investment group Starwood Capital, Reuters reported, citing an article from the French daily Le Figaro. The unnamed buyers may also need to spend another 100 euros ($140 million) to restore the famed Paris hotel, which is located near the Champs Elysees.
2 min read · 05 November 2010
A consortium of Canadian pension funds, including the Ontario Teachers' Pension Plan and Ontario Municipal Employees Retirement System, will pay $2.1 billion pounds ($3.4 billion) to operate Britain's only high-speed railway, Reuters reported. The deal - by which the consortium will operate the line, called High Speed 1, for 30 years - represents Britain’s recent efforts to cut the national debt, Reuters said. The High Speed 1 route links St Pancras station in north London to the Channel Tunnel, and became fully operational in November 2007.
2 min read · 05 November 2010
Private equity and hedge fund firm Fortress Investment Group reported higher-than-expected earnings Friday, Reuters reported. Revenue in the third quarter was $162.2 million, above analysts' average estimate of $144.7 million. New York-based Fortress said pretax distributable income rose to $78 million, or 15 cents per share, from $51 million, or 11 cents a share, a year earlier, Reuters reported.
1 min read · 05 November 2010
Miami-based private equity firm H.I.G. Capital has invested an undisclosed amount in San Antonio-based Cardell Cabinetry. Terms of the deal were not released. Formed in 1976, Cardell designs and manufactures semi-custom kitchen and bath cabinetry.
3 min read · 05 November 2010
Bankrupt resort and real estate developer Sea Island Company will sell its assets to a new company formed by investors Oaktree Capital Management, Avenue Capital Group, Anschutz Corporation and Starwood Capital Group. Financial terms of the sale – which is part of Sea Island’s Chapter 11 bankruptcy plan – were not released.
4 min read · 05 November 2010
The Carlyle Group and New York-based Anchorage Capital Group will each put $98 million into Central Pacific Finance as part of a planned $325 million recapitalization, the company announced. Each firm will net a 24.9% stake in the company following the investments, and will each hold a board seat. Central Pacific is based in Hawaii and operates 35 bank branches, as well as a residential mortgage subsidiary, in the state.
6 min read · 05 November 2010
Private equity firm Warburg Pincus has acquired International Technidyne for $55 million in cash, and has merged the company with clinical diagnostics company Nexus Dx. International Technidyne, based in New Jersey, provides hemostasis management and point-of-care testing products. Nexus Dx is based in San Diego, Calif.
3 min read · 04 November 2010
Private equity firms The Carlyle Group and Kelso & Co. are buying a minority stake in privately held investment bank Sandler O’Neill, Reuters reported. The financing, terms of which were not released, is designed to fund growth. The deal will close at the end of 2010, Reuters said.
1 min read · 04 November 2010
