I've been a business reporter for a while. I've covered Wall Street, venture capital and now private equity. I'm always looking for a scoop or something to talk about. I'm the eternal optimist and am still waiting for the Chicago Cubs to win the World Series. Yes, I believe.
Verisure, a portfolio company of Hellman & Friedman, wants bondholders to suspend their customary protections so it can pay a 1 billion euro ($1.16 billion) dividend to its owners, the Financial Times is reporting. Verisure, a Swedish security alarm business, is looking to raise 1.8 billion euros of new debt to fund the dividend and repay existing debt, the story said. Verisure’s existing bonds do not allow for such a large dividend payment, the FT said, and the company is offering bondholders a fee in order to waive and amend them, through a process known as a “consent solicitation.”
1 min read · 07 November 2017
Silver Lake is expected to write a $2.5 billion equity check to back Broadcom Ltd.’s $130 billion buy of Qualcomm Inc, Bloomberg reported. The $2.5 billion check, Silver Lake’s biggest equity commitment ever, is part of $5 billion in convertible debt financing the PE firm has arranged for the deal, the story said. Broadcom is prepared to launch a proxy battle if Qualcomm spurns its $70-a-share offer, Bloomberg said.
1 min read · 07 November 2017
Pritzker Group Private Capital said Nov. 7 that Chris Trick was promoted to principal from vice president.
2 min read · 07 November 2017
Irth Solutions, a portfolio company of Bregal Sagemount, said Nov. 7 that it acquired Bytronics Inc. Financial terms weren’t announced. Bytronics, of Rochester, New York, provides software to the energy, utility, municipality and contract locator industries. It’s also the maker of DigTrack One Call management software.
2 min read · 07 November 2017
Advent International and Bain Capital are among bidders looking to invest in German payments company BS Payone GmbH, according to Financial News. DSV Group, which owns a majority of BS Payone, has hired Ernst & Young LLP in Germany to advise on the sale, the story said. The process is at an early stage, Financial News said. Advent and Bain have collaborated on payments deals before, including their buy of Worldpay in 2010.
1 min read · 06 November 2017
NXT Capital said Nov. 6 that it its latest private debt fund closed on roughly $415 million in equity capital. The target of NXT Capital Senior Loan Fund V LP was $350 million. Fund V will invest in senior debt transactions directly originated and underwritten by NXT Capital’s corporate finance group.
2 min read · 06 November 2017
General Atlantic said Nov. 6 that Pamela Fang has joined the firm as a managing director. She will lead the firm’s capital partnering effort in Asia and will be based in Hong Kong. Fang was previously with Actis where she was a director and head of the firm’s investor development group in Asia.
3 min read · 06 November 2017
CITIC Capital Holdings Ltd said Nov. 6 that it has entered into advanced discussions to buy acquire Axilone. Financial terms weren’t announced. Axilone, of Paris, provides packaging solutions to the beauty care industry. Oaktree Capital Management LP is the seller.
3 min read · 06 November 2017
Clearlake Capital Group LP has led a $65 million round for MetricStream Inc. Also participating were EDBI, a new investor, along with existing investors including Goldman Sachs, Sageview Capital, and others. MetricStream, of Palo Alto, California, provides governance, risk and compliance applications.
3 min read · 06 November 2017
CenterOak Partners LLC said Nov. 6 that it acquired a majority stake of FullSpeed Automotive. Financial terms weren’t announced. FullSpeed, of Greenwood Village, Colorado, is a franchisor of automotive quick lube centers. President and CEO John B. Adams, along with the existing management team, will continue to lead the company.
3 min read · 06 November 2017
