CHICAGO (Reuters) - Republic Airways Holding Inc. said on Tuesday it would buy Midwest Airlines from private equity group TPG Capital for $6 million in cash and a $25 million note. In addition to getting all of Midwest's equity, Republic will receive TPG's $31 million secured note. After the completion of the deal, TPG may convert its $25 million five-year note to RJET stock at $10 per share. TPG also will have the right to nominate a member to Republic's board of directors. The deal comes a day after Republic said it would buy bankrupt U.S. regional carrier Frontier Airlines Holdings Inc (FRNTQ.PK) for $108.75 million. "This acquisition will enhance the strategic positioning of Republic Airways," Republic Chief Executive Bryan Bedford said of the Midwest purchase.
1 min read · 23 June 2009
1 min read · 23 June 2009
1 min read · 23 June 2009
2 min read · 23 June 2009
1 min read · 23 June 2009
Catalyst Investors and Northwood Ventures have sold the remaining assets of Oneida Communications Group to Clearwire Corp. for an undisclosed amount. Catalyst had sold most of Oneida's spectrum holdings to Sprint Nextel last year, but still had some wireless licenses remaining.
2 min read · 23 June 2009
Duran Curis has joined Drum Capital Management as a managing director, focused on the firm's special situation fund. He previously was a managing director with HRJ Capital and, before that, with LGT Capital Partners.
3 min read · 23 June 2009
GTCR has agreed to invest $200 million into Ironshore Inc., a Bermuda-based insurance company founded in 2007. The investment is part of a $300 million round that includes other, undisclosed investors.
4 min read · 23 June 2009
J.F. Lehman & Co. announced that it has agreed to buy marine services business Drew Marine from Ashland Inc. (NYSE: ASH). The deal is valued at approximately $120 million, and is expected to close within 90 days. And earlier LBO Wire report said that the transaction would include more than $70 million in debt financing, with CIT and BNP Paribas arranging senior debt, and Babson Capital arranging around $20 million in mezzanine notes.
2 min read · 23 June 2009
International Automotive Components Group, a portfolio company of WL Ross & Co., has agreed to acquire certain operations of bankrupt German auto parts supplier Stankiewicz. No financial terms were disclosed.
2 min read · 23 June 2009
