Shares of Gigamon Inc, a maker of data traffic management software, jumped as much as 37 percent in their market debut, underscoring investor confidence in enterprise software start-ups, writes Reuters. The company, valued at about $680 million at the opening price, is backed by Highland Capital Partners.
2 min read · 13 June 2013
William Nygren, a top manager at Oakmark Funds, said he remains bullish on Apple Inc and Bank of America Corp, but is still avoiding Dell Inc in light of the company's plans to take the computer maker private, writes Reuters. Nygren, a noted value investor who runs the $9.6 billion Oakmark Fund, said Apple is undervalued while Bank of America has one of the top management teams in the banking industry.
3 min read · 13 June 2013
Textbook rental company Chegg has selected JPMorgan Chase & Co. and Bank of America Corp. (BAC.N) to lead an initial public offering, sources told Reuters.
2 min read · 12 June 2013
French perfume and cosmetics retailer Nocibe has received expressions of interest from German perfume-to-books retailer Douglas Holding and from French private equity firm LBO France in an alliance with Chinese conglomerate Fosun, French daily Le Figaro said, writes Reuters. The seller, British private equity group Charterhouse, has pushed back the deadline to enter firm offers to the end of June, the paper said, writes Reuters.
1 min read · 12 June 2013
Glencore Xstrata has appointed former Morgan Stanley boss John Mack as an independent director, bringing in a Wall Street heavyweight as it rebuilds the board of the recently merged company, writes Reuters. A former chief executive and chairman who led Morgan Stanley through the financial crisis, Mack left the bank in 2011, but has taken on other roles in the financial services industry, including as adviser to private equity group KKR, writes Reuters.
2 min read · 12 June 2013
Providence Equity Partners has lost another top executive in Asia, its fourth senior departure in the region since 2008, as it struggles with a limited supply of suitable investment targets and a shrinking volume of Asian private equity deals, writes Reuters. Patrick Corso, a senior managing director, has stepped down as head of Providence's Hong Kong office, people familiar with the move told Reuters.
4 min read · 12 June 2013
Carlyle Group is preparing to launch a US real estate fund and hopes to raise as much as $4 billion, the Wall Street Journal reported, writes Reuters. Rivals Blackstone Group, TPG Capital Management and KKR already have funds to tap into the real estate market. Blackstone has more than $54 billion of property assets under management.
1 min read · 12 June 2013
Google Inc bought Israeli mapping startup Waze on Tuesday for just over $1 billion, a source familiar with the matter said, acquiring an online real-time mapping service to safeguard its lead in one of the most crucial aspects of smartphone usage, Reuters reported.
3 min read · 11 June 2013
BC Partners is the last remaining bidder for Springer Science+Business Media, three people familiar with the negotiations said, as the German publisher's owners plan to decide by the end of this week whether to sell or float the group. BC has made an offer that would value Springer between $4.1 billion and $4.6 billion, the sources told Reuters.
2 min read · 11 June 2013
A court has ordered China's Ambow Education Holdings Ltd into provisional liquidation, a move that could end months of wrangling between the CEO and external shareholders that include Avenue Capital, Baring Asia and Macquarie, writes Reuters. A court in the Cayman Islands issued the order for New York-listed Ambow, a private schools and career training company, and appointed members of KPMG as the provisional liquidators, according to a June 10 Ambow statement.
2 min read · 11 June 2013
