Drug researcher Quintiles Transnational Holdings raised a more-than planned $947 million in its IPO, the latest listing from a private equity-backed company, writes Reuters. Strong investor demand for the deal helped Quintiles, which is backed by Bain Capital and TPG Capital, price 20 percent more shares than expected at the top end of the range and pushed up pricing a day early, writes Reuters.
2 min read · 09 May 2013
Blackstone Group LP plans to sell the 23.4 million shares of General Growth Properties Inc. it holds in four funds that were used to help the mall company emerge from bankruptcy more than two years ago, Reuters reported. The sale essentially means Blackstone has exited General Growth, according to a filing with the Securities and Exchange Commission. Factoring in the cost of the shares, which also included 5 million warrants and later the spin-off of Rouse Properties Inc , the fund's investment effectively was about $8.50 and $9 per share. Based on the price of General Growth on Tuesday, the sale would translate into a gross profit of between 154 percent and 169 percent.
2 min read · 08 May 2013
Sumitomo Mitsui Banking Corp. said it agreed to acquire as much as 40 percent of Indonesian lender BTPN, giving the Japanese bank a foothold in the fast-growing Southeast Asian economy, Reuters reported. SMBC's pursuit of Indonesia's seventh-biggest bank underscores a sustained push abroad by Japanese companies to beat sluggish growth in their home market. SMBC will first buy 24.26 percent of BTPN for 6,500 rupiah per share, a 14 percent premium to BTPN's last traded price - paying 9.12 trillion rupiah ($937 million) according to Reuters calculations. It is buying most of it from TPG Capital, which acquired 71.6 percent of Bank Tabungan Pensiunan Nasional Tbk PT in 2008.
2 min read · 08 May 2013
Quicksilver Resources is withdrawing its IPO due to the weak prices of natural gas liquids and as it had sold 25 percent of its Barnett Shale holdings to Tokyo Gas Co, writes Reuters. Quicksilver unveiled IPO plans last year, but held back due to weak market conditions.
3 min read · 08 May 2013
Online food delivery business Foodpanda has raised $20 million to continue expanding its delivery service worldwide. The startup emerged out of Berlin-based accelerator Rocket Internet and this round was led by Investment AB Kinnevik and Phenomen Ventures. Foodpanda is based in Berlin.
2 min read · 08 May 2013
Apollo Global Management's cornerstone investors and two of its founders are selling a slice of their shares, writes Reuters. Cornerstone investors Abu Dhabi Investment Authority and California Public Employees' Retirement System, which invested a combined $1.2 billion in Apollo in 2007, have each registered to sell stakes currently worth up to $203.4 million, writes Reuters.
4 min read · 08 May 2013
China Mengniu Dairy Co Ltd's deal to buy a $410 million stake in China's largest unpasteurised milk producer is a strategic move to rebuild trust after a series of scandals left local brands' reputations in tatters, writes Reuters. Mengniu said on Wednesday it would buy 26.92 percent of China Modern Dairy Holdings Ltd from private equity firms KKR & Co LP and CDH Investments.
4 min read · 08 May 2013
Warren Buffett's Berkshire Hathaway Inc, the largest investor in DaVita HealthCare Partners Inc, has entered an agreement allowing it to nearly double its stake in the largest U.S. operator of dialysis clinics to 25 percent, Reuters is reporting.
2 min read · 07 May 2013
Antero Resources, an oil and natural gas company controlled by Warburg Pincus LLC, is preparing for an initial public offering that could value it at as much as $10 billion, sources tell Reuters.
2 min read · 07 May 2013
Online gambling company Betfair raised its profit forecast and cost savings target on Tuesday, making its case for independence as it tries to stave off a $1.4 billion takeover by private equity firm CVC Capital Partners, writes Reuters. Betfair last month rejected a potential offer of 880 pence per share from CVC, saying the price was too low and had too many strings attached, writes Reuters.
3 min read · 07 May 2013
