4Energy Invest, a Belgium-based green energy company, expects KBC Private Equity to sell all of its holdings in the company, the chairman of 4Energy Invest said on Friday. 4Energy Invest said on Friday morning that KBC Private Equity had cut its stake to 14.5 percent from 19.7 percent, dropping from being the largest to the third largest shareholder in the company.
1 min read · 14 December 2012
Private equity firms are on the hunt for cheap Spanish companies that can give them a springboard into fast-growing Latin America, raising hopes for a pick-up in deals next year as bank-related sales slowly get off the ground, Reuters wrote Friday. Spain's financial crisis has cut the price of its corporates, but also effectively frozen local lending for private equity deals as banks shrink their loan books. While the lack of debt and the gloomy domestic outlook are putting many dealmakers off, others see a golden opportunity to pick up bargains with little competition.
4 min read · 14 December 2012
Italian stainless steel maker Aperam is interested in buying the ThyssenKrupp Acciai Speciali Terni plant in Italy, the company said, joining what sources said was a list of possible bidders. Others interested in the plant, put up for sale by Finnish stainless steel maker Outokumpu to gain regulatory approval for another deal, include JP Morgan's private equity arm One Equity and Italian steelmaking group Arvedi.
3 min read · 14 December 2012
Australian insurer IAG is to book a net loss of A$240 million ($253 million) on the sale of its British operations, including its Equity Red Star motor unit, Reuters wrote. IAG, which will focus on its domestic market and expanding in Asia, is selling Equity Red Star for 87 million pounds ($140 million) to private equity firm Aquiline Partners, it said. Its other British business, Independent Commercial Brokers, is being sold to management for an undisclosed sum.
2 min read · 14 December 2012
KKR & Co. has jumped into the auction for the fibre-optics business being sold by Australian contractor Leighton Holdings Ltd, a source familiar with the process told Reuters, eyeing a business that analysts say could fetch as much as A$870 million ($918 million). KKR's entry into the NextGen sale pits it against rival Providence Equity Partners and Australian telecommunications group TPG Telecom and underscores buyout firms' strong interest in one of Asia-Pacific's busiest private equity markets.
3 min read · 14 December 2012
Bankers are preparing debt packages in excess of 2 billion euros ($2.6 billion) to back a buyout of French catering company Elior, Reuters reported Thursday. Private equity firm Charterhouse Capital Partners decided last month to sell Elior, either in whole or in part, and hired Credit Agricole, HSBC and Rothschild to manage the sales process The whole business, which includes a contract and concessions unit, could fetch 3-4 billion euros.
2 min read · 14 December 2012
Shares of SolarCity Corp jumped more than 50 percent during their market debut on Thursday, approaching the valuation the solar power company had sought before it was forced to slash its IPO price.
2 min read · 13 December 2012
Petroleum refiner PBF Energy priced shares in its initial public offering at $26 each, the mid-point of its expected price range, an underwriter told Reuters. The company was planning to sell 16.5 million shares at between $25 and $27 each. PBF Energy, a wholly owned subsidiary of PBF Energy Company LLC, operates three refineries in Ohio, Delaware and New Jersey with a combined capacity of 540,000 barrels per day. New Jersey-based PBF Energy intends to use the proceeds from the offering to buy back the stake held by private equity firms Blackstone Group and First Reserve Corp.
1 min read · 13 December 2012
Khosla Ventures, the venture firm founded by Sun Microsystems co-founder Vinod Khosla, said it had retained former Secretary of State Condoleezza Rice and her consulting firm as strategic advisers. The move points to the growing importance venture firms attach to helping their portfolio companies with policy and regulations. Khosla partner Samir Kaul said he and Rice first got to know each other while serving on the board of biomass fuels company KiOR.
2 min read · 13 December 2012
Asset manager Legg Mason Inc said it will buy Fauchier Partners, a Europe-based manager of funds of hedge funds, from BNP Paribas Investment Partners. Fauchier Partners will be combined with Permal, an affiliate of Legg Mason, the company said. Terms of the transaction were not disclosed.
1 min read · 13 December 2012
