A conglomerate controlled by Thailand's richest man has bought a minority stake in China's Ping An Insurance for $9.38 billion from global bank HSBC, a bold move that ranks as Asia's second-largest deal this year, Reuters reported. Dhanin Chearavanont's Charoen Pokphand Group bought the 15.6 percent stake in a deal that marks a departure from its core food businesses, such as poultry and animal feed, but appears to strengthen the 73-year-old's ties to Beijing.
5 min read · 05 December 2012
The Blackstone Group has agreed to buy Dutch tax consultancy Intertrust for a reported 675 million euros ($883 million). Blackstone agreed to buy Intertrust from Dutch private equity firm Waterland in a deal expected to close in coming months after obtaining regulatory approvals, Intertrust said on its web site. No financial details were given but Dutch daily Het Financieele Dagblad estimated Blackstone paid about 675 million euros, citing market talk of a price of about nine times Intertrust's gross operating profit.
2 min read · 05 December 2012
Germany's Intersnack group is to buy KP Snacks, Britain's second largest savory snacks maker, from United Biscuits, Reuters reported Wednesday. No financial details were disclosed for the deal, which is expected to close in the first quarter of 2013, the two companies said. KP Snacks, which makes Hula Hoops and KP Nuts, was put up for sale earlier this year by United Biscuits' private equity owners Blackstone and PAI Partners, which were seeking about 500 million pounds for the business.
2 min read · 05 December 2012
Yahoo has acquired a five-person video chat company on Tuesday, the second deal by new Chief Executive Marissa Mayer to bolster Yahoo's mobile capabilities, writes Reuters. Yahoo did not disclose the financial terms of its acquisition of OnTheAir, but said the team would be joining Yahoo's mobile group.
1 min read · 05 December 2012
British retail billionaire Philip Green is in advanced talks with a U.S. private equity firm over the sale of a 25 percent stake in high street chain Topshop and Topman, a source familiar with the matter told Reuters.
2 min read · 04 December 2012
Indian real estate fund Indiareit Fund Advisors, a unit of drugmaker Piramal Enterprises, said it raised 4.4 billion rupees ($80.48 million) by selling three of its investments and expects to raise another $120 million through more exits in the near future, Reuters reported. The Indian property market has proven to be tough for global private equity funds, who were initially captivated by its growth potential, as developers promised double-digit returns but failed to deliver.
2 min read · 04 December 2012
Cerberus Capital Management LP is in talks to join Virtu Financial LLC's bid for U.S. brokerage Knight Capital Group Inc., the Wall Street Journal reported, citing people familiar with the discussions, Reuters wrote. Virtu and rival electronic trading firm Getco Holding Co. have made competing bids for the Jersey City, N.J.-based Knight, valuing the company at a minimum of $1.1 billion.
2 min read · 04 December 2012
TCW Group Inc. said it is buying a special situations funds group that would allow it to enter the direct lending business for middle market clients, ahead of its own sale to private equity firm The Carlyle Group, Reuters reported. TCW, a Los Angeles-based investment firm with $135 billion of assets under management (AUM), said on Monday it is acquiring the $2 billion AUM direct lending funds of Regiment Capital Advisors LP, a Boston, Massachusetts-based investment manager. Terms of the deal between TCW and Regiment, which is expected to close by the end of the year, were not disclosed.
2 min read · 04 December 2012
Outgoing U.S. Securities and Exchange Commission Chairman Mary Schapiro delayed immediately implementing a rule to lift a ban on broader-based advertising for private placements in part because she feared it would tarnish her legacy as a pro-investor leader of the agency, internal SEC emails obtained by a U.S. House of Representatives oversight panel show.
4 min read · 03 December 2012
Mobile telecoms equipment maker Nokia Siemens Networks said on Monday it is to sell its optical fibre networks unit to Marlin Equity Partners, Reuters reported. NSN didn't give any financial details for the sale but said it would be completed in the first quarter of next year. As a result of the deal as many as 1,900 employees, mainly in Germany and Portugal, will be transferred to the new company, NSN said in a statement.
2 min read · 03 December 2012
