General Motors Co. will soon exit one of its venture capital unit's investments, either through an initial public offering or the acquisition of that company by another, Reuters reported. GM started its venture capital unit more than two years ago with a $200 million budget to invest in start-up companies with promising auto-related technologies. GM Ventures no longer provides details on how many companies it has invested in or how much it has spent.
3 min read · 15 November 2012
Groupon Inc. said on Wednesday that it promoted Kal Raman to chief operating officer, giving the executive more power as the world's largest daily deal company tries to turn around its struggling international businesses, Reuters reported. Raman joined the company in April and was previously Senior Vice President, Global Sales and Operations.
2 min read · 15 November 2012
Private equity group 3i wants to launch a $500 million fund next year in Brazil, one new market still underpinning its turnaround plans as it retreats from Spain and Asia, Reuters reported Thursday. 3i has been on a drive to reboot its flagging performance since former banker Simon Borrows took over as chief executive earlier this year, and the group said it had already cut just over 100 jobs as it retrenches to its northern European roots.
3 min read · 15 November 2012
Carlyle Group and two other investors will pay $210 million for a stake in pan-African agribusiness Export Trading Group, in the US buyout firm's debut deal on the fast-growing continent, writes Reuters. Carlyle, Standard Chartered and South African private equity fund Pembani Remgro are to take a minority stake in Tanzania-based ETG, which farms and distributes more than 25 different commodities.
2 min read · 14 November 2012
Apollo Global Management expects to commence fundraising efforts for Fund VIII soon, writes Reuters. Just under $1 billion has been raised so far for a natural resources fund, adds Reuters.
1 min read · 14 November 2012
Private equity firms Carlyle Group, Blackstone Group and TPG Capital are bidding for Allscripts Healthcare Solutions, a healthcare technology company, writes Reuters. Allscripts, which has a market value of around $2 billion, has asked for a substantial premium to its current trading prices and there is no guarantee a deal will be reached, writes Reuters.
2 min read · 14 November 2012
Advanced Micro Devices has hired JPMorgan Chase & Co to explore options which could include a sale writes Reuters. Sources told Reuters on Tuesday that an outright sale of the company is not a priority, and other options for AMD could include a sale of its portfolio of patents.
4 min read · 14 November 2012
Square, once all alone in the mobile payments business, has increasingly been confronted by major players like Paypal and Google. Next, Jack Dorsey's second act will need to lock in brick-and-mortar businesses and chain stores.
5 min read · 13 November 2012
Advent is among a handful of private equity firms due to submit final round bids for discount retailer B&M, banking sources said on Tuesday, according to a Reuters report. Advent joins Blackstone, BC Partners, Clayton Dubilier & Rice and KKR to battle it out for a significant stake in the company, which has a price tag of 850 million pounds ($1.35 billion). The business has attracted interest from private equity firms as the discount retail sector is seen as a profitable business in the current difficult economic climate as people tighten their belts.
2 min read · 13 November 2012
Panasonic Corp. unit Sanyo Electric Co. is in talks to sell its digital camera business to an investment fund as early as this year, the Nikkei business daily said, according to Reuters. Sanyo, which has no camera brand of its own, supplies products on an original equipment manufacturing basis to several companies including Olympus Corp. Digital camera production reached about 11 million units in the year ended March 2011, the daily said.
1 min read · 13 November 2012
