Sweden is widening a probe into the tax affairs of private equity dealmakers, as part of a clampdown which has already led to bills for hundreds of millions of dollars of back taxes, writes Reuters. The Scandinavian country has become the largest private equity market in Europe in recent years, relative to the size of its economy, with deals worth almost $5 billion agreed in 2011.
5 min read · 08 November 2012
KKR and Australia's Allegro Funds have agreed to buy around A$350 million ($364 million) distressed commercial loans from a unit of Lloyds Banking Group, writes Reuters. The deal is the latest in a series of portfolio loan sales struck in Asia, as new capital requirements force European lenders to retreat from the region and focus on their home markets.
2 min read · 08 November 2012
Apollo Global Management chief executive Leon Black said a US tax break that benefits private equity and venture capital executives could fall victim to deficit reduction efforts after President Barack Obama's re-election, writes Reuters. Obama has said in the past that he favored eliminating the carried-interest tax break, which lets private equity executives pay the 15 percent capital gains tax on a large portion of their earnings, rather than the top ordinary income tax of 35 percent, writes Reuters.
2 min read · 08 November 2012
A federal judge in Los Angeles has issued a tentative ruling that could block a sale of asset manager TCW Group to private equity firm The Carlyle Group. If TCW is not successful in convincing the judge otherwise, the ruling may become final, Reuters wrote. The tentative ruling stems from a lawsuit filed in August by EIG Global Energy Partners LLC to block the sale of TCW to Carlyle. Earlier in August, Paris-based Societe Generale agreed to sell its stake in TCW to Carlyle and TCW management and employees.
3 min read · 07 November 2012
Shareholders in Malaysia's two main KFC fast food franchisees have overwhelmingly backed a $1.7 billion bid to take the business private, despite suggestions by some minority shareholders they would try to block the deal, Reuters wrote Tuesday. Shareholders in both QSR Brands Bhd and KFC Holdings (Malaysia) Bhd in meeting on Monday and Tuesday approved what is the largest such deal in Malaysia since the privatisation of pay-TV firm Astro All Asia Network Plc in 2010.
2 min read · 06 November 2012
Nike Inc. is in final negotiations to sell its Cole Haan handbag and shoe brand to private equity firm Apax Partners, in a deal that could fetch around $500 million, Reuters wrote Tuesday. Apax has prevailed over other private equity firms including TPG Capital Management and Berkshire Partners in the auction for Cole Haan, which sells footwear, clothing and leather handbags, sources said on Monday.
2 min read · 06 November 2012
Private equity firm Warburg Pincus has agreed to sell Scotsman Industries Inc. to Italian food service equipment firm Ali Group for about $575 million, the Wall Street Journal reported, citing people familiar with the deal. Warburg, which bought the ice machine maker in 2009 for $160 million, made back its investment in Scotsman before the sale, collecting about $200 million in dividend payments, the Journal said.
1 min read · 06 November 2012
Western Gas Equity Partners filed with U.S. regulators on Monday to raise up to $362.3 million in an initial public offering of its common units, Reuters reported Tuesday. The Texas-based limited partnership was formed to own three types of partnership interests in Western Gas Partners LP. Western Gas Partners is a master limited partnership set up by Anadarko Petroleum Corp to acquire and operate midstream energy assets.
2 min read · 06 November 2012
The private equity owners of Italy's Avio are pressing ahead with talks to sell the airplane engine parts maker, as a planned listing looks less likely, writes Reuters. Avio is owned by BCV Investments, in which Cinven private equity has a majority stake. A consortium of buyers made up of private equity funds CVC Capital Partners and Clessidra, and state-backed Fondo Strategico Italiano, are now pushing ahead with talks to buy Avio, writes Reuters.
2 min read · 05 November 2012
Asian private investment firm Squadron Capital Advisors' director for investments in Southeast Asia and India is exiting the firm, writes Reuters. The firm is in the midst of being bought by U.S.-based FLAG Capital Management, according to Reuters.
2 min read · 05 November 2012
