Ancestry.com said it will be acquired by a group led by Europe-based private equity firm Permira in a $1.6 billion deal. The company will be taken private for $32 per share, a 10 percent premium to the stock's Friday closing price, Reuters reported. In addition to Permira, the buyout group includes the private equity firm's co-investors, members of Ancestry.com's management, including Chief Executive Tim Sullivan and Chief Financial Officer Howard Hochhauser, and Spectrum Equity, which owns about 30 percent of Ancestry.com.
1 min read · 22 October 2012
French engineering company Schneider Electric has abandoned plans to sell its CST sensors division for around $1 billion, writes Reuters. Schneider cancelled plans after last-ditch efforts to reach a deal with Carlyle Group and PAI Partners failed, writes Reuters.
2 min read · 22 October 2012
The $100 billion Teacher Retirement System of Texas is to buy a stake in Formula One racing from the estate of collapsed investment bank Lehman Brothers, writes Reuters. The pension fund will buy a three percent stake in the motor racing business from the Lehman Brothers' estate in a deal worth about $200 million, writes Reuters. This follows a string of powerful investors that have bought into Formula 1 as owner CVC gradually reduces its stake.
2 min read · 22 October 2012
Ocwen Financial Corp and Walter Investment Management Corp have teamed up to top Nationstar Mortgage Holdings starting bid for Residential Capital LLC's mortgage business, ensuring a bankruptcy auction goes ahead next week, writes Reuters. Several other potential buyers that have shown interest in the business, including private equity firm Blackstone Group and technology company IBM Corp, were not expected to submit offers, writes Reuters, potentially leaving Nationstar and the Ocwen-Walter group as the main contenders.
3 min read · 22 October 2012
German publisher Springer Science+Business Media may list on the stock market in the near future, reported Reuters. Reuters had reported earlier this month that Springer Science's private equity owners were considering either selling the publisher or other ways to refinance the 1.72 billion euros ($2.2 billion) debt used to back their 2.3 billion euro acquisition in 2009.
2 min read · 22 October 2012
Blackstone Group LP, the world's largest alternative asset manager, said on Thursday third-quarter earnings were its third best since going public in 2007, as its funds appreciated in value and performance fees soared, Reuters reported. The New York-based manager of private equity, real estate, credit and hedge fund assets beat analysts' profit estimates as the value of its holdings jumped on a buoyant stock market, while the firm raked in more fees from exiting investments.
5 min read · 19 October 2012
The private equity investor that bought the British retailer Comet for only 2 pounds ($3.23) just eight months ago, is considering selling the electrical goods chain, the Financial Times reported on Friday. OpCapita is considering a sale after receiving unsolicited approaches from UK and overseas retailers to buy Comet, the FT said, citing people familiar with the situation.
1 min read · 19 October 2012
Investments by U.S.-based venture capitalists fell 12 percent last quarter to $6.49 billion, according to consultancy PricewaterhouseCoopers, the National Venture Capital Association, and Thomson Reuters, underscoring the toll an uncertain economy is taking on the venture industry. Venture capitalists spread their cash across 890 companies in the third quarter, compared with 992 companies a year earlier. In the year earlier period, they invested $7.34 billion.
1 min read · 19 October 2012
Advent International looked set to win control of Polish retailer EKO Holding on Thursday after raising its offer for a third time, even though a rival private equity firm made a higher bid soon after, Reuters reported. EKO's former chief executive Krzysztof Gradecki told Reuters he and his wife tendered their 55 percent stake to Advent, as previously agreed. Earlier on Thursday, Advent had raised its offer for all of the company to 272 million zlotys ($86.91 million), or 5.6 zlotys per share.
2 min read · 19 October 2012
Private equity firms are planning to increase investment in Asia over the next year as they look to tap into potential growth, a survey from Ernst & Young reveals, writes Reuters.
2 min read · 18 October 2012
