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Largest LBO In History Looks Like Black Eye For PE Industry(This story first appeared in Buyouts http://www.buyoutsnews.com magazine, a peHUB sister publication.-Ed.) The largest buyout of all time is fast becoming an embarrassment for its investors and for the private equity industry as a whole. In the latest development, Energy Future Holdings Co. said on April 1 that it was negotiating a deal with creditors that could give it more time to pay back $20 billion of its debt. The development is the latest fissure in what increasingly looks like a gargantuan failure for the Texas utility's sponsors, led by Kohlberg Kravis Roberts & Co., TPG Capital and Goldman Sachs's buyout arm. The PE firms bought the Dallas-based energy company, formerly known as TXU, for around $45 billion in 2007. (The utility still does business under the TXU brand, among others.) Perhaps more importantly, the company's struggles come at
- European LP News, April 2011
Aster Capital sells an interest in its energy fund to Rhodia; the world’s sovereign wealth funds grew 11% in 2010
- Final Bidding Pushed Back for Takefuji Deal
The deadline for final bids in the sale of failed Japanese consumer lender Takefuji Corp. has been put on hold because of last week’s earthquake. The deadline, originally March 22, has been moved to March 31, Reuters said. Private equity firms Cerberus Capital Management and TPG, as well as Japanese lenders Tokyo Star Bank and J Trust Co., and Korea's A&P Financial have reportedly all advanced to the final round of bidding.
- Cerberus Pays $94.4M for Silverleaf Resorts
Private equity firm Cerberus Capital Management will pay $94.4 million in cash to buy timeshare operator Silverleaf Resorts, Reuters reported. The firm will pay $2.50 per share for Silverleaf, representing a 75% premium over the company’s closing price Thursday. Cerberus, which has $23 billion under management, has agreed to provide equity financing for the full amount of the deal, Reuters said.
- PE Shops Cerberus, TPG Are Among 5 Finalist To Bid For Takefuji - Reuters
Five companies have made it to the final round to submit proposals for Takefuji Corp., Reuters reported. Four sources with direct knowledge of the deal said Cerberus Capital Management , TPG, Tokyo Star Bank, J Trust Co. and Korea's A&P Financial are the finalist for Takefuji. Takefuji is a Japanese consumer lender that filed for bankruptcy in September.