Cerberus Capital Management related stories
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Perry Ellis to Buy Rafaella from Cerberus CapitalPerry Ellis International Inc. will pay roughly $70 million to buy Rafaella Apparel Group from private equity firm Cerberus Capital Management, Reuters reported. The deal is expected to close by the end of January. Rafaella, which sells its sportswear and workwear in department stores, had revenues of roughly $122 million for the trailing 12-month period ended Sept. 30, Reuters wrote.
- Blackstone Bids for Centro Properties Group Assets
Blackstone Group has entered a preliminary bid for the asset portfolio of Australian shopping center owner Centro Properties Group, Reuters reported, citing an article in the Wall Street Journal. The firm is specifically interested in Centro’s 600 U.S. properties, Reuters said. Centro manages an $18.8 billion portfolio of shopping malls in the U.S., Australia and New Zealand. The company is mired in debt, and is selling the assets to put itself on stronger financial footing.
- TD Bank Will Pay $6.3 Billion for Chrysler Financial
Toronto-Dominion Bank will pay $6.3 billion to buy Chrysler Financial from private equity firm Cerberus Capital Management, Reuters reported. TD said the purchase is comprised of net assets of $5.9 billion and about $400 million in goodwill, Reuters wrote.
- Cerberus, Fortress Group, Lone Star to Bid on Takefuji
Buyout shops Cerberus Capital Management, Lone Star and Fortress Group are among the firms planning to bid on Japanese consumer lender Takefuji Corp., Reuters reported. The deal is valued at more than 60 billion yen ($716 million), Reuters said, adding that the first round of bidding will close on December 15. Takefuji filed for bankruptcy in September, owing 433 billion yen.
- Lockheed Martin Nears $350 Million Deal to Sell PAE Unit
Lockheed Martin Corp. is nearing a $350 million deal to sell its military services unit Pacific Architects and Engineers, Reuters reported. The company has seen interest from several parties since it put the business unit up for sale in June. Currently the mostly likely buyers include private equity firm Veritas Capital and engineering firm Aecom Technology, Reuters said. An announcement could come by the end of this year, or in early 2011, Reuters said.
- Veritas Capital Pays $525 Million for CPI International
New York-based private equity firm Veritas Capital said it will pay $525 million for telecom equipment manufacturer CPI International, Reuters reported. The firm will pay $19.50 per share in cash, representing a 35% premium over CPI’s closing price Wednesday. Palo Alto, Calif.-based CPI makes microwave and radio-frequency products for defense, communications and other industries. The firm was previously an acquisition target for its rival Comtech Telecommunications, which offered $372 million for the company before dropping the bid three months ago, Reuters said.
- Cerberus Capital Looks to Sell Chrysler Financial
Private equity shop Cerberus Capital is looking to sell auto lender Chrysler Financial, Reuters reported, citing a Bloomberg report. Cerberus bought the Farmington, Michigan-based business as part of its 2007 buyout of Chrysler LLC. The business has a book value of between $6 billion and $7 billion, Reuters said.
- Lies and fraud alleged in EMI deal
The opening statements in the legal battle between Guy Hands, of private equity firm Terra Firma, and Citigroup over the $6.4 billion buyout of music giant EMI were filled with allegations of fraud and lies. Hands is accusing banker and former friend David Wormsley and Citigroup of duping him into thinking there was a rival bid for EMI when he bought it back in 2007.
- peHUB Wire: Monday, September 13, 2010
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