KKR related stories
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Providence consortium wins C$51.7bn battle for BCE(3)Canadian telecom giant BCE will be bought by Madison Dearborn, Providence and Canadian pension Ontario Teachers’ in the largest-ever LBO to date. Bids had also been submitted by two rival consortiums backed by KKR and Cerberus.
- Cov-lite and Cov-loose every time
As ratings agency Standard & Poor’s criticises covenant loose loans for being covenant-lite by the backdoor, a senior banker tells Toby Lewis cov-lite loans will become extinct.
- Seconds out… Round Three(3)
As four more buyout bosses and two influential third parties go before the UK Treasury Select Committee, the industry hopes for a further damage limitation exercise. James Taylor reports.
- LSE launches specialist alternative fund market(3)
The London Stock Exchange is looking to attract alternative asset managers hoping to raise funds on the public markets, with the launch of a new market specifically designed for alternative investment fund listings.
- Tchenguiz doubles Sainsbury’s stake(3)
The property entrepreneur has doubled his stake in the grocer to 11 percent, prompting questions whether a takeover strategy may be in the works.
- Debt crisis turns back the clock to June 2006(2)
A senior leveraged buyout banker has warned cov-lite deals will cease to exist as lenders will refuse to accept loans on terms offered by buyout firms. Mid-market firms are seeing deals fall through as creditors push the price of debt back up.
- Apollo to list on Goldman exchange(2)
Apollo will reportedly become the second major alternative asset manager to list a portion of its management company on Goldman’s private exchange. The private float is expected to follow sales of minority stakes to Abu Dhabi and possibly CalPERS.
- Bernanke: credit worries affecting LBO market(2)
US Federal Reserve Chairman Ben Bernanke told Congress that financing activity in bond and business loan markets remains brisk, despite widening credit spreads and tightening of terms for leveraged business loans.
- Gillette CEO to launch private equity fund
Centerview Partners, the recently formed boutique investment bank, announced that James Kilts, the former head of The Gillette Company, will join the firm as a founding partner to focus on the firm’s private equity business.
- Freescale goes to Blackstone-led group for $17.6bn
In a deal valued at $17.6bn, Texas semiconductor maker Freescale has decided to be taken private with a group including Blackstone, Carlyle, Permira and Texas Pacific, dealing a blow to a KKR-led group that recently bought the semiconductor division of Philips.