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Brown promises to keep City competitive(3)The UK prime minister in waiting promised his continued support for the City of London, the heart of the UK financial services industry, and appointed Permira’s managing partner as an advisor.
- BofA, Oak Hill in complex $1.9bn Euronext venture(2)
Bank of America, Oak Hill, along with CalPERS and Harvard have created a unique, megafund-sized pool of permanent capital to be traded on the Euronext. The vehicle, Conversus Capital, is structured like a collateralised loan obligation with private equity fund interests as the underlying assets.
- Buyout interest in Coles ends as Wesfarmers continues
All eight of the large buyout firms in the race to buy Coles Group, Australia’s second largest retailer, have now dropped out of the running. Trade buyer Wesfarmers is now expected to complete the $19 billion transaction, which will be the largest in the country to date, without private equity support.
- New Look auction collapses
UK retailer New Look looks likely to be refinanced rather than sold, after the final consortium targeting the company failed to agree with the vendors’ valuation and withdrew from the auction.
- CD&R sells Brakes to Bain for £1.3bn(2)
US buyout firm Bain Capital has won the race to buy Brake Bros, a UK food distribution business, from Clayton Dubilier & Rice, in a deal thought to be worth about £1.3 billion.
- Hands defends carry tax(2)
Guy Hands, chief executive of Terra Firma and one of the UK private equity industry’s most forthright advocates, has defended the current tax treatment of carried interest. He believes it is right to distinguish it from other types of remuneration, since it rewards “long-term capital investment” by buyout executives.
- Lehman launches fund of funds IPO(3)
The US investment bank with $18 billion in unlisted investments, is the latest private equity operator looking to take advantage of the private equity boom by creating a permanent capital vehicle.
- 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.
- Cracks appear as BVCA comes under fire(3)
As the BVCA comes in for sustained criticism for its handling of yesterday’s Treasury Select Committee hearing, many in the industry – including its own chairman – are suggesting that it cannot continue in its current form.
- Brown promises to keep City competitive(2)
The UK prime minister in waiting promised his continued support for the City of London, the heart of the UK financial services industry, and appointed Permira’s managing partner as an advisor.