Providence Equity Partners related stories
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SRA, Which is Being Sold to Providence Equity, Says Go-Shop Ends With No BidsSRA International said Monday that a 30-day go-shop has ended. On March 31, SRA agreed to be sold to Providence Equity Partners for $31.25 a share cash. The parties, at that time, agreed to a go-shop where SRA could solicit interest from third parties. Fairfax, Va.-based SRA, which provides technology and strategic consulting services, said it contacted 50 parties, including 29 strategics and 21 financial sponsors, but didn't receive any alternative bids during the time period.
- Top 10 Blog Posts for Past Week Focus on Founders Cashing Out Too Early, Sweeter Fund Terms, Social Food Sites, More
Want to catch up on what your colleagues found most interesting on peHUB last week? Here are the top 10 blog posts written by peHUB staffers that garnered the most pageviews from our regular readers from April 18 to April 22. No. 1: Concern Grows Over Founders Cashing Out Too Much, Too Early https://admin.venturecapitaljournal.com/102796/concern-grows-over-founders-cashing-out-too-much-too-early/ No. 2: Fund Terms Grow Sweeter; Bain Expected To Offer 20% Carry https://admin.venturecapitaljournal.com/102914/fund-terms-grow-sweeter-bain-expected-to-offer-20-carry/ No. 3: Churchill Financial Files To Form A BDC https://admin.venturecapitaljournal.com/102497/churchill-financial-files-to-form-a-bdc/ No. 4: Hungry VCs Like the Taste of Social Food Sites https://admin.venturecapitaljournal.com/103054/hungry-vcs-like-the-taste-of-social-food-sites/ No. 5: Charlesbank, H.I.G. Sell Vision Source After Nearly A Year https://admin.venturecapitaljournal.com/102758/charlesbank-hig-sell-vision-source-after-nearly-a-year/ No. 6: Global Secondary Market Expected to Surpass $25B, as Asian Deals Take Off https://admin.venturecapitaljournal.com/102549/global-secondary-market-expected-to-surpass-25b-as-asian-deals-take-off/ No. 7: Decide.com Gets Another Big Name Advisor And $6M In Cash https://admin.venturecapitaljournal.com/102618/decidecom-gets-another-big-name-advisor-and-6m-in-cash/ No. 8: Social Scene: Hard-to-Get Seats at Obama’s Facebook Town Hall, Foundry Dudes Rock a New Band, 13-Year-Old’s Entreprenurial Spirit Inspires https://admin.venturecapitaljournal.com/103010/social-scene-hard-to-get-seats-at-obamas-facebook-town-hall-foundry-dudes-rock-a-new-band-13-year-olds-entreprenurial-spirit-inspires/ No. 9: Silver Lake Kraftwerk Confirms Atluru And Fichtner As Partners https://admin.venturecapitaljournal.com/103007/silver-lake-kraftwerk-confirms-atluru-and-fichtner-as-partners/ No. 10: Washington State Re-Ups With $300 Million to Providence Equity Partners https://admin.venturecapitaljournal.com/103022/washington-state-re-ups-with-300-million-to-providence-equity-partners/
- Washington State Re-Ups With $300 Million to Providence Equity Partners
The Washington State Investment Board http://www.sib.wa.gov/index.html today approved a $300 million commitment to a new fund being raised by Providence Equity Partners http://www.provequity.com/ , the Providence Equity Partners VII, L.P. Liz Mendizabal, who heads up Public Affairs for the Washington State pension, said the state has had a longstanding relationship with Providence. “We have confidence in them and have been pleased with the results,” she said. The Olympia, Wash.-based pension, which manages $79.4 billion in assets, last made a commitment to Providence of $250 million to its previous fund, the Providence Equity Partners VI, L.P. That fund, which ultimately raised $12 billion, closed in 2007, just before the financial crisis.
- KKR Backs Out of Polkomtel Sale
Buyout shop Kohlberg Kravis Roberts & Co. has backed out of the race for Polish mobile operator Polkomtel, Reuters reported. The company is expected to be valued at up to 18 billion zlotys ($6.6 billion). Last month Polkomtel shortlisted seven bidders, including private equity firms Apax Partners, Providence Equity Partners, Bain Capital and KKR.
- Vincent Tan Mulls Selling Stake in Berjaya Sports
Malaysian tycoon Vincent Tan is considering selling a 49% stake in the gaming unit of Berjaya Sports Toto Bhd, and has hired Citigroup Inc. as an adviser, Reuters reported. The deal could be worth $1 billion including debt, Reuters wrote. Buyout shops Carlyle Group and Providence Equity Partners were reportedly among those recently approached to buy the stake.
- Providence Equity Partners Buys SRA International
Providence Equity Partners will pay roughly $1.88 billion to acquire SRA International Inc., a provider of technology and strategic consulting services, in an all-cash deal. Providence Equity Partners will pay $31.25 per share for the company, a 10.2% premium over the company’s closing price on March 31.
- Tong Departs Providence Equity Partners
Providence Equity Partners managing director Sean Tong is leaving the firm this month to join Mary Ma's $1 billion China-focused fund, Boyu Capital, Reuters reported. Tong is the co-head of Providence’s Hong Kong office. He is the latest in a slew of Chinese private equity executives to leave global firms in favor of start-up China-focused funds. The news of Tong’s departure was first reported by Fortune.
- BC Partners Buys Phones 4u from Providence Equity
Buyout shop BC Partners will buy mobile phone company Phones 4u from Providence Equity Partners, Reuters reported. Terms of the deal were not released. Phones 4u runs a 500-store business that pulled in more than $1.45 billion in 2010. Providence Equity Partners bought the company four and a half years ago, Reuters said.