Providence Equity Partners related stories
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Forstmann, Milken, Icahn Take Philanthropic 'Giving Pledge'When another 17 billionaires joined the campaign by bridge partners http://www.usatoday.com/news/education/2005-12-19-bridge-schools_x.htm Bill Gates and Warren Buffett to commit to give at least half their fortunes away to philanthropy, it got us to wondering about the participation by the dealmakers from our world. So we ran a little crosstab between the names on The Giving Pledge http://givingpledge.org/ site against the buyout and VC dealmakers on the Forbes 400 http://www.forbes.com/wealth/forbes-400 We thought we would share with you those who are participating, and equally interesting, those who are not yet. (Wanna guess which list is longer?)
- PE Firms to Bank $3.7B in Exit from Denmark’s TDC
The majority owners of Denmark’s TDC will earn up to $3.7 billion in a partial exit from the company, Reuters reported. Private equity firms Apax Partners, Blackstone Group, Kohlberg Kravis Roberts & Co., Permira Advisers and Providence Equity Partners plan to sell a third of the telecoms group, through a share buyback and public offering. The private equity consortium will raise $2.19 billion from the sale, provided an overallotment option is exercised, Reuters said. The firms will raise an additional $1.5 billion through a share buyback by TDC.
- European LP News, December
News briefs about the impact of Caisse de dépôt et placement du Quebec’s PE sell-off on European funds, continued problems at Terra Firma due to EMI deal, the impact of SVG Capital’s recent gains on Permira, and U.K.-based CDC backing a new fund targeting microfinance in India
- Thoma Bravo, Providence Line Up For More Dividends
Some PE firms should be giving thanks to the bubbling high yield market. It's the day before Thanksgiving and dividend recaps are still coming. First up is Flexera Software, a portfolio company of Thoma Bravo. Flexera, which was formerly known as Acresso Software, is launching a $215 million loan http://www.loanconnector.com/loanconnector/LPC_LC2_Home.do to pay a dividend to its shareholders, according to Thomson Reuters Loan Pricing Corp. Barclays and RBC Capital Markets are leading the sale of the loan, LPC said . In 2008, Thoma Bravo acquired the software business unit of Macrovision Corp., which became Acresso Software. Acresso changed its name to Flexera last year.
- Kirkland & Ellis Relocates Debolt To Hong Kong To Expand Asia PE Practice
Kirkland & Ellis International LLP relocated Partner Michel Debolt to Hong Kong from London. The move is designed to expand the firm’s private equity practice in Asia. Debolt advises private equity sponsors and their portfolio companies in Asia, Europe and North America. He focuses on mergers, acquisitions, joint ventures, interim and final liquidity realizations, equity restructurings and executive compensation, the firm said.
- TDC's Private Equity Backers To Sell $2.9B In Shares OF Telecom Group - Reuters
TDC’s private equity owners are looking to sell some of their stake in the Danish telecommunications group, Reuters said. Apax Partners, Blackstone, Kohlberg Kravis Roberts, Permira Advisers and Providence Equity Partners own nearly 88 percent of TDC. Two sources familiar with the matter said the private equity owners would sell about $2.9 billion worth of TDC stock. The sellers will remain significant shareholders in TDC after the transaction.
- VC-backed Nextag Buys NextCoupons.com
Online comparison shopping company Nextag has acquired NextCoupons.com, an online coupon provider based in Santa Monica, Calif. Financial terms of the deal were not released. Nextag is based in San Mateo, Calif., and is backed by Providence Equity Partners, Morgenthaler Ventures and Technology Crossover Partners.
- Venture-backed ZeniMax Buys Tango Gameworks
Venture-backed ZeniMax Media has acquired Tango Gameworks, the video game development shop run by designer Shinji Mikami. Mikami, who is best known as the creator of the Resident Evil series of video games, will join Rockville, Md.-based ZeniMax as a result of the deal. Financial terms of the acquisition were not released. ZeniMax is backed by more than $400 million from Providence Equity Partners.
- EQT considering exit of German cable company
EQT, a Swedish private equity firm, is trying to off-load German cable operator Kabel Baden-Wuerttemberg, either by a sale or a public listing, according to Reuters. EQT bought Kabel BW from Blackstone in April 2006 for about 1.3 billion euros ($1.8 billion). It has pumped a further 500 million euros ($696.2 million) in network expansion.
- Private Equity Index Stood At 104.33 For 3Q 2010
The Private Equity Growth Capital Council’s Private Equity Index indicated levels in the latest third quarter rebounded from the recession of 2008 to 2009. However, global private equity activity gas not returned to pre-recession levels. The Index stood at 104.33 for the latest third quarter, which showed a sequential increase from 100.76 in the second quarter and 86.41 in the first quarter of 2010. The Index is calculated using data provided by Thomson Reuters, Pitchbook, Preqin and the Council. Thomson Reuters is the publisher of PEHub.