Largest LBOs of 2009
Last year, the largest LBO list looked like a tallest midget contest. This year, it looks like a frat party. Yes, the top deals of 2009 were largely alcohol-fueled. Beer giant AB Inbev spent the year scurrying to unload assets to meet a $7 billion payment on its debt this fall, a hangover from the $52 billion merger of Anheuser Busch and InBev in 2008. Buyout firms pounced at the opportunity, giving AB-Inbev divestitures three of the 10 spots. The year’s largest deals included both an infrastructure and a real estate play. The largest deal of the year was, appropriately, a creditor takeover of bankrupt auto parts company. But there was some encouraging action. TPG may even do what no one thought possible a year ago: a $5 billion LBO. A take-private, no less. That deal isn’t perfect and faces a few hurdles before closing (including its February shareholder vote), but the fact that the firm is going for it—financing in hand—is more than just a little encouraging. Get the full list after the jump...
