Recent Rule Changes Spark New Wave of Private Equity Ownership in Pro Sports

The National Basketball Association, Major League Soccer, National Football League, Major League Baseball, and the National Hockey League have all relaxed restrictions that allow private equity firms to acquire minority stakes in teams. In the NBA, the Board of Governors has agreed that private equity could own as much as 20 percent of a single […]

Pembina, KKR combine Canadian gas assets in $11.4B deal

KKR & Co. and Pembina Pipeline Corp. agreed to combine their natural gas processing assets in Western Canada to create a new joint venture. The entity will also acquire certain interests held by Energy Transfer LP. The total value of the transactions totals $11.4 billion (US$9 billion), the companies said Tuesday in a statement. That […]

Apollo negotiated Russia, Ukraine carve-out in $7.1 billion Tenneco deal

Apollo Global Management Inc negotiated a carve-out earlier this month in its agreement to acquire auto parts maker Tenneco Inc for $7.1 billion, including debt, that allows it to sidestep regulatory approval from Russia and Ukraine, a regulatory filing shows. Apollo, a manager of alternative assets such as private equity and corporate credit, can unilaterally […]

From rags to riches: the story of UK logistics company’s £943m sale

The takeover of Clipper Ventures, the logistics company that numbers Asda, Asos, H&M, JD Sports and John Lewis among its customers, should in theory represent the latest chapter of a heart-warming rags to riches story. The proposed £943m sale, to the US logistics giant GXO Logistics, will crystallise a further £139m for Steve Parkin, Clipper’s […]

John Menzies accepts sweetened takeover offer

Proposal from Kuwaiti suitor values airport services group at £560mn Edinburgh-based John Menzies has accepted a sweetened takeover proposal from its Kuwaiti suitor that values the airport services company at about £560mn. The bid, which is yet to be formalised, would be a significant premium over NAS’s previous offers of 460p and 510p per share. […]

Apollo hoping to hit high notes with Hard Rock sale

The owners of the Hard Rock hotel in Dublin are planning to put it on the market just two years after it opened for business. Apollo Global Management, an American private equity firm, is thought to be asking €80 million for the 120-bedroom hotel, which also includes the Hard Rock shop and Zampas restaurant at […]

Genstar Capital said to eye over $5bn from potential Advarra sale, IPO

US private equity house Genstar Capital is reportedly hoping to reach a $5bn price tag for pharmaceuticals and regulatory consulting business Advarra through a potential sale. The firm picked up Advarra from fellow buyout investor Linden Capital Partners in 2019, in a deal believed to value the business at about $1.3bn. Genstar raced to an […]

Italy Views KKR’s Telecom Italia Bid as Too Low

Italy views an offer from private equity fund KKR & Co. for Telecom Italia SpA as too low, people familiar with the matter said, as the government led by Mario Draghi reviews plans to create a single national ultra-broadband network. State-backed lender Cassa Depositi e Prestiti SpA, which owns 10% of Telecom Italia, currently has […]

Blackstone targeting Asia deals with USD11bn in new capital

Blackstone has a war chest of USD11 billion in capital to target deals for companies in Asia having closed a second Asian-focused private-equity fund, according to Private Equity Insights. The alternative asset manager’s new fund attracted USD6.4 billion while an additional USD4.6 billion is being provided from Blackstone global funds, Asia head of private equity […]

CVC, HPS to buy stake in Authentic Brands at $12.7 bln valuation

Authentic Brands Group Inc (ABG) (AUTH.N) said in a statement that private equity firms CVC Capital Partners and HPS Investment Partners had agreed to buy a significant stake in a deal that values the brand developer at $12.7 billion on an enterprise value basis. The Forever 21 owner also postponed its U.S. initial public offering (IPO) announced […]