Amid reports that the Blackstone Group is considering a flotation of restaurant group Tragus, a new report reveals that private equity firms are now the most active investors in UK leisure property.
Coates Hire is the latest listed Australian company to reject a buyout offer because the price was too low. The Carlyle Group had reportedly been a frontrunner in the race for the machinery rental company.
Jamie Dimon of JP Morgan has hit out at the proliferation of equity bridge facilities used on large buyout deals, suggesting that they are not good for the lending banks or the private equity sponsors.
US Federal Reserve Chairman Ben Bernanke told Congress that financing activity in bond and business loan markets remains brisk, despite widening credit spreads and tightening of terms for leveraged business loans.
A recent report by Eurohypo says private equity firms are driving the market by using real estate to finance acquisitions.
The proportion of European corporates rated as speculative grade has more than doubled in the last decade, according to ratings agency Standard and Poor’s – thanks largely to the growth of private equity.
John Stomber, chief executive of Carlyle Capital Corporation, has apologised to shareholders about poor communication of portfolio troubles as its parent makes its second loan in a week.
Trade buyer Imperial Tobacco has had its €16.2 billion offer for Altadis, the maker of Gauloises and Gitanes cigarettes, accepted by the company’s board, as rival bidder CVC Capital Partners was forced to revalue its bid in light of problems in the credit markets.
Home Depot has agreed to accept $1.8 billion less than previously agreed in the sale of its HD Supply unit to Carlyle, Bain and Clayton, Dubilier & Rice.
Several of the world’s biggest private equity firms are already consulting with LPs about their next funds, but uncertainties about the pace of dealmaking and size of allocations are hampering these efforts.