39.95 +0.46 (1.16%)
Pre-market: 7:54AM EDT
|Bid||39.10 x 2200|
|Ask||39.97 x 3000|
|Day's range||38.19 - 39.85|
|52-week range||29.57 - 39.85|
|PE ratio (TTM)||14.84|
|Earnings date||17 Oct 2018 - 22 Oct 2018|
|Forward dividend & yield||2.32 (6.46%)|
|1y target est||41.45|
LONDON/DUBAI/ABU DHABI, Sept 24 (Reuters) - A group of private equity investors, including Fajr Capital, Blackstone and Bahrain's Mumtalakat, is weighing the sale of their combined stake in the emerging market business of UAE-based GEMS Education, three sources said. The consortium has held preliminary talks with investors about an outright sale of the more than 20 percent stake after GEMS shelved its plan to list the schools operator in London, which deprived them of an exit in their more than four-year old investment, the sources familiar with the talks said. Dubai-based Fajr Capital led the consortium's bid to take a a significant minority stake in GEMS Education's business in 2014, covering the Middle East, North Africa and East Asia.
Two asset managers are vying to raise $20bn each for what will be the world’s biggest unlisted infrastructure funds, as institutional investors plough ever larger sums of capital into assets that form the backbone of the global economy. New York-based Global Infrastructure Partners, meanwhile, which concluded fundraising for a record-setting $15.8bn fund only last year, is further ahead and is expected to complete its $20bn fundraising in early 2019.
Good morning and welcome to the Private Equity Pro newsletter. The combination of two private equity-backed businesses in the oil-and-gas software space continues a spate of deals in the sector this year.
Blackstone Real Estate Income Trust, Inc. today completed the previously announced acquisition of the EdR Student Housing Portfolio for $1.2 billion in a 95%/5% joint venture with Greystar Real Estate Partners .
The $17 billion buyout of Thomson Reuters’ financial data business by a Blackstone-led group of investors is the biggest leveraged buyout this year and among the biggest since the financial crisis.
Gibson Brands is the legendary guitar maker based in Tennessee that has made instruments for Jimi Hendrix and Keith Richards. Now, a legal brawl between two of America’s biggest investment firms means the faltering rock’n’roll emblem has also become a symbol of the shifting hierarchy in global finance. Founded by former bankers, they are part of a group of private equity firms which has spent the years since the financial crisis quietly supplanting their former colleagues in the banking world.
Hillhouse Capital, an investor in top Chinese technology firms including Tencent and Baidu, has closed its latest funding round at $10.6 billion, it said, making it the region's biggest private equity capital raising. The new fund, Hillhouse Fund IV, will look for investment opportunities across the healthcare, consumer, technology and services sectors globally, with a focus on Asia, the company said in a statement on Wednesday. Hillhouse's $10.6 billion fundraising exceeded the $9.3 billion raised by private equity firm KKR & Co's Asia-focused buyout fund in June 2017, which was a record for the region at that time.
One of the largest-ever sales of speculative-grade debt was completed with ease on Tuesday, a sign of the favorable environment for U.S. borrowers at a time of robust economic growth and strong demand from investors. The $13.5 billion sale—which a Blackstone Group LP-led investor group is using to acquire a 55% stake in a Thomson Reuters Corp. data business called Refinitiv—comprised $9.25 billion of loans and $4.25 billion of secured and unsecured bonds, with different pieces denominated in U.S. dollars and euros. Including a $750 million revolving credit line, the bond-and-loan deal amounted to the ninth-largest leveraged financing on record in the U.S. and Europe, and was the fourth-largest since the financial crisis, according to LCD, a unit of S&P Global Market Intelligence.
last week of a 60 per cent stake in Luminor, a Baltic lender — one of the largest private equity banking deals of the past decade — does not mark the start of a series of such acquisitions. , Luminor’s owners, a convenient way to reduce exposure to a market they no longer view as a priority. Blackstone sees a chance to boost Luminor’s return on equity, which lags behind some other Nordic banks, and says the Baltics are a high-growth market.
"The last crisis was a terrible crisis, but it was both a financial crisis and an economic downturn. Right now, I don't see any economic downturn on the horizon, so it will be a little while before I think you have that confluence of factors," said Tony James, executive vice chairman at the Blackstone Group.
China will ask Wall Street firms for ways to improve ties with the United States and suggestions to open up its financial sector at a day-long meeting in Beijing on Sunday, people familiar with the matter said. The Chinese government sent invitations for the hastily-convened meeting a few weeks ago as trade tensions between the world's two largest economies appeared to be headed for a full-blown trade war. Top financial firms in both countries are sending representatives to the meeting, although heavyweight invitees such as Blackstone's Stephen Schwarzman were unable to rearrange their schedules to attend the meeting, a source said.
Neil Simpkins, a senior managing director at the private-equity firm, paid $37.2 million for the home in Manhattan’s Greenwich Village.
The financing takes another step down the path of ever-weaker protections for lenders in the $2 trillion-plus high-yield bond and leveraged loan markets. There has been a stunning erosion in the past couple of years of covenants—lender protections that stop borrowers, for instance, taking on more debt—or allow lenders to step in when company performance deteriorates. Buyout sponsors have also presented increasingly aggressive versions of earnings before interest, taxes, depreciation and amortization, or Ebitda, to cut the apparent debt multiples on their deals and make them seem less risky.
GridLiance, an independent transmission company, today announced it recently signed an agreement to acquire six 161-kV transmission lines that cross the Ohio River and related transmission equipment from Electric Energy, Inc. (EEI) located at the Joppa Generating Station in Illinois. “This acquisition represents an important milestone for GridLiance and the execution of our strategy to own, operate, and invest in transmission assets,” said Calvin Crowder, president and CEO of GridLiance. “This is our first transaction where we were able to partner with a competitive integrated power company to unlock the value of its existing transmission assets.
LaSalle has also canceled a shareholder vote regarding the Blackstone-LaSalle agreement that was previously scheduled for Thursday. On Wednesday, LaSalle’s board determined that Pebblebrook’s latest offer is a ”superior” proposal to Blackstone’s offer. A maximum of 30% of outstanding LaSalle shares may be exchanged for cash.
Goldman Sachs’ (GS) Investing and Lending segment focuses on private and public equities as well as lending activity across multiple asset classes and regions. This segment has continuously reported significant YoY (year-over-year) revenue growth for the past few quarters, driven by high lending, rising rates, new assets, and private equity gains.
LP’s real-estate business has grown nearly sixfold over the past eight years, surpassing private equity to become the firm’s largest division and biggest source of profits. landed a promotion earlier this year that vaulted her into a select group of women who have reached the upper echelons of the male-dominated worlds of real estate and private equity. Ms. McCarthy is a foodie and a fan of alternative-rock music whom colleagues described as smart, driven and tenacious.
Blackstone Group has no plans to increase its takeover offer for LaSalle Hotel Properties, even after the hotel owner’s board said a rival bid for the company was “superior.”
Sep.21 -- Investors devoured debt sold for Blackstone Group LP’s buyout of Thomson Reuters Corp.’s financial-and-risk operations, completing the financing for the largest leveraged buyout of 2018. Blackstone was able to cut the cost on the $13.5 billion financing package as investors put in orders for more than $30 billion of the debt. Noelle Corum, portfolio manager at Invesco, Krishna Memani, CIO and head of fixed income at OppenheimerFunds, and Jeffrey Rosenberg, chief fixed-income strategist at BlackRock, talk with Bloomberg's Jonathan Ferro about the high demand for leveraged loans.
Sep.14 -- Blackstone Group LP expects to raise $18 billion for its biggest real estate fund ever according to people with knowledge of the plans. Bloomberg's Peggy Collins reports on "Bloomberg Markets: European Close."