We have two warnings on the board in financials.
First, Discover (DFS) said it is boosting reserves and expects to loss 22 cents, which is a significant deterioration from the 9 cent profit previously expected.
Read more »We have two warnings on the board in financials.
First, Discover (DFS) said it is boosting reserves and expects to loss 22 cents, which is a significant deterioration from the 9 cent profit previously expected.
Read more »Blogging’s going to be light-to-nonexistent today, since it’s a travel day for me.
Read more »Fitch’s rating outlook for the U.S. banking sector remains negative, although many of the factors that put negative pressure on ratings are easing. We are pleased to offer a complimentary download of Fitch’s latest US Banking Quarterly, which includes individual comments on the top 24 banks rated by Fitch.
Read more »Cinemark Holdings, a publicly traded movie house operator, completed a $660 million fundraising from a joint venture between AMC and Regal Entertainment Group, led by JPMorgan and Blackstone Advisory Partners. The company’s backers, Madison Dearborn Capital Partners, Syufy Enterprises LP Mitchell Special Trust, will sell some of their shares, leaving Madison Dearborn with a 32.1% stake, Syufy Enterprises with 5.3% and the Mitchell Special Trust 4.9%.
Read more »Willbros Group, Inc. agreed to acquire InfrastruX Group, Inc., a utilities services company backed by Tenaska Capital Management, for $480 million in cash and stock. The company had previously filed to undergo a $290 million IPO. Tenaska acquired InfrastruX from Puget Energy Inc for $275 million in 2006.
Press release:
Read more »Mubadala Development Company has agreed to acquire a 9 percent equity stake in The Raine Group LLC, a firm which they seeks to capitalize on emerging investment opportunities in the media, entertainment and sports sectors around the world. Mubadala Development Company and William Morris Agency will be investors in Raine alongside private equity pioneer Ted Forstmann. Raine, a boutique merchant bank, was founded by Joe Ravitch, former senior partner and global head of media at Goldman Sachs, and Jeff Sine, former Vice-Chairman and global head of Technology, Media & Telecom at UBS.
Read more »MCM Capital Partners and Blue Point Capital have sold portfolio company Amprep, Inc., Marietta, Georgia-based manufacturer of specialty chemicals, to Zep, Inc. Total enterprise value for the transaction approximately $74 million.
Press release:
Read more »NERA Economic Consulting’s Thomas Porter says fair-value accounting rules cannot be blamed for causing the credit crisis, mainly because they did not require any new fair-value measurements.
Read more »(Reuters) - Private equity fund CVC Partners has agreed to sell Paperbox Holdings Ltd to Japan’s Oji Paper Co Ltd for an undisclosed amount, Oji said on Friday.
CVC acquired Paperbox, a unit of Malaysia’s GS Paper & Packaging, in 2007 from Malaysian gaming group Genting (GENT.KL) for $212 million.
The deal comes amid a series of private equity exits in Asia, helped by an improvement in market sentiment.
Read more »As Chris Dodd prepares for retirement, possibly to his 10-acre plot on Inishnee Island on Galway Bay (a story for another day as while it is part and parcel of the seedy side of Washington I can’t, for the life of me, figure out how to work the CDS market into it), he will attempt to bring a financial reform bill that can actually pass both houses. The bill was originally intended to fix every last thing that was wrong with Wall St., the credit card companies, the mortgage industry and a whole host of other businesses whose raw material and finished product is the $ sign.
Read more »