Word: buyouts
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Dates: during 2000-2009
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Private-equity firms pumped up with vast amounts of money are snatching public companies in an unprecedented buyout wave. In an updated, renamed version of the leveraged buyout, or LBO, private-equity firms acquire undervalued companies, load them with debt, overhaul operations and then return them to the stock exchanges whence they came in ballyhooed IPOs--collecting fees at every turn. Fever pitch officially took hold last week when hospital chain HCA was taken private by its management, founder and three buyout firms in a record deal worth more than $30 billion...
...amount of money flowing into such deals is off the charts--nearly $198 billion so far this year, including debt, compared with $118 billion for 2005 and $96 billion for 2004, according to Thomson Financial. Flush with cash from investors seeking better-than-market returns, buyout firms are looking for places to spend the $70 billion raised so far this year, not to mention the $130 billion from last year. And they can borrow as much as $10 for every $1 they invest, meaning there aren't many companies out of reach. Says Mark Nunnelly, managing director of Bain Capital...
...buyout firms are back, and there are more of them. The new boom is being fed by low interest rates, a no-go stock market and banks eager to lend. CEOs are more willing to listen since stepped-up regulation and a focus on short-term performance has taken some of the allure out of running a publicly traded company...
...generation of entrepreneurs that, at last, is taking Arab business global. The obstacles continue to be immense, from corrupt bureaucratic Arab regimes and regional conflicts to anti-Arab bias in the West. Arab tycoons are still seething over the way political pressure forced Dubai Ports World to abort its buyout of U.S. port operators earlier this year...
...company, Weather Investments, became a major presence throughout the Middle East. Sawiris also moved into Pakistan and Bangladesh before he revealed the full extent of his global ambition last year with a risky, leveraged $15 billion takeover of Wind, an Italian cell-phone network--Europe's largest private-equity buyout and the biggest investment ever made on the Continent by an emerging-market dealmaker. "Globalization," he says, cocking an eyebrow to emphasize the point, "is not a one-way street...