Word: buyouts
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Private-Equity players such as Cerberus Capital Management and Kohlberg Kravis Roberts have scored some of the biggest buyouts ever in recent months, including TXU, First Data Corp. and Chrysler. But are these cash-heavy private-equity (PE) firms racing against time? They need to win and ink future deals before the leveraged-buyout (LBO) window slams shut--a scenario Wall Street experts are betting will happen sooner rather than later...
...private-equity players are going public, such as Blackstone Group and Fortress Investment Group. Others are resorting to deal jumping--busting in on another firm's deal with a higher bid, as Filmore Capital Partners did to Formation Capital in the Genesis Healthcare takeout. "There has never been a buyout market that has been this frothy," says Thomas Roberts, partner at Weil, Gotshal & Manges, a leading mergers and acquisitions (M&A) law firm. "[The cycle] looks like...
...Facebook opened its online platform to anyone who wants to build applications for it, from music-sharing services to carpool arrangers, making it a potentially much more useful tool. Some in Silicon Valley wonder excitedly if the company--which reportedly turned down a billion-dollar buyout offer from Yahoo! last year--might become not just the hottest tech IPO since Google but also the next major stage in the Web's evolution. First there was the browser, then the search engine. Now we'll move on to what Zuckerberg calls the "social graph," the filter of personal connections that defines...
...HIGH FINANCE $4 billion Estimated amount the leveraged-buyout firm Blackstone Group will raise by taking 10% of its stock public later this month $2.33 billion Estimated amount the company's two co-founders will earn by selling some of their shares in the initial public offering...
When the project began to snowball, Cordiner and his team of techies opted last year for a $700,000 management buyout, a first for an IFC assistance program. Today Worldhotel-link.com offers nearly 70 destinations from Mongolia to Madagascar, and has begun adding tours and other services and even listing some big hotels. Travelers are invited to grade their room and even grade the owners for their social and environmental practices. "They're often doing neat things in sustainable tourism without realizing this is a marketable product," says Cordiner. He, naturally, would love to market...