Executive Summary TPG Partners V, L.P. (“TPGV”) is being formed by the principals (the “Principals”) of Texas Pacific Group (“TPG”) primarily to make significant investments in operating companies through acquisitions and restructurings. TPG is one of the largest private equity managers in the world. Since its inception in August 1992, TPG has raised over $13.5 […]
Excerpts: John Mack’s Letter to Shareholders dated February 1, 2006 We will take full advantage of our global scale and our world-class franchise by further integrating our businesses and putting more of our own capital to work in principal investments. We are employing more of our own equity capital to work in principal investing, both
Selected Excerpts: More and more investors have discovered the appeal of REITs. Creatures of tax law, REITs provide transparency, liquidity, more permanent management and corporate structures, easier access to all forms of capital including unsecured debt, and greater overall property market efficiency. Consolidation in the Japanese REIT sector seems more than likely when valuations fall.
Deepak Moorjani: The Analytics of a REIT Take-Private Read More »
Excerpts: Notes from Joel Greenblatt’s Special Situation Class Market prices fluctuate more than values–so therein lies the opportunity. Why are prices of each company so variable and volatile compared to the value of companies? People invest with their emotions. They process information differently. It is very clear—pick any company you want–the price is very volatile
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Excerpts: John Malone Rides High as Cable Cowboy Remakes Pay TV, Again “There is no one better able to come back in right now, take the reins over, than this guy,” Leo Hindery, who headed Malone’s Tele-Communications Corp before it was sold to AT&T in 1999, said in a phone interview from New York. “You
John Malone Rides High as Cable Cowboy Remakes Pay TV, Again Read More »
Excerpts: Foreigners Become Bank Heads The China Banking Regulatory Commission (CBRC) has approved the appointment of John Langlois and Jeffrey Williams to lead the Shenzhen Development Bank, the Shenzhen-listed bank announced on Friday. Langlois, a former Morgan Stanley banker in China, will represent Newbridge Asia AIV as the chairman of the Shenzhen-based lender. Newbridge, a
To: Solar Capital Corp. The Other Investors Listed on Schedule A Re: Purchase of SunGard Data Systems Inc. Reference is made to the Agreement and Plan of Merger, dated as of the date hereof (the “Merger Agreement”), between Solar Capital Corp., a Delaware corporation (the “Merger Co”) and SunGard Data Systems Inc., a Delaware corporation
Equity Commitment Letter of KKR Millennium Fund, L.P. Read More »
Excerpt: Americans named to head Chinese bank The appointment of incoming chairman John Langlois, a Morgan Stanley officer in China, comes as part of a transfer of a nearly 18 percent stake in state-owned Shenzhen Bank to U.S. firm Newbridge Capital Ltd. Both men have considerable experience with the Chinese banking industry. Williams opened Citigroup
Excerpts: KKR gets $1B for KinderCare New York leveraged buyout house Kohlberg Kravis Roberts & Co. has struck a deal to sell childcare center operator KinderCare Learning Centers Inc. to a subsidiary of Michael Milken’s and Larry Ellison’s Knowledge Universe Inc. for $1.04 billion in cash and assumed debt. KKR, which took control of KinderCare
Excerpts: “KKR Strikes (Gold) Again.” Legendary leveraged-buyout (LBO) firm Kohlberg Kravis Roberts struck gold on Friday, as a company in which it owns nearly an 80% interest, child-care and preschool operator KinderCare (OTC BB: KDCR.OB), announced it will be acquired by privately held Knowledge Learning in a transaction set to close before the end of
