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Kohlberg Kravis Roberts & Co. Message Board

  • drmicrocaps drmicrocaps Sep 27, 2013 10:27 PM Flag


    Panasonic and KKR Agree to Panasonic Healthcare Share Purchase
    Companies to form joint holding company
    Business WirePress Release: Kohlberg Kravis Roberts & Co. L.P. – 18 hours ago
    Panasonic Corporation (“Panasonic”) and Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, "KKR") today announced the signing of a share purchase agreement and a shareholders’ agreement under which Panasonic and KKR will become joint partners of Panasonic Healthcare Co., Ltd. (“Panasonic Healthcare”).
    Based on today’s agreements, PHC Holdings Co, Ltd. (“PHCHD"), which is wholly-owned by KKR investment funds, will purchase all outstanding shares of Panasonic Healthcare, including its related intellectual property and assets, for an equity value of approximately JPY 165 billion (approximately US$ 1.67 billion at the exchange rate of US$1=JPY99). The transaction will be followed by a third party share allocation by PHCHD, after which KKR will own 80% of outstanding shares of PHCHD and Panasonic will own 20%. Panasonic and KKR will cooperate in the management of Panasonic Healthcare.
    Panasonic Healthcare is a comprehensive healthcare company focusing on three core businesses—In Vitro Diagnostics, Medicom, and Biomedical. Panasonic Healthcare’s In Vitro Diagnostics business has a leading global market share in the manufacture and sale of blood glucose monitoring meters and sensors for diabetics. Its Medicom business has the top share in Japan in medical receipt computers, electronic health record systems and other IT equipment for medical clinics, while its Biomedical business has a leading market share in Japan and overseas in biomedical laboratory equipment including CO2 incubators and ultra-low temperature freezers.

    Sentiment: Strong Buy

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    • KKR Finalizes Strategic Investment in WMI Holdings Corp.
      PR Newswire WMI Holdings Corp.
      SEATTLE, Jan. 31, 2014 /PRNewswire/ -- WMI Holdings Corp. (WMIH) ("WMI" or the "Company") today announced that KKR Management Holdings L.P. and KKR Fund Holdings L.P., subsidiaries of KKR & Co. L.P. (together with its affiliates, "KKR"), have finalized a strategic investment in the Company.

      Michael Willingham, Chairman of the Company said, "We believe the investment in our Company by KKR will enhance value for all shareholders of WMI Holdings. KKR has a history of investing across a wide range of asset classes and we look forward to working with the KKR team as we execute on our acquisition strategy."

      Tagar Olson, Member and Head of KKR's Financial Services team stated, "We are pleased to finalize this investment and look forward to working with the Company as it continues to grow and diversify its platform. As a long-term aligned capital partner to the Company, we believe that KKR is well-positioned to help build shareholder value."

      On January 30, 2014, KKR (i) purchased approximately $11 million face amount of convertible preferred stock of the Company convertible into shares of common stock of the Company for a conversion price of $1.10 per share, and (ii) committed to purchase up to $150 million aggregate principal amount of subordinated 7.5% PIK notes, which may be issued in one or more tranches over a three year period, each with a seven year term from the date of initial issuance (the "Subordinated Notes"), subject to certain terms and conditions. Substantially all of the proceeds from the Subordinated Notes, if and when issued, would be used by the Company to fund future acquisitions. In connection with the commitment, KKR has received five-year warrants to purchase approximately 61.4 million shares of the Company's common stock, 30.7 million of which has an exercise price of $1.32 per share and 30.7 million of which has an exercise price of $1.43 per

      Sentiment: Strong Buy

    • KKR to invest in Sedgwick
      PR Newswire Sedgwick Claims Management Services, Inc.
      15 hours ago

      MEMPHIS, Tenn., Jan. 27, 2014 /PRNewswire/ -- Sedgwick Claims Management Services, Inc., a leading provider of technology-enabled claims and productivity management solutions, announced today that KKR, together with management, have signed an agreement to acquire majority ownership of Sedgwick for approximately $2.4 billion from its current group of investors, which includes Hellman & Friedman LLC and Stone Point Capital LLC.

      "We couldn't ask for a better partner in the next stage of Sedgwick's evolution," said David A. North, president and CEO of Sedgwick. "KKR has an exceptional record of investing in financial services companies and will be a valuable strategic resource for our organization. We share a commitment to continued innovation in the claims and productivity management industry. My colleagues and I look forward to collaborating with KKR as we develop solutions for the changing needs of our clients."

      "This is a critical time for employers as they adjust to an evolving health care delivery model, the shifting demographics of the workforce and a multitude of additional challenges," said Tagar Olson, Member of KKR and head of its financial services investment practice. "Sedgwick has an exceptional management team, a strong track record of innovation and the technology-driven solutions to address these challenges. We believe our partnership will enable them to maintain and enhance their leadership position in the industry."

      On an annual basis, Sedgwick handles more than 2.1 million claims and has fiduciary responsibility for claim payments totaling more than $11 billion.

      The transaction is expected to close during the first quarter of 2014, subject to customary conditions and regulatory approvals.

      Sentiment: Strong Buy

    • KKR Income Opportunities Fund Declares Special Distribution of $0.163 Per Share and Monthly Distributions of $0.125 Per Share
      Business Wire KKR Income Opportunities Fund
      19 hours ago
      KKR Income Opportunities Fund (the “Fund”) (KIO) today announced additional cash distributions with the record, ex-dividend and payable dates outlined below. A special distribution of $0.163 per common share ($0.124 relating to net investment income and $0.039 relating to short-term capital gains), will be payable January 31, 2014 to shareholders of record on December 30, 2013.

      The special distribution schedule is as follows:

      Ex-Date: December 26, 2013
      Record Date: December 30, 2013
      Payable Date: January 31, 2014
      Amount: $0.163 per share

      The Fund also today announced additional monthly distributions of $0.125 per common share, payable on the dates below. Based on the Fund’s initial public offering price of $20.00 per share and current share price of $18.05 (as of its close on December 18, 2013), the distributions represent an annualized distribution rate of 7.5% and 8.3%, respectively (calculated by annualizing the distribution amount and dividing it by the IPO share price or current price, as the case may be).

      The monthly distribution schedule is as follows for the months of February, March and April:

      Ex-Date: February 6, 2014
      Record Date: February 10, 2014
      Payable Date: February 24, 2014
      Amount: $0.125 per share

      Ex-Date: March 13, 2014
      Record Date: March 17, 2014
      Payable Date: March 31, 2014
      Amount: $0.125 per share

      Ex-Date: April 16, 2014
      Record Date: April 21, 2014
      Payable Date: April 28, 2014
      Amount: $0.125 per share

      Information regarding the distribution rate is included for informational purposes only and is not necessarily indicative of future results, the achievement of which cannot be assured. The distribution rate should not be considered the yield or total return on an investment in the Fund.

      Sentiment: Buy

    • KKR to Acquire The Crosby Group and Acco Material Handling Solutions
      Business WirePress Release: KKR – 44 minutes ago..

      Global investment firm KKR announced today the signing of a definitive agreement to acquire The Crosby Group (“Crosby”) and Acco Material Handling Solutions (“Acco”) from Melrose Industries PLC for approximately $1.0 billion.

      With roots dating back to 1885, Crosby is a leading global provider of highly engineered solutions for lifting and rigging applications across the oil and gas, construction, mining and industrial sectors. Headquartered in Tulsa, Oklahoma, Crosby has over 1,300 employees globally and is known for its iconic brands, including Crosby, McKissick, National and Lebus.

      Acco, headquartered in York, Pennsylvania, has 130 employees and provides custom-built specialty material handling equipment, including a full line of hoists, industrial cranes, monorails, carts and trailers that are sold under the well-recognized Louden, Wright and Nutting brands.

      Pete Stavros, a Member of KKR and Head of the Industrials investing team, stated: “Crosby and Acco have long and distinguished histories of providing distributors and end customers with the highest quality products and customer support to meet their lifting and rigging needs. We are excited to partner with the many dedicated employees of both companies and look forward to working together to begin a new chapter of growth and global expansion.”

      The transaction is subject to customary regulatory approvals and is expected to close in the fourth quarter of 2013.

      Sentiment: Strong Buy

    • So you can read it at both places and thank you for your comment.

      the "Good Dr's In"!

    • kidshelleen51 Sep 28, 2013 7:35 AM Flag

      Why do you reprint this stuff? It's all available on the summary page.

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