Top buyout firms allegedly agreed not to compete, Bloomberg reports

theflyonthewall.com

Buyout firms that include Blackstone Group (BX), KKR & Co. (KKR), Bain Capital Partners and Carlyle Group (CG) allegedly assured each other in e-mails from top executives that they wouldn’t compete on deals to avoid driving up prices and angering competitors, according to a now public court complaint, reports Bloomberg. The correspondence was cited as evidence that the firms rigged bids in 19 leveraged buyouts and eight other transactions, according to the amended complaint unsealed yesterday by a federal judge in Boston.

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