CG - The Carlyle Group Inc.

NasdaqGS - NasdaqGS Delayed Price. Currency in USD
-0.15 (-0.53%)
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  • Short Term
    2W - 6W
  • Mid Term
    6W - 9M
  • Long Term
Previous Close28.47
Bid28.29 x 1200
Ask28.33 x 1800
Day's Range28.30 - 28.87
52 Week Range15.21 - 34.98
Avg. Volume2,471,328
Market Cap9.875B
Beta (5Y Monthly)1.68
PE Ratio (TTM)N/A
EPS (TTM)-1.75
Earnings DateOct 29, 2020 - Nov 02, 2020
Forward Dividend & Yield1.00 (3.51%)
Ex-Dividend DateMay 11, 2020
1y Target Est30.87
  • HSBC's Split Personality Is Dragging It Down

    HSBC's Split Personality Is Dragging It Down

    (Bloomberg Opinion) -- HSBC Holdings Plc can’t seem to get a break. Even the financial-market boom that buoyed profits at some banks wasn’t enough to save Europe’s biggest lender from missing estimates. Chief Executive Officer Noel Quinn said HSBC is looking at accelerating restructuring plans that are expected to lead to the loss of 35,000 jobs. He may need to think even more radically.The bank reported second-quarter adjusted pretax profit fell 57% from a year earlier to $2.59 billion, versus an estimate of $2.94 billion. HSBC lifted its projection for loan losses to between $8 billion and $13 billion for this year, as it contends with the economic impact of the Covid pandemic. The shares fell as much as 4.7% in Hong Kong trading, reaching their lowest since the depths of the global financial crisis in 2009.Shrinking its workforce can’t fix the geopolitical headwinds the bank is facing. Headquartered in London but focused on Asia, HSBC is trapped between the demands of the U.K. and U.S. on one side and China on the other. With relations deteriorating and little prospect of an improvement, it may be time for the bank to consider separating its Asian business from the rest.HSBC appears to have few allies in government. British lawmakers criticized the bank for showing support for China’s national security legislation in Hong Kong, while U.S. Secretary of State Michael Pompeo attacked what he called “corporate kowtows.” At the same time, toeing China’s line appears to have won HSBC scant reward in Beijing. The Communist Party’s People’s Daily newspaper published an opinion piece last week saying the bank was an accomplice of the U.S. in the arrest of Huawei Technologies Co. Chief Financial Officer Meng Wanzhou and fabricated evidence against the company. HSBC has denied the allegations. The attacks have helped to drive the slump in HSBC’s Hong Kong-traded shares this year. They have lost 45%, far exceeding the 13% decline in the city’s benchmark Hang Seng Index.HSBC’S London and Hong Kong listings serve largely different investor bases. That alone might argue for some form of separation. As Bloomberg Intelligence analyst Jonathan Tyce says, the bank could look into withdrawing from one of the markets. “We suspect that, as with many U.S. global tech companies, HSBC may choose to wait and see if a change in the U.S. presidency in November will ease this threat, but longer term, dual-listing will probably be reassessed,” he said. A more fundamental shift would be to spin off the non-Asian business, creating two companies with separate management teams and perhaps listings. That might give HSBC a better chance of satisfying government and legal expectations in different parts of the world. At present, the bank faces being caught between conflicting demands of the national security law and potential U.S. sanctions against Chinese officials involved in imposing the legislation on Hong Kong.There is a precedent. In early 2017, McDonald’s Corp. sold most of its Hong Kong and China business to a tie-up between state-owned Citic Ltd. and U.S. private equity firm Carlyle Group LP. Yum! Brands Inc., meanwhile, owner of the KFC and Pizza Hut brands, spun off Yum China for a separate listing in November 2016.These changes appear to have insulated the companies against anti-American sentiment fueled by worsening trade tensions between China and the U.S. Yum China has outperformed its former parent since the spinoff. The prospect of Microsoft Corp. buying TikTok’s U.S. operations shows how the world is growing accustomed to the idea of sensitive businesses being carved into separate spheres of influence with different owners.A side-benefit of splitting the Asian business might be to shift its domicile back to Hong Kong. That would enable the more-profitable regional unit to resume dividend payments, which HSBC was forced to cancel earlier this year at the behest of U.K. regulators. That decision angered HSBC’s legion of small shareholders in Hong Kong and has contributed to the stock’s underperformance this year.Such a restructuring might face considerable regulatory hurdles. Quinn called the last few months the most challenging in living memory. Without radical change, HSBC may remain stuck between a rock and a hard place. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Nisha Gopalan is a Bloomberg Opinion columnist covering deals and banking. She previously worked for the Wall Street Journal and Dow Jones as an editor and a reporter.For more articles like this, please visit us at now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Carlyle Group LP (CG) Q2 2020 Earnings Call Transcript
    Motley Fool

    Carlyle Group LP (CG) Q2 2020 Earnings Call Transcript

    CG earnings call for the period ending June 30, 2020.


    Apollo Rebounds in the Second Quarter. Here’s How.

    Apollo Global Management returned to profitable status in the second quarter after reporting net income of $446.3 million or $1.84 a share.

  • Benzinga

    Recap: Carlyle Group Q2 Earnings

    Shares of Carlyle Group (NASDAQ:CG) were unchanged after the company reported Q2 results.Quarterly Results Earnings per share decreased 66.67% over the past year to $0.41, which beat the estimate of $0.36.Revenue of $582,200,000 rose by 5.72% year over year, which beat the estimate of $479,060,000.Guidance Carlyle Group hasn't issued any earnings guidance for the time being.Carlyle Group hasn't issued any revenue guidance for the time being.How To Listen To The Conference Call Date: Jul 30, 2020View more earnings on CGTime: 08:30 AMET Webcast URL: 52-week high: $34.9852-week low: $15.21Price action over last quarter: Up 33.50%Company Description The Carlyle Group Inc is a diversified multi-product global alternative asset management firm. The company operates in four business segment which includes Corporate Private Equity, Real Assets, Global Credit, Investment Solutions. The group's maximum revenue is generated from America.See more from Benzinga * Allegiance Bancshares: Q2 Earnings Insights * Recap: Tradeweb Markets Q2 Earnings * Dunkin Brands Group: Q2 Earnings Insights(C) 2020 Benzinga does not provide investment advice. All rights reserved.

  • Carlyle's second-quarter earnings fall less than expected

    Carlyle's second-quarter earnings fall less than expected

    Carlyle Group Inc <CG.O> reported a smaller-than-expected 7% year-on-year drop in second-quarter distributable earnings on Thursday, as profits in its private equity and credit divisions partly offset declines in real estate and energy businesses. Carlyle said distributable earnings (DE) - the cash available for paying dividends - fell to $198.4 million from $213.4 million a year earlier. Like other private equity firms, Carlyle saw a rebound in the value of many of its funds, as U.S. stock markets rallied during the second quarter from a widespread sell-off in March driven by investor fears over the COVID-19 pandemic.


    Carlyle Group Bounces Back in the Second Quarter

    The results were off nearly 2% from the second quarter of 2019, when Carlyle (ticker: CG) posted net income of $148.2 million, or $1.23 a diluted share. For the 2020 first quarter, Carlyle reported a net loss of $612 million, or $1.76 a share. Carlyle’s total revenue for the quarter ended June 30 was $1.13 billion, up from $1.06 billion for the same period in 2019.

  • Ant’s IPO Bonanza for Silver Lake, Warburg, Carlyle

    Ant’s IPO Bonanza for Silver Lake, Warburg, Carlyle

    (Bloomberg) -- A raft of U.S. private equity firms backed by the country’s largest endowment and pension funds stands to reap big gains from Ant Group’s highly anticipated initial public offering, even as U.S. lawmakers push funds to halt investments in China.Silver Lake Management LLC, Warburg Pincus LLC, and Carlyle Group Inc. were the biggest U.S. backers in Ant’s latest funding round in 2018, investing at least $500 million each in the fintech giant, according to people familiar with the matter who asked not to be identified because the matter is private. General Atlantic LLC invested about $350 million in the same round, according to people familiar.The funds invested in China’s biggest payments company when it was valued at about $150 billion. Bernstein estimates Ant’s now worth about $210 billion, which would generate a 40% return for the funds if they were to sell in the IPO at that valuation. The private equity investors will probably hold on to their stakes, betting on more gains, people familiar have said.Ant, General Atlantic and Silver Lake declined to comment in emailed statements. Representatives for Warburg Pincus and Carlyle declined to comment.The investments are the latest example of a money trail that has fueled China’s biggest national champions and fattened the pockets of U.S. pension funds, ultimately benefiting American fire fighters and teachers. The investment model is now under siege as U.S. senators call for inspections to curtail U.S. pension fund support for Chinese tech companies, while Secretary of Sate Michael Pompeo is scrutinizing U.S. fund investments in the sector.More than 90% of U.S. foundations and endowments have some exposure to China, mostly through a broad emerging markets strategy, according to a 2018 survey of 47 respondents by consultant NEPC.Chinese tech companies secured a record amount of funding just before the trade war went into full swing last year. Some of the largest venture capital and private equity firms – including Hillhouse Capital, Warburg Pincus and Sequoia Capital – also raised billions of dollars from a clutch of high-profile U.S. pension funds.Warburg Pincus’s China-Southeast Asia fund raised about $4.5 billion from pension plans in Ohio, Colorado and Florida last year. Carlyle’s Asia Partners V LP in 2018 added about $6.6 billion from pensions in Kentucky, New York State and California. Silver Lake Partners V LP, which secured $15 billion from pension funds including Washington State and Texas, has invested in Ant as well as Chinese tech companies including artificial intelligence giant SenseTime Group Ltd.SZ DJI Technology Co. became the world’s biggest commercial drone maker with money from a venture firm whose investors include the Delaware Public Employees Retirement System and the State of Michigan Retirement System. ByteDance Ltd., the owner of TikTok, has benefited from capital raised via pension funds in New York and Oregon.Among these private companies, Ant’s IPO has been the most anticipated for its sheer size. The company, controlled by billionaire Jack Ma, said last week it would pursue a simultaneous dual-listing in Hong Kong and on the Shanghai stock exchange’s STAR board. The Hong Kong share sale alone could raise about $10 billion, people familiar have said.Ant raised about $14 billion in 2018 from backers including Singapore’s GIC Pte, Khazanah Nasional Berhad, Warburg Pincus, Canada Pension Plan Investment Board, Silver Lake, Temasek Holdings Pte and Carlyle Group.(Updates with General Atlantic’s investment in second paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Carlyle Co-CEO’s Abrupt Exit Caps a Long, Awkward Power Struggle

    Carlyle Co-CEO’s Abrupt Exit Caps a Long, Awkward Power Struggle

    (Bloomberg) -- Carlyle Group’s co-leaders were meant to be complementary: a swaggering dealmaker and an operations guru who would carry the torch for its founders. But inside the firm, Kewsong Lee started small talk with a jab to Glenn Youngkin. “How’s the infrastructure group?” Lee asked in front of others. That was Youngkin’s domain -- and it wasn’t going well.One of the private equity industry’s boldest attempts at succession planning unraveled with Youngkin’s abrupt announcement on Tuesday that he’s stepping down to focus on public service.Yet for many inside the $217 billion alternative asset manager, the breakup was anything but a surprise. After 2 1/2 years of awkward, and increasingly acrimonious parrying as co-chief executive officers, Lee is gaining sole control. Some predict Youngkin -- whose departing memo to staff said he doesn’t know what he’ll do next -- will try politics instead, running for governor of Virginia.Current and former executives, clients and others close to the firm described the drama on the condition they not be named because of concern it could affect their work or dealings with Carlyle. The frictions -- spilling out of a murky division of power -- played out in Lee taking control of key growth initiatives while Youngkin ran units that stalled. It offers a cautionary tale for an industry in which pioneering founders, most of them billionaires, are trying to install a new generation of leaders.A spokeswoman for Carlyle declined to comment beyond the co-CEOs’ public statements.‘Synced Up’As Carlyle’s founders began preparing years ago to step away from the firm, they decided they wanted to create a team, much like they had been, at the very top. They settled on a concept of two co-CEOs, each with different strengths, who would work together.On paper, Youngkin and Lee seemed like a good match. Both were alumni of Harvard Business School and McKinsey & Co. Youngkin, 53, joined Carlyle in his 20s and was known as the nice guy and culture carrier. He played an instrumental role in the firm’s expansion to Europe and led back-office efforts for its initial public offering in 2012. Among the founders, David Rubenstein was Youngkin’s most avid backer.Lee, 54, was the shrewd negotiator who came on board mid-career. He earned respect for cleaning up messes, getting Carlyle out of disastrous hedge fund bets and rebuilding a credit group once marred by missteps. He was favored by founder Bill Conway, who was more focused on prowess in investing and negotiation. Before the co-CEOs ascended at the start of 2018, Lee sought better terms for the both of them.In a joint interview in 2018, Lee and Youngkin emphasized their symbiosis, noting they agreed on strategy and had decided who would run what. “We see eye to eye on almost every major priority of the firm,” Lee said at the time. “In fact, the organization has no idea we’re synced up as well as we are.”But as they put their mark on Carlyle, Lee became more dominant. He commanded the firm’s strongest businesses, including corporate private equity, and he had no qualms about consolidating or trimming units he thought the company was better off without. The firm, for example, spun out its Asia real estate group. Lee also pushed to cut pay for veteran fundraisers who were largely tending to investors already loyal to Carlyle.More recently, Lee has privately discussed getting out of European real estate, investment solutions and infrastructure -- businesses under Youngkin. The firm raised $2.2 billion last year for its global infrastructure fund and is pursuing projects including the redevelopment of Terminal One at New York City’s John F. Kennedy International Airport. The Covid-19 pandemic complicated that deal, spurring some disagreement among the co-CEOs about how to best advance it.Carlyle by many measures is doing well. It has ample cash to deploy and has told shareholders it expects to find investment opportunities in the current economic turmoil. Analysts estimate the company returned to profit in the second quarter after taking hits when the virus broke out early this year. It’s set to report results next week.Yet Youngkin’s exit has been brewing for some time. Before rising to CEO, he had explored a jump to politics, spending months meeting with Virginia business leaders and political advisers. More recently, as relations with Lee grew strained, Youngkin confided in colleagues he might step down at the end of this year. Ultimately, he didn’t wait.‘Calling to Service’Some Carlyle insiders suggest that a nonprofit he founded with his wife in June, focused on helping unemployed Virginians return to work, is a step toward picking up his old political aspirations and running for office.“The top question that I have been asked,” Youngkin wrote to colleagues about his departure, “is ‘what are you going to do?’ ... and the honest answer is, ‘I don’t know.’ What I do know is that I have long felt a calling to service and Covid’s massive disruptions and intense social and economic challenges have only strengthened that conviction.”Lee thanked Youngkin in Tuesday’s announcement for his 25 years of service to Carlyle, saying he was “especially grateful for his friendship and partnership as co-CEO.”But in the end, Lee and Youngkin never struck the balance that the firm’s three founders showcased for decades. Notably, that trio had more clearly delineated roles -- with Rubenstein raising money, Conway focusing on deals and Daniel D’Aniello ensuring operations ran smoothly. It proved hard to duplicate.Now Lee will have to lead the firm through the economic carnage unleashed by the pandemic, an environment threatening existing investments but also presenting new ones, especially for the growing credit group. Some large investors say they like his decisiveness and that the firm can fare well under a single leader. Its performance going forward will rest squarely on his shoulders.Lee will still have to share the limelight with Rubenstein, who remains Carlyle’s most prominent figure. Rubenstein has continued to take speaking engagements in recent years and has a show on Bloomberg Television. But within Carlyle’s new Washington D.C. office building, he was given a corner suite near the lobby with co-founder D’Aniello, far from the inner workings of the company they built.With Youngkin’s exit, Carlyle’s founders briefly considered picking another co-CEO, according to people with knowledge of those discussions. Ultimately, they decided Lee should run the firm alone.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Carlyle Co-CEO Youngkin to Exit, Leaving Lee in Sole Control

    Carlyle Co-CEO Youngkin to Exit, Leaving Lee in Sole Control

    (Bloomberg) -- Carlyle Group Inc. co-Chief Executive Officer Glenn Youngkin is stepping down after less than three years at the helm, handing sole control of the private equity giant to Kewsong Lee in the midst of the coronavirus pandemic.Youngkin, 53, who joined Carlyle in his 20s and was long groomed by its founders, decided to give up his post and will depart at the end of September to focus on public service, the firm said in a statement Tuesday.The abrupt exit leaves the $217 billion alternative asset manager squarely under the control of Lee, a skilled dealmaker who joined in 2013 from Warburg Pincus. Most of the firm’s prominent initiatives of recent years, including growing its credit and insurance businesses, already were under Lee’s purview.The duo’s ascent in early 2018 marked a bold experiment for the relatively young world of private equity: an attempt to pass full operational control from the firm’s pioneering founders -- David Rubenstein, Bill Conway and Daniel D’Aniello -- to a new team of leaders to continue its growth. Rivals such as Blackstone Group Inc., Apollo Global Management Inc. and KKR & Co. have elevated their next generation and laid out succession plans, but stopped short of handing off the reins completely. Now Carlyle is shaking things up in the midst of a global crisis.Across the private equity industry, asset managers are trying to assure investors that their portfolios are not only well-positioned to ride through the economic carnage inflicted by Covid-19, but that they can capitalize on opportunities that might arise during the turmoil. Carlyle reported its biggest loss as a public company in the first quarter but has said it’s prepared to handle a crisis with a wide range of outcomes.“The Carlyle team has built great momentum, has a strong culture of collaboration, and has created long-term value for companies, communities and shareholders,” Youngkin said in Tuesday’s statement. “As the world continues to face so many challenges today, and as Carlyle is well-positioned, now is a natural point to focus my full-time efforts on community and public service efforts that I believe can make a meaningful impact.”The Washington-based firm took some big hits in the first quarter, with the global credit unit seeing funds fall 21%. Natural resources funds fell 22%. The firm is set to report second-quarter results next week.Carlyle shares rose 1.5% to $29.48 at 9:44 a.m. in New York. The stock is lagging behind peers and is down 9.5% this year through Monday. KKR and Apollo Global are up 20% and 8.2%, respectively, in that period. Blackstone is up 0.4%.Youngkin, an alum of Harvard Business School and McKinsey & Co., launched a non-profit last month with his wife, Suzanne, that aims to retrain unemployed Virginians and get them back to work.“He did an outstanding job as co-CEO, but I certainly understand the pull of the kind of public service activities to which Glenn is committed,” Rubenstein said in the statement. “We are fortunate that Kew is extremely well positioned to serve as our CEO, and I look forward to continuing to work closely with him on behalf of all of Carlyle’s stakeholders.”(Updates with Carlyle share performance versus peers in eighth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.


    Carlyle Co-CEO Youngkin Retires; Fellow Co-CEO Lee Takes Over

    In the first quarter, Carlyle suffered its biggest loss as a public company: $709 million, swinging from a $446.3 million profit a year earlier.

  • Lee to be sole Carlyle CEO as Youngkin steps down

    Lee to be sole Carlyle CEO as Youngkin steps down

    Lee, who joined Carlyle seven years ago after spending 21 years at private equity firm Warburg Pincus, will become the firm's only CEO when Youngkin leaves at the end of September. Youngkin, 53, will step down after over two decades at the buyout firm, having worked his way up after joining from management consultancy McKinsey & Company in 1995.

  • Carlyle Sees India M&A Accelerating on Pharma, Technology Deals

    Carlyle Sees India M&A Accelerating on Pharma, Technology Deals

    (Bloomberg) -- Dealmakers in India will be busier than ever as global investors are going to follow Facebook Inc. and Google in deploying capital into the country, according to Carlyle Group.The South Asian nation has become Carlyle’s No. 2 investment destination in Asia after China, according to Gregory M. Zeluck, its Hong Kong-based managing director and co-head for buyout funds in the region. The U.S. firm has announced two deals in India in the past month -- an acquisition of a 20% stake in billionaire Ajay Piramal’s pharmaceutical business for $490 million and paying $235 million for a stake in Bharti Airtel Ltd.’s data-center business.India emerged as a rare bright spot for dealmaking this year, thanks in large part to $19.5 billion of investments in Mukesh Ambani’s technology ventures from Carlyle’s rivals such as KKR & Co. as well as the likes of Facebook and Google. The Silicon Valley giants are coming after India’s half a billion Internet users, whose growing embrace of everything from e-commerce to messaging and digital payments is drawing comparisons to the early days of China’s technology boom.Overseas investment into both China and India has swelled enormously in the past two decades, according to data compiled by Bloomberg. China receives tens of billions more per year than its Asian rival, yet investment there peaked in 2015, before trade tensions, including the long-simmering dispute with the U.S., began to weigh on deals. By contrast, foreign investment into India last year was 134% higher than in 2015.“China has just taken off in the last decade from an investment perspective and India is sure to follow,” Zeluck said in an interview. “It looks like we are on the inflection point now, this year and next year. I wouldn’t say it is going to explode but it is going to grow very substantially in the next five to seven years.”Carlyle plans to step up investing in India’s media and digital sectors, Zeluck said. While the International Monetary Fund is forecasting that India’s economy will contract as one of the world’s biggest and strictest lockdowns takes its toll, the impact of the Covid-19 pandemic will potentially be beneficial for health care, he added.“Some logistics may be a bit of issue, getting control of Covid at the beginning can be an issue,” Zeluck said. “Through the economic downturn, particularly pharma may show some upside as well. So pharmaceuticals and health care in general are two verticals that we think are investible at this point in time.”Tensions between China and the U.S. will also prompt supply chains to move into India, Zeluck said. The pharmaceutical industry will be the biggest beneficiary, and electronics and other manufacturing may also see a shift, he added.“We are very excited about India,” Zeluck said. “There were some economic troubles the country has already been facing. But we have a tremendous level of confidence that India will rebound and will be a great investment for the long term.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Bloomberg

    Carlyle Targets $2 Billion for Americas Growth Equity Fund

    (Bloomberg) -- Carlyle Group Inc. is seeking to raise as much as $2 billion for a fund dedicated to mid-size private equity deals in North America, according to people with knowledge of the matter.The Carlyle Growth Equity Fund will focus on opportunities in the U.S. and Canada, said the people, who asked not to be named because the information isn’t public. The alternative asset manager hasn’t formally launched fundraising efforts for the vehicle, one of the people said.Carlyle is planning the fund, led by Adam Palmer, as the firm tweaks its strategy for investing in smaller, fast-growing companies following the departure of Rodney S. Cohen, who was co-head of Carlyle U.S. Equity Opportunity Fund I and II, which raised $1.1 billion and $2.4 billion, respectively. Cohen was named head of private equity at Black Diamond Capital Management in March.Washington-based Carlyle is moving to more closely align its growth equity and larger buyout teams around sector expertise, and individual sector heads will approve the pursuit of transactions in its various funds, the people said. Both teams report to Carlyle’s chief investment officer of corporate private equity, Pete Clare.Leigh Farris, a spokeswoman for Carlyle, declined to comment.Carlyle’s prior mid-market fund typically featured deals in which it put in equity of $25 million to $200 million. Parameters for the new fund have yet to be finalized, one of the people said.Previous investors in the firm’s mid-market strategy include the Los Angeles County Employees Retirement Association, the California Public Employees’ Retirement System and California State Teachers’ Retirement System, Bloomberg data show.Carlyle, which had $217 billion in assets under management as of March 31, has made other changes under co-Chief Executive Officers Kewsong Lee and Glenn Youngkin. The firm combined its global infrastructure, power and renewable energy investment teams to mirror a model employed by many of the firm’s peers, Bloomberg reported in January.Carlyle’s shares have fallen 11% this year through July 14, trailing peers including Apollo Global Management Inc., Ares Management Corp., Blackstone Group Inc. and KKR & Co.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Carlyle Buys 20% Stake in Piramal’s Pharma Business For $490 Million

    Carlyle Buys 20% Stake in Piramal’s Pharma Business For $490 Million

    The Carlyle Group (CG) announced that it has agreed to purchase a 20% stake in the pharmaceutical business of Indian Piramal Enterprises Ltd. for about $490 million.Carlyle shares rose 3% to $27.25 in afternoon trading on Monday.The deal values the pharma business at an enterprise value (EV) of $2.7 billion with an upside component of up to $360 million depending on the company’s FY21 performance. The final amount of equity investment will depend on the net debt, exchange rate and performance against the pre-agreed conditions at the time of closing of the deal, the private equity fund said in a statement.“Piramal Pharma has built a strong, diversified pharma business with a solid market position and scale in each of its core business segments of Pharma Solutions, Critical Care and Consumer Products,” said Neeraj Bharadwaj, Managing Director at Carlyle Asia Partners. “Given global pharma industry trends, we see attractive opportunities for organic as well as inorganic growth in each of these businesses.”Carlyle added that India is a strategic part of Carlyle’s Asia business, and a market where it continues to see “many attractive investment opportunities”.This transaction, which is one of the largest private equity deals in the Indian pharmaceutical sector, is expected to close in 2020, subject to customary closing conditions and regulatory approvals.Carlyle has been investing in the healthcare sector in India. Last month, the private equity firm announced a majority stake investment in SeQuent Scientific, the largest Indian pure-play animal healthcare company, which is expected to close in the third quarter of 2020. Its other investments in the Indian healthcare sector include Medanta Medicity Hospital, a hospital in the National Capital Region of Delhi, and Metropolis Healthcare, a chain of diagnostic centers and laboratories. Since 2000, Carlyle has invested a total of more than $2.5 billlion in India.Shares in Carlyle have surged 59% since dropping to a low in mid-March and are now trading well above their start-of-the year level.Earlier this month, Chris Kotowski at Oppenheimer raised the stock’s price target to $35 (29% upside potential) from $31 with a Buy rating, saying that Carlyle is well positioned due to the firm's well-diversified private equity assets under management (AUM).Overall, Wall Street analysts are sidelined on the stock. The Hold consensus is divided into 8 Hold ratings versus 1 Buy rating. The $25.63 average price target indicates 5.6% downside potential in the shares in the coming 12 months. (See Carlyle stock analysis on TipRanks) .Related News: BP To Sell Petrochemicals Business To Ineos For $5 Billion AstraZeneca Strikes $127 Million Deal With Brazil For Covid-19 Vaccine Debt-Laden Chesapeake Energy Files For Chapter 11 Proceedings More recent articles from Smarter Analyst: * The Rise of E-Commerce and Cloud Services Positions Amazon (AMZN) for the Win * Facebook Faces More Ad Boycotts, But This Analyst Expects Minimal Impact * 3 "Strong Buy" Penny Stocks With Explosive Upside Ahead * Heron Therapeutics: HTX-011 Will Eventually Be Approved, Says Analyst

  • Hedge Funds Have Never Been This Bullish On The Carlyle Group Inc. (CG)
    Insider Monkey

    Hedge Funds Have Never Been This Bullish On The Carlyle Group Inc. (CG)

    Before we spend countless hours researching a company, we like to analyze what insiders, hedge funds and billionaire investors think of the stock first. This is a necessary first step in our investment process because our research has shown that the elite investors' consensus returns have been exceptional. In the following paragraphs, we find out […]

  • Moody's

    ZoomInfo, LLC -- Moody's upgrades ZoomInfo's CFR to B2 following IPO and debt paydown; outlook positive

    Moody's Investors Service, ("Moody's") upgraded ZoomInfo, LLC's ("ZoomInfo") Corporate Family Rating (CFR) to B2 from B3 and its Probability of Default Rating (PDR) to B2-PD from B3-PD. Concurrently, Moody's affirmed the B2 rating on ZoomInfo's senior secured first lien credit facility (revolver and term loan), assigned an SGL-1 Speculative Grade Liquidity rating, and withdrew the Caa2 rating on its senior secured second lien term loan.

  • Moody's

    URS Holdco, Inc. -- Moody's confirms United Road's senior secured and CFR at B3; outlook changed to negative

    Moody's Investors Service ("Moody's") confirmed the ratings of URS Holdco, Inc. ("United Road or URS"), including the Corporate Family Rating and senior secured debt rating at B3, and the Probability of Default Rating at B3-PD. The outlook is negative.

  • Thomson Reuters StreetEvents

    Edited Transcript of CG earnings conference call or presentation 30-Apr-20 12:30pm GMT

    Q1 2020 Carlyle Group Inc Earnings Call

  • Carlyle-backed Ortho Clinical gets U.S. funding for COVID-19 tests

    Carlyle-backed Ortho Clinical gets U.S. funding for COVID-19 tests

    Ortho Clinical said both tests had received emergency use clearance from the U.S. Food and Drug Administration in April, and currently produces millions of tests per week. U.S. federal agency BARDA has invested billions in the development of testing kits, vaccines and treatments against the novel coronavirus, which has infected more than 2 million and killed over 116,000 in the country.

  • Moody's

    NEP Europe Finco B.V. -- Moody's assigns Caa2 rating to NEP's incremental term loans

    Moody's Investors Service, ("Moody's") assigned Caa2 rating to $100 million committed and funded incremental first lien senior secured term loan issued by NEP/NCP Holdco, Inc ("NEP"). Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

  • VC-Backed Car Site Vroom Tops IPO Goal to Raise $468 Million

    VC-Backed Car Site Vroom Tops IPO Goal to Raise $468 Million

    (Bloomberg) -- Auto sales platform Vroom Inc. expanded its U.S. initial public offering and priced it above the marketed range to raise $468 million.The company, whose backers include L Catterton, General Catalyst Partners and T. Rowe Price Associates Inc., sold 21.25 million shares for $22 each on Monday, according to a statement confirming a report by Bloomberg. Vroom earlier marketed 18.75 million shares for $18 to $20 each, according to its filings with the U.S. Securities and Exchange Commission.Vroom, which sells used vehicles online, moved up the pricing of the IPO to Monday after earlier planning to sell the shares on Wednesday. The company is valued in the offering at more than $2.5 billion based on the larger IPO size and the outstanding shares listed in its filings.While the IPO market heated up last week with more than $7 billion raised globally, venture-backed listings have been largely missing in action. ZoomInfo Technologies Inc., the business intelligence firm whose IPO raised $935 million on Wednesday, was the first technology listing in the U.S. since Chinese cloud service provider Kingsoft Cloud Holdings Ltd.’s IPO in April. ZoomInfo’s backers included TA Associates and Carlyle Group Inc.Loss GrowsVroom had a net loss of $41 million on revenue of $376 million for the three months ended March 31, compared with a loss of $27 million on $235 million in revenue for the same period last year.The Covid-19 pandemic might spur more car buyers to shop online, Vroom said in its filing. According to a CarGurus survey in April, 61% of respondents were open to buying a vehicle online, compared with 32% before the pandemic, Vroom said.Goldman Sachs Group Inc., Bank of America Corp., Allen & Co. and Wells Fargo & Co. are leading the offering. Vroom’s shares are expected to begin trading Tuesday on the Nasdaq Global Select Market under the symbol VRM.(Updates with market value in third paragraph. The description of Vroom was corrected in an earlier version of this story.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Moody's

    Hamilton Projects Acquiror, LLC -- Moody's assigns first time B1 rating to Hamilton Projects Acquiror, LLC's senior secured credit facilities; outlook is stable

    Moody's Investors Service, ("Moody's") assigned a B1 rating to Hamilton Projects Acquiror, LLC's (HPA) $900 million, seven-year senior secured term loan and $115 million, five-year senior secured revolving credit facility. The revolving credit facility will separately back a 6-month debt service reserve and provide general liquidity. HPA'S B1 rating is supported by the strong competitive position of the two plants in PJM, known capacity prices through May 2022, and typical project finance 'B' loan protections.

  • AIG's Divestiture of Fortitude Re to Streamline Its Business

    AIG's Divestiture of Fortitude Re to Streamline Its Business

    AIG completes the sale of a majority stake in Fortitude Re, which highlights its efforts to restructure its business.


    Carlyle Gets Into the Reinsurance Business With Purchase From AIG

    With its acquisition of Fortitude Group Holdings, Carlyle Group is set to enter the market for reinsurance—providing insurance for insurers.

  • Yet Another Zoom Risks More Stock Confusion With ZoomInfo Debut

    Yet Another Zoom Risks More Stock Confusion With ZoomInfo Debut

    (Bloomberg) -- Investors could face more name confusion this week when ZoomInfo Technologies Inc. joins Zoom Video Communications Inc. on the Nasdaq Stock Market.ZoomInfo, which provides data on sales prospects, is expected to price its initial public offering on June 3 and begin trading under the ticker symbol ZI the following day. It will join three other publicly traded companies globally whose names begin with Zoom, the most well-known of which is the maker of video-conferencing software that has become a household name during the coronavirus pandemic.The surging popularity of Zoom Video, used daily by millions of people for remote face-to-face interactions, has fueled a three-fold rally in its stock this year. But for a brief time, it caused even bigger spikes in the shares of Zoom Technologies Inc, a Beijing-based company with few operations to speak of. That stock traded under the symbol ZOOM and had been moribund for years before Zoom Video’s IPO in April 2019 helped revive it.”The challenging part is we’re just running out of names that are distinctive,” said A.J. Ericksen, corporate partner at Baker Botts, in an interview. “So you’ll get some that sound alike and it gets even worse when you start with tickers -- which was a big problem with Zoom Technologies. The retail investors start typing in ‘Zoom’ and get that.”ZOOM’s daily volume soared from about 30,000 shares on April 10, 2019, to nearly 1 million shares eight days later, while the stock price rose about five-fold over three trading days. Things were quieter until the coronavirus started to spread rapidly across the U.S. this spring, sparking a surge in Zoom video chats and sending shares of its doppelganger up more than 10-fold.That volatility captured the attention of the Securities and Exchange Commission, which halted trading in Zoom Technologies for two weeks on March 25. The regulator cited concerns about ticker confusion and a lack of public disclosures since 2015. Ultimately Zoom Technologies changed its ticker symbol from ZOOM to ZTNO.“I think it’s just going to be left to ‘buyer beware,’” Ericksen said.Of course, ZoomInfo has little in common with Zoom Technologies aside from its name. The Vancouver, Washington-based company has about 202,000 paying users, $293 million in revenue last year and is backed by Carlyle Group, according to a filing.It’s unclear whether Zoom Corp., a Japanese seller of video and sound recording devices, has also benefited from name confusion. Its stock rallied to a four-month high in April but has since fallen about 14%.Meanwhile, Zoom Video shares continue to chug higher. The stock has gained 27% since Friday, when it was added to the MSCI World Index. On Tuesday, the company nearly doubled its annual revenue forecast after a blowout first quarter in which customers with more than 10 employees jumped 354% compared with the same period a year ago.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.