|Bid||23.39 x 3200|
|Ask||0.00 x 800|
|Day's Range||23.10 - 23.79|
|52 Week Range||18.30 - 28.73|
|Beta (3Y Monthly)||1.80|
|PE Ratio (TTM)||7.72|
|Earnings Date||Jul 24, 2019 - Jul 29, 2019|
|Forward Dividend & Yield||0.50 (2.24%)|
|1y Target Est||29.58|
KKR & Co. Inc. (“KKR”) (KKR) today announced that it has priced an offering of $500,000,000 aggregate principal amount of its 3.750% Senior Notes due 2029 (the “notes”) issued by KKR Group Finance Co. VI LLC, its indirect subsidiary. The notes are to be fully and unconditionally guaranteed by KKR & Co. Inc. and its subsidiaries, KKR Management Holdings L.P., KKR Fund Holdings L.P. and KKR International Holdings L.P. KKR intends to use the net proceeds from the sale of the notes, together with cash on hand, to redeem in full the $500 million aggregate principal amount outstanding of its 6.375% Senior Notes due 2020 issued by KKR Group Finance Co. LLC and pay the related redemption premium and all fees and expenses related thereto.
Many investors, including Paul Tudor Jones or Stan Druckenmiller, have been saying before the Q4 market crash that the stock market is overvalued due to a low interest rate environment that leads to companies swapping their equity for debt and focusing mostly on short-term performance such as beating the quarterly earnings estimates. In the first […]
Bob Beauchamp, who served as CEO of Houston-based BMC Software Inc. from 2001 to 2016, is glad to be leading the enterprise software company once again. Beauchamp returned as interim president and CEO April 1, after leaving BMC Software in 2016. “I’ve always been kind of a geek, and I love new technologies,” Beauchamp told the HBJ.
Market expectation that the US Federal Reserve will cut rates, possibly as early as this year, has sent investors fleeing the loan market. High yield bond funds saw a similar spike in outflows in the week ending June 5 with US$3.2bn withdrawn, the highest since December, Lipper data showed. Loan funds make up just 11% of the total leverage loan market, according to LPC, a historic low since mid-2016.
KnowBe4, the company that has dominated headlines after nearing a billion-dollar status while pushing for more cybersecurity training in the Tampa Bay area, has now reached unicorn status. The tech term is given to companies that have reached a billion-dollar value, and the latest $300 million investment from private equity firm KKR & Co. (NYSE: KKR) put the Clearwater-based company over the top, with significant participation from existing investors Elephant and TenEleven Ventures. "We built KnowBe4 to serve an important market need and it's very, very gratifying to have reached this milestone as evidence that we're doing what we set out to do," Stu Sjouwerman, CEO of KnowBe4, said in a release.
(Bloomberg Opinion) -- Closing a leveraged buyout in Germany can be as painful as pulling teeth. That isn’t deterring KKR & Co. as it tries to grab a stake in the country’s most influential publishing business.The U.S. private equity firm’s 6.8 billion-euro ($7.7 billion) deal to take Axel Springer SE private with its founding family comes with some big compromises. They only highlight the lengths to which firms have to go to deploy their burgeoning pools of capital.This is far from a conventional LBO. Friede Springer, of the newspaper publisher’s founding family, and Mathias Doepfner, its chairman and CEO, aren’t selling their combined 45% holding and will stay in the driving seat.KKR is bidding for a minimum 20% stake. If it succeeds, the next step would be to delist Axel Springer. The U.S. firm would be left with only a simple minority stake and joint control of the business alongside the founding family.The management, strategy and capital structure are unlikely to change dramatically. KKR may be able to apply leverage to the vehicle that holds its shares, using dividends paid by Axel Springer to fund the interest payments on the debt. That wouldn’t provide much of a lift to the private equity firm’s returns.The path to a decent gain here most likely lies in expanding Axel Springer’s classifieds businesses and bringing the company back to the market at the sort of valuation commanded by the likes of Rightmove Plc and Auto Trader Group Plc. Shares of the two companies trade at more than twice the 11 times estimated Ebitda multiple ascribed to Axel Springer in this transaction. Throw in some acquisitions in listings, and the publishing arm, which includes newspapers Bild and Die Welt, would become marginal from a financial perspective.Classifieds generate roughly 40% of Springer’s revenue, but the division’s margins significantly lag those of rivals in the listings market. Boosting them will require hefty spending on marketing and digital functionality. A profit warning accompanying the deal only rams home the message that the performance of this company is going to get worse before it gets better.Still, this isn’t a big outlay for KKR. Buying out all the minorities, excluding other family members, would cost roughly 3 billion euros. Debt funding might cut that by a third. Without the turbo-boost of leverage, making a 20% internal rate of return will be tricky: essentially, the value of Axel Springer’s unlisted shares would have to double over the next five years.The question is whether KKR has done enough to get this over the line. The takeover of German healthcare group Stada Arzneimittel AG was a tortuous affair. A private equity bid for Scout24 AG, another German classified ads business, foundered after failing to win sufficient support from investors.The 40% premium the buyout firm is offering over Axel Springer’s undisturbed stock price will be hard for minority shareholders to resist – all the more so given a counter-bid is unlikely to emerge at this stage given the involvement of the family in the sales process.That may make KKR’s job of sealing the deal easier. That’s just as well. It will need to save its energy for getting the investment to make money.To contact the author of this story: Chris Hughes at email@example.comTo contact the editor responsible for this story: Edward Evans at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Toorak Capital Partners (“Toorak”), a leading real estate loan investment platform, today announced that it has obtained an increased investment from KKR, a leading global investment firm. KKR increased its capital commitment to $500 million after committing $250 million to the company in 2018, following the firm’s initial commitment of $75 million in 2016. The investment comes as Toorak completed more than $2.5 billion in investments across more than 8,000 loans in 45 states and the U.K., more than doubling the company’s $1 billion milestone of total loans purchased at this time last year.
Enter KKR & Co., which is seeking to buy out minority shareholders with an offer that values Axel Springer SE at 6.8 billion euros ($7.7 billion). Friede Springer and CEO Mathias Doepfner, who together hold more than 45% of the company, are betting that the private-equity company’s clout and deep pockets will help them with the transition online. Axel Springer, which bought Business Insider in 2015 for $343 million, has languished since the stock peaked early last year, as investors watched digital-media rivals fold and worried about Google and Facebook Inc. encroaching on online classifieds, which have become one of Springer’s growth engines while it pares back its print publishing assets.
The United Nations estimates that its 17 Sustainable Development Goals—a list of initiatives ranging from zero hunger to clean energy—will require annual commitments of private capital from $5 trillion to $7 trillion globally over the next decade. Impact investing, which aims to overcome environmental and social challenges while making a financial return, is one of Wall Street’s fastest-growing asset classes. Since the term “impact investing” was coined in 2007, $502 billion has been invested globally in assets deemed to be making a difference, according to a first-of-its-kind attempt to measure them done this April by the Global Impact Investing Network.
President Donald Trump said on Tuesday he would hold up a trade deal with China unless it agrees to four or five major points, reheating tensions between the two sides. The STOXX 600 fell 0.44% by 0816 GMT, tracking Asian markets lower, with the tariff-sensitive technology sector down 0.76%.
U.S. private equity investor KKR said on Wednesday its investment agreement with the main shareholders in German publisher Axel Springer, under which it is making an offer to buy out minorities, was valid for five years. Asked by Reuters, a KKR spokesman said that this represented a minimum period, adding that the company's engagements on average lasted between five and seven years. Funds controlled by KKR earlier on Wednesday offered 63 euros a share to buy out minority shareholders, representing a 40% premium and putting an equity value of 6.8 billion euros ($7.7 billion) on the business.
Pervasive enterprise digital transformation actions continue to dramatically expand business complexity and the attack surface, leading organizations to face increasing cybersecurity complexity. Compromised identities are at the center of today’s challenges, however most organizations are still executing project by project, capability by capability. To enable organizations to implement identity and data management strategies based on business outcomes, Optiv Security and SailPoint Technologies Holdings, Inc. today announced a new Optiv Identity Governance-as-a-Service, the first-to-market as-a-Service powered by IdentityNow.
-- Security Solutions Integrator Receives Highest Possible Score for Delivery and Engagement Innovation, IP and Asset-Based Consulting and Go-To Market Strategy, Among Three Other
BERLIN/FRANKFURT, June 6 (Reuters) - A leading German jobs portal hit out on Thursday at Google's launch of its own job-search product in Europe's largest economy, saying the U.S. company had abused its dominant position to grab an overnight market lead. Stepstone, owned by publisher Axel Springer, said the number of inquiries it was receiving via the world's leading search engine had declined since Google for Jobs went live in late May.
So, who performs better with their portfolio companies, publicly traded private equity firms or non-publicly traded ones?
Cloud services provide the speed and agility necessary for enterprises to transform business. However, the dynamic and intangible nature of cloud is challenging businesses to maintain full visibility of critical assets and effectively counter risks.
German property group DIC Asset has agreed to buy German Estate Group (GEG) for 225 million euros ($253 million) in cash from real estate investor TTL and private equity firm KKR, the companies said on Wednesday. GEG is an investment management platform specialised in commercial real estate properties that are placed with institutional investors. With 3.6 billion euros in assets under management, it owns landmark properties such as the Sapporobogen in Munich and the Garden Tower and Villa Kennedy in Frankfurt.
Vocus Group Ltd on Tuesday said Swedish private equity firm EQT Infrastructure had withdrawn its A$3.3 billion ($2.30 billion) buyout offer, making it the fourth suitor to drop its bid for the telecoms company in the last two years. "Following an accelerated period of due diligence, EQT has decided not to proceed with the transaction outlined in the indicative proposal," Vocus said in a statement.
The New York-based private equity firm is working with a financial adviser on identifying potential buyers for the business, which is worth at least $2 billion, the people said. KKR may start a formal sale process as soon as year-end, the people said, asking not to be identified because the matter is private. KKR acquired Goodpack five years ago for about S$1.4 billion ($1 billion) and delisted the company.
PHILADELPHIA and NEW YORK, June 3, 2019 /PRNewswire/ -- FS/KKR Advisor, LLC (FS/KKR), a partnership between FS Investments and KKR Credit Advisors (US) LLC, today announced a definitive agreement to merge four non-traded business development companies (BDCs) under its advisement: FS Investment Corporation II (FSIC II), FS Investment Corporation III (FSIC III), FS Investment Corporation IV (FSIC IV) and Corporate Capital Trust II (CCT II). The common equity of the combined company is currently expected to be listed on the New York Stock Exchange in the fourth quarter of 2019, subject to final board approval and market conditions.
KKR bought Goodpack for $1.1 billion in 2014 — one of the largest acquisitions made in Asia that year.
While industries are being completely reinvented at an ever-accelerating pace, the overall approach to cybersecurity has not similarly evolved to address the new security challenges presented by rapid digital transformation.