|Bid||0.00 x 800|
|Ask||28.30 x 800|
|Day's Range||26.29 - 26.98|
|52 Week Range||18.30 - 29.95|
|Beta (3Y Monthly)||1.69|
|PE Ratio (TTM)||9.68|
|Earnings Date||Oct 23, 2019 - Oct 28, 2019|
|Forward Dividend & Yield||0.50 (1.91%)|
|1y Target Est||32.43|
KKR, a leading global investment firm, today announced that it has completed the acquisition of a majority stake in Hyperoptic Ltd, the UK’s largest residential gigabit broadband provider, from funds managed by Newlight Partners LP (“Newlight”) and Mubadala Investment Company. Financial details of the transaction were not disclosed.
Up to 44.3 million shares with a price range of 16.50 to 21.00 Swiss francs feature in the total offering, which includes a greenshoe over allotment option. The valuation means 731 million francs to 931 million could be raised in the secondary offering, which comes as investors including U.S. private equity firm KKR and some staff reduce their holdings. SoftwareONE, an IT services company based in Stans, central Switzerland, is due to list on the SIX Swiss Exchange on or around Oct. 25.
U.S. private equity firm KKR & Co and its partners have lowered the IPO price of their Australian non-bank lender, Latitude Financial, by up to 20.9% ahead of its expected listing on Friday, two sources told Reuters. A Latitude spokesman declined to comment. It is the second attempt to list Latitude by KKR, Deutsche Bank and Varde Partners.
Regions Financial (RF) displays mixed prospects for revenue growth and cost-saving initiatives, with lack of diversification in loan portfolio and litigation issues as concerns.
Southeast Asian online realtor PropertyGuru Ltd filed a prospectus in Australia seeking an initial public offering (IPO) that could raise as much as A$380.2 million ($257 million). PropertyGuru, whose backers include buyout firms TPG Capital and KKR, has set an indicative price range of A$3.70 to A$4.50 each, according to its prospectus filed with the Australian Securities and Investment Commission on Monday. Last month, Reuters had reported the Singapore-based company's plans to list in Australia.
U.S. private equity firm KKR & Co Inc is seeking to raise $1.5 billion for its third special situations fund, people familiar with the matter said on Friday. KKR Special Situations Fund III, which was registered with regulators in June, will acquire distressed debt at a discount, said three sources who requested anonymity to discuss the matter. KKR, which has not announced the fundraising target, declined to comment.
-- Global leader stands out in solutions strategy, technical expertise, and end-to-end capabilities, according to independent analyst firm’s report --
KKR today announced the release of a new KKR Viewpoints publication authored by Paula Campbell Roberts. In The New Consumer, Roberts explores the recent emergence of the “Asset Light Consumer” – with respect to the consumer balance sheet and consumer purchases – and its impact on the broader investment landscape. “The Great Recession, technological disruption, demographics and the rise of the services sector have led to the rapid growth of a rentership and sharing economy, which has long-term implications for growth and investing.
(Bloomberg) -- It’s a marriage between two of Wall Street’s hottest products.Collateralized loan obligations -- typically chock-full of broadly-syndicated debt -- are increasingly being stuffed with private loans made to highly leveraged medium-sized companies with limited access to bank financing. Known as middle-market CLOs, the asset class has ballooned to $57 billion, from just $20 billion six years ago. Five new entrants this year -- including Owl Rock Capital and PennantPark Investment Advisers -- suggest issuance is only set to increase.The frenzied growth is another example of how banks, insurance companies and pension funds continue to reach for higher-paying securities in the face of almost $15 trillion of negative-yielding debt around the world. Middle-market CLOs can offer premiums of as much as 200 basis points versus their garden-variety peers, in part due to the reduced liquidity that comes with direct lending, which bypasses traditional capital markets. Analysts say the products could saddle investors with even steeper losses if credit conditions sour.“Some investors want the excess return to take on the illiquidity of the underlying middle-market loans,” said Michael Herzig, a portfolio manager at THL Credit. “You can’t trade a middle-market CLO the way you can broadly-syndicated ones. You really have to be diligent and careful when you structure.”About $10.4 billion of new middle-market CLOs have priced this year, according to data compiled by Bloomberg, near last year’s pace, which was the fastest since the financial crisis. Still, that’s dwarfed by about $80 billion of traditional CLO issuance. The $57 billion of middle-market CLOs outstanding compares to more than $600 billion of the conventional variant.There are plenty of distinctions between middle-market and more typical CLOs that pool syndicated loans. For one, the firms that make the private loans are also the ones that oversee the securitizations. The combination of origination, underwriting and management fees is a potentially lucrative setup.But the arrangement also means they’re forced to keep a slice of the securities they offer in what is known as risk retention. These are rules intended to align lender and investor interests -- largely to prevent a repeat of the subprime mortgage fiasco.“In a middle-market CLO versus one in the broadly-syndicated market, the active management isn’t centered on discretionary trading of the loans within the portfolio,” said Vivek Mathew, head of asset management and funding at Antares Capital, one of the largest middle-market lenders with $26 billion of assets. “It’s originating the loans and actively managing the underlying assets from a credit perspective, including working them out if they begin to struggle.”Major PlayersMiddle-market loans also tend to carry more safeguards -- known as covenants -- than broadly-syndicated loans, where investors have recently started to push back against some of the riskiest financings.Only about 30% of middle-market debt is covenant lite, versus 70% to 80% for loans sold to investors, according to Michael Boyle, a managing director at Bain Capital Credit.On the other hand, the underlying debt in middle-market CLOs tends to be smaller in size, as many borrowers have annual earnings of $100 million or less. That makes the debt significantly less liquid compared to traditional loans. In addition, it makes the CLO bonds themselves harder to sell.“If you decide you don’t like what the CLO manager is doing, you’ll pay a higher price to exit the position,” said Dave Preston, a CLO analyst at Wells Fargo.Many of the new entrants issuing middle-market CLOs are already major players elsewhere, including business development company FS KKR Capital and conventional CLO manager THL, which sold its first middle-market securitization in March.The A rated chunk of Bain Capital’s middle-market collateralized loan obligation from August pays an interest rate of 3.6% over the London interbank offered rate, according to data compiled by Bloomberg. The similar-rated tranche of its most recent conventional CLO from September yields 2.85% over the benchmark. Corporate bonds with comparable rankings pay an average of about 2.64%, according to Bloomberg Barclays index data.Still, some are steering clear of middle-market CLOs given the difficulty conducting due diligence on the underlying companies. Investors have good reason to be wary, according to Jason Merrill, an investment specialist at Penn Mutual Asset Management, which oversees about $28 billion, largely on behalf of insurers.“One of the lessons we were supposed to learn from the financial crisis is that it’s important to understand the collateral and understand the risks,” Merrill said. “We do deep analysis when we look at credits, and that’s harder to do with middle-market CLOs,” he said, adding that it has “caused us to shy away from the middle-market space.”That’s why it’s critical for investors to choose a firm whose lending and management approach aligns with their own, according to Bain Capital’s Boyle.“There’s less collateral overlap than in the broadly-syndicated market,” said Boyle. “Finding the right asset manager really matters.”For now, there’s little sign of a supply slowdown anytime soon. Middle-market lenders say CLO issuance is an increasingly popular source of term financing as they seek to expand their private-credit business. And fundraising for North America-focused direct lending is booming.New money reached $6 billion in the third quarter, bringing this year’s total to $22.6 billion, according to London-based research firm Preqin. That compares to $16.2 billion a year ago. Fundraising typically jumps in the fourth quarter, and cash raised may come close to the record $36.3 billion of inflows in 2017.“There’s been more competition but there’s still growth opportunity in direct lending,” said Craig Packer, co-founder of Owl Rock, which manages $13 billion of assets. “We’ve seen investor appetite for our CLOs, and we expect to do more.”\--With assistance from Charles Williams and Adam Tempkin.To contact the reporter on this story: Lisa Lee in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Natalie Harrison at email@example.com, Boris KorbyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
KKR, a leading global investment firm, today announced senior appointments within KKR’s Global Impact business, deepening its geographic reach and local impact. Stanislas de Joussineau will lead KKR’s Global Impact team in Europe, and Sharon Yang will join KKR Global Impact as a senior investor in Asia.
Businesses and organizations of all sizes have steadily begun to recognize the importance of cybersecurity to their success. As spending and awareness of the importance of cybersecurity increases, so does the demand for intelligence about how best to spend those funds and what security leaders can expect in today’s constantly evolving attack surfaces. To help give business leaders insight into the threat landscape to better mitigate risk, Optiv Security has published its 2019 Cyber Threat Intelligence Estimate (CTIE) report, which evaluates the latest cyber threats, explores statistics from various vertical industries, and offers insights into best cybersecurity practices.
(Bloomberg) -- Cinven has teamed up with the Abu Dhabi Investment Authority to weigh a joint bid for KKR & Co.’s scientific measurement and testing company LGC Group, people familiar with the matter said.Cinven and the Abu Dhabi sovereign wealth fund are working with a financial adviser as they consider making an offer, the people said. KKR has started a formal sale process and invited suitors to submit first-round bids for the business by next week, the people said, asking not to be identified as the matter is private.LGC could fetch more than $2 billion including debt in a sale, people familiar with the matter have said previously.ADIA, one of the world’s largest sovereign funds, is stepping up its dealmaking with buyout firms as it allocates more money to direct investments. It has also teamed up with private equity firms Advent International and Cinven to consider a joint bid for Thyssenkrupp AG’s elevator unit, according to people familiar with the matter. Earlier this year, it was part of a consortium that entered exclusive talks to acquire Nestle SA’s $10 billion skincare business.Representatives for ADIA, Cinven and Advent declined to comment, while a representative for KKR didn’t immediately respond to a request for comment.LGC provides independent chemical and bioanalytical measurements. The sale has attracted interest from from suitors including Thermo Fisher Scientific Inc. and Danaher Corp. and other private equity firms such as Blackstone Group Inc., Carlyle Group LP, CVC Capital Partners and EQT Partners, people familiar with the matter said last month.\--With assistance from Eyk Henning.To contact the reporters on this story: Dinesh Nair in London at firstname.lastname@example.org;Sarah Syed in London at email@example.comTo contact the editors responsible for this story: Aaron Kirchfeld at firstname.lastname@example.org, Ben Scent, Stefania BianchiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Though Cohen & Steers' (CNS) organic growth strategies have been driving top-line growth, rising operating expenses are a near-term concern.
(Bloomberg Opinion) -- To understand Elliott Management Corp.’s plans for AT&T Inc., it’s worth examining how it tackled a relative telecommunications minnow in Europe. The activist investor’s 2018 fight for control of Telecom Italia SpA may have provided something of a dry run.Last year, after revealing its stake in the Italian carrier, the fund run by combative billionaire Paul Singer started with a relatively short and straightforward list of proposals: improve governance, replace the board and divest some fixed and mobile network assets to reduce debt. Over the subsequent months, perhaps as it ascertained what resonated best with other shareholders, the strategy evolved into a more extensive array of requests dressed with a more constructive air.By the end of the year, Singer had realized the goals that were supposed to right the ship. Elliott had installed a new chief executive officer, Luigi Gubitosi, who won support on expectations he would be better able to execute a turnaround program. Conveniently, Gubitosi, an Italian with a private equity background, appears more open to putting a for-sale sign on assets that Elliott wants Telecom Italia to shed.With AT&T, Elliott started off the bat with a more exhaustive set of proposals akin to those it took months to develop at Telecom Italia: operational improvements, a portfolio review, better governance, a halt to acquisitions, and an exhortation for AT&T CEO Randall Stephenson to “align management skills,” which seems to hint at personnel changes. That could mean trying to prevent the ascent of John Stankey, AT&T’s chief operating officer and heir apparent for the top role.As AT&T investors and employees dig into the details, they should ignore the noise and focus on what are probably Elliott’s ultimate goals. That doesn’t mean it will be a smooth ride for either side. Telecom Italia stock is down almost 30% from the levels at which Elliott likely bought in, and selling assets will probably take a long time. The company’s biggest shareholder, French media conglomerate Vivendi SA, has fought Elliot at every turn. At AT&T, Elliott is pushing for what looks like a more constructive approach, but the fund’s core ambitions are surely the divestment of assets, including the shrinking DirectTV business and perhaps even parts of the phone network. QuicktakeWho Really Wins When Activist Investors Attack?U.S. carriers have so far largely avoided putting their fixed-network assets up for sale, but there’s plenty of appetite from funds such as KKR & Co. to invest in the infrastructure that supports the data economy. In Europe, similar assets have been sold for close to 20 times earnings before interest, taxes, depreciation and amortization.Elliot has also taken a page from its agenda with German business-software giant SAP SE, calling on AT&T to a halt any new acquisition plans to focus on better integrating purchases it already has in motion. That complements the Telecom Italia strategy by ruling out moves that may add to the debt pile when the goal is to reduce it.There are differences, of course. Telecom Italia was a proxy fight to secure board control. That’s not on the table at AT&T – at least, not yet. And building a meaningful enough stake in the $274 billion American firm for such a fight would be tough. But the trajectory seems the same. To contact the author of this story: Alex Webb at email@example.comTo contact the editor responsible for this story: Melissa Pozsgay at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Private equity investor Warburg Pincus and other owners sold their entire stakes in Inexio, which was founded by entrepreneur David Zimmer in 2007 and has connected communities in southern and southwestern Germany, both parties said. Inexio provides high-speed internet to 110,000 customers and 6,000 businesses, and has a strategic goal of connecting 2 million households by 2030. Independent fibre-optic companies have built franchises in German regions and cities, positioning themselves to capitalise on government efforts to build a networked "Gigabit Society" in the coming decade.
Though Invesco's (IVZ) global footprint and assets under management have been benefiting from opportunistic acquisitions, rising operating costs and high debt remain concerns.
U.S. private equity firm KKR & Co and its partners want to raise up to $945.42 million in exchange for 35% of one of Australia's largest non-bank lenders, Latitude Financial, in its second attempt at listing, documents show. Latitude's prospectus, filed with the regulator on Thursday and seen by Reuters, values the finance company at between A$2 and A$2.5 per share, giving it a market valuation of up to A$4 billion ($2.70 billion). It would be the largest IPO in Australia since global energy trader Vitol raised A$2.6 billion floating its oil refining business Viva Energy in July 2018, according to Refinitiv data, even though it is less than Latitude had hoped to raise in its attempt last year.