Three Delta has withdrawn its bid for Sainsbury’s citing the problems in the credit markets and an equity increase demanded by the UK supermarket’s pension trustees.
Gresham has recruited James Slipper from Deloitte as a partner, after working with the accountant on a number of deals.
Laurence Fink, former Blackstone partner and founder of publicly traded investment firm BlackRock, has reportedly been offered the chief executive position at Merrill Lynch. Fink is also said to be a candidate for the same job at Citi, as both US banks seek to replace CEOs in the wake of multibillion dollar write-downs.
Dubai International Capital, the Middle Eastern investment firm, has bought Almatis in a secondary deal, with loans at more than six times EBITDA provided by Swiss bank UBS.
Dubai Holding has made its second acquisition of a stake in an alternative investment firm this week, buying shares in Marfin Investment Group and Marfin Popular Bank.
Silicon Valley firm Shasta Ventures has closed on $250 million its second fund, which will make early-stage technology investments.
Pension funds anticipate private equity returns over the next three years to be 38 percent lower than managers’ expectations. However, pension funds’ desire to invest in the asset class remains high.
JP Morgan spin-out CCMP Capital has closed its first global fund, which will focus on buyout and growth equity opportunities.
Dubai International Capital, the alternative asset manager, has acquired a stake in US hedge fund Och-Ziff Capital Management in advance of its impending flotation. The hedge fund manager is the latest of numerous firms to receive backing from a state investor.
In a recent interview with sister magazine Private Equity International, Oaktree chairman Howard Marks discussed his firm’s rapid expansion and expertise in profiting from troubled times.
Through the purchase of website FastBooking, two private equity firms are looking to take advantage of the growing trend of internet booking.
A $3.5 billion distressed-for-control fund was recently closed by MHR Fund Management, the New York firm led by Carl Icahn’s former chief investment advisor Mark Rachesky. It is more than three times the size of the firm’s 2002 fund.
Specialist acquisition firm Three Delta’s bid for Sainsbury’s awaits an 8 November deadline as its talks with the supermarket’s pension trustees near completion.
Isis Equity Partners, the UK mid-market buyout firm, has sold secure messaging company Boldon James to trade buyer Qinetiq, after securing contracts for the company with the UK Ministry of Defence and the UK Cabinet office.
Puget Sound Energy, Washington state’s largest utility company, will be taken private in a $7.4 billion transaction by a consortium including Macquarie, the Canada Pension Plan Investment Board and British Columbia Investment Management Corporation.