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The era of pure-play private equity is over. Banks are pulling different divisions together to serve the complex needs of global asset managers
Specialist moves after 18 years in the market
New dangers are making deals harder to do, but pricing for the haves is still tight
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As US CLO managers explore ways to boost returns on new deals, longer reinvestment periods could be introduced to appease equity buyers, though debt investors may not accept the trend quietly. -
CVC has agreed to buy Polish retailer Żabka Polska from Mid Europa Partners, in what the latter says is the largest private equity exit in Poland to date.
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Investor demand for exposure to global loan and CLO products has prompted GSO/Blackstone’s listed Loan Financing Fund, which invests in US and European senior secured loans both directly and through CLO debt, to plan a new share issue.
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KKR has agreed to buy up to a 40% share in Telefónica’s telecoms infrastructure division Telxius for €1.275bn, adding further to a growing buyout pipeline in Europe.
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Santander has poached yet another banker from the Royal Bank of Scotland's leveraged finance team, as Saul Proctor becomes financial sponsor director at the Spanish bank.
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The successful placement of an outbound acquisition financing for Indian company Intas Pharmaceuticals has put the spotlight on rules barring Indian banks from supporting local M&A. Intas’s loan has demonstrated that the country’s lenders are well positioned to structure and distribute complex deals with cross-border elements. It’s time for the regulator to rethink rules on domestic transactions.
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