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☆ Neiman Marcus CEO says there's ‘no need’ to sell the business as Saks takeover rumors swirl
▼ + stars: | 2024-01-10 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

ORLANDO, Fla. — As rumors swirl over whether Saks Fifth Avenue will acquire Neiman Marcus, Neiman's CEO told CNBC there's "no need" to sell the business, adding it's unlikely to change hands in the next five years. Some people close to the companies have told CNBC a merger between the two is inevitable, and is a matter of when, not if. But Neiman's CEO Geoffroy van Raemdonck said there is currently "no process to sell the company." Eventually, those owners will seek to offload the business, but van Raemdonck said it won't be any time soon. They have not yet received an offer that was large or attractive enough to move the needle, a source familiar with the matter previously told CNBC.

Persons: Neiman Marcus, Geoffroy van Raemdonck, there's, van Raemdonck, Neiman, There's Organizations: Saks, CNBC, Street, Pacific Investment Management, Davidson, Capital Management, Sixth Street Partners, Neiman, CNBC PRO Locations: ORLANDO, Fla, Orlando

☆ Airbnb used to be about crashing on a stranger's couch for cheap. Now Wall Street wants in.
▼ + stars: | 2023-11-11 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +6 min

Airbnb started out with all mom-and-pop hosts, but now big firms are eyeing it as a money-maker. AdvertisementAdvertisementIt started buying up houses in Florida, and renting them out on Airbnb for hundreds of dollars a night, the Wall Street Journal recently reported . "The majority of Airbnb hosts share only one listing," according to a spokesperson. But the shift in operators from mom-and-pop hosts renting their spare bedrooms to major companies renting hundreds of units out has changed the guest experience, too, according to NerdWallet. AdvertisementAdvertisementShort-term rentals can be a volatile investmentRelying on Airbnb, though, can be risky for both mom-and-pop hosts and big-money investors.

Persons: Airbnb, —, Brian Chesky, AirDNA, Skift, Jelke Bosma, Jamie Lane, NerdWallet Organizations: TPG, Service, Wall Street Journal, Saluda, Investment, Davidson, Capital Management, University of Amsterdam Locations: Florida, San Francisco, New York, WEG, Pompano Beach, Fort Lauderdale

☆ October slammed biotech stocks, and these 3 hedge funds couldn't escape the pain
▼ + stars: | 2023-11-08 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +1 min

Biotech hedge funds couldn't escape a tough October, sources told Insider. Managers like Perceptive Advisors and RTW Investments lost more than 9% in just a month's time. While big-name hedge funds were able to avoid some of the market's pain last month, biotech specialists were hit hard. Some funds, including Perceptive Advisors, RTW Investments, and San Francisco-based Redmile Group, had a tough October thanks to pain across the biotech space, according to sources familiar with their performance. The flagship fund at $8 billion Perceptive Advisors, run by billionaire Joseph Edelman, lost 9.5% in the month, bringing its yearly performance to a loss of 8.7%.

Persons: Joseph Edelman, Davidson Kempner, Roderick Wang Organizations: Biotech, RTW Investments Locations: Moderna, San Francisco

☆ Hidden investors took over Corizon Health, a leading prison healthcare company. Then they deployed the Texas Two-Step.
▼ + stars: | 2023-08-21 | by ( Nicole Einbinder | Dakin Campbell | ) www.businessinsider.com time to read: +63 min

The nurse practitioner on duty that day was employed by Corizon Health, Inc., one of the nation's largest private prison healthcare providers. Under federal law, a bankruptcy judge may respond to evidence of self-dealing or perjury by appointing a trustee to take control of the bankrupt company, bankruptcy experts told Insider. Just six months before the Garcia family was scheduled to have their day in court, Corizon filed for bankruptcy. "The Corizon bankruptcy is presently in a court ordered mediation, and we are seeking a global resolution for all the parties involved." Goldberger's attorney, Joseph Haspel, responded to queries with a statement saying that "Mr. Goldberger is a passive investor" in Corizon, Tehum, YesCare, Perigrove, and Perigrove 1018.

Persons: Hector Garcia, Garcia, wriggling, Adria Malcom, Corizon, Bryan Baker, —, Doña Ana, Corizon ., Garcia's, Daniel Jimenez, Gina Macias, Belen Lowery, Hector Garcia , Jr, it's, Johnson, Tehum, Sen, Elizabeth Warren, I've, Isaac Lefkowitz, James Hyman, YesCare, Lefkowitz, Ian Cross, Lynn LoPucki, Tracey Grissom, William Kelly, Kelly, Hector Garcia Jr, Hector Jr, Ricky, he'd, Hector Garcia's, Ana County , New Mexico Hector Jr, Matt Coyte, Coyte, Hyman, didn't, Sara Tirschwell, Kholood, Tirschwell, Jason S, Ana County, Nick Tomecek, Christopher Atkinson, Wendy McGee, McGee, Stephanie Kiger, Anita Skipper, Atkinson, He's, Simche Steinberger, England, Steinberger's, Steinberger, Michael Flacks, Sylvia Jarrus, Cross, he's, David Gefner, Abraham Goldberger, Gefner, Perigrove, Terrence A, they'd, Oved, Goldberger, CHS Dana Anna, Flacks, Moneyman, Joel Landau, Joseph Haspel, Haspel, Andrew Levander, Landau, James Hyman's, It's, Genesis, David Harrington, Bill de Blasio, there'd, Hindenburg, David Paterson, Mark Roe, availing, Dick Durbin, Gefner . Lefkowitz, Tirschwell —, Davidson Kempner, Tim Hunter, Tirschwell's, catastrophically, Tirschwell's playbook, Jeff Sholey, Sholey, Steven Storch, Daniel's Organizations: Detention, Insider, Corizon Health, Inc, Housing, University of Missouri Health Care, Arizona Department of Corrections, Rehabilitation, Senate Banking Committee, Court, Middle, University of Florida, Alabama, futon, Health Services, New, Arizona, BlueMountain Capital Management, Flacks, Revenue, Corizon, New York Times, Tehum Care Services, CHS, YesCare Holdings, Okaloosa, Wyoming Department of Corrections, University of West, YesCare, Public, Alabama Department of Corrections, . Alabama Department of Corrections, Tehum, US, University of Missouri, LinkedIn, Flacks Group, Consulate Health Care, Justice Department, YesCare Corp, United Staffing Solutions, Charlotte, CHS Okaloosa, United, Solutions, Pharmacorr, Trade Center, Securities and Exchange Commission, Hindenburg Research, Alabama Department, Corrections, Geneva Consulting, Genesis Healthcare, Trade, Geneva, New York Stock Exchange, Pinta Capital Partners, The, Pinta Capital, New York Gov, Staffing Solutions, DG Realty, Harvard Law School, ACLU, Public Justice, Lawyers, Seven Trade, World Trade, Gefner, Southern, Southern District of Texas, The Alabama Department of Corrections, Southern Poverty Law Center, Medicare, Services, Quest Turnaround Advisors, New York City, Republican, city's Campaign Finance, CFB, Campaign Finance, Finance Locations: Ana, Las Cruces , New Mexico, facility's, Doña, Jimenez's, Las Cruces, Houston, New, Rockland County, Texas, Middle District, Tennessee, Michigan, Virginia, New York, Oregon, Idaho, New Mexico, Ana County , New Mexico, Corizon, Florida, New York City, A, York, Nashville, Missouri, Brentwood , Tennessee, Delaware, Okaloosa, Florida's panhandle, Okaloosa County, Okaloosa County , Florida, University of West Florida, YesCare, Wyoming, Shawnee County , Kansas, Bernalillo County , New Mexico, Tehum, Perigrove, Suffern, Brooklyn, America, Manhattan, Suffern , New York, Geneva, nonpayment, United States, Rivington, Alabama, Southern District, Wexford, Maine, Corizon's Texas, Mexico, Tirschwell's, YesCare Corp

LONDON, Aug 11 (Reuters) - U.S. hedge fund Davidson Kempner Capital Management (DK) said on Friday it had agreed to sell Prelios to fintech firm ION Group, in a long-awaited deal which two sources said valued the Italian credit manager at 1.35 billion euros ($1.5 billion). DK, which did not disclose the sale price, had been looking for a buyer for years, and held discussions for several months with ION. Dublin-based ION Group was in turn in talks with banks for months to secure funding for the deal. Founded by former Salomon Brothers trader Andrea Pignataro, ION Group provides services of trading, analytics, treasury and risk management for capital and commodity markets. In 2021 in Italy alone, ION bought banking software provider Cedacri for $1.8 billion and acquired Cerved in a deal that valued the credit data and management group at nearly 2 billion euros.

Persons: Salomon, Andrea Pignataro, UniCredit, Intesa, DK, Lazard, Prelios, Mediobanca, Goldman Sachs, Morgan Stanley, Riccardo Serrini, Valentina Za, Pablo Mayo, David Goodman, Susan Fenton Organizations: Davidson, Capital Management, ION Group, ION ., ION, Reuters, BNP, Banco, Standard Chartered Bank, Mediobanca, UBS, X3, DK, Thomson Locations: ION . Dublin, Italy

☆ Byju’s blowup makes its investors look bad
▼ + stars: | 2023-08-07 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

REUTERS/Adnan Abidi/File Photo/File PhotoBENGALURU, Aug 7 (Reuters Breakingviews) - Byju’s says it provides learning programs to over 150 million students. The biggest lesson may be for the Indian education giant’s global investors including Prosus (PRX.AS) and Peak XV, formerly part of Sequoia, who watched founder power run amok in a country they have pinned high hopes on. But so long as the blowup at the hot startup once valued at $22 billion goes from bad to worse, its backers will struggle to create enough distance. For early supporter Peak XV Partners, the mess comes at a sensitive time, hot on the heels of announcing a separation from its U.S. parent. Representatives of the Amsterdam-listed investor and Peak XV Partners, formerly Sequoia’s India unit, both quit Byju’s board in June.

Persons: Adnan Abidi, Byju Raveendran, Davidson, Byju’s, Reuters Breakingviews, Prosus, Una Galani, Thomas Shum Organizations: REUTERS, Reuters, Bloomberg, XV Partners, HK, Thomson Locations: New Delhi, India, BENGALURU, Sequoia, U.S, Byju’s, Amsterdam, China, Delaware

☆ Portugal keen on new subsea cable to improve Europe-US connectivity
▼ + stars: | 2023-07-26 | by ( Sergio Goncalves | ) www.reuters.com time to read: +1 min

LISBON, July 26 (Reuters) - Portugal is interested in hosting a new high-capacity subsea cable to North America to improve internet connectivity between Europe and the U.S., the secretary of state for digitalisation told Reuters on Wednesday. Subsea cables form the backbone of the world wide web, carrying 99% of global data traffic. Two high-capacity subsea cables already link Portugal with other continents - the Google (GOOGL.O)-owned Equiano cable that runs to South Africa via other African countries, and the EllaLink that runs to Brazil from Sines, south of Lisbon. "Our aim is to improve connectivity between Europe and the U.S., implying that Sines would become yet another gateway," Mario Campolargo said. Portugal already has mega-investments lined up in Sines to produce renewable energy and green hydrogen to power industry and energy-intensive data centres.

Persons: digitalisation, Mario Campolargo, Davidson Kempner, Sergio Goncalves, Andrei Khalip Organizations: Reuters, Google, Partners, Thomson Locations: LISBON, Portugal, North America, Europe, U.S, South Africa, Brazil, Sines, Lisbon

MUMBAI, June 27 (Reuters) - Goswami Infratech, a Shapoorji Pallonji group entity, closed India's largest debt issue from a low-rated company on Tuesday, signalling growing interest in high-yielding debt from local and global private credit funds, bankers and fund managers said. Goswami Infratech accepted bids worth 143 billion rupees ($1.74 billion), including from Edelweiss Special Opportunities Fund, Davidson Kempner, Ares Capital Management, Varde Partners and Cerberus Capital Management, the bankers said. "We are seeing money coming in from global asset managers, international development financial institutions and large pension funds in Indian private credit funds," said Vineet Sukumar, founder of Vivriti Asset Management, which also manages a private credit fund. Two recent changes in regulation have also provided a boost to private credit funds. The tweaks have led to more funds from high net worth individuals and family offices flowing into private credit funds, while elevated yields are further leading to attractive investment opportunities.

Persons: Goswami Infratech, Davidson Kempner, Sukumar, Ajay Manglunia, Saurabh Jhalaria, Karthik Athreya, Sundaram, Dharamraj Dhutia, Bhakti, Sohini Goswami Organizations: Edelweiss, Fund, Ares Capital Management, Varde Partners, Cerberus Capital Management, Deutsche Bank, Standard Chartered Bank, Ares, Vivriti Asset Management, JM Financial, EY, Asset Management, Thomson Locations: MUMBAI, India

☆ ION unlocks financing to finalise Italy's Prelios buy-sources
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

ION has been in talks for months with U.S. investment fund Davidson Kempner to acquire Prelios, a bad loan specialist which DK took private in 2018. While not all of the banks have completed all the necessary internal steps to approve the financing the sources said the finalisation of the deal was imminent. A stalemate over the duration of the financing has been overcome through a 'bridge to bond' structure with a longer maturity than usual, one of the sources said. 'Bridge to bond' financing normally requires the borrower to tap markets within 12-18 months to repay the loan. ION has a single-B credit rating - below the 'BBB' investment grade threshold - by Moody's and S&P Global, according to Refinitiv data.

☆ Alpha Bank to sell bad loan portfolio to Fortress and Davidson Kempner
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: 1 min

ATHENS, May 5 (Reuters) - Alpha Bank ACBr.AT, one of Greece's four largest lenders, said on Friday it signed a binding agreement to sell a 650 million euro ($717.34 million) portfolio of corporate bad loans to Fortress and Davidson Kempner. The transaction, named project Hermes, is expected to reduce Alpha Bank's non-performing exposures (NPE) ratio by 10 basis points, it said. The deal is expected to be completed within May. ($1 = 0.9061 euros)Reporting by Lefteris PapadimasOur Standards: The Thomson Reuters Trust Principles.

☆ Citadel accelerates hiring push in Hong Kong and London
▼ + stars: | 2023-03-17 | by ( Summer Zhen | ) www.reuters.com time to read: +2 min

HONG KONG, March 17 (Reuters) - Miami-based Citadel has kicked off 2023 with multiple senior hires in London and Hong Kong to beef up its international equities team, after the firm became the world's most profitable hedge fund in 2022, profile updates on LinkedIn show. He previously worked as head of Asian Research of Florida-based hedge fund giant Lighthouse for more than seven years. After working for UBS investment bank for more than 16 years, Keith Donan also moved to Citadel in Hong Kong this month as a senior trader. Citadel's international equities team is a multi-manager business focusing on opportunities in Europe and Asia. Led by Sean Salji in London, the team has over 80 investment professionals in London, Hong Kong, Singapore and Paris.

Investors have purchased the debt of Silicon Valley Bank’s parent at distressed levels in hopes of profiting in a possible sale of assets. Creditors of Silicon Valley Bank’s parent company have formed a group in anticipation of a potential bankruptcy filing, through which they hope to profit from a sale of the collapsed firm’s private-wealth and other units, according to people familiar with the matter. The investor group, which is being advised by PJT Partners Inc., includes Centerbridge Partners LP, Davidson Kempner Capital Management LP and Pacific Investment Management Co., or Pimco, the people said. Most members bought parent SVB Financial Group ’s bonds coming into the weekend as they traded down to around 30 cents on the dollar, the people said. The group now holds a sizable chunk of SVB Financial’s $3.4 billion face value of bonds.

☆ SVB creditors form group ahead of possible bankruptcy - WSJ
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: 1 min

March 14 (Reuters) - Creditors of Silicon Valley Bank's (SIVB.O) parent company have formed a group in anticipation of a potential bankruptcy filing, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. Embattled lender SVB, which was shut down last week, on Monday said it was exploring strategic alternatives and had hired a restructuring veteran, but has not said it was planning to file for bankruptcy. The creditor group includes Centerbridge Partners, Davidson Kempner Capital Management and Pacific Investment Management Co, the report said, adding that they were being advised by PJT Partners Inc. The companies did not immediately respond to Reuters requests for comment. Reporting by Niket Nishant in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Softbank-backed doValue to focus on M&A in 2023 - CEO
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

Feb 24 (Reuters) - Italy's doValue (DOVA.MI) will focus on merger and acquisitions (M&A) in 2023, as it expects a wave of consolidation in the market of problem loan managers, its chief executive Andrea Mangoni said. "Our priority for this year is M&A," Mangoni told an analyst call. He added that the Verona-based debt management firm will look at deals in Italy and Spain, as both markets are fragmented. In Italy doValue competes with peers such as Elliott-backed Gardant or Prelios, owned by U.S. fund Davidson Kempner Capital Management. DK is currently discussing a possible sale of Prelios to Andrea Pignataro's ION Group, which in 2021 bought credit data and bad loan recovery firm Cerved.

☆ Zopa raises $92 million as SoftBank sits out funding round
▼ + stars: | 2023-02-02 | by ( Pablo Mayo Cerqueiro | Iain Withers | ) www.reuters.com time to read: +2 min

The Japanese conglomerate previously led a 220 million pound funding round in late 2021 that valued Zopa at roughly $1 billion. Zopa did not disclose a price tag for the funding round but said it "cements" its unicorn status, awarded to start-ups worth upwards of $1 billion. London-based Zopa started out as a peer-to-peer lender in 2005 and later moved to banking, amassing 2 billion pounds of consumer loans and more than 3 billion pounds of customer savings. In the meantime, Zopa will use the fresh cash to explore potential acquisitions, including of companies of similar size, Janardana said. The company is also considering raising 25 million pounds to 100 million pounds of Tier-2 debt later in the year to firm up its balance sheet, Janardana said, adding that the plans are contingent on the cost of debt.

☆ ION discussing earn-out price clause with DK in Prelios deal-sources
▼ + stars: | 2022-11-23 | by ( Valentina Za | ) www.reuters.com time to read: +2 min

The two sources close to the matter said ION and DK were discussing a so-called earn out clause, which would see ION pay part of the price at closing and the rest once the business hits certain financial targets. ION and DK declined to comment. Sources had told Reuters earlier this month ION was in discussions with DK over a potential acquisition of Prelios, on which the New York-based fund has put a 1.4 billion euro ($1.44 billion) price tag. Shortly before that, ION had snatched for 1.5 billion euros Italian banking software firm Cedacri. U.S. fund DK first invested in Prelios in 2017, buying other investors to take it private.

☆ France's Schneider Electric raises Aveva buyout offer to $11.6 bln
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: 1 min

Nov 11 (Reuters) - French industrial group Schneider Electric (SCHN.PA) has increased its offer for Aveva (AVV.L) to 3,225 pence per share, valuing the British software company at about 9.86 billion pounds ($11.62 billion), Aveva said on Friday. Schneider, which already owns a majority stake in the London-listed firm, in September offered to fully take over Aveva for 3,100 pence per share. Several Aveva investors had threatened to reject the previous offer, including top-five investor Davidson Kempner. The hedge fund said on Thursday the Schneider bid was "highly opportunistic" and it did not take into account Aveva's long-term potential. ($1 = 0.8485 pounds)Reporting by Yadarisa Shabong and Sinchita Mitra in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Top 5 investor in UK's Aveva plans to reject Schneider takeover
▼ + stars: | 2022-11-10 | by ( Andreas Rinke | Miranda Murray | ) www.reuters.com time to read: +1 min

LONDON, Nov 10 (Reuters) - A top five investor in British software company Aveva (AV.L) plans to reject a 9.5 billion pound ($11 billion) takeover bid by French industrial group Schneider Electric (SCHN.PA), joining two other shareholders who have already said they would do the same. In September, when the deal was announced, Canada-based Mawer Investment Management and M&G Investments, two Aveva shareholders, said they intended to reject the offer. Schneider Electric has offered 31 pounds per share, a premium of about 41% to Aveva's share price in August before it announced the suitor was considering making an offer. It took majority control in 2017 in a reverse takeover that enabled the British company to retain its London listing. "The timing of the approach by Schneider is highly opportunistic and comes on the back of a broader market decline as well as weakness in Aveva's own share price," Davidson Kempner said.

☆ Equifax fired at least two dozen employees after it used its own tool to suss out if workers had a second job
▼ + stars: | 2022-10-14 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Four of the big six US banks (JPMorgan, Morgan Stanley, Citigroup, and Wells Fargo) all report their Q3 earnings today. Our friends over at Markets Insider will have the immediate reaction to all the revenue numbers as they're posted. That's clearly the message at Equifax, which fired at least 24 workers for secretly having second jobs, Insider reported Thursday. "I'm not sure how Equifax can be trusted with data when it uses it to spy on its own employees," an Equifax employee told Insider. Read our full story on how Equifax used its own tool to figure out if employees were working second jobs.

☆ Citadel just snagged a new tech portfolio manager from a $38 billion hedge fund
▼ + stars: | 2022-10-13 | by ( Alyson Velati | ) www.businessinsider.com time to read: +1 min

Citadel hired Vesal Yazdi for its equities team from Davidson Kempner Capital Management. Yazdi ran technology investments for Davidson Kempner's equities business and worked at the $38 billion hedge fund for over six years. Citadel's equities strategy was up 2.5% in September and it's returned 16.6% year-to-date, according to a person familiar with the hedge fund's performance. The average hedge fund returned just over 1% in September, increasing the year-to-date return to 3.8%, according to Hedge Fund Research. Davidson Kempner declined to comment on Yazdi's departure from the firm.

☆ Lab tie-up would have multiple ailments
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 11 (Reuters Breakingviews) - Qiagen (QIA.DE) may once again find itself at the centre of an M&A drama. The $10 billion German lab tester is in talks with $10 billion U.S. life-science company Bio-Rad (BIO.N), the Wall Street Journal reported on Monday. Any deal would follow Thermo Fisher Scientific’s (TMO.N) failed attempt to buy Qiagen for 11.3 billion euros ($11 billion) back in 2020. Regulators in the United States and Europe have been increasingly wary of tie-ups that could lead to higher prices. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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