Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "Sixth Street Partners"


25 mentions found


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
Goldman Sachs plans to scrap GM credit card - source
  + stars: | 2023-11-07 | by ( ) www.reuters.com   time to read: +1 min
The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsNov 8 (Reuters) - Goldman Sachs (GS.N) is planning to scrap its co-branded credit cards with General Motors (GM.N), a person familiar with the matter told Reuters on Tuesday. General Motors said it would continue to "reward customers for their loyalty to our brands." Last month, Goldman beat estimates for third-quarter profit but said its ill-fated foray into consumer banking continued to weigh. Growing investor skepticism over the business has prompted CEO David Solomon to shift the firm's focus back to its traditional strengths - investment banking and trading.
Persons: Rebecca Cook, Goldman Sachs, General Motors, Goldman, David Solomon, Saeed Azhar, Manya, Shounak Dasgupta, Anil D'Silva Organizations: General Motors, REUTERS, Reuters, General, Street Journal, Sixth Street Partners, Manya Saini, Thomson Locations: Detroit , Michigan, U.S, New York, Bengaluru
The Wall Street giant's net profit slumped 33% to $2.06 billion, or $5.47 per share, it said on Tuesday. Goldman's investment banking fees of $1.55 billion was largely unchanged from last year as debt underwriting activity resumed and the market for initial public offerings picked up. Goldman had taken a charge of $504 million on GreenSky in the second quarter. Solomon has shifted the firm's focus back to its traditional strengths - investment banking and trading, and aims to grow in asset and wealth management. Investment banking results have been mixed for peers, with JPMorgan Chase (JPM.N) reporting a 6% decline in revenue, while Citigroup (C.N) said fees jumped 34%.
Persons: Goldman Sachs, Brendan McDermid, Solomon, Goldman, SoftBank Group's, Morgan Stanley, Niket Nishant, Noor Zainab Hussain, Saeed Azhar, Lananh Nguyen, Arun Koyyur Organizations: New York Stock Exchange, REUTERS, Arm Holdings, Sixth Street Partners, Investment, JPMorgan Chase, Citigroup, U.S . Federal, Thomson Locations: New York, U.S, Bengaluru
FILE PHOTO: The Goldman Sachs company logo is on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 13, 2021. REUTERS/Brendan McDermid/File Photo/File Photo Acquire Licensing RightsNEW YORK, Oct 12 (Reuters) - Goldman Sachs (GS.N) appears headed to another set of weak quarterly earnings as deal-making lags and the bank retreats from a loss-making consumer business. Goldman is expected to report third-quarter earnings per share (EPS) of $5.31 when it reports results on Tuesday, according to average estimates compiled by LSEG. Goldman Sachs declined to comment ahead of its earnings. UBS on Wednesday cut its target price for Goldman Sachs to $382 a share from a previous target of $400.
Persons: Goldman Sachs, Brendan McDermid, Goldman, Stephen Biggar, David Solomon, Biggar, Brennan Hawken, Solomon, Saeed Azhar, Lananh Nguyen, Rod Nickel Organizations: New York Stock Exchange, REUTERS, LSEG, Argus Research Corp . Investment, Sixth Street Partners, Goldman, UBS, Arm Holdings, Reuters, Thomson Locations: New York City, U.S, Ukraine
The Goldman Sachs company logo is on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 13, 2021. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Oct 11 - Goldman Sachs (GS.N) has agreed to sell GreenSky, its home improvement lender, and associated loans to a consortium led by investment firm Sixth Street Partners, it said on Wednesday. The charge on earnings equates to about $62 million, according to Reuters calculations based on Goldman Sachs' outstanding shares. Goldman Sachs declined to comment on the price. "We plan to continue the company's legacy of driving growth through enhanced technology and great user experiences," said Alan Waxman, co-founder and CEO of Sixth Street.
Persons: Goldman Sachs, Brendan McDermid, Goldman, David Solomon, Solomon, Alan Waxman, GreenSky, Saeed Azhar, Niket, Lananh Nguyen, Leslie Adler, Diane Craft Organizations: New York Stock Exchange, REUTERS, Sixth Street Partners, Wall Street, Street Journal, Sixth, KKR, Bayview Asset Management, Pacific Investment Management Co, Investments, Thomson Locations: New York City, U.S, Bayview, Bengaluru
This comes as deep-pocketed investors — from top U.S. private equity and venture capital firms to global rivals like sovereign wealth funds — have intensified competition. Meanwhile, more than one-third of the clubs in the so-called "Big Five" leagues in Europe are backed by U.S. investors, including private equity and venture capital firms. "These recent transactions have set a precedent in terms of club valuation but also prompted many owners to consider selling to [private equity]," according to an analyst report from PitchBook. Some firms, like Sixth Street Partners, have found different outlets into taking a stake in European soccer, particularly in Spain's LaLiga. The shift is happening as soccer clubs have been looking for fresh capital following the distress stemming from the earlier days of the Covid pandemic.
Persons: Liverpool's Curtis Jones, Charles Baker, PitchBook, Todd Boehly, English Premier League's, Elliott Management's, Lionel Messi Organizations: Premier League, King Power, U.S, Manchester United, Chelsea FC, Newcastle, Clearlake Capital, English Premier, English Premier League's Chelsea, Redbird Capital Partners, Italy's AC Milan, Sixth Street Partners, FC Barcelona, Fenway Sports Group, Liverpool FC, Dynasty Equity, English Premier League, Sheffield United Locations: Leicester, European, U.S, Europe, PitchBook, LaLiga, Spanish, Real Madrid's
Oct 3 (Reuters) - BP Plc (BP.L) is exploring the sale of a 49% stake in its U.S. oil and gas pipeline network in the Gulf of Mexico, hoping to raise as much as $1 billion, according to people familiar with the matter. While it boosted its shareholder payout by 10% in second-quarter earnings in August, BP's net debt stood at $23.7 billion. BP has placed its stakes in U.S. Gulf of Mexico pipelines in a new company in which it will hold a 51% position and sell the rest, the sources said. The pipelines entity generates 12-month earnings before interest, tax, depreciation and amortization of around $200 million, the sources added. Among the pipelines in which BP holds stakes are the 161-mile Mars Oil Pipeline, the 89-mile Endymion Oil Pipeline and the 115-mile Cleopatra Gas Pipeline, according to its website.
Persons: Bernard Looney, Shariq Khan, David French, Ron Bousso, Cynthia Osterman Organizations: BP Plc, BP, Argos, Pipeline, Gas, Sixth Street Partners, Sixth, Bloomberg News, Thomson Locations: Gulf of Mexico, Gulf, Mexico, U.S . Gulf of Mexico, Bengaluru, New York, London
Major League Baseball was the first to open its coffers to private-investment funds in 2019; a slew of other leagues followed, including the National Basketball Association, Major League Soccer and the National Hockey League. A big participant in that is Sixth Street Partners, a $74 billion behemoth, known historically for its direct lending and growth prowess, and has been making big inroads in the sports world in recent years, with several billion dollars' worth of investments. The firm recently co-founded Bay FC, part of the National Women's Soccer League, alongside several retired players, as well as Sheryl Sandberg. Sixth Street also made investments in FC Barcelona's LaLiga TV broadcasting rights and a majority investment in Legends, a sports and entertainment experiences company. In June 2021, Sixth Street led a strategic investment with Michael Dell in the San Antonio Spurs basketball team.
Persons: Carlyle, David Rubenstein, Sheryl Sandberg, Michael Dell, Alan Waxman, what's, it's, Waxman Organizations: Alpha, CNBC, Major League Baseball, National Basketball Association, Major League Soccer, National Hockey League, Sixth Street Partners, Bay FC, National Women's Soccer League, Sixth, FC Barcelona's LaLiga, San Antonio Spurs basketball, Spanish soccer, Real Madrid Locations: U.S, Spanish
Florida State University has been working with JPMorgan as it explores options to bring in funding from institutional investors, according to a person familiar with the matter. The discussions have been ongoing in recent months, and Sixth Street Partners has expressed interest as an investor, the person said. The discussions with potential equity investors are not tied to FSU's potential push to leave the conference, according to the person familiar with the matter. Sportico earlier reported that FSU was working with JPMorgan and that Sixth Street was part of the discussions. "That effort fell apart, mainly because it was a challenge to mesh private investors with the potential media rights for public schools," said sports media consultant Lee Berke.
Persons: Lee Berke, we're, Berke Organizations: Florida State University, JPMorgan, Sixth Street Partners, Atlantic Coast Conference, NCAA, FSU, Sixth, ACC, Southeastern Conference, ESPN, Media
CNN —Buybuy Baby will close all of its stores as part of its parent company Bed Bath & Beyond’s ongoing bankruptcy liquidation. The deal did not include the chain’s 120 physical retail stores. Bed Bath & Beyond’s brand name, domain and loyalty program assets were purchased by Overstock.com for $21 million last month after filing for bankruptcy in April. The acquisition also did not include Bed Bath & Beyond’s brick-and-mortar stores, which have closed. In a March 2022 letter, former Bed Bath & Beyond activist investor Ryan Cohen said he believed Buybuy Baby was “much more valuable than the Company’s entire market capitalization today.”
Persons: Janie, Jack, Ryan Cohen, Organizations: CNN, Bed, CNBC, Sixth Street Partners, Go, Overstock.com, Beyond, & $ Locations: New Jersey, Bath
July 11 (Reuters) - Bankrupt retailer Bed Bath & Beyond's Buy Buy Baby stores are set to shutter after a last ditch effort to save the chain and keep the business alive fell apart, CNBC reported on Tuesday. Brand management firm Go Global Retail was eager to buy the Bed Bath & Beyond chain and keep it running, but couldn't reach an agreement on valuation, the firm's CEO Jeff Streader told CNBC. Bed Bath did not immediately respond to a Reuters' request for comment. Once a storied retailer, Bed Bath & Beyond filed for Chapter 11 bankruptcy protection in April after struggling for years with dwindling sales and a failed merchandising strategy. Reporting by Savyata Mishra in BengaluruOur Standards: The Thomson Reuters Trust Principles.
Persons: Jeff Streader, Savyata Mishra Organizations: Bed, CNBC, Brand, Go, Retail, Sixth Street Partners, Global, Thomson Locations: Bengaluru
Signs stating everything is on sale at a Buy Buy Baby store in the Brooklyn borough of New York, Feb. 6, 2023. Buy Buy Baby's stores are set to disappear after a last ditch effort to save the chain and keep the business alive fell apart, CNBC has learned. Sixth Street was not unreasonable but there was a difference in opinion on valuation," he said. However, nearly three months into liquidation sales at Buy Buy Baby's 120 stores, there was very little left to bid on besides its IP, empty stores, leases and whatever inventory was left, said the source. During a hearing in federal bankruptcy court in Newark, New Jersey, on Tuesday, Judge Vincent Papalia approved the sale of Buy Buy Baby's intellectual property to Dream on Me as one of the bidder's staffers, who appeared virtually via Zoom for the hearing, was seen smoking a cigarette on screen.
Persons: Janie, Jack, Jeff Streader, Streader, Judge Vincent Papalia, aren't Organizations: CNBC, Brand, Go Global, Sixth Street Partners, Bed, Global, Industries, Sixth, Go Locations: Brooklyn, New York, New Jersey, Newark , New Jersey
June 28 (Reuters) - Bed Bath & Beyond is splitting the bankruptcy-run auction of its Buy Buy Baby chain into two phases, CNBC reported on Wednesday, citing people familiar with the matter. CNBC also said the home goods retailer was planning to host a separate auction, potentially on Thursday, where buyers can submit bids to keep Buy Buy Baby and its stores running as a going concern. Bed Bath & Beyond did not respond to a Reuters request for comment. Some Bed Bath & Beyond brands including its Buy Buy Baby chain, which sells products for infants and toddlers, had attracted interest from investment firms Go Global Retail and Sixth Street Partners, according to media reports. Last week, Overstock.com (OSTK.O) emerged as the winning bidder for Bed Bath & Beyond's intellectual property and mobile platform in a deal worth $21.5 million.
Persons: Granth, Maju Samuel Organizations: CNBC, Go Global, Sixth Street Partners, Bed, Thomson Locations: Bengaluru
NEW YORK, June 27 (Reuters) - A U.S. bankruptcy judge on Tuesday approved Overstock.com's $21.5 million purchase of Bed Bath & Beyond's brand name, intellectual property and ecommerce platform. Overstock emerged as the winning bidder for the company's intellectual property in a deal worth $21.5 million, court filings showed on Thursday. Bed Bath & Beyond stores and inventory are not part of the deal. Bed Bath & Beyond is hosting a separate auction starting tomorrow for its Buy Buy Baby chain, which sells products for infants and toddlers. The Buy Buy Baby assets have attracted interest from investment firms Go Global Retail and Sixth Street Partners, according to media reports.
Persons: Vincent Papalia, Emily Geier, Dietrich Knauth, Alexia Garamfalvi Organizations: YORK, Bed, Go Global, Sixth Street Partners, Thomson Locations: Newark , New Jersey
June 23 (Reuters) - Goldman Sachs (GS.N) is likely to take a large writedown for its $2.2 billion acquisition of fintech lender GreenSky after seeking to divest the business it bought in 2021, CNBC reported on Friday, citing people with knowledge of the sale process. One bidder said GreenSky's loan origination platform is worth roughly $300 million, while another said it was worth closer to $500 million, according to the report. CNBC added the bids for the platform, which facilitates home improvement loans to consumers, were coming in well below Goldman's expectations. Shares of Goldman were down about 1.4% in mid-morning trading. The bank has been running a sale process for GreenSky, and may take a writedown on the $500 million of goodwill, or the premium it paid above the assets' book value, Goldman President and Chief Operating Officer John Waldron told investors at a conference in June.
Persons: Goldman Sachs, Goldman, We're, John Waldron, Warburg Pincus, Manya Saini, Jaiveer Shekhawat, Shinjini Organizations: CNBC, Goldman, KKR, Apollo Global Management, Sixth Street Partners, Synchrony Bank, Thomson Locations: Bengaluru
Goldman Sachs CEO David Solomon speaks during the 2023 Forbes Iconoclast Summit at Pier 60 on June 12, 2023 in New York City. Goldman Sachs is likely to take a large write-down for its 2021 acquisition of fintech lender GreenSky after seeking to unload the business, CNBC has learned. Bids for the installment loan business are coming in well below what Goldman had hoped for, according to people with knowledge of the sale process. Under CEO David Solomon, Goldman bought Atlanta-based GreenSky for $2.24 billion to help accelerate its push into consumer finance. "Everybody's been coming in low, and the Goldman team keeps pushing back, pounding the table about the value of it," said one of the bidders.
Persons: Goldman Sachs, David Solomon, Goldman, Solomon, Warburg Pincus, Everybody's Organizations: Forbes, CNBC, KKR, Apollo Global Management, Sixth Street Partners, Synchrony Bank, Goldman Locations: New York City, Atlanta
A Buy Buy Baby store in the Brooklyn borough of New York, US, on Monday, Feb. 6, 2023. Buy Buy Baby, the baby goods retailer owned by Bed Bath & Beyond , has been attracting interest ahead of its bankruptcy-run auction. But as the auction nears, interest in keeping Buy Buy Baby's stores open has waned. "When we looked at the stores and the Buy Buy Baby store footprint, we really said like, does this accelerate this strategy? Initially, Go Global Retail – which owns the children's wear brand Janie and Jack – was interested in keeping Buy Buy Baby stores open, the people said.
Persons: Overstock.com, Babylist, Natalie Gordon, Gordon, Janie, Jack – Organizations: Bed, , CNBC, Go, Sixth, Partners, Street, Global Locations: Brooklyn, New York
Overstock wins auction for some Bed Bath & Beyond assets
  + stars: | 2023-06-22 | by ( ) www.reuters.com   time to read: +1 min
Last week, Overstock had offered to buy those assets for the same price under a "stalking horse" bid. Bed Bath & Beyond had then said it would continue to solicit other offers. While Bed Bath & Beyond's stores are not part of the deal, it will include the retailer's business data and publicity rights. Once a high-flying company, Bed Bath & Beyond buckled under a steep drop in demand and swelling losses, and filed for Chapter 11 bankruptcy protection in April. Meanwhile, the retailer's Buy buy Baby chain, which sells products for infants and toddlers, has drawn interest from investment firm Go Global Retail and Sixth Street Partners, according to recent media reports.
Persons: Overstock, Deborah Sophia, Sriraj Organizations: Overstock.com, Bed, Go Global, Sixth Street Partners, Thomson Locations: Bengaluru
TPG returns to credit party fashionably late
  + stars: | 2023-05-15 | by ( Jonathan Guilford | ) www.reuters.com   time to read: +3 min
The buyout firm is acquiring Angelo Gordon, an asset manager that specializes in private credit, for $2.7 billion, it said on Monday. The direct-lending portion of its $55 billion credit business emphasizes borrowers with less than $25 million of EBITDA. While it missed the last private credit bonanza, it isn’t saddled with jumbo-size and potentially shaky loans written at the top of the last cycle. As U.S. regional banks struggle, private credit firms see what Blackstone has termed a “golden moment” to muscle in on new turf. Follow @JMAGuilford on TwitterCONTEXT NEWSPrivate equity firm TPG said on May 15 that it had agreed to acquire private credit and real estate-focused investment firm Angelo Gordon for $2.7 billion, including cash and stock.
Vice Media is nearing a deal for senior lenders including Fortress Investment Group and Soros Fund Management to acquire the troubled media company out of bankruptcy at a valuation of around $400 million, according to people familiar with the matter. Nearly every Vice stockholder—including backers such as private-equity firm TPG Group, Sixth Street Partners and media mogul James Murdoch—would be wiped out under the proposed reorganization, the people familiar with the matter said. Outstanding debts held by TPG and Sixth Street would also be impaired as part of the plan, the people said. The Murdoch family is a major shareholder in Journal parent News Corp .
April 21 (Reuters) - Bed Bath & Beyond Inc (BBBY.O) is considering sales of assets and intellectual property as part of a potential bankruptcy filing that could come as soon as this weekend, Bloomberg News reported, citing people with knowledge of the situation. The home goods retailer is also looking to secure funding from U.S.-based investment firm Sixth Street Partners to support its operations through Chapter 11 proceedings but the plans could still change, Bloomberg News reported on Friday. Bed Bath and Beyond did not respond to a request for comment, while Sixth Street Partners declined to comment. In January, Reuters reported that the embattled retailer was negotiating a loan to help it navigate bankruptcy proceedings, with Sixth Street in talks to provide some funding. The investment firm loaned Bed Bath & Beyond $375 million in 2022.
A Bed Bath & Beyond store in the Brooklyn borough of New York, US, on Monday, Feb. 6, 2023. Bed Bath & Beyond will live to see another day – at least for now. Bed Bath will receive $225 million in the offering up front plus an additional $800 million in proceeds over time, the company said. Whatever's left over will be used to aid Bed Bath's attempt at a turnaround, the company said. The efforts have evidently failed thus far, forcing Bed Bath to go to the public markets for funding.
Bed Bath & Beyond Inc. said it doesn’t have the funds to repay its banks after they determined the retailer has defaulted on its credit lines. The banks are calling for an immediate repayment of all outstanding loans under the credit agreement. The company has $186 million in outstanding letters of credit. The filing indicates the growing financial constraints the retailer is under to operate normally, a month after it warned of a possible bankruptcy filing. Bed Bath & Beyond recently warned it may be filing for bankruptcy in just a few weeks.
Bed Bath & Beyond has been in discussions with prospective buyers and lenders as it works to keep its business afloat during a likely bankruptcy filing, according to people familiar with the matter. Comparable sales declined 32% year over year in the most recent fiscal quarter, ended Nov. 26. Last week, CNBC reported Bed Bath had begun another round of layoffs in an attempt to further cut costs. One possible buyer circling Bed Bath is private equity firm Sycamore Partners, according to the people familiar with the discussions. Bed Bath has also drawn interest from companies that acquire the intellectual property, or brands, of companies, particularly those under distress, the people said.
"We're certainly telling clients to plan for longer timelines between signing an announcement and when a transaction closes," RBC's Sperduto said. Bankers noted the figure was on pace with the average amount of deals done in the five years preceding the pandemic. "There is still significant desire from both corporates and financial sponsors to transact," Gary Posternack, co-head of global M&A at Barclays, told Insider. But in 2023, bankers see more transactions receiving greater scrutiny from stakeholders. Vito Sperduto, the co-head of global M&A at RBC Capital Markets.
Total: 25