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☆ S&P Global misses profit estimates as Commodity Insights, Indices units struggle
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +1 min

On an adjusted basis, its profit of $3.12 per share missed analysts' average estimate of $3.14 per share, as per Refinitiv IBES data. Growth in revenues from the company's Commodity Insights and Indices segments could not meet Street expectations. S&P's Market Intelligence segment posted a 5% rise in sales, taking the firm's total revenue up 4% to $3.1 billion in the quarter through June. S&P Global, which provides essential market intelligence to governments, corporates and institutional investors, completed the divestiture of its Engineering Solutions unit to global investment firm KKR Inc (KKR.N) in May. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

Persons: Jaiveer Singh, Shweta Agarwal Organizations: Intelligence, P Global Inc, P's, P, Solutions, KKR Inc, Thomson Locations: Bengaluru

☆ Potentia hikes bid for Australia's Nitro Software to $364 mln, trumping Alludo
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

Feb 23 (Reuters) - Australia's Nitro Software Ltd (NTO.AX) said on Thursday that private equity firm Potentia Capital raised its takeover offer for the software maker to A$532.3 million (about $364 million), trumping a rival offer by KKR Inc (KKR.N)-backed Alludo. In the latest salvo, Potentia, which has a 19.31% stake in Nitro, offered A$2.17-per-share, trumping Alludo's offer of A$2.15, which Nitro shareholders rejected a few weeks back. Potentia's latest offer was superior to Alludo's, Nitro's board said, despite it being at the lower end of the A$2.20- to A$2.30-per-share bid that had been signaled earlier. Potentia's offer is conditional on Nitro's board unanimously recommending its shareholders accept the latest offer, in the absence of a superior proposal. If the offer is declared unconditional, Nitro shareholders that accept the current bid will receive any subsequent increase in the offer price to A$2.20 or A$2.25, Potentia said.

☆ Nitro rejects Potentia's alternative offer, seeks nod for KKR-backed firm's bid
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

Dec 28 (Reuters) - Australia's Nitro Software (NTO.AX) rejected an alternative takeover offer from private-equity (PE) firm Potentia Capital, which gave Nitro shareholders the choice of an all-cash, stock, or a combination of both, at the same offer price. The company also said on Wednesday it would recommend shareholders to vote for KKR Inc-backed (KKR.N) Alludo's all-cash, sweetened takeover offer of A$526.9 million ($354.55 million) and an off-market takeover. read moreAlludo's proposal of A$2.15 per share outbids top shareholder Potentia's A$2 per share for the PDF and e-signature software signing company. Alludo's offer is alongside a simultaneous off-market takeover offer for the software company. Alludo's offer requires 75% support from Nitro shareholders, while the off-market takeover offer needs a nod from 50.1% investors.

☆ Nitro Software gets sweetened bid from top shareholder Potentia
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: 1 min

Dec 9 (Reuters) - Australia's Nitro Software Ltd (NTO.AX) said on Friday it got a higher A$2 per share offer with a scrip alternative from private equity firm Potentia Capital, matching a rival bid from KKR Inc's (KKR.N) Alludo. Nitro said it would consider the offer from Potentia, its biggest shareholder with a 19.8% stake, without providing additional details. Nitro, a PDF and e-signature software signing company, backed a near A$500 million offer from Alludo in October. Alludo did not immediately respond to a Reuters request for comment. ($1 = 1.4771 Australian dollars)Reporting by Savyata Mishra in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ KKR's co-CEO says the firm is looking at investments in 'all things digital,' while avoiding tech companies with lofty valuations and no earnings
▼ + stars: | 2022-12-06 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +3 min

KKR's co-CEO said on Tuesday that the firm is staying away from unprofitable companies. The private-equity behemoth KKR still has an appetite to invest in tech companies. KKR oversaw $496 billion as of September 30 as one of the largest managers of alternative assets such as private equity, private credit, and real-estate. While it used to be far more heavily weighted toward private equity, KKR's fundraising has increasingly shifted toward other assets like private credit, liquid credit, and real estate, Bae said. Private credit has been a particular focus for alternative money managers like KKR, Blackstone, and Carlyle amid rising rates and big banks' retreats from some lending, Insider previously reported.

☆ Potentia seeks access to Nitro's books to counter Alludo's bid
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

Nov 18 (Reuters) - Australia's Nitro Software Ltd (NTO.AX) said on Friday that suitor Potentia Capital has sought access to its books in a bid to potentially increase its proposal to outmatch a rival offer made by KKR Inc's (KKR.N) Alludo. The software provider earlier this week determined that the near A$500 million ($335 million) offer from Alludo, of A$2.00 per share, to be superior to the takeover offer made by Potentia. Major shareholder Potentia is now seeking access to Nitro's due diligence information to "meet or exceed" Alludo's offer, stating that the tech-focused private equity firm may also consider offering stocks to Nitro shareholders as part of the deal. "The current Potentia takeover offer of A$1.80 cash per share is not affected by the revised Potentia proposal and remains open for acceptance by Nitro shareholders," Nitro said. The company said its board continues to recommend shareholders reject the current Potentia offer in place.

☆ Australia's Nitro Software recommends KKR's Alludo takeover offer of $335 mln
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

Nov 15 (Reuters) - Australia's Nitro Software (NTO.AX) said on Tuesday its board had determined the near A$500 million ($335 million) offer from KKR Inc's (KKR.N) Alludo to be "superior" to an earlier bid from major shareholder Potentia Capital Management. In late October, the company took on an offer from Alludo at A$2.00 per share, which it said was an 11% premium to tech-focused private equity firm Potentia's offer of A$1.80 per share. read moreNitro in a statement said it has asked its shareholders to back the North-America based Alludo scheme and accept it, on the condition that no new superior offer prevails. The company expects to hold a shareholders meet related to the Alludo offer in March 2023. ($1 = 1.4930 Australian dollars)Reporting by Roushni Nair in Bengaluru; Editing by Anil D'Silva and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Australian software company ReadyTech gets $308 mln bid from PE firm
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

Nov 1 (Reuters) - Australia's ReadyTech Holdings (RDY.AX) said on Tuesday it has received an A$481.4 million ($308.3 million) buyout offer from Pacific Equity Partners (PEP), one of the country's biggest private equity firms. The A$4.50-per-share proposal, at a near 39% premium to the stock's last close, marks the third play for an Australian technology company since last week, highlighting increasing interest in the sector amid cheap valuations. read more read moreELMO Software (ELO.AX) last week agreed to a near-A$500 million takeover from Los Angeles-based K1 Investment Management, while Nitro Software (NTO.AX) on Monday backed a similar offer from KKR Inc's (KKR.N) Alludo. ReadyTech said funds managed by Pemba Capital Partners held 32.01% of its issued shares, and that PEP would seek to obtain the Australian corporate regulator's go-ahead for the company and Pemba to work together on the proposal. ($1 = 1.5615 Australian dollars)Reporting by Upasana Singh in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Oct 31 (Reuters) - Australia's Nitro Software (NTO.AX) said on Monday it would back a near A$500 million ($320.15 million) offer from KKR Inc's (KKR.N) Alludo that trumps an earlier bid from major shareholder Potentia Capital Management. Shares of Nitro Software rose as much as 19.1% to A$2.06 in morning trade, the highest point since January. In a statement, Nitro said the Alludo offer was fully funded by "equity sources", without identifying the backers. Potentia has built a 19.8% stake in Nitro and declined to comment on the Alludo offer. Last week, ELMO Software (ELO.AX) agreed a $A500 million takeover from Los Angeles-based K1 Investment Management.

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