Tag Archives: KKR

Wall Street Breakfast: Must-Know News

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Dish bids $25.5B for Sprint. Dish Network (DISH) has bid $25.5B in cash and stock for Sprint, with the $7-a-share offer representing a 13% premium to Softbank’s proposal to acquire 70% of Sprint for $20.1B. The bid is also 12.5% above Sprint’s close of $6.22 on Friday. The offer marks Dish’s boldest attempt yet to move into the cellular market; while the satellite-TV company has bought plenty of spectrum, it’s hit regulatory obstacles in its quest to use it for mobile purposes. Sprint was +10.9% premarket.

Precious metals in vicious sell-off. Gold futures (GLD) were -6.05% at $1416.80 an ounce premarket, continuing a sell-off that began last week and has turned into a full-scale stampede. A number of reasons have been given for gold’s free-fall, chief among them the ECB’s pressurization of Cyprus’ central bank to sell its gold reserves to help pay for


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Wall Street Breakfast: Must-Know News

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Thermo Fisher bids for Life Technologies. Thermo Fisher Scientific (TMO) reportedly made a binding offer of over $65 a share for genetic testing equipment maker Life Technologies (LIFE) ahead of a bid deadline yesterday. A consortium of private-equity firms, including Blackstone (BX), Carlyle (CG) and KKR (KKR), are also looking to make a proposal despite missing the deadline. Life’s shares closed at $66.19, giving it a market cap of $11.28B.

UnitedHealth hit with $500M jury verdict over hepatitis C cases. A Nevada jury has ordered UnitedHealth (UNH) to pay $500M in punitive damages for failing to properly supervise a doctor who has been blamed for causing two colonoscopy patients to contract hepatitis C by his reuse of anesthetic vials and failure to sterilize equipment. The award comes on top of $24M in compensation that UnitedHealth must pay, and could have wider implications for the healthcare industry.


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14.5% Dividend Payer KKR Quadrupled Its Economic Net Income In 2012 – More Growth Ahead

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By David White:

Kohlberg Kravis Roberts & Co. (KKR) is a global leader in alternative asset management. As of December 31, 2012 KKR had $49B in AUM in the private markets. These private equity investments included natural resources, infrastructure, and real estate. It had $26B in AUM in the public markets. These leveraged credit investments included mezzanine financing, special situations, direct lending, equity strategies, and fund of funds. KKR had $4.8B in AUM in capital markets and principal activities.

For FY2012 KKR generated $2.1B of ENI (economic net income) or $2.90 per unit. This was almost four times the ENI KKR reported for FY2011 of $0.73 per unit. This is fairly straightforward. However, KKR’s accounting is very hard to follow as it has huge off balance sheet items. For instance, KKR reported $348 million in net economic income for Q4 2012. This was 45% higher than the ENI in Q4 2011.


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Wall Street Breakfast: Must-Know News

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Cyprus’ plan to raid bank deposits sends markets scuttling. Global equities, the euro and oil have slumped after the eurozone demanded that Cyprus tax bank savings in return for a €10B bailout. Cyprus’ government is reportedly considering a tax-free threshold for smaller deposits as it attempts to win over legislators for the levy ahead of a parliamentary debate later today. The publicized plan is to tax accounts of under €100,000 at 6.7% and those above that level at 9.9%. “This is a nuclear war on savings and wealth,” writes Jefferies’ David Zervos.

Boeing loses out to Airbus for massive Indonesian deal. Airbus (EADSF.PK) has won an order from Indonesia’s Lion Air for 234 Airbus A320 jets in a deal worth $24B. The booking is a blow to Boeing (BA), as Lion Air had been seen as a fortress for the U.S. company.

China retains Zhou as


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