Do you remember when these private equity bastards came public? It was in 2007, just before the entire fucking world melted down. Well, here we are, literally a decade later (I can’t believe I’ve been blogging at iBankCoin for a decade) and $FIG is being swallowed whole for a fraction of where it came public in 2007.
Softbank will pay a touch over $3.3b to acquire over $70b in assets. That seems like a good deal to me.
Source: NY Times
“Fortress’s excellent track record speaks for itself, and we look forward to benefiting from its leadership, broad-based expertise and world-class investment platform,” Mr. Son said in a statement late Tuesday. “For SoftBank, this opportunity will immediately help expand our group capabilities, and, alongside our soon-to-be-established SoftBank Vision Fund platform, will accelerate our SoftBank 2.0 transformation strategy of bold, disciplined investment and world class execution to drive sustainable long-term growth.”
I’m thinking other PE firms may get a jump on this news. If private equity has bottomed and smart people like Softbank are interested in making acquisitions in the space, it may be time to gobble up a few on our own.
Here’s my list. Let me know if I missed anyone.
$BX, $CG, $KKR, $IEP, $APO, $LAZ
$FIG will be acquired at a 28% premium to yesterday’s close.
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Why are Americans willing to sell 70B in assets to the Koreans for 3B?
Higher rates means higher interest payments for all these PE investments. How many PE investments are funded with 100 million dollar loans from JP Morgan? How many were made in African oil projects where the 2020 payout was based on $100.00 barrels of oil?
I’m aware that I may be biased into thinking our guys with suits and calculators know something they don’t.
Or could be the Asians are flush with cash and PE shareholders arent?
Forgot $TCPC