Archive for June 21st, 2007
Has KKR hired IPO underwriters?
21 June 2007According to CNBC, KKR has hired Citigroup and Morgan Stanley to look at an IPO of the firm, in light of the tremendous interest Blackstone has garnered.
This is in keeping with our post from the Henry Kravis speech in Halifax last month:
“As to the rumours about a pending IPO of KKR, he did his best [...]
Clarus research on Discovery/Top Aces deal
21 June 2007Here is the snapshot from the Clarus Securities research department:
“Last night, Discovery announced a purchase agreement worth ~$65 million with Montreal-based Top Aces Inc. including $35 million in cash and 20 million Discovery Air shares. The acquisition is expected to close in August-07. Top Aces is an exclusive provider of fighter plane training [...]
Quote of the day
21 June 2007“Yes, there was too much leverage in the market. Yes, there was too much appetite for risk and yes, that risk was underpriced,” said Mark Adelson, a senior analyst at Nomura Securities in New York. “But there has not been a lick of spillover of this situation in the corporate bond market or [...]
GMP research on Discovery/Top Aces deal
21 June 2007Here is GMP’s research note on the Discovery Air (DA.A:TSX) acquisition of Wellington Financial Fund II portfolio company Top Aces:
“Discovery Air announces agreement to acquire Top Aces Inc. for approximately $65 mm
Top Aces currently generates revenue of approximately $30+ mm and according to senior
management it will generate EBITDA margins similar to the company’s other business [...]
Westwind Partners research on Discovery Air/Top Aces deal
21 June 2007Here is a short note from Westwind Partners’ research head John Grandy on the acquisition of Top Aces by Discovery Air (DA.A:TSX).
“Discovery Air Announces Top Aces Acquisition
Insight or Development:
Discovery Air has entered into share purchase agreements to acquire Top Aces Inc. (Top Aces), an approved supplier to the Canadian federal government [...]