SodaStream (SODA) M&A Rumors Lift Stock, Again Sep 18, 2014 07:14AM

SodaStream International (NASDAQ: SODA) gained pre-market Thursday due to rumors in the Independent.

The Independent said, "Rumours continue that SABMiller, down 84p at 3,577p, and Diageo, off 34.5p at 1,812.5p, could be interested in SodaStream, the Israeli maker of a drinks’ carbonating gadget. Private equity group KKR has also been thrown into the mixer as a potential suitor."


KKR & Co. (KKR) Announces Completion of Goodpack Acquisition Sep 16, 2014 06:53AM

The directors of Goodpack Limited announced that IBC Capital Limited, an affiliate of leading global investment firm KKR, has completed the acquisition of the Company. As part of the acquisition, Goodpack was delisted from the Official List of the Singapore Exchange Securities Trading Limited ("SGX-ST") on September 15, 2014.

KKR’s partnership with Goodpack will further realise the Company’s potential and accelerate its growth. Goodpack’s management team will look to leverage KKR’s global network to penetrate new verticals and increase sales in existing markets. Goodpack will also benefit from the expertise of KKR Capstone, an independent team of operational executives who work exclusively with KKR and its portfolio companies, to identify opportunities to unlock and create greater value.

Goodpack’s strong environmental thesis complements KKR’s commitment to incorporating environmental, social, and governance (“ESG”) considerations into its decision-making and management practices. Goodpack’s intermediate bulk containers (“IBCs”) are made of high tensile steel that can be reused multiple times over the course of 10 or more years compared to typical wood or corrugated packaging that is used once and then disposed. With more than 3.3 million Goodpack IBCs in circulation across 70 countries and over 5,000 delivery and collection points, Goodpack IBCs can be hired locally and returned globally.

Commenting on the completion, David Lam, Executive Chairman of Goodpack, said, “This partnership with KKR will be transformational. KKR has a proven track record of driving operational improvements and sustainable long-term growth, as well as expertise and experience in enhancing the performance of logistics firms. We envision that together we will be able to deliver greater value to existing customers, and also expand into new customer segments.”

Ming Lu, Member of KKR and Co-Head of Asia Private Equity, added, “Goodpack is a highly successful packaging solutions company with its innovative, unique product that offers compelling value to its customers while being environmentally friendly. We look forward to working with Goodpack’s experienced management team and believe that, in partnership, we will strengthen the Company’s position as a leader in the logistics solutions space.”

The acquisition of Goodpack is KKR’s first transaction in Singapore since KKR established its Southeast Asia headquarters in the country in 2012. Prior to the establishment of its Singapore office, KKR invested in Singapore companies such as MMI Holdings Limited in 2007 and Unisteel Technology Limited in 2008, as well as invested in Singapore-listed United Envirotech Limited in 2011.


KKR & Co. (KKR) Extends ~$164.2M of Financing to GMR Holdings Sep 16, 2014 06:33AM

KKR & Co. (NYSE: KKR) announced that it has signed a term sheet to provide INR10 billion (US$164.2 million) of structured long-term financing, with co-investors, to leading Indian infrastructure development company GMR Holdings Pvt. Ltd. (“GMR”), the holding company for the GMR Infrastructure Ltd. (“GIL”) (NSE stock code: GMRI:IN), one of India's leading infrastructure business groups. The transaction is subject to customary transaction documentation. Further terms of the transaction have not been disclosed.

GMR Group is one of the fastest-growing infrastructure enterprises in India with interests in the airport, energy, highway and urban infrastructure sectors. GMR Holdings will infuse funds in GMR Infrastructure in the form of equity capital which will help GIL to further strengthen its balance sheet, support the funding requirement for projects and meet its financing obligations.

Grandhi Kiran Kumar, Group Director, GMR Holdings, said, “The infusion of additional equity from promoters of GIL is a testimony to the promoters’ confidence in the long-term value of the Group’s business. The rights issue, after successful conclusion, will improve the net worth of GIL and bring down the net debt-to-equity ratio to around 2.85 as against 3.50 prevailing as of March 2014. In addition, it will reduce the corporate debt of GIL. This partnership with KKR helps GMR to strengthen its foundation for the next phase of growth.”

BV Krishnan, Managing Director, KKR Capital Markets, said, “We are delighted to have entered into this partnership with GMR, which has been at the forefront of high-quality infrastructure development in India. GMR represents a significant opportunity for KKR to partner with committed infrastructure groups which have developed world-class, highly relevant assets to build India.”

In India, KKR provides structured financing solutions through multiple capital pools, including a non-banking finance company, alternative investment funds and special situations capital pools. The firm looks to provide flexible, long-term capital which can help companies achieve their objectives of balance sheet consolidation, deleveraging and long-term growth. KKR has executed more than US$2 billion of structured financing to 21 business groups in India through its credit and capital markets business over the past five years.


KKR (KRR) to Acquire Pioneer DJ in ~$551M Deal Sep 16, 2014 06:23AM

Pioneer Corporation and KKR & Co. (NYSE: KKR) announced the signing of a share purchase agreement under which Pioneer’s business division that engages in the development, manufacturing and sale of DJ equipment will be spun off into a new company, Pioneer DJ*, which will be jointly owned by Pioneer and KKR.(*provisional name)

Based on this agreement, KKR will acquire all of the outstanding shares of Pioneer DJ via holding company PDJ Holdings Co., Ltd. (“PDJHD”) for approximately JPY59 billion (approximately US$551 million at the exchange rate of US$1=JPY107). Pioneer will then acquire newly issued shares in PDJHD with the result that PDJHD will be owned 85.05% by KKR and 14.95% by Pioneer.

Pioneer’s DJ equipment business develops, manufactures, and sells equipment for DJs, including DJ players, mixers, controllers, headphones, and speakers. It is a leader in the DJ equipment market with strong brand image, reputation for technological differentiation, and high profitability.

Pioneer and KKR will jointly leverage their respective business resources, brand power, and technological capability, as well as global-technology and media-industry investment experience, and networks for the further growth of Pioneer DJ.

Susumu Kotani, Representative Director, President and CEO of Pioneer, said, “As we accelerate our efforts to concentrate management resources on our car electronics business, Pioneer has been seeking the optimal partner to further the globalization of our DJ equipment business and expand the brand. We are pleased to have reached an agreement with KKR on the purchase of Pioneer DJ. KKR has a wealth of experience in the technology and media industry globally, and we are confident it has the expertise to drive Pioneer DJ forward. Pioneer will retain 14.95% of the voting rights in Pioneer DJ and we will maintain a framework for cooperation to ensure the future growth of the company.”

Hirofumi Hirano, Member of KKR and CEO of KKR Japan, said, “Pioneer has built a leading global DJ equipment business based on its powerful brands and excellence in matching product development to market requirements. KKR will work together with Pioneer DJ’s innovative management team and employees, and our investment partner Pioneer, to support further long-term growth of the business.”

Yoshiaki Ide, Executive Officer and Division Chief Officer of Pioneer’s Pro. Sound & Visual Business Division, said, “KKR’s global investment activities support the growth of businesses in a range of industries, including those in the technology and media sectors. As such, we believe this partnership will enable the further expansion of our own business. With KKR’s support, Pioneer DJ aims to add further customer value and exceed expectations with accelerated product development and enhanced service. In addition, Pioneer, as an important shareholder, will provide ongoing support.”

Subject to approval by the relevant authorities and other customary closing conditions, the above agreements are expected to be completed by March 2015.


UPDATE: Hewlett-Packard (HPQ) May Sell Snapfish - Reuters Sep 12, 2014 03:30PM

(Updated - September 12, 2014 3:30 PM EDT)

Hewlett-Packard (NYSE: HPQ) is exploring a sale of photo sharing service Snapfish, according to Reuters, and it has held discussions with various parties, including private equity and industry.

The report went on to say that some parties that have shown interest in Snapfish were also interested in buying Shutterfly, Inc. (NASDAQ: SFLY).


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