-=Cloudera (CLDR) to be acquired by Clayton, Dubilier & Rice and KKR for $16.00 per share

Cloudera to be acquired by Clayton, Dubilier & Rice and KKR for $5.3 bln ($16.00 in cash per share)

The co entered into a definitive agreement to be acquired by affiliates of Clayton, Dubilier & Rice ("CD&R") and KKR in an all cash transaction valued at approximately $5.3 billion. The transaction will result in Cloudera becoming a private company and is expected to close in the second half of 2021.

The Board of Directors of Cloudera (the "Board") has unanimously approved the transaction and recommends that the Cloudera shareholders approve the transaction and adopt the merger agreement. Entities related to Icahn Group, collectively holding approximately 18% of the outstanding shares of Cloudera common stock, have entered into a voting agreement pursuant to which they have agreed, among other things, to vote their shares of Cloudera common stock in favor of the transaction. The transaction delivers substantial value to Cloudera shareholders, who will receive $16.00 in cash per share, representing a 24% premium to the closing price as of May 28, 2021 and a 30% premium to the 30-day volume weighted average share price.

Closing of the deal is subject to customary closing conditions, including the approval of Cloudera shareholders and antitrust approval. The agreement includes a 30-day "go-shop" period expiring on [July 1], 2021, which allows the Board and its advisors to actively initiate, solicit and consider alternative acquisition proposals from third parties -- with an additional 10 days to negotiate a definitive agreement with qualifying parties. The Board will have the right to terminate the merger agreement to enter into a superior proposal subject to the terms and conditions of the merger agreement.

-= Walgreens Boots Alliance (WBA) to be acquired by KKR & Co. (KKR)?

• Bloomberg reported that KKR & Co. (KKR) made a formal approach to buy out the Dow component.

-=Envision Healthcare (EVHC) acquired by KKR (KKR) for $46.00/share

Envision Healthcare confirms deal to be acquired by KKR (KKR) for $46.00/share in cash, or approximately $9.9 bln 
The agreement represents the culmination of the Board's comprehensive review of strategic alternatives to enhance shareholder value. During the last seven months, the Board, with the assistance of three independent financial advisors and legal counsel, examined a full range of options to generate shareholder value, including capital structure alternatives, potential acquisitions, portfolio optimization, a potential sale of the whole company, and continued operation as a standalone business. The Board oversaw an extensive process that involved outreach to 25 potential buyers, including financial sponsors and strategic entities, and invited proposals for all or parts of the business. After consideration of the opportunities, risks and uncertainties facing the Company and the broader sector, as well as the alternatives available to the Company, the Board determined that the KKR proposal presented the best opportunity to maximize value for shareholders.

=KKR (KKR) reported earnings on Thur 3 May 2018 (b/o)

KKR beats by $0.24, beats on revs; Board approves plan to convert from partnership to corporation on July 1 

• Reports Q1 (Mar) after tax economic net income of $0.42 per share, excluding non-recurring items, $0.24 better than the Capital IQ Consensus of $0.18; revenues rose 1.8% year/year to $382.2 mln vs the $337.44 mln Capital IQ Consensus. After-tax Distributable Earnings was $304 million, or $0.37 per adjusted unit eligible for distribution.
• KKR's Board of Directors unanimously approves plan to convert from a partnership to a corporation, effective July 1, 2018. KKR expects to pay an annualized dividend of $0.50 per common share as a corporation and announces an increase in its available share repurchase authorization to $500 million, effective immediately.
• As of March 31, 2018, Assets Under Management and Fee Paying Assets Under Management were $176 billion and $120 billion, respectively, up 28% and 12%
• Peers: BX, CG

Barracuda Networks (CUDA) to be acquired by Thoma Bravo for $1.47 billion in cash

Update 4/12/22: KKR to acquire Barracuda Networks Inc. from Thoma Bravo; financial terms were not disclosed.

    

• Barracuda provides email protection tools and has been transitioning to cloud-based security from network hardware.
• Thoma Bravo in 2016 acquired Qlik Technologies, a data analytics software maker, for $3 billion.
• Thoma Bravo reportedly has kicked the tires at Impera as well as F5 Networks (FFIV), a maker of data center networking gear.

  

Nov 27 (Reuters) - Barracuda Networks Inc on Monday agreed to be taken private by buyout firm Thoma Bravo LLC for $1.47 billion in cash, four years after the data security firm went public.

The offer of $27.55 per share represents a premium of 16.3 percent to Barracuda's Friday close. The company's shares were trading at $27.51.

Barracuda, which manages data security of its customers over the cloud on a subscription basis, competes with Palo Alto Networks Inc, Proofpoint Inc and Symantec Corp .

Barracuda will operate as a privately-held company and continue to focus on email security and data protection services. The transaction is expected to close by the end of February.

Thoma Bravo, known for its investments in software and technology companies, has spent billions buying several listed companies such as Qlik Technologies, Riverbed Technology, SolarWinds and Compuware.

Morgan Stanley & Co LLC is Barracuda's financial adviser, while Goldman Sachs & Co LLC, Credit Suisse and UBS Investment Bank were advisers to Thoma Bravo.

=KKR (KKR) reported earnings on Thur 26 Oct 2017 (b/o)

KKR misses by $0.06

• Reports Q3 (Sep) economic net income of $0.36 per share, $0.06 worse than the Capital IQ Consensus of $0.42. 
• After-tax Distributable Earnings and After-tax Distributable Earnings per adjusted unit eligible for distribution were $464.5 million and $0.57, respectively, for the quarter ended September 30, 2017.
• Book value was $11.2 billion as of September 30, 2017 or $13.80 per outstanding adjusted unit
• As of September 30, 2017, Assets Under Management ("AUM") and Fee Paying Assets Under Management ("FPAUM") were $153 billion and $114 billion, respectively, up 17% and 22%, respectively, compared to September 30, 2016. New fee paying capital raised exceeded $37 billion over the past 12 months on an organic basis

PharMerica (PMC) to be acquired by KKR (KKR) for $29.25/share

PharMerica (PMC) to be acquired by KKR (KKR) for $29.25/share in cash. (2 Aug 2017)

    

 

Louisville, KY-based PharMerica Inc. has reached a definitive agreement to be acquired for $1.4 billion.

The institutional pharmacy provider is being bought by a new company controlled by KKR & Co. L.P., a New York City-based private-equity firm, with Deerfield, Ill.-based Walgreens Boots Alliance Inc. as a minority investor.

The all-cash deal includes the assumption of PharMerica's debt. When the transaction is complete — expected in early 2018 — PharMerica will become a private company.

PharMerica shareholders will receive $29.25 in cash per share of PharMerica common stock, the release states. The stock closed Tuesday at $25.05, so the acquisition prices is a 17 percent premium.

“With the support of KKR and a strategic partner in Walgreens Boots Alliance, PharMerica will have additional resources and expertise to advance and grow the business," PharMerica CEO Gregory Weishar said in the release.

Alex Gourlay, Walgreens Boots Alliance co-chief operating officer, said the merger represented an opportunity for his company to expand into a growing segment of health care.

The PharMerica board of directors unanimously approved the sale. But the deal still requires PharMerica shareholder approval and regulatory approvals.

PharMerica was founded in 2006 through the merger of the institutional pharmacy business of Louisville-based Kindred Healthcare and AmerisourceBergen Corp.

=WebMD Health (WBMD) to be acquired by KKR (KKR) for $66.50/share

WebMD Health confirms agreement to be acquired by KKR (KKR) for $66.50/share in cash :

• Under the terms of the agreement, a subsidiary of Internet Brands will commence a tender offer in the next 10 business days to acquire all of the issued and outstanding shares of WebMD common stock for $66.50/share to be paid in cash upon completion of the transaction.  The transaction is valued at ~$2.8 bln.
• The WebMD Board of Directors approved the merger agreement.
• The acquisition is expected to close during Q4 of 2017. 
• Equity financing for the transaction is being provided primarily by KKR's private equity funds.
• "After a thorough review of strategic alternatives, we are pleased to announce this transaction, which provides our stockholders with immediate and significant cash value and a substantial premium," said Martin J. Wygod, Chairman of WebMD. "Throughout this process, our Board has conducted diligent analysis and thoughtful deliberations. WebMD and its financial advisors had a process that involved outreach to more than 100 strategic and financial parties, and we are confident that this transaction maximizes value for our stockholders."

=KKR & Co. L.P. (KKR) reported earnings on Thur 27 April 2017 (b/o)

KKR beats by $0.14, beats on revs:

• Reports Q1 (Mar) earnings (ENI) of $0.65 per share, excluding non-recurring items, $0.14 better than the Capital IQ Consensus of $0.51; revenues rose 339.7% year/year to $715.9 mln vs the $297.88 mln Capital IQ Consensus.
• Strong investment performance primarily drove After-tax Economic Net Income of $549.9 million, or $0.65 per adjusted unit, for the first quarter of 2017.
• Book value was $10.3 billion as of March 31, 2017 or $12.80 per outstanding adjusted unit. As of March 31, 2017, Assets Under Management and Fee Paying Assets Under Management were $138 billion and $107 billion respectively, up 9% and 14%, respectively, compared to March 31, 2016.

=KKR reported earnings on Tue 25 Oct 2016 (b/o)

KKR beats by $0.06  :

• Reports Q3 (Sep) economic net income of $0.71 per share, $0.06 better than the Capital IQ Consensus of $0.65. 
• Private Markets monetization activity was the primary driver of After-tax Distributable Earnings of $461 million or $0.57 per adjusted unit eligible for distribution for the third quarter 2016
• Assets Under Management were $131 billion as of September 30, 2016, up 17% compared to September 30, 2015 as organic new capital raised exceeded $28 billion over the past twelve months
• Book value was $9.6 billion as of September 30, 2016, or $11.95 per outstanding adjusted unit
• Regular distribution per common unit of $0.16 was declared

KKR reported earnings on Mon 25 Apr 2016 (b/o)

** charts after earnings **

KKR misses by $0.32, misses on revs  :

• Reports Q1 (Mar) loss of $0.65 per share, excluding non-recurring items, $0.32 worse than the Capital IQ Consensus of ($0.33); revenues fell 44.1% year/year to $162.8 mln vs the $267.41 mln Capital IQ Consensus. 
• After-tax Cash Earnings and After-tax Cash Earnings per adjusted unit eligible for distribution were $168.7 mln and $0.21, respectively, for the quarter ended March 31, 2016 compared to $487.7 mln and $0.60 for the quarter ended March 31, 2015.
• The first quarter of 2016 was a challenging environment with pronounced volatility across global capital markets. Reflecting this, KKR's private equity portfolio and the investments on KKR's balance sheet depreciated 0.9% and 5.4%, respectively, in the quarter compared to the total return for the MSCI World Index of -0.2%.
• As of March 31, 2016, Assets Under Management and Fee Paying Assets Under Management were $126 bln and $94 bln, respectively, up 17% and 9% compared to March 31, 2015.

KKR — is it a sell ?

• 4/25/16; after earnings; is it a sell?

• 2 weeks later:

Great trade : KKR +10% (4/16)

KKR reported 4Q earnings on Thur 11 Feb 2016 (a/h)

** charts before earnings **

** charts after earnings **

 

• 10 days later

KKR misses by $0.19, beats on revs :

• Reports Q4 (Dec) earnings of $0.08 per share, $0.19 worse than the Capital IQ Consensus of $0.27; revenues rose 44.6% year/year to $307.92 mln vs the $282.16 mln Capital IQ Consensus.

• After-tax Cash Earnings and After-tax Cash Earnings per adjusted unit eligible for distribution were $168.6 million and $0.21, respectively, for the quarter ended December 31, 2015 compared to $361.2 million and $0.44 for the quarter ended December 31, 2014.
• Book value per adjusted unit was $11.78 as of December 31, 2015 compared to $12.07 per adjusted unit as of December 31, 2014.
• Assets Under Management and Fee Paying Assets Under Management were $120 billion and $92 billion, respectively, up 12% and 7% compared to December 31, 2014.
• ENI was $144.7 million for the quarter ended December 31, 2015, an increase of $58.1 million, compared to ENI of $86.6 million for the quarter ended December 31, 2014. The increase was primarily attributable to higher total segment revenues as described above partially offset by an increase in cash compensation and benefits resulting from the higher levels of management, monitoring and transaction fees.

KKR — is it a buy?

• 12/17/15:   #20   Is it a buy?

• 2 months later: