Leon Black ’s Apollo Global Management LLC is joining private-equity firms that have their own broker-dealers, relying in part on an investment bank built by his former boss at Drexel Burnham Lambert Inc.
Carlyle Group LP, in a transaction nine months before it filed to go public, saddled itself with debt to pay owners including William Conway, Daniel D’Aniello and David Rubenstein a $398.5 million tax-deferred dividend.
The economic power that some in the financial community attain bothers many people deeply. It offends our ideal of a society that aspires to respect, appreciate and support everyone. The pursuit of power that often drives financial capitalism seems contrary to the concept that finance should be about the stewardship of society’s assets.
In 1997, Josh Weston persuaded the founder of J. Crew Group Inc. to sell the company to TPG Capital. Now, he’s heading the special board committee that approved TPG’s offer to again buy the apparel retailer.
Intercontinental Exchange Inc., owner of the world’s largest credit-default swap clearinghouse, will petition the U.S. Securities and Exchange Commission to allow asset managers to clear trades in the $26.5 trillion market.
Unilever , the world’s second-biggest consumer goods maker, agreed to sell its Italian frozen-foods unit to a group led by Birds Eye Iglo for 805 million euros ($1.04 billion) as it focuses on building international brands.