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Big Banks Sidestep Small Bank Chaos, Reporting Record Earnings
Wall Street’s big banks were unscathed by the crisis facing regional banks in March, reporting banner profits for the first quarter of 2023. JPMorgan Chase, Citigroup, and Wells Fargo earned billions more than they or anyone else had expected, the banks announced in mid-April...
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Accel-KKR Closes on $5.3 Billion in New Capital Commitments
Technology-focused private equity firm Accel-KKR has completed fundraising for two funds, closing on $5.3 billion of new capital commitments, the company announced in late March. The General Partner of Accel-KKR represents the largest investor in both funds, Accel-KKR Capital Partners VII LP and Accel-KKR Emerging Buyout Partners II LP...
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Wrestling Icons WWE and UFC to Merge
World Wrestling Entertainment (WWE) and Endeavor Group-owned UFC announced in early April that they will merge and form a new publicly traded company controlled by Endeavor. The deal values WWE at $9.3 billion and UFC at $12.1 billion...
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Asia Pacific Private Equity Deal Value Drops in 2022
Private equity deal value in Asia Pacific fell 44% year-on-year to $198 billion in 2022, after two years of record dealmaking, according to a Bain & Company report. Slower economic growth, declining consumer confidence, falling manufacturing output, high inflation, and mounting global and regional uncertainties caused the drop, the global consultancy concluded in its Asia Pacific Private Equity Report 2023...
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VC Funding Drops in Q1 2023
Worldwide venture capital funding fell 53% in the first quarter of 2023, according to Crunchbase data released in early April. Global VC funding totaled $76 billion during the quarter, compared to $162 billion during the first quarter of 2022...
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Regional Banks FRC and WAL Could Be M&A Targets
Some regional banks, ill-prepared for the Federal Reserve’s rapid interest rate hikes, loaded up on bonds or loans that are now underwater. If their assets were marked to market, the banks could be wiped out, according to MarketBeat, which predicts more regional bank acquisitions to come in the wake of the Silicon Valley Bank (SVP) sale...
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Regulators Held to Fire in First Congressional Panel on Regional Bank...
The Federal Reserve’s top banking regulator told a Senate panel that Silicon Valley Bank (SVB) failed to properly manage risk before its sudden collapse in early March, calling their efforts “terrible.” Lawmakers questioned why warning signs were missed during the first hearing into the failures of SVB and Signature Bank and the subsequent market chaos...
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Alibaba to Restructure into Separate Business Units
Chinese e-commerce giant Alibaba said it will reorganize into six distinct units, five of which will be able to raise outside capital and seek their own IPOs, according to a company statement. Each division will have its own chief executive and board of directors. The restructuring aims to enhance flexibility, which can open up more value for investors...
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KKR Steps into Japanese Hotel Sector with Hyatt Regency Tokyo Acquisition
Global investment firm KKR and real estate private equity company Gaw Capital Partners have announced that they have entered into agreements to acquire Hyatt Regency Tokyo, according to company statements. The deal is KKR’s first hotel investment in Japan. The Hyatt is a 746-room luxury hotel in the heart of Tokyo’s business and retail district, next to the Tokyo Metropolitan Government headquarters...
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Blackstone Allegedly Considering Stake in FTV Capital
A Blackstone-managed fund is in talks to acquire a minority stake in FTV Capital, a growth-equity investment firm, according to Bloomberg, attributing an unnamed source. The prospects for the deal’s success are unknown. FTV raised $2.3 billion in 2022 for its largest fund...
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Hertz Appoints Scott M. Haralson as Chief Financial Officer
Hertz Global Holdings, a prominent global rental car company, has announced the appointment of Scott M. Haralson as Chief Financial Officer. "His deep expertise in financial management and leveraging the capital markets to drive business transformation will be invaluable to Hertz as we rotate our fleet, deliver operational excellence, build greater cost discipline and undertake other key initiatives to improve our financial performance", stated Hertz CEO Gil West...
Navan Appoints Amy Butte as Chief Financial Officer
Navan, the comprehensive super app simplifying travel and expense management, announced the appointment of Amy Butte as Chief Financial Officer effective June, 2024. Butte, who joined Navan's Board of Directors in April 2024, has resigned from her role as Audit Committee Chair to assume this executive position...