The frothiness continues unabated with KKR coming forward to submit a formal takover proposal for Walgreens Boots Alliance. Click on the link to the Financial Times piece below for the latest on the deal:
https://www.ft.com/content/9824af60-049d-11ea-a984-fbbacad9e7dd
Now Betaville was a bit sceptical that a $70 billion leveraged buy-out of Walgreens Boots Alliance would actually happen...
It's getting frothy out there.
First off: it emerges Stefano Pessina is exploring a $70 billion plus leveaged buy-out of Walgreens Boots Alliance. The last time Italian took a company private was just before the credit crunch in 2007 when he acquired Alliance Boots for £11 billion with the backing of KKR, Wall Street's most powerful private equity firm...
"Locusts!" That's how the German establishment dubbed private equity firms looking for deals in the country a decade ago.
Wind on ten years and KKR - the American buy-out firm lionised in the seminal book Barbarians At The Gate - is backing a $8 billion leveraged buy-out of Axel Springer.
Yet, as far Betaville can see, none of the German establishment have objected to such a "locust" taking control of one Germany's largest media companies...
Followers of my work will know that I have written a couple of pieces on the Tangle Teezer auction for the Mail on Sunday. Here is a link to the latest article published a couple of weeks ago:..