Shareholders of Kinetic Concepts Inc. (NYSE:KCI) approved a $6.3 billion offer from Apax Partners and a pair of Canadian pension funds, with the deal slated to close early next month.
Apax Partners
KCI shareholders OK $6.3B Apax LBO
Shareholders of Kinetic Concepts Inc. (NYSE:KCI) approved a $6.3 billion offer from Apax Partners and a pair of Canadian pension funds, with the deal slated to close early next month.
The $68.50-per-share leveraged buyout was broached in July, when the consortium offered a deal representing a 16 percent premium on KCI’s closing price July 5, the day before rumors spread on Wall Street that the San Antonio, Texas-based wound management company was in play.
KCI: We’ll withdraw from NPWT patent beefs
Kinetic Concepts Inc. (NYSE:KCI) says it will exit any patent infringement cases involving intellectual property it licensed from Wake Forest University, after a federal judge ruled the patents invalid last year.
The San Antonio, Texas-based company also said it’s halted royalty payments to Wake Forest for the two patents, which are related to negative pressure wound therapy technology. KCI hasn’t made any payments at all to the school this year; last year it paid out $86 million to license the IP, according to a regulatory filing.
Wall Street Beat: KCI alters debt deal with Apax – again
Terms for the $6.3 billion leveraged buyout of Kinetic Concepts Inc. (NSYE:KCI) are in flux once again as the debt crisis in Europe roils credit markets.
KCI agreed in July to a $68.50-per-share LBO by Apax Partners and a pair of Canadian pension funds. The London-based PE firm and its partners planned to finance the buyout with about $5 billion in debt, backed by lenders Bank of America Corp., Credit Suisse Group AG and Morgan Stanley.
Report: KCI alters debt deal with Apax – again
Terms for the $6.3 billion leveraged buyout of Kinetic Concepts Inc. (NSYE:KCI) are in flux once again as the debt crisis in Europe roils credit markets.
KCI agreed in July to a $68.50-per-share LBO by Apax Partners and a pair of Canadian pension funds. The London-based PE firm and its partners planned to finance the buyout with about $5 billion in debt, backed by lenders Bank of America Corp., Credit Suisse Group AG and Morgan Stanley.
KCI adjusts terms of $6B Apax LBO
Kinetic Concepts Inc. (NYSE:KCI) changed the terms of a portion of the financing backing its $6.3 billion leveraged buyout by private equity firm Apax Partners, a pair of anonymous sources told Bloomberg BusinessWeek.
Apax and a pair of Canadian pension funds agreed July 12 to buy KCI for $68.50 per share. The London-based PE firm and its partners planned to finance the buyout with about $5 billion in debt, backed by lenders Bank of America Corp., Credit Suisse Group AG and Morgan Stanley.
Kinetic Concepts’ $6.3B buyout meeting to take place tomorrow
After the break-up with rival buyer ConvaTec became official last night, news leaked of a date between Kinetic Concepts Inc. (NYSE:KCI) and suitor Apax Partners LLP to discuss the terms of the $6.3 billion acquisition.
The transaction will include a $2.6 billion term loan and a $200 million revolving line of credit arranged through Bank of America Corp. Morgan Stanley, Credit Suisse Group AG and Royal Bank of Canada, according to Bloomberg Businessweek’s undisclosed source.
KCI: ConvaTec officially calls it quits
It’s official: ConvaTec’s bid for rival Kinetic Concepts Inc. (NYSE:KCI) is over, according to a KCI filing with the federal Securities & Exchange Commission.
ConvaTec slipped in an 11-hour offer for the San Antonio-based wound care giant, hoping to trump a $6.3 billion offer from Apax Partners and two Canadian pension funds. The ConvaTec offer crumbled, however, after a key financial plank for its deal was removed.
ConvaTec bid for KCI collapses
The bidding war for Kinetic Concepts Inc. (NYSE:KCI) is over, after a competing offer by rival ConvaTec collapsed after a key financing prop was removed.
KCI agreed in July to a $6.3 billion offer from private equity buyer Apax Partners. In August ConvaTec, which is backed by Nordic Capital Partners and Avista Capital Partners, made an 11th-hour play.
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Will KCI spurn ConvaTec?
Kinetic Concepts Inc. (NYSE:KCI) is likely to spurn a $6.3 billion offer from rival ConvaTec unless that firm can guarantee financial backing, according to “people familiar with the matter” quoted in the Wall Street Journal.