October 2006 - Global Finance - The four-year-old boom in private equity investing reached a feverish pitch this summer as firms awash with cash hurried to put some of it to work in corporate takeovers and billions of dollars more poured into newly raised buyout funds.
In the biggest leveraged buyout ever, three private equity firms agreed in late July to take Nashville, Tennessee-based hospital operator HCA private for $21.3 billion of cash and the assumption of $11.7 billion in debt, or a total value of $33 billion. The investor group was made up of Boston-based Bain Capital; Kohlberg Kravis Roberts, or KKR; and Merrill Lynch Global Private Equity; along with Thomas F. Frist, HCA’s founder. The previous record LBO was the $25 billion buyout of RJR Nabisco in 1989. Read More.
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