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August 28, 2006
Scoring the Largest Buyouts
The Wall Street Journal has a table of the top ten largest buyouts of all time, headed, of course, by the RJR Nabisco deal back in 1988. While the table isn't inflation adjusted, so there may be some confounds here, what's interesting is how many of the largest buyouts are recent.The answer: Including the just-announced Kinder Morgan deal, eight of the ten largest buyouts of all time have happened since March of 2005. Five of the ten largest of all time are this year alone. Incredible.
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A certain distressed-oriented private equity firm that is leading the buy-out of a controlling (51%) stake in a certain large auto-company's finance subsidiary recently pointed out that it and its co-investors are writing the single largest private EQUITY check (i.e., no leverage being employed by the buyers), although the equity value of the deal (as listed in your chart) wouldn't merit an entry on this list (only barely though, from the numbers I've seen).