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Oil & Energy

Kuwait Oil Signs $16 Billion Oil Pipeline Deal With Investor Consortium

Kuwait Petroleum subsidiary Kuwait Oil has finalized a $16 billion deal to lease and lease back its crude oil pipeline network with a group of investors led by Blackstone (BX), Brookfield Asset Management (BAM), and KKR (KKR), it said on Saturday.The agreement involves the formation of a joint venture, in which Blackstone, Brookfield, and KKR will collectively hold a 49% stake, and Kuwait Oil will hold 51%.The JV will lease 13 pipelines, totaling about 320 kilometers in length. After 20.5 years, Kuwait Oil will again operate and maintain the pipeline assets in exchange for a volume-based tariff, according to the statement."The JV will not impose any restrictions on Kuwait's refining throughput or production volumes, all of which remain subject to decisions made by the State of Kuwait," the company said.Kuwait Oil is expected to receive $7.85 billion in upfront proceeds upon closing of the JV.Price: $133.45, Change: $+3.48, Percent Change: +2.68%

$BAM$BX$KKR
Commodities

KKR, Energy Capital Partners Agree to Buy DCC Energy in $7.7 Billion Deal

US private equity firms KKR (KKR) and Energy Capital Partners have agreed to buy Irish energy distributor DCC for 5.75 billion British pounds ($7.68 billion), according to a release by KKR on Monday.Under the terms of the agreement, DCC shareholders will receive 65.25 pound per share in cash and a final dividend of 1.4722 pounds.Investors are also eligible for an additional payout of up to 1.25 pound per share, conditional on the successful sale of DCC's Nexora technology unit.

$KKR
Sectors

Sector Update: Financial Stocks Softer Late Afternoon

Financial stocks were lower in late Thursday afternoon trading, with the NYSE Financial Index decreasing 0.3% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.4%.The Philadelphia Housing Index was falling 1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) eased 0.2%.Bitcoin (BTC-USD) was declining 1.6% to $64,752, and the yield for 10-year US Treasuries rose 4.6 basis points to 4.70%.In sector news, the US Justice Department will return to implementing targeted probes to expedite the review of merger deals, it said Thursday. The DOJ is "working to eliminate bureaucratic burdens while still preserving the integrity of Second Request investigations, which are aimed at protecting American consumers and affordability," said Associate Attorney General Stanley E. Woodward Jr.In corporate news, Zions Bancorporation (ZION) shares fell 1.5% after Evercore ISI downgraded the stock to underperform from inline and cut its price target to $68 per share from $74.Ares Management (ARES) received clearance from the European Commission to acquire joint control of Eni Plenitude alongside parent Eni (E), the EU's competition watchdog said Thursday. Ares shares rose 1.6%.Nasdaq (NDAQ) shares were up 0.4% after the company posted higher Q2 non-GAAP earnings and net revenue.KKR (KKR) plans to gradually sell its stake in Taiwan's LCY Chemical, Bloomberg reported, citing LCY Group Chairman Bowei Lee. KKR shares added 0.5%.

$ARES$KKR$NDAQ$ZION
Sectors

Sector Update: Financial Stocks Softer in Afternoon Trading

Financial stocks were lower in Thursday afternoon trading, with the NYSE Financial Index decreasing 0.7% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.6%.The Philadelphia Housing Index was falling 1.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.2%.Bitcoin (BTC-USD) was declining 2% to $64,717, and the yield for 10-year US Treasuries was rising 4.2 basis points to 4.70%.In sector news, the US Justice Department will return to implementing targeted probes to expedite the review of merger deals, it said Thursday. The DOJ is "working to eliminate bureaucratic burdens while still preserving the integrity of Second Request investigations, which are aimed at protecting American consumers and affordability," said Associate Attorney General Stanley E. Woodward Jr.In corporate news, Ares Management (ARES) received clearance from the European Commission to acquire joint control of Eni Plenitude alongside parent Eni (E), the EU's competition watchdog said Thursday. Ares shares rose 1.5%.Nasdaq (NDAQ) shares were up 0.7% after the company posted higher Q2 non-GAAP earnings and net revenue.KKR (KKR) plans to gradually sell its stake in Taiwan's LCY Chemical, Bloomberg reported, citing LCY Group Chairman Bowei Lee. KKR shares added 0.3%.Coinbase (COIN) plans to expand its Singapore workforce to about 200 employees by the end of 2026 from around 150 currently, despite broader global job cuts, The Business Times reported, citing Singapore Country Director Hassan Ahmed. Coinbase shares were down 1.4%.

$ARES$COIN$KKR$NDAQ
Sectors

Sector Update: Financial Stocks Decline Late Afternoon

Financial stocks were lower in late Monday afternoon trading, with the NYSE Financial Index down 0.8% and the State Street Financial Select Sector SPDR ETF (XLF) declining 0.5%.The Philadelphia Housing Index was falling 2.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was off 0.6%.Bitcoin (BTC-USD) was rising 0.8% to $65,190, and the yield for 10-year US Treasuries climbed 5.7 basis points to 4.598%.In economic news, the Conference Board's measure of leading indicators declined by 0.2% in June, larger than the 0.1% decrease expected in a Bloomberg-compiled survey, following a 0.1% increase in May.In corporate news, Truist Financial (TFC) shares fell 3.3% after JPMorgan downgraded the stock to underweight from neutral and lowered its price target to $53 from $53.50.LXP Industrial Trust (LXP) has agreed to be acquired by Brookfield Asset Management (BAM) and Canada Pension Plan Investment Board in a deal worth roughly $5.2 billion, including net debt and preferred equity. LXP shares rose 4.2%, and Brookfield was down 1.8%.BlackRock (BLK) is attempting to sell over $12 billion in bonds to finance a data center in El Paso, Texas, Bloomberg reported. BlackRock shares were down 1.5%.KKR (KKR) and Vauban Infrastructure Partners are among the shortlisted suitors seeking to buy a majority stake in Portuguese fiber operator DStelecom, Bloomberg reported. KKR shares fell 4.1%.

$BAM$BLK$KKR$LXP$TFC
Sectors

Sector Update: Financial Stocks Decline Monday Afternoon

Financial stocks were lower in Monday afternoon trading, with the NYSE Financial Index down 0.6% and the State Street Financial Select Sector SPDR ETF (XLF) declining 0.3%.The Philadelphia Housing Index was falling 1.8%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was off 0.6%.Bitcoin (BTC-USD) was rising 1% to $65,342, and the yield for 10-year US Treasuries was climbing up 6 basis points to 4.602%.In corporate news, LXP Industrial Trust (LXP) has agreed to be acquired by Brookfield Asset Management (BAM) and Canada Pension Plan Investment Board in a deal worth roughly $5.2 billion, including net debt and preferred equity. LXP shares rose 4.2%, and Brookfield was down 1.4%.BlackRock (BLK) is attempting to sell over $12 billion in bonds to finance a data center in El Paso, Texas, Bloomberg reported. BlackRock shares were shedding 1%.KKR (KKR) and Vauban Infrastructure Partners are among the shortlisted suitors seeking to buy a majority stake in Portuguese fiber operator DStelecom, Bloomberg reported. KKR shares were down 3.4%.

$BAM$BLK$KKR$LXP
Wire

Market Chatter: KKR, Vauban Infrastructure Competing to Acquire Majority Stake in DStelecom

KKR (KKR) and Vauban Infrastructure Partners are among the shortlisted suitors seeking to acquire a majority stake in Portuguese fiber operator DStelecom, Bloomberg News reported Monday, citing people familiar with the matter.The stake being sold is the 54% interest held by Cube Infrastructure Managers, with the potential transaction valuing DStelecom at between 300 million euros ($342.3 million) and 400 million euros, the report said.Other unnamed parties have also expressed interest in the asset, though discussions are ongoing and may not culminate in a final agreement, according to the report.KKR, Vauban Infrastructure Partners, Cube Infrastructure Managers, and DStelecom did not immediately respond to' requests for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $98.06, Change: $-2.88, Percent Change: -2.85%

$KKR
Sectors

Sector Update: Financial Stocks Decline Pre-Bell Monday

Financial stocks were declining pre-bell Monday, with the State Street Financial Select Sector SPDR ETF (XLF) marginally lower.The Direxion Daily Financial Bull 3X Shares (FAS) was up 0.1% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.2% lower.Brookfield Asset Management (BAM) and Canada Pension Plan Investment Board agreed to acquire LXP Industrial Trust (LXP) in an all-cash transaction valued at around $5.2 billion, including net debt and preferred equity, LXP said. Shares of Brookfield Asset Management were down 0.4% premarket.Blackstone (BX) has agreed to make a "significant investment" in South Korea-based actuator supplier Futronic, the company said. Blackstone stock was 0.7% higher pre-bell.KKR (KKR) and property investor AEW Capital Management may separately sell commercial real estate in China at losses, Bloomberg reported. KKR shares were 0.9% higher premarket.

$BAM$BX$FAS$FAZ$KKR$LXP$XLF
Equities

KKR, Energy Capital Partners Sweeten Bid for DCC

KKR (KKR) and Energy Capital Partners have sweetened their bid for Dublin-based DCC, the energy provider reported Thursday.Investment houses KKR and Energy Capital Partners are maintaining their offer of 66.72 British pounds ($90.22) a share, including a dividend, according to a statement issued by DCC on Thursday.However, DCC shareholders will receive up to 1.25 pounds per share more if DCC achieves at least $800 million from the planned sale of its technology distribution business Nexora.The total deal is now valued at more than 5.7 billion pounds, according to Bloomberg News. The new, richer KKR-Energy Capital Partners offer comes after Aviva Investors and Fidelity International, major DCC shareholders, balked at the previous sale price, reported Bloomberg.DCC, which distributes fuel and gas in Europe and the US, issued a statement in June that it was prepared to accept the KKR and ECP takeover offer.The Irish Takeover Panel has consented to DCC board request to extend the Put Up or Shut Up deadline to July 27 for the consortium to make a firm intention for a buyout.KKR and Energy Capital Partners did not immediately respond to a request for comment from.

$KKR
Sectors

Sector Update: Financial Stocks Higher Late Afternoon

Financial stocks were advancing in late Tuesday afternoon trading, with the NYSE Financial Index rising 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.3%.The Philadelphia Housing Index was up 0.9%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was shedding 0.5%.Bitcoin (BTC-USD) was gaining 3.6% to $64,499, and the yield for 10-year US Treasuries was decreasing 2.4 basis points to 4.585%.In economic news, the US seasonally adjusted consumer price index fell by 0.4% in June, compared with expectations of a 0.1% decline in a survey compiled by Bloomberg and following a 0.5% increase in May, the Bureau of Labor Statistics said Tuesday. Core CPI, which excludes food and energy prices, held steady, compared to the consensus estimate of a 0.2% gain. Core CPI rose by 0.2% in May. The year-over-year rates for headline and core CPI slowed to 3.5% and 2.6%, respectively, from 4.2% and 2.9% in May.In corporate news, Switch, a data center operator, has hired Goldman Sachs (GS) and JPMorgan Chase (JPM) as lead underwriters for an IPO that could raise up to $10 billion as soon as Q4, valuing the company at roughly $80 billion, including debt, Reuters reported. Separately, Goldman's Q2 results topped Wall Street's estimates as a record performance in the global banking and markets business propelled its revenue growth. JPMorgan reported Q2 results above market expectations on Tuesday, driven by higher investment banking fees and markets revenue. Goldman shares rose past 8%, and JPMorgan added 2.3%.Bank of America's (BAC) Q2 results beat Wall Street's estimates on Tuesday as increased client activity helped drive sharp gains in investment banking fees and trading revenue. Its shares climbed 2.1%.Warren Buffett said Tuesday that his goal is to dispose of all of his Berkshire Hathaway (BRK.A, BRK.B) shares within roughly eight years. The statement came alongside an announcement that Buffett on Tuesday will convert 8,000 Berkshire Class A shares into 12 million Berkshire Class B shares that will be donated to four foundations. Berkshire Class A shares were down 0.6%, and the Class B shares were shedding 0.8%.KKR (KKR) is one of several suitors to make a non-binding offer for Logoplaste, as the Portuguese packaging maker's majority shareholder works on a potential sale that could value it at about $1.94 billion, Bloomberg reported. Separately, Thomson Reuters (TRI) said Tuesday it has agreed to sell a 51% stake in its global print unit to KKR for roughly $500 million in a joint venture transaction expected to close in Q4. KKR shares were up 0.4%.

$BAC$BRK.A$BRK.B$GS$JPM$KKR
Wire

Market Chatter: KKR, Energy Capital Partners Close to DCC Acquisition

KKR (KKR) and Energy Capital Partners are close to acquiring DCC for 5.7 billion British pounds sterling ($7.6 billion) despite opposition from major shareholders Aviva Investors and Fidelity International, Bloomberg News reported Tuesday, citing sources familiar with the matter.The investment group is advancing its offer of 66.72 pounds per share, which includes a dividend payout, as the Wednesday deadline approaches, according to the report.Aviva Investors and Fidelity International argued the price undervalues the business, Bloomberg said.KKR and DCC declined to comment, while Energy Capital Partners, Aviva Investors and Fidelity International did not immediately respond to' requests for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $97.33, Change: $+0.42, Percent Change: +0.43%

$KKR
Wire

KKR, Energy Capital Said Close to $7.6 Billion Takeover of DCC, Bloomberg Reports

KKR, Energy Capital Said Close to $7.6 Billion Takeover of DCC, Bloomberg Reports

$KKR
Wire

Update: Market Chatter: KKR Among Firms Bidding for $2 Billion Logoplaste

(Updates with KKR's and Apax's responses to requests for comment in the last paragraph.)KKR (KKR) is one of several suitors to make a non-binding offer for Logoplaste, as the Portuguese packaging maker's majority shareholder works on a potential sale that could value it at about $1.94 billion, Bloomberg reported Tuesday, citing people familiar with the matter.Apax Partners has also made a bid for Logoplaste, which is expected to hold talks with certain bidders before inviting some to make binding offers, the report said, citing the people.KKR and Apax declined to comment to, while Logoplaste didn't immediately reply to a request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $96.58, Change: $-0.36, Percent Change: -0.38%

$KKR
Wire

Top Midday Stories: Trump Says US to Be Guardian of Hormuz Strait; Meta to Invest Over $50 Billion in Louisiana Data Center Expansion

All three major US stock indexes were down in late-morning trading Monday, as the US and Iran exchanged airstrikes over the weekend.President Donald Trump said Monday on Truth Social that the US will act as "THE GUARDIAN OF THE HORMUZ STRAIT" and will receive reimbursement for all incurred costs "at the rate of 20% on all cargo shipped." Trump said the strait is open and will remain so for all non-Iranian vessels.In company news, Meta Platforms (META) said Monday it plans to invest over $50 billion in its Richland Parish, Louisiana, infrastructure project to expand its computing capacity to 5 gigawatts. The tech giant will finance seven new natural gas-generating plants and three grid-scale batteries to completely cover its power requirements. Meta shares were down 1% around midday.Funds managed by Blackstone (BX) Credit & Finance, in partnership with Apollo Global Management (APO) and KKR-managed (KKR) insurance vehicles will invest $5.34 billion in Williams' (WMB) five Power Innovation projects in exchange for a 49% noncontrolling equity interest in the projects, Williams said Monday. Blackstone shares were down 0.8%, and Williams shares were down 0.1%. Apollo and KKR shares were down 0.8% and 0.3%, respectively.Taiwan Semiconductor Manufacturing (TSM) said Monday its net revenue for June totaled about 442.68 billion New Taiwan dollars ($13.79 billion), up 6.2% from the previous month and up 67.9% from a year earlier. Its shares were down 1.2%.First Hawaiian (FHB) said Monday it has signed a definitive agreement to acquire TriCo Bancshares (TCBK) in an all-stock deal. Under the deal terms, TriCo shareholders will receive 2.095 First Hawaiian shares for each TriCo share, valued at $63.12 per share based on First Hawaiian's July 10 closing price. First Hawaiian shares were down 4.6%, while TriCo shares were up 10.5%.Ferguson Enterprises (FERG) said Monday it has entered into a definitive agreement to acquire FWI Holdings, or FloWorks, in a deal with an enterprise value of about $1.6 billion. The deal is expected to close in Q3, subject to regulatory approvals and closing conditions. Ferguson shares were up 2.1%.Roughly a dozen states are set to file a lawsuit Monday in federal court in an effort to block Paramount Skydance's (PSKY) acquisition of Warner Bros. Discovery (WBD), Bloomberg reported, citing a person familiar with the matter. Paramount and Warner Bros. shares were up 2.7% and 0.5%, respectively.A federal appeals court on Monday vacated a district court's earlier dismissal of plaintiff claims that they were not warned that prenatal ingestion of Kenvue's (KVUE) Tylenol and its generic equivalents could cause autism spectrum disorder attention-deficit/hyperactivity disorder. Kenvue shares were down 1.6%.Price: $662.82, Change: $-6.39, Percent Change: -0.95%

$APO$BX$KKR$KVUE$META$PSKY$TSM$WBD$WMB
Wire

Blackstone, Apollo, KKR to Invest $5.34 Billion in Williams' Power Innovation Projects

Funds managed by Blackstone (BX) Credit & Insurance, in partnership with Apollo Global Management (APO) and KKR-managed (KKR) insurance vehicles will invest $5.34 billion in Williams' (WMB) five Power Innovation projects in exchange for a 49% noncontrolling equity interest in the projects, Williams said Monday.The deal includes $4.4 billion and about $0.9 billion of additional consideration to Williams, which has a buyout right between years seven and 14 valued at the Blackstone outstanding investment balance amount, the company said.Price: $124.09, Change: $+1.02, Percent Change: +0.83%

$APO$BX$KKR$WMB
Wire

Market Chatter: Qiagen Attracts Early Takeover Interest From EQT, Advent, KKR

Qiagen (QGEN) is attracting early takeover interest from private equity firms including EQT (EQT), Advent and KKR (KKR), with some potential bidders considering offers of at least $50 per share, Bloomberg reported Thursday, citing people familiar with the situation.Qiagen, which has been conducting a strategic review with advisers, could also draw interest from additional buyout firms and strategic acquirers. Deliberations are ongoing and there is no certainty they will result in a transaction, according to the report.Qiagen shares rose as much as 14% in US trading before trimming gains to trade up about 11%, valuing the company at roughly $8.7 billion, the report said.Qiagen, EQT, Advent and KKR did not immediately respond to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $42.68, Change: $+4.68, Percent Change: +12.32%

$EQT$KKR$QGEN
Wire

Qiagen Attracts Early Takeover Interest From EQT, Advent, KKR, Bloomberg Reports

Qiagen Attracts Early Takeover Interest From EQT, Advent, KKR, Bloomberg Reports

$KKR$QGEN
Wire

Deutsche Bank Trims KKR Price Target to $111 From $112

KKR (KKR) has an average rating of buy and mean price target of $125.78, according to analysts polled by FactSet.Price: $95.13, Change: $+1.83, Percent Change: +1.96%

$KKR
Oil & Energy

Market Chatter: Kuwait Petroleum Seeks Bidder Consolidations for $7 Billion Kuwaiti Oil Pipeline Stake

Kuwait Petroleum has requested that global investment funds bidding for a $7 billion stake in its oil pipeline network form consortiums to consolidate competing bids, aiming to accommodate smaller investors with close ties to the state energy firm, Reuters reported Thursday, citing sources.The deal has drawn notable interest across the alternative asset management sector, with Blackstone (BX) also surfacing as a participant for the first time in the current multi-year wave of Middle Eastern national oil company asset sales.Blackstone joins a group of infrastructure heavyweights advancing to the next round of the competitive sale process, including Brookfield Asset Management (BAM), Apollo Global Management (APO), KKR (KKR), EIG Global Energy Partners, and BlackRock (BLK) alongside its newly integrated infrastructure division, Global Infrastructure Partners.Except for KKR, who declined to comment, none of the parties involved responded immediately to' request for comments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$APO$BAM$BLK$BX$KKR
Sectors

Sector Update: Financial Stocks Higher Wednesday Afternoon

Financial stocks were advancing in Wednesday afternoon trading, with the NYSE Financial Index rising 1.7% and the State Street Financial Select Sector SPDR ETF (XLF) adding 2.4%.The Philadelphia Housing Index was falling 1.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.9%.Bitcoin (BTC-USD) was increasing 3.2% to $60,134, and the yield for 10-year US Treasuries was rising to 4.47%.In economic news, outplacement firm Challenger, Gray & Christmas said companies planned to cut 45,849 jobs in June, down from 97,006 in May and 47,999 a year ago. The largest layoff counts in June were in the technology and services sectors.In sector news, US banks are expected to report double-digit growth in Q2 core earnings, buoyed by factors including net interest revenue and core noninterest income, RBC Capital Markets said in a Wednesday note. RBC is projecting a 19% annual jump in banks' median core earnings per share from a year earlier. Consensus estimates point to a 21% increase, according to the brokerage.In corporate news, Klarna (KLAR) said a court ruled in favor of its PriceRunner unit, awarding it $1.97 billion in damages in an antitrust lawsuit against Alphabet's (GOOGL) Google. Klarna said the award compensates the company for lost revenue due to Google's preference of its own comparison-shopping service over independent services. Klarna shares rose 0.8%.BlackRock (BLK), KKR (KKR) and Macquarie Asset Management have met with Mexican government officials, as President Claudia Sheinbaum seeks to jump-start private investment in infrastructure projects, Bloomberg reported. BlackRock shares gained 1.9%, and KKR added 1.1%.JPMorgan Chase's (JPM) asset management unit is the leading bidder to buy Idex, Antin Infrastructure Partners' French heating and cooling network operator, Bloomberg reported. Idex could be valued at between 3 billion euros ($3.4 billion) and 4 billion euros, including debt, in a potential acquisition, the report said. JPMorgan shares rose 1.9%.

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