Latest news with #buyout
Yahoo
8 hours ago
- Business
- Yahoo
Louisiana Supreme Court awards Ed Orgeron's ex-wife $8 million in dispute over former LSU coach's buyout
The Louisiana Supreme Court ruled Friday that former LSU coach Ed Orgeron owes his ex-wife Kelly nearly half of the buyout he received from the school. In a 5-2 ruling, the court said Kelly Orgeron should receive $8.13 million from the buyout since the two were married when Ed signed his contract extension with LSU in January 2020. Orgeron was rewarded with a new contract just after the Tigers went undefeated throughout the 2019 college football season and won the College Football Playoff. Advertisement Ed Orgeron filed for divorce six weeks after he signed the extension, though the contract was not officially approved by the school's board until divorce proceedings had begun. Orgeron received nearly $17 million from the school when he was fired. The supreme court's decision reversed a 2024 lower court ruling in favor of the coach. Three judges who ruled on the case were temporary replacements because of recusals. 'The lower courts failed to recognize that even if the employment agreement could be considered a 'new' obligation rather than a fulfillment of the requirements of the binding term sheet, because it was made effective during the existence of the community, the contract is a community asset in which both husband and wife have an interest,' Judge Jefferson Hughes wrote for the majority in the ruling. 'Property acquired during the community is presumed to be community property.' Orgeron became LSU's coach during the 2016 season after Les Miles was fired and led the Tigers to a 6-2 record after taking over. After 19 wins over the 2017 and 2018 seasons, LSU went 15-0 in 2019 with an offense led by Joe Burrow, Ja'Marr Chase, Justin Jefferson and Clyde Edwards-Helaire that scored more than 48 points per game. Burrow won the Heisman after the Tigers dismantled Georgia 37-10 in the SEC championship game. The Tigers had five first-round picks in the 2020 NFL Draft and 14 overall, but things quickly went downhill for LSU after that season. The Tigers went just 5-5 in the pandemic-shortened 2020 season and then 6-6 in 2021 as the school announced midseason that Orgeron would not return for 2022 after a 3-3 start. Since he was fired at LSU, Orgeron has not held a formal college football coaching role.
Bloomberg
a day ago
- Business
- Bloomberg
Skechers Prices Over $6 Billion of Debt in Rare Buyout Financing
Footwear maker Skechers USA Inc. priced more than $6 billion in debt on Thursday to support its buyout by 3G Capital, in a sizable deal that showed how eager leveraged finance buyers are for any debt supporting a large merger or acquisition. Portions of the deal, which included bonds and loans, offered better pricing for the borrower, and one tranche allows the company to defer paying cash interest, according to people with knowledge of the matter. But on the latter part, bond investors scored protections that prevent the company from moving assets into new subsidiaries and out of their reach.
Bloomberg
2 days ago
- Automotive
- Bloomberg
EQT Sells Pioneer for $1.1 Billion in Second Japan Exit in 2025
EQT AB agreed to sell Pioneer Corp. for $1.1 billion, marking the biggest exit in Japan for the Swedish buyout firm that sees Japan as a key pillar of its dealmaking strategy in the region. Two of EQT's funds agreed to sell the Japanese automotive electronics manufacturer to CarUX, a subsidiary of Taiwan-listed Innolux Corp., according to a statement Thursday. The transaction is subject to customary conditions and approvals and is expected to be completed in the fourth quarter.
Yahoo
3 days ago
- Business
- Yahoo
Maryland Gov. Wes Moore to offer buyouts, implement hiring freeze for state employees
BALTIMORE — Maryland Gov. Wes Moore will offer a voluntary buyout program and implement a hiring freeze for state employees, according to an internal letter from the governor obtained by The Baltimore Sun Tuesday. In the letter, Moore said the passage of his fiscal year 2026 budget will require the executive branch to make '$121 million in General Fund personnel cost reductions.' To make these cuts, Moore said he will launch a 'Voluntary Separation Program' for state employees, assess opportunities to eliminate vacant positions and implement a hiring freeze as of July 1. 'Our action positions Maryland to more effectively navigate the extreme uncertainty caused by federal actions,' the letter reads. Republican lawmakers criticized the decision in a series of statements, noting Moore is now calling for the elimination of vacant positions — a plan state Sen. J.B. Jennings, a Republican who represents Baltimore and Harford counties, called for earlier this year. 'Back in February, I questioned the wisdom of expanding state government while facing a $2.8 billion deficit. I said then, and I repeat now: when you're in a hole, you need to stop digging,' Jennings said. 'The decision to finally enact a hiring freeze and reduce vacant positions is the right one — but it should have happened months ago, before the situation became more urgent.' ----------------
Telegraph
5 days ago
- Business
- Telegraph
Buyout giant KKR hit with double defeat in bid battles
US buyout giant KKR has been dealt a double blow after losing out in bidding wars for two British companies. The private equity firm confirmed on Monday it had been trumped in its pursuit of high-tech instruments maker Spectris as the company instead opted for a rival £4.4bn bid from Advent. This came after a KKR-led bid for Assura, the owner of hundreds of GP practices across the UK, was also rejected by the board in favour of a separate offer from listed fund PHP. It marks a rare setback for the New York-based buyout firm, whose staff were once dubbed 'barbarians at the gates' for their aggressive culture. KKR's wide-ranging takeover attempts in Britain also led to it being named as the preferred bidder for troubled utility giant Thames Water. However, it abandoned a £4bn rescue bid earlier this month amid a row over fines and executive bonuses. The private equity firm was founded in 1976 by Jerome Kohlberg, Henry Kravis and George Roberts with initial funding of $120,000 (£88,900) Its assets under management now total $638bn, according to figures from the end of last year. This includes a range of investments in the UK, including utility giant Northumbrian Water, PR firm FGS Global and festival operator Superstruct. KKR is one of a number of private equity deals circling British companies amid an exodus from the London Stock Exchange. But the buyout firm has been stymied in several of its recent efforts as competition for UK takeovers grows. Spectris, which makes instruments and software for use in industries such as pharmaceuticals, said it had agreed a £4.4bn takeover by Advent International, which it said was 'fair and reasonable'. The FTSE 250 company had previously rejected two initial offers from KKR. KKR on Monday said that while it had not made a revised proposal, it was in the 'advanced stages of due diligence and arranging financing commitments' and could still do so. KKR's failed swoop for Assura comes after the NHS landlord recommended a £1.7bn bid tabled by the private equity firm alongside US infrastructure investor Stonepeak. But the approach sparked a backlash from major Assura investors amid concerns the company would be taken off the stock market at too low a price. Assura's board had previously said that the KKR bid offered 'materially less risk' than that of PHP. But it rowed back on Monday, saying PHP's fresh bid 'addressed some of the potential risks'.
