Sunday, 26 April 2015
Last updated 1 day ago
Jul 29 2011 | 11:53am ET
Performance escalator in acquisition agreements can come back to bite the buyer, as Credit Suisse Group appears to be learning about its Brazilian hedge fund.
The Swiss bank bought just over half of Hedging-Griffo, Brazil's biggest hedge fund, at the end of 2006 for 635 million Brazilian reals, at the time just US$297.9 million. But Hedging-Griffo's strong performance, as well as the strong performance of the real, is likely to mean that Credit Suisse will pay almost three times as much for the rest of the group at the end of the year.
Retuers, citing Brazilian newspaper Valor Economico, said the remaining 50% minus one share of Hedging-Griffo could cost Credit Suisse 1.27 billion reais, or US$813.2 million.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…