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Deal Digest: Feb. 29, 2008

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Published February 29, 2008 at 10:47 AM

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WL Ross & Co. LLC-Assured Guaranty Ltd.

In a day dominated by subprime mortgage-related issues, Wilbur Ross agreed to buy up to $1 billion in shares of bond insurer Assured Guaranty Ltd., offering hope to the beleaguered bond insurer.

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WL Ross & Co. will buy $250 million in common shares and commit to buying $750 million more through options on the company's stock.

 

Fremont General Corp. weighs options

Meanwhile, Fremont General, a troubled California savings and loan that was one of the largest subprime mortgage lenders, said Thursday it is running low on capital and exploring its options, including a sale of the company.

The Santa Monica, Calif.-based parent of Fremont Investment & Loan said it is working with its advisers Credit Suisse Group and Sandler O'Neill & Partners LP to examine strategic alternatives, including raising capital, restructuring its senior debt and preferred securities and seeking buyers.

KKR Private Equity Investors LP's investments

In Europe, KKR Private Equity Investors, the listed unit of buyout giant Kohlberg Kravis Roberts & Co., has reduced value of some of its major investments as the credit crisis has whacked its portfolio. In a statement outlining its fourth-quarter results, the Amsterdam-listed company said it has cut the book value denominated in euros of its stake in chipmaker NXP BV by 25% and in broadcaster ProSiebenSat.1 Media AG by 27%.  The decline of these investments has been mitigated somewhat in U.S. dollar terms by the strength of European currencies.


3Com Corp.-Bain Capital Partners-Huawei Technologies Co.
And finally, shares of network gear maker 3Com jumped more than 20% in early trading after the company announced it will adjourn Friday's scheduled shareholder meeting without a vote on the proposed $2.2 billion buyout by private equity firm Bain and China's Huawei. Bain and China's top telecom equipment maker, Huawei, withdrew their $2.2 billion bid for 3Com earlier this month after it failed to win approval from the Committee on Foreign Investment in the United States, which reviews corporate deals with foreign buyers.

- The editors

See TheDeal.com story on Assured
See TheDeal.com story on Fremont General
See TheDeal.com story on KKR's listed unit cutting NAV



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