Core Viewpoint - Australia's challenges in closing major M&A deals are increasing, highlighted by the recent failure of ADNOC's $18.7 billion bid for Santos, attributed to valuation disputes, regulatory hurdles, and unexpected issues [1] Group 1: M&A Deal Failures - ADNOC's investment arm XRG cited capital gains tax questions, regulatory uncertainty, and reputational damage from a methane leak as factors affecting their offer for Santos [2] - The methane leak at the Darwin LNG plant, which had been seeping since 2006 at rates up to 184 kilograms an hour, raised concerns about transparency and governance for Santos [3][4] - Other notable failed deals include BHP's $49 billion bid for Anglo American, Brookfield's $10.6 billion offer for Origin Energy, and Albemarle's A$6.6 billion bid for Liontown Resources, all facing similar issues of valuation and regulatory complexities [5] Group 2: Regulatory Environment - Misaligned valuations, regulatory bottlenecks, and shareholder resistance are common challenges in the Australian M&A landscape, with extensive reviews from various regulatory bodies causing delays [6] - The Australian Competition and Consumer Commission (ACCC) is perceived to be overreaching, while the corporate regulator ASIC is working on reforms to enhance market appeal [7] - Without clearer regulatory pathways, Australia risks deterring global capital, which is crucial for leveraging the ongoing commodity cycle [8]

>> NEWSMAKERS AND MARKET MOVERS, THIS IS "THE PULSE WITH FRANCINE LACQUA." TOM: GOOD MORNING AND WELCOME TO "THE PULSE." THE AI BOOM HAS MADE ITS WAY TO THE CREDIT MARKET AFTER ORACLE'S JUMBO BOND SALE, SOFTWARE MAKER RAMPS UP ITS SPENDING ON THE TECHNOLOGY. LET'S BRING IN VALERIE TYTEL. HOW WELL RECEIVED WAS THIS BOND SALE. >> IT WAS DECENTLY RECEIVED.THEY ISSUED A TOTAL OF $18 MILLION. THEY STARTED WITH A TARGET OF $15 BILLION SO IT WAS OUTSIZED OVER THE COURSE OF THE DAY YESTERDAY. IT TRACKED A TOTAL OF ...

NEW YORK--(BUSINESS WIRE)--KKR & Co. Inc. (NYSE: KKR) today announced that Craig Arnold has been appointed to the Board of Directors effective September 23, 2025. His appointment will bring the number of independent directors to eleven out of a total of fifteen Board seats. Mr. Arnold is the former Chairman and Chief Executive Officer of Eaton Corporation, a global intelligent power management company. KKR's other Board members are: Henry Kravis (Co-Founder and Co-Executive Chairman of KKR). ...

Core Insights - KKR reported income from monetization activity exceeding $925 million for the period from July 1, 2025, to September 24, 2025 [1] - The reported amount includes performance income expected to be crystallized by September 30, 2025 [1] - The monetization activity for the quarter-to-date consists of approximately 95% realized performance income and about 5% realized investment income [1]

Core Viewpoint - Sempra is selling a 45% equity stake in its Sempra Infrastructure Partners unit to a consortium led by KKR and Canada Pension Plan Investment Board [1] Group 1 - The transaction involves a significant stake in Sempra's infrastructure business, indicating a strategic move to enhance capital and partnerships [1] - The consortium's involvement suggests confidence in the growth potential of Sempra's infrastructure assets [1] - This sale aligns with Sempra's broader strategy to optimize its portfolio and focus on core operations [1]

Transaction Overview - Sempra is selling a 45% ownership stake in Sempra Infrastructure Partners for $10 billion[14] - The transaction implies an equity value of $22.2 billion and an enterprise value (EV) of $31.7 billion for Sempra Infrastructure Partners[14] - The EV/EBITDA multiple for the transaction is 13.8x[14] - The transaction is projected to result in an average EPS accretion of $0.20 on a full-year basis[14, 20] - The transaction is expected to close in Q2 – Q3 2026[14, 21] Financial Implications - The sale eliminates common equity needs in the 2025 – 2029 capital plan[20, 31] - Sempra is affirming its FY-2025 adjusted EPS guidance range of $4.30 – $4.70 and FY-2026 adjusted EPS guidance range of $4.80 – $5.30[31] - The company is targeting a 7% – 9% projected EPS CAGR for 2025 through 2029[31] Strategic Shift - The transaction sharpens Sempra's focus on becoming a leading U S utility growth business[19, 31] - The regulated business mix is expected to increase from approximately 81% pre-sale to a target of 95%[19, 34] - The sale reduces exposure to non-utility investments[19, 31] Port Arthur LNG Phase 2 - A final investment decision (FID) has been taken for Port Arthur LNG Phase 2[9, 23] - Sempra's pro-forma ownership in Port Arthur LNG Phase 2 will be 12.5%[24, 39] - The project is targeting an unlevered after-tax return of 13.2% to Sempra with an expected pro-forma equity requirement of $1 billion[26, 39]

Sempra will sell a 45% stake in Sempra Infrastructure Partners to KKR and CPP for $10 billion https://t.co/rpXc1msCOE ...

Core Viewpoint - Sempra is implementing strategic actions to enhance its corporate strategy through five value creation initiatives aimed at simplifying its business model, improving financial performance, and reducing risk, ultimately leading to better earnings growth and benefits for customers and communities [1][2]. Group 1: Strategic Actions - The company is advancing its capital recycling program and transitioning to a leading U.S. utility growth business [2]. - Sempra has agreed to sell a 45% equity interest in Sempra Infrastructure Partners for $10 billion, which implies an equity value of $22.2 billion and an enterprise value of $31.7 billion for Sempra Infrastructure Partners [3][4][26]. - The transaction is expected to close in Q2 – Q3 2026, pending regulatory approvals [5]. Group 2: Financial Implications - Sempra will receive 47% of the cash at closing, 41% by year-end 2027, and the remainder approximately seven years after closing, allowing for attractive post-closing interest income [4]. - The transaction is projected to strengthen Sempra's credit profile, improve its business mix with a goal of approximately 95% earnings from regulated U.S. utilities, and eliminate the need for equity issuances in the 2025-2029 capital plan [6][15]. Group 3: Project Developments - Sempra Infrastructure Partners has reached a final investment decision for Port Arthur LNG Phase 2, which will include two natural gas liquefaction trains and a storage tank with a capacity of approximately 13 million tonnes per annum [6][10]. - The estimated capital expenditures for Phase 2 are $12 billion, plus an additional $2 billion for shared common facilities, with commercial operations expected in 2030 and 2031 [6][10]. Group 4: Earnings Guidance - Sempra updated its full-year 2025 EPS guidance range to $3.29 to $3.69 and affirmed its adjusted EPS guidance range of $4.30 to $4.70 [10][19]. - The company also affirmed its 2026 adjusted EPS guidance range of $4.80 to $5.30 and projected a long-term EPS compound annual growth rate of 7% to 9% for 2025 through 2029 [10][19].

we discuss ideas like this as they happen in more detail. All active investors are welcome to join on a free trial and ask any question in our chat room full of sophisticated traders and investors.Today, we present another possible choice with less risk. The focus is on KKR & Co. Inc. (NYSE: KKR ) and its baby bonds: ( KKR S ) and (NYSE: KKRT ).Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within ...

Core Viewpoint - FS KKR Capital Corp. has announced a public offering of $400 million in unsecured notes with a 6.125% interest rate, maturing on January 15, 2031, and is expected to close on September 25, 2025 [1][3]. Group 1: Offering Details - The offering consists of $400 million in aggregate principal amount of unsecured notes due 2031 [1]. - The notes may be redeemed at par plus a "make-whole" premium at any time at the company's option, with the ability to redeem at par one month prior to maturity [1]. - The offering is subject to customary closing conditions and is expected to close on September 25, 2025 [1]. Group 2: Use of Proceeds - The net proceeds from this offering will be used for general corporate purposes, which may include repaying outstanding indebtedness under credit facilities and certain notes [3]. Group 3: Underwriters - A consortium of financial institutions is involved in the offering, including BofA Securities, BMO Capital Markets, J.P. Morgan, and others acting as joint book-running managers [2]. - Additional firms are serving as joint lead managers and co-managers for the offering [2]. Group 4: Company Background - FS KKR Capital Corp. is a publicly traded business development company focused on providing customized credit solutions to private middle market U.S. companies [7]. - The company primarily invests in senior secured debt and, to a lesser extent, subordinated debt of private middle market companies [7]. Group 5: Advisory Information - FS KKR Capital Corp. is advised by FS/KKR Advisor, LLC, a partnership between Future Standard and KKR Credit [8]. - Future Standard is a global alternative asset manager with over $86 billion in assets under management [9]. - KKR is a leading global investment firm that offers alternative asset management and capital markets solutions [10].