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Utilities

JPMorgan To Buy Two UBS Businesses

- JPMorgan announced today that it has agreed to purchase UBS' global agricultural and Canadian energy operations for an undisclosed price in the first quarter of 2009.

Harvest Reaps Profit From Aquilex Sale

- Harvest Partners has garnered more than twice its largest investment to date from the sale of Aquilex Holdings to Teachers’ Private Capital, according to sources.

Carlyle's Hawaiian Telcom Files Chapter 11

- Hawaii's largest telecommunications business has filed for bankruptcy protection as part of its restructuring effort.

BofA Assigns More Post-Merger Roles

- Bank of America outlined further changes to its management structure, which will take effect after its Merrill Lynch acquisition is completed, in an internal memo obtained by IDD. Among those affected is Brian Brille, who will become head of Americas corporate and investment banking at the combined company.

Federal Court Hears Jefferson Co. Receivership Arguments

- A federal court began hearing arguments at 9 a.m. Central Time today over whether Jefferson County, Ala.'s financially troubled sewer system should be placed in receivership.

Ratings Actions & Outlooks

- The latest ratings downgrades and negative outlooks from Moody's and S&P.

Greenhill Building Midwest Presence

- Greenhill will expand its operations with the opening of a new Chicago office, which will focus on industrial clients and other major Midwest-based companies and will be staffed in part by three former Lehman managing directors.

Ratings Actions & Outlooks

- Select ratings downgrades and revised outlooks from Moody's and S&P.

Blackstone Seals $4B Deal With Korean Pension Fund

- The Blackstone Group has teamed up with South Korea's National Pension Service of Korea to make $4 billion of investments in South Korean businesses, setting the stage for its first foray in the Far Eastern nation. The new venture will make investments in infrastructure, real estate and debt.

Building Momentum: Infrastructure

- The credit crunch has led investors to seek less risky investments, and many US institutional investors such as pension funds and insurance companies are turning to infrastructure projects.

As Applicants Line Up, Is Fed Near Its Limit?

- As the Federal Reserve weighs whether GMAC Financial Services may become a bank holding company, observers are asking if the central bank is overextending itself.

High Yield Corporate Debt Spreads At Historic Wides

- Concerns about a slowing US economy and what it means for corporate America's profits have investors demanding more of a yield premium to hold corporate debt.

Tenaska Capital Raises $2.4B Energy Fund

- Tenaska Capital Management said Wednesday that it has raised more than $2.4 billion for its latest private equity fund. The new fund, which has made three investments since its initial close in October 2007, well exceeds the $838 million fund Omaha, Neb.-based Tenaska raised three years ago.

Energy Banker Bilicic Leaves KKR, Rejoins Lazard

- George Bilicic has left private equity firm Kohlberg Kravis Roberts after six months to rejoin investment bank Lazard as head of the firm’s power, utilities and infrastructure group.

Merrill Cuts Back On Staff

- Merrill Lynch--which is being acquired by Bank of America--fired more than a dozen public finance bankers and as many as 10 sales and trading professionals last week as the brokerage firm trims its ranks amid a grim economic outlook, several sources said.

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