The private equity bet that coronavirus cut short
The Story of Money
Manuela Saragosa
4.4 • 400 Ratings
🗓️ 26 May 2020
⏱️ 20 minutes
🧾️ Download transcript
Summary
Last December executives at the Carlyle Group worked into the night to sign what they imagined would be one of the private equity firm’s most enduring deals. In 2020, however, there may be no such thing as a stable business. Carlyle is now trying to walk away from a deal with American Express Global Business Travel before any money has changed hands. Our US private capital correspondent, Mark Vandevelde, reports on the ensuing legal row, and what it could mean for dealmaking during the pandemic.
To get free access to the FT’s Coronavirus Business Update newsletter for 30 days, visit ft.com/behindthemoneycovid or https://www.ft.com/newsletter-signup/coronavirus?segmentId=12f1abd6-6f16-e2df-e4ff-7aaa9346f98e.
A few stories for further reading:
- Inside Carlyle’s ‘long-term’ Amex bet that coronavirus cut short (paywall): https://www.ft.com/content/e710b3dc-3eba-4227-9258-6a678d66f6e1
- Apollo: how a private equity giant is navigating the crisis (paywall): https://www.ft.com/content/6fce9808-84ab-11ea-b555-37a289098206
- Coronavirus: private equity’s bailout moment (paywall): https://www.ft.com/content/f7cc82d7-70b9-40c3-b4a0-815ebc5d99d5
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Transcript
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| 0:30.6 | It all started on a night in December. |
| 0:34.0 | Executives at Carlisle Group, which is one of the world's biggest private equity funds with about $200 billion under management. |
| 0:42.0 | We're working late into the night to sign this deal. |
| 0:45.5 | This deal would be another in a relatively recent change in strategy at Carlisle. |
| 0:50.8 | Not only did they think was an attractive deal, but they thought that it would be one of the longest |
| 0:54.6 | lasting deals that Carlisle had signed in the history of the button. |
| 0:58.6 | They were going to take a 10% stake in this Amex global travel business in a deal that would value the company at $5 billion. |
| 1:08.0 | Clearly the timing for that could hardly have been worse. |
| 1:16.5 | This is behind the money. I'm Amy Keene. On today's episode we're looking at a long-term bet made by private equity giant Carlisle |
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