Chapter 13
Financing Transactions
Private Equity, Hedge Funds, and Leveraged Buyout Structures and Valuation
A billion dollars isn't what it used to be.
—Nelson Bunker Hunt
Inside M&A: Kinder Morgan Buyout Raises Ethical Questions
In the largest management buyout in U.S. history at that time, Kinder Morgan Inc.'s management proposed to take the oil and gas pipeline firm private in 2006 in a transaction that valued the firm's outstanding equity at $13.5 billion. Under the proposal, chief executive Richard Kinder and other senior executives would contribute shares valued at $2.8 billion to the newly private company. An additional $4.5 billion would come from private equity investors, including Goldman Sachs Capital Partners, American International ...
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