Deals wrap: Zynga files for IPO

July 1, 2011

Zynga Inc filed paperwork for an initial public offering on Friday, the latest in a series of hot social media companies to seek capital in the U.S. public markets. The company, which is behind a series of popular games on Facebook, said it hoped to raise up to $1 billion. It did not specify the number of shares it plans to sell or give an expected price range.

A group including Apple, Research In Motion and Microsoft will pay $4.5 billion to snatch Nortel Networks’ patents from under the noses of Google and Intel, stealing a march on their rivals in a litigious market. Bankrupt Nortel had put up for sale 6,000 patents and patent applications in the largest public sale of its kind, a potential treasure trove for latecomers to the market such as Apple, Google and Intel.

Belgium’s KBC Group  is expecting around eight to 10 first-round offers for its private banking arm KBL, people familiar with the matter said, after attempts to sell the business for $1.9 billion failed in March. Bidders are expected to include corporate suitors and private equity firms from across the globe, the person said, and a shortlist for the next round will be drawn up in about a week.

Investors are asking for more of their money back from hedge funds in June than in any other month in 2011 as fund returns hit by May’s commodity rout shake client confidence, according to data by hedge fund services firm GlobeOp.

Can a sports franchise be run like a hedge fund? That’s what Tom Gores, head of Los Angeles-based private equity fund Platinum Equity, is attempting to do with the Detroit Pistons after firing the NBA team’s chief executive and filling the job with a pair of Platinum Equity partners. According to NYT’s DealBook these moves “are straight out of the private equity playbook.”

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