Buyout beat, week of Oct. 1, 2007

KKR finalizes deal

has completed its $26 billion acquisition of payment processing company First Data Corp. First Data stockholders received $34 per share, and First Data was delisted from the NYSE following the deal. Michael Capellas—former executive at MCI, Hewlett-Packard and Compaq Computer Corp.—has been named First Data’s new chairman and CEO, replacing Ric Duques.

Buyers of Harman seek opt out

Kohlberg Kravis Roberts & Co. and GS Capital Partners said that they want to abandon their $8 billion buyout of Harman International Industries Inc. (NYSE: HAR), because they believe that a material adverse change in Harman’s business has occurred. Harman said in a statement that it was informed of KKR and Goldman’s position and that it disagrees with their assessment.

Biomet goes private

has been taken private by a private equity consortium that includes The Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. and TPG. The deal’s total equity value is $11.4 billion, with Biomet stockholders receiving $46 per share. Biomet makes products used by musculoskeletal medical specialists in surgical and non-surgical therapies.

Clear Channel shareholders OK deal

Stockholders of radio station operator Clear Channel Communications Inc. (NYSE: CCU) approved a $39.20 per share buyout offer from Bain Capital and Thomas H. Lee Partners. The total deal is valued at about $27.45 billion. Advisor Institutional Shareholder Services reversed its earlier opposition to the deal last week, partly because of the fall-off in leveraged buyouts amid turmoil in the debt markets. ISS said that such market conditions made it less likely such a deal could be struck again.