Tom joined Breakingviews’ New York office in 2016 from Institutional Investor, where he worked as international editor. Previously, he reported on European business and politics for the International Herald Tribune (now part of The New York Times) from London, Brussels and Paris. He has covered major stories from Europe, Asia and Latin America on economics, financial regulatory reform, trade, asset management and business strategy.
Turning into a corporation should broaden the buyout shop’s investor base and win inclusion in indexes. Yet a similar move hasn’t done much for rival KKR, and power stays in hands of boss Steve Schwarzman and insiders. They, not passive investors, will decide Blackstone’s value.
Leon Black’s buyout shop is buying niche food retailer Smart & Final for the second time in 12 years. The chain’s earnings have come under pressure of late. But at $1.1 bln Apollo isn’t paying a fat multiple. And its knowledge of the firm and the industry should serve it well.
The Amazon founder’s bold bets helped the e-commerce giant create a $30 bln cloud unit. His annual letter talks about winning more commercial-database business. It’s a warning for Oracle’s top executives, who will need to better justify their pay if they’re to see Bezos off.