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HCA IPO Could Signal Another Turn for Private Equity
The private equity market was crushed by the financial crisis. Now, there are signs of a turn.
Bloomberg reported this afternoon that Bain and KKR are considering an IPO of hospital giant HCA, which they took private at the height of the private equity boom four years ago, in 2006. The $33 billion LBO was the largest in history for a short period of time, although it was eclipsed by two deals the following year. By late 2007, the credit crisis brought big PE deals to a standstill. No one could raise enough debt to finance them, and the IPO markets shut down, making PE exits tough.
The credit markets have been in recovery for about a year, and the news of a possible HCA IPO shows the IPO market is making progress, too.
Steve Rosenbush is the blogs/industry editor for Portfolio.com.
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