
Consider the tale of two $20bn-something companies — both of them private equity buyouts.
Thirty-five years ago, when Kohlberg Kravis Roberts pounced on the food-to-tobacco conglomerate, RJR Nabisco, the private equity industry hit mainstream headlines for probably the first time. The scale of that $25bn Nabisco deal — immortalised in the bestselling business book Barbarians at the Gate — is still totemic. (It dwarfs last year’s biggest global buyout — the $14bn paid for Toshiba by Japan Industrial Partners).
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