May 15, 2007 Cerberus, the private equity firm that is buying Chrysler, has been on a tear in recent years, buying up billions of dollars worth of companies. Other so-called "private equity groups" have been doing the same, making private equity one of the most powerful forces in the financial world.
May 14, 2007 Germany-based DaimlerChrysler announced Monday that it is selling 80 percent of the Chrysler Group to a private equity fund for $7.4 billion. The new owner, Cerberus Capital Management, inherits an automobile company that is losing money and laying off workers. Here, a look under the hood at the sale.
May 14, 2007 German automaker DaimlerChrysler has announced that it is selling 80 percent of its struggling Chrysler division to Cerberus Capital, a private equity firm. Cerberus will pay $7.4 billion for the U.S.-based entity, but little of that money will go to Daimler. In the transaction announced this morning, Daimler will actually end up paying to get out from under Chrysler's crushing liabilities.