The notion that private equity should team up with trade buyers to do deals is a bit like UFOs; often talked about, rarely seen. Last year there was a sighting when NBC Universal teamed up in just such a combo to buy the Weather Channel for $3.5bn. More recently, in July, Bertelsmann brought Kohlberg Kravis Roberts into a joint venture to buy music catalogues. This month CVC has teamed up with the Cosmen family and Stagecoach in a $1.3bn offer for the UK’s National Express
— FT.com / Lex / Macroeconomics & markets - Private equity and trade buyers
