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The private equity giants Blackstone Group andKohlberg Kravis Roberts are longtime rivals that compete for multibillion-dollar deals. But during the last decade’s buyout boom, according to newly released e-mails in a civil lawsuit accusing them of collusion, the two firms appeared to be on much cozier terms.
In September 2006, for instance, Blackstone and K.K.R. were both circling the technology giant Freescale Semiconductor. After a Blackstone group outbid a K.K.R. consortium to buy Freescale for nearly $18 billion, Hamilton E. James, the president of Blackstone, e-mailed his colleagues about Henry Kravis, the billionaire co-founder of Blackstone’s rival.
SOURCE: http://dealbook.nytimes.com