Bankers are confident that the record Kohlberg Kravis Roberts has held since 1989 for the biggest ever buyout – its $25 billion purchase of RJR Nabisco – will be broken in 2006. But that will mean private-equity firms will have to band together with even more of their competitors in club deals.
Although 2005 will be remembered as a watershed year for large, club LBOs, and average deal size was the highest on record, only two buyouts passed the $10 billion mark in 2005 – the $15 billion deal for Hertz and the $11.8
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