Posts

Showing posts from May 18, 2013

President Obama checks for rain before golf outing just days after causing uproar by having uniformed soldier hold an umbrella over him

Image
With no strapping U.S. Marine in sight to protect him from the rain, President Obama looked skyward to check for drops as he headed to the golf course Saturday. The president, dressed in khakis, a low-key blue jacket and sandals, was depicted by White House pool photographers emerging from the South Portico of 1600 Pennsylvania Avenue, glancing up and stretching out his hand to check if it was raining.  The images come just days after the commander-in-chief was roundly criticized for breaking protocol by having a two Marines hold umbrellas over him and a foreign dignitary during a press conference in the Rose Garden in violation of a soldiers' uniform dress code. Scroll down for video Rain check: President Barack Obama checks to see if it's raining alongside U.S. Secretary of Health and Human Services Kathleen Sebelius as they depart the South Portico of the White House Soggy outing: The president, Secretary Sibelius (right), Transportation Secretary Ray La

EU mergers and takeovers (May 14)

Image
The following are mergers under review by the European Commission and a brief guide to the EU merger process: _0"> APPROVALS AND WITHDRAWALS -- French insurer Sogecap, which is part of French bank Societe Generale, and Cardif Assurance Vie, which is a subsidiary of French bank BNP Paribas, to jointly acquire a real estate developer (approved May 14) NEW LISTINGS -- U.S. group General Electric Co to buy the aviation business of Italian plane components maker Avio from private equity fund Cinven and Italian defence group Finmeccanica (notified May 13/deadline June 18)   -- U.S. media group Time Warner to acquire sole control of TV operator Central European Media Enterprises in which it currently holds a stake (notified May 8/deadline June 17) -- Private equity firm CVC to acquire sole control of German energy services company ista GmbH (notified May 8/deadline June 17/simplified) -- Private equity investor Nordic Capital to buy Unicorn which owns marine transport ser

Commerzbank in talks to sell 5.7 bln euros of UK property loans

Image
Commerzbank is in intensive talks to divest the bulk of its 5.7 billion euros ($7.4 billion) in British property loans, Germany's second biggest lender said in the prospectus of its capital increase published on Tuesday. _0"> Commerzbank wants to sell the portfolio to private equity investor Lone Star and U.S. bank Wells Fargo, a source familiar with the transaction had said last month.   Commerzbank is hiving off the UK property loans business of its mortgage unit Hypothekenbank Frankfurt International, formerly known as Eurohypo as a way to cut down the size of its balance sheet.

RLPC-Master Blenders 3.3 bln acquisition loan launched to funds

Image
The banks arranging the 3.3 billion euro loan backing the German investor Joh A Benckiser's (JAB) 7.5 billion euro ($9.74 billion) bid for Dutch coffee and tea company DE Master Blenders 1753 launched the deal to funds on Tuesday, banking sources said. The banks are looking to raise 1 billion euros from funds -- 60/40 in euros and dollars, respectively -- which will supplement funds raised from around 15 banks that were invited in the first phase of syndication.   The fully underwritten all-senior loan is being arranged by Bank of America, Citibank, Rabobank and Morgan Stanley. A series of five meetings were held on Tuesday with around 20 funds, which were asked to commit a minimum of 50 million euros each, bankers said. Funds will be offered a commitment fee to compensate them for their commitments until the acquisition closes and funds are drawn, which is expected in July. The deal is structured as a 1.25 billion euro, three-year term loan A at 350 bps over EURIBOR, a 1.7

Failed bid for Betfair highlights public-to-private pitfalls

Image
The collapse of the bid by private equity firm CVC Capital Partners to take Betfair private highlights how it has become increasingly difficult to pull off such deals.   CVC said on Tuesday that it had ended its 1 billion pound ($1.5 billion) attempt to buy the online gambling company after the two failed to agree on price and strategy. Public-to-private deals, where a company listed on a stock market is bought out by a private buyer, helped to drive the boom in private equity dealmaking in 2006 and 2007. About half of all private equity mergers and acquisitions (M&A) globally in those years were public-to-private deals, Thomson Reuters data show. Since then, however, the figure has dropped significantly. Last year it was only 12 percent. Private equity firms are interested in acquiring public companies they view as undervalued by the market and which they believe could improve performance significantly under private ownership. One of the main benefits of going private is th

RLPC-Frans Bonhomme lenders brace for restructuring

Image
Lenders to French plumbing group Frans Bonhomme are bracing for losses in an expected restructuring of its debt as the company prepares to default on its loan prepayments, banking sources said on Tuesday. Private equity firm Cinven bought Frans Bonhomme in 2005 for 893 million euros ($1.16 billion) backed with 735 million euros of debt, according to Thomson Reuters LPC data. The company had to reset its debt covenants in 2011 and has run into difficulty again amid difficult economic conditions, bankers said.   Bankers said the company sent a letter to lenders on Monday stating an event of default would occur as they are not able to make a payment to reduce their debt specified in the original agreement. Some debt agreements provide for companies to make agreed prepayments early on a portion of their loan. Frans Bonhomme's debt is also gaining attention from distressed debt investors looking to buy it cheaply in Europe's secondary loan market in the hope that they will ea

Nationalised German bank starts sale of Depfa unit - sources

Image
State-rescued German bank Hypo Real Estate is preparing to sell its public finance specialist Depfa, with Citi appointed to organise the sale, two people familiar with the situation said on Tuesday. Hypo Real Estate has to sell Depfa by the end of 2014, and its pbb Deutsche Pfandbriefbank unit by 2015 as a condition for the European Commission's approval of its state bailout.   Germany nationalised the stricken real estate lender which collapsed in the aftermath of the Lehman Bros bankruptcy. Hypo Real Estate received a 10 billion euro capital injection in the wake of the financial crisis as well as 145 billion euros in liquidity guarantees. Depfa, which has not underwritten new business since 2009, last year posted a net profit of 59 million euros. Depfa currently has a balance sheet total of around 73 billion euros. Any buyer would get a large public finance portfolio. Of Depfa's borrowers, 26 percent are regional governments, 24 percent public sector enterprises a

Brazil mulls changing some rules for fund industry, CVM says

Image
Brazilian securities regulator CVM is considering changes to the rules governing investment funds in hopes of boosting transparency and financial innovation as interest rates are likely to stay near record lows for a long period of time. _0"> The agency is currently in talks with asset managers, asset custodians and other players in the country's $1.2 trillion industry to discuss potential modifications to the so-called Instrução 409, CVM President Leonardo Pereira said on Tuesday at a news conference in São Paulo. Changes could be broad or specific, depending on feedback from industry executives, Ana Novaes, a CVM director, said. In either scenario, potential changes will be discussed at a public hearing, she said. Any modifications to terms of the rules aim to help funds better cope with the benefits and risks of Brazil's historic decline in borrowing costs, which is forcing money managers to diversify into riskier instruments to propel returns.   Some of the r

Deals of the day -- mergers and acquisitions

Image
The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Tuesday: ** Private equity firm CVC Capital Partners has ended a 1 billion pound ($1.5 billion) attempt to buy online betting exchange Betfair after the two companies failed to agree on price and strategy. ** Sony Corp, responding to a shareholder's call for it to spin off its entertainment operations, said the businesses were important to its growth strategy and "are not for sale." ** Chinese state-controlled power equipment maker XD Group is in early talks to buy General Electric Co's joint venture with Mexico's Xignux SA for up to $1 billion, a person familiar with the discussions told Reuters.   ** Belgian cancer diagnosis and therapy company Ion Beam Applications said it had provisionally agreed the sale of its drug discovery arm to a European private equity firm for 25 million euros ($32.5 million). ** Shares in Severn Trent surged to all-time highs after the Bri

BRIEF-H.I.G. buys Freedom Finance Nordic

H.I.G. - * H.I.G. completes first investment in Nordics: Freedom Finance * Hig - terms of the transaction were not disclosed. _0">

Alliance Boots year profit up 6 pct

Image
Alliance Boots, owner of Europe's biggest pharmacy chain, posted a 6.1 percent rise in year trading profit and said it was confident about its growth prospects. _0"> The firm said on Wednesday it made a trading profit of 1.27 billion pounds ($1.94 billion) in the year to March 31, though revenue was down 2.6 percent to 22.4 billion pounds as consumers across Europe grappled with government austerity measures and fallout from the euro zone debt crisis. Last year United States drugstore chain Walgreen purchased a 45 percent stake in Alliance Boots in a $6.7 billion cash and stock deal. It has an option to proceed to a full combination in two years.   Trading profit rose 6.8 percent to 865 million pounds in the group's health and beauty division, and increased 5.1 percent to 435 million pounds in its pharmaceutical wholesale division. Net borrowings were reduced by 1.12 billion pounds. "We continue to be confident about our prospects and ability to pursue pr

Carlyle-backed General Lighting plans Saudi share sale-sources

Image
General Lighting Co, a Saudi Arabian company part-owned by Carlyle Group, plans to sell its shares on the Saudi stock market, paving the way for the private equity firm to exit its stake, two sources said. General Lighting is the largest lighting company in Saudi Arabia and Carlyle acquired its 30 percent stake in the firm for an undisclosed amount in March 2010.   Washington D.C.-based Carlyle, which had assets under management of $176 billion at the end of March, has hired Riyadh-based GIB Capital and law firm Latham & Watkins to help arrange the initial public offering (IPO), the sources said, speaking on condition of anonymity as the matter is not public. Saudi Arabia is the largest Gulf Arab stock market and the only bourse in the region where initial share sales have been active in the last few years. Companies in Saudi Arabia generally offer 30 percent of their capital in IPO. A spokeswoman for Carlyle in London declined to comment. Dow Jones newswire reported the I

BRIEF-Pamplona says buys U.S.-based Coinmach, AIR-serv

Pamplona: * Coinmach Service Corp and Air-Serv acquired by Pamplona Capital Management _0"> for $1.4 billion. * Pamplona Capital-deal was financed by a $795 million first lien term loan, as well as a $325 million second lien term loan

Pamplona buys U.S.-based Coinmach, AIR-serv for total $1.4 bln

Image
Pamplona Capital Management said it acquired two U.S.-based companies -- Coinmach Service Corp, a provider of laundry services, and AIR-serv Group, which provides vacuum services and tyre inflation for cars -- for a combined $1.4 billion. _0"> The two companies will be combined to form CSC ServiceWorks Inc, London-based private equity fund Pamplona said in a statement on Wednesday.   The transaction was financed by a $795 million first-lien term loan, as well as a $325 million second-lien term loan that was fully underwritten by Pamplona. Morgan Stanley was the financial adviser and Kirkland & Ellis the legal adviser to Pamplona. Evercore Partners and Deutsche Bank were the financial advisers to CSC ServiceWorks and White & Case was the legal adviser.

JC Flowers buys British debt collection business from AnaCap

Image
Private equity firm AnaCap said on Wednesday it had agreed to sell British consumer debt collector Cabot Credit Management (CCM) to U.S. investment firm JC Flowers. JC Flowers, headed by investment manager Christopher Flowers, has been actively looking for investments in the British financial services industry, having established a small UK banking business through its acquisition of the Kent Reliance building society two years ago.   It recently submitted a bid proposal for the 315 'Rainbow' branches being sold by the Royal Bank of Scotland. Financial details for the Cabot deal were not disclosed but the Financial Times had reported the price would be around 800 million pounds ($1.2 billion) including debt. CCM, formed through the merger of Apex Credit Management and Cabot Financial in 2011, has 7.7 billion pounds of assets under management covering more than 3.5 million customer accounts. Last year, it grew its annual earnings by 23 percent to 111 million pounds.

Motor racing's Ecclestone denies bribery in German case - lawyers

Image
Lawyers for Formula One chief executive Bernie Ecclestone reiterated on Wednesday he had not bribed a German banker during the 2005-6 sale of a stake in the motor racing business, after a newspaper reported he had been charged by prosecutors. _0"> Prosecutors in Munich have completed an investigation into Ecclestone and German newspaper Sueddeutsche Zeitung reported on Wednesday they had charged the 82-year-old Briton, who has turned the sport into a global money spinner over the past three decades, with bribery and inciting others to a fiduciary breach of trust. "The documents with the charges from the Munich prosecutor's office have not yet been received by the defense," German law firm Thomas Deckers Wehnert Elsner said, acting for Ecclestone. "Therefore we cannot provide a statement. The defense sticks to its view that Mr. Ecclestone has neither committed bribery nor played any part in committing a fiduciary breach of trust," added the firm, b

Fund managers fail to offload investments following crisis -data

Image
Private equity funds have struggled to offload investments made before the financial crisis and are taking longer to pay out to investors, research showed on Wednesday. _0"> Data from research firm Prequin showed that companies sold by funds in 2012 were held for an average of 5 years, compared to an average holding period of 3.9 years for companies sold in 2008. "Fund managers are still struggling to sell investments for a sufficient profit that were purchased at peak prices during the buyout boom, and consequently are holding portfolio companies for longer," said Ignatius Fogarty, Head of Private Equity Products at Prequin. Just 33 percent of the capital investors chipped into deals made in 2007 has been returned in the last six years, compared to a 95 percent pay back rate in the six years after 2001.  

Actavis rejected $15 billion offer from Mylan - source

Image
Actavis Inc received and rejected a takeover offer from Mylan Inc last week that valued the generic drugmaker at more than $15 billion, a person familiar with the situation told Reuters on Tuesday. Mylan's cash and stock bid for its larger rival, which came in early last week, valued Actavis at $120 per share, the person said, asking not to be identified because the matter is not public.   The Mylan offer came shortly after Actavis halted discussions with Canadian drugmaker Valeant Pharmaceuticals International Inc about selling itself for more than $13 billion, the person said. Canonsburg, Pennsylvania-based Mylan is no longer actively pursuing a deal after shares of Actavis rose significantly over the past week, to above its $120 per share offer, the person added. Actavis shares ended Tuesday at $121.68 on the New York Stock Exchange, valuing the company at more than $15.5 billion. Mylan shares rose 3 percent to $30.10, making the company worth about $11.5 billion. An Act

RPT-UPDATE 1-New faces at Rio, BHP woo investors with austerity talk

Image
New bosses at two of the world's largest mining companies, BHP Billiton and Rio Tinto , wooed investors on Tuesday with promises to slash billions of dollars of spending and press ahead with asset sales, boosting returns.   Mining companies have come under pressure from investors for splashing out on pricey projects during the industry's boom years - at the expense of shareholder returns - while costs spiralled out of control. At an industry conference that marks one of his first public appearances, new BHP boss Andrew Mackenzie promised a "relentless" focus on productivity to boost margins, and said capital and exploration expenditure next year would drop to around $18 billion, including investment in the miner's onshore oil and gas business. That is down almost a fifth from BHP's 2013 financial year - as spending associated with its major projects drops - and is expected to fall further to some $15 billion, "or less" as the company reduces th

UPDATE 2-Itaú to buy Citigroup consumer finance business in Brazil

Image
Itaú Unibanco Holding SA will take over Citigroup Inc's Brazilian consumer finance units for 2.77 billion reais ($1.37 billion), as the nation's biggest bank by market value expands more rapidly in the local credit card market. Under the terms of the deal, Itaú will take over Banco Citicard SA and Citifinancial Promotora Ltda, as well as the Credicard card brand that serves more than 4.8 million clients, according to a securities filing on Tuesday. The unit has about 8 billion reais in assets, the filing said.   With the purchase, Credicard returns to Itaú, which was Citigroup's partner in the company until 2006. The transaction is subject to regulatory approval. The transaction also gives Itaú an edge in the card market in Brazil , where more than 40 million people have in the past decade joined the ranks of the middle class and increasingly using financial products. With the Credicard purchase, Itaú's credit card base will rise to 37.7 million from 32.8 million

Market Chatter-Corporate finance press digest

Image
The following corporate finance -related stories were reported by media on Wednesday: _0"> * Actavis Inc received and rejected a takeover offer from Mylan Inc last week that valued the generic drugmaker at more than $15 billion, a person familiar with the situation told Reuters on Tuesday. * State-owned China Galaxy Securities Co Ltd priced its initial public offering at the lower end of the indicative price range, raising $1.1 billion, a source with direct knowledge of the matter said on Wednesday.   * State-rescued German bank Hypo Real Estate Holding AG is preparing to sell its public finance specialist Depfa, with Citigroup Inc appointed to organise the sale, two people familiar with the situation said on Tuesday. * The parent of Dongfeng Motor Group Co, China's second-largest automaker, will take an over-40 percent stake in Fujian Motor Industry Group, a local newspaper said on Wednesday, the latest consolidation in the country's fragmented auto market

ThyssenKrupp cuts Steel Americas value to 3.4 bln euros

German steelmaker ThyssenKrupp has written down the book value of its Steel Americas business, which it has been trying to sell, to 3.4 billion euros ($4.4 billion) from 3.9 billion, it said in a presentation published on Wednesday. _0"> The company earlier reported an unexpected quarterly loss due to the writedown.

BRIEF-Liberty names new Virgin Media CFO

Liberty Global Inc : * Robert Dunn named chief financial officer ("CFO") of virgin media upon the closing of acquisition _0">

UPDATE 2-Hopes of Americas sale rise as Thyssen takes writedown

Image
German steelmaker ThyssenKrupp took another writedown on the value its Steel Americas business, driving it to an unexpected quarterly loss but raising hopes it is closer to selling the troubled asset.   The firm said on Wednesday it was cutting the book value of Steel Americas, which comprises a mill in Brazil and another in the United States, to 3.4 billion euros ($4.4 billion) from 3.9 billion, which analysts said showed it was ready to accept a lower price and could be nearing a long-anticipated deal. "The precise figure of 683 million euros (for the writedown) indicates that the deal is imminent," analyst Heino Ruland of Ruland Research said. At 0820 GMT, ThyssenKrupp shares were up 4 percent at 15.715 euros, among the biggest rises by a European blue-chip stock . Steel Americas has been a thorn in ThyssenKrupp's side for years, as the project cost more than expected to set up and then racked up losses as steel prices and demand were weakened by a faltering gl

BRIEF-H.I.G. buys Freedom Finance Nordic

H.I.G. - * H.I.G. completes first investment in Nordics: Freedom Finance * Hig - terms of the transaction were not disclosed. _0">

Time Warner seeks approval to take voting rights in CME

Image
Time Warner Inc. has sought European Commission approval to exercise voting rights in proportion to its 49.9 percent stake in broadcaster Central European Media Enterprises (CME) , CME said on Wednesday. _0"> The request comes before an agreement is due to lapse at the end of June whereby Time Warner's shareholder voting rights were exercised by CME's founder Ronald Lauder.   The arrangement dates from the U.S. media group's 2009 investment in the broadcaster, when they agreed that Lauder, who now owns 6.4 percent of CME, would hold Time Warner's voting rights for at least four years. "Time Warner requested approval from the European Commission to vote its 49.9 percent interest in CME," CME investor relations manager Ivana Aquin said in an emailed statement. The Commission received the notification on May 8 and has set a June 17 deadline for a decision. Time Warner bought 31 percent of CME for $241.5 million in CME in 2009 and has gradually rai

Warner Music wins EU okay for Parlophone buy

Image
Warner Music won EU regulatory approval on Wednesday to buy the Parlophone Label Group from Vivendi's Universal Music Group for 487 million pounds ($743.01 million). _0"> World No. 1 recorded music company Universal is selling Parlophone, whose artists include Coldplay and Daft Punk, to fulfil a promise to the European Commission for clearing its $1.9 billion buy of EMI's recorded music business. The EU antitrust authority said it did not see any competition issues from the Warner deal. Warner is owned by privately held Access Industries Inc.  

EU regulators to investigate Spanish aid for Ford

Image
EU antitrust regulators will investigate whether a 25.2 million euros ($32.71 million) grant given by Spanish authorities to U.S. carmaker Ford Motor Co's van facility in Valencia breached EU state aid rules. _0"> Ford plans to produce a new model of Ford Transit Connect in Valencia, with the cost of the project estimated at 419.9 million euros. Spain informed the European Commission of its grant last year. The European Commission said on Wednesday that a preliminary investigation showed that the project might exceed the authorised 5 percent increase in production capacity on a market in decline. "At this stage, the Commission has doubts that the data provided by Spain is appropriate to determine whether the market concerned is in decline," it said in a statement.  

GM's Opel says to move Zafira assembly to Ruesselsheim

Image
General Motors' loss-making European brand Opel will move production of the multi-purpose vehicle Zafira to Ruesselsheim in Germany , shoring up its headquarters as it prepares to close another German site. _0"> "This will make Ruesselsheim the site to exclusively build the two largest and most work-intensive Opel model classes - the Opel flagship Insignia in all its versions and the Zafira Tourer," Opel said on Wednesday.   As part of a turnaround plan, Opel will end production of the Zafira at its 50-year old Bochum plant by the end of next year. The plant closure is part of Opel's strategy to achieve profitability in 2015. Company sources had told Reuters that Ruesselsheim would take over Zafira production during the last two years of the model's life-cycle, profiting from Bochum's demise.

Ashland raises dividend, buybacks after Jana picks up stake

Image
Chemical maker Ashland Inc raised its quarterly dividend by more than 50 percent and nearly doubled its share buyback program, a month after hedge fund Jana Partners LLC picked up a large stake. _0"> Ashland's board raised the quarterly cash dividend to 34 cents per share from 22.5 cents. This is the highest dividend the company has paid, according to Thomson Reuters data.   The chemical maker also unveiled a $600 million stock repurchase plan, replacing a previous program that had about $330 million remaining. "We will continue to look for ways to unlock value and generate significant returns for Ashland shareholders," Chief Executive James O'Brien said in a statement. Barry Rosenstein's Jana Partners had said Ashland's shares were undervalued when it picked up a 7.4 percent stake in April. The hedge fund, the second-largest shareholder in the company, has held discussions with Ashland about the company's business, corporate structure, cap

Carlyle-backed General Lighting plans Saudi share sale-sources

Image
General Lighting Co, a Saudi Arabian company part-owned by Carlyle Group, plans to sell its shares on the Saudi stock market, paving the way for the private equity firm to exit its stake, two sources said. General Lighting is the largest lighting company in Saudi Arabia and Carlyle acquired its 30 percent stake in the firm for an undisclosed amount in March 2010.   Washington D.C.-based Carlyle, which had assets under management of $176 billion at the end of March, has hired Riyadh-based GIB Capital and law firm Latham & Watkins to help arrange the initial public offering (IPO), the sources said, speaking on condition of anonymity as the matter is not public. Saudi Arabia is the largest Gulf Arab stock market and the only bourse in the region where initial share sales have been active in the last few years. Companies in Saudi Arabia generally offer 30 percent of their capital in IPO. A spokeswoman for Carlyle in London declined to comment. Dow Jones newswire reported the I

UPDATE 2-MegaFon muscles ahead in Russian mobile market

Image
MegaFon has overtaken its main competitor in Russia's cut-throat mobile phone market, posting bumper earnings on Wednesday to help crown it leader by market value and put its other rival in the shade.   MegaFon, owned by Russia's richest man Alisher Usmanov, lags New-York listed MTS in terms of revenues and subscriber numbers, but as a result of an aggressive cost-cutting campaign launched last year, it was able to hike its margin forecast and announce a dividend of $1.3 billion, helping its shares rise. Its results put Vimpelcom, Russia's third-biggest mobile phone provider with assets in emerging markets and Italy , firmly in its place. It failed to impress analysts by reporting a below-forecast 28 percent rise in net profit on Wednesday. "MegaFon has probably shown the strongest results that any other operator is unlikely to match," said Anna Lepetukhina, analyst at Sberbank Investment Research. Since its November initial public offering, shares in Mega

BRIEF-Pamplona says buys U.S.-based Coinmach, AIR-serv

Pamplona: * Coinmach Service Corp and Air-Serv acquired by Pamplona Capital Management _0"> for $1.4 billion. * Pamplona Capital-deal was financed by a $795 million first lien term loan, as well as a $325 million second lien term loan

Kaynye 'New Slaves': Kanye West debuts single New Slaves

Kaynye 'New Slaves': In true Kanye West form, the rapper debuts his new song in the most over-the-top way. On May 17, Slate reported that Kanye West will debut his new single "New Slaves" by projecting the video on the side of buildings. Kanye tweeted to his fans, "NEW SONG AND VISUAL FROM MY NEW ALBUM BEING PROJECTED TONIGHT ACROSS THE GLOBE ON 66 BUILDINGS, LOCATIONS @http://KANYEWEST.COM." The song and video are being projected onto the side of buildings in ten cities worldwide. Those cities are San Francisco, Los Angeles, Miami, New York, Chicago, Toronto, Sydney, Paris, London and Berlin. The single "New Slaves" is being projected onto 66 separate buildings, with multiple buildings in each city. This comes just on the heels of his epic rant in which he declared that he is not a celebrity. It is unclear then, why he is projecting his face on the side of city buildings. You can see him Saturday night as he joins host Ben Affleck as the music g