$2.5B of leverage magic

If the acquisition of Talecris Biotherapeutics Inc. by CSL Ltd. goes through, investors Cerberus Capital Management and Ampersand Ventures will make more than $2.5 billion from an investment in the plasma-derived therapeutics company by loading it up with debt and then selling it for a profit.

Talecris Holdings, comprised of Cerberus and Ampersand, set up Talecris Biotherapeutics to acquire the plasma products business of Bayer AG for $324.8 million, including transaction costs, in 2005. With net of $20.9 million in acquired liabilities, Talecris actually paid $303.5 million in cash and 1 million in

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