Overseas markets were up on St. Patrick's cheers, or up on continued FOMC promises of keeping rates low. Then a lower producer price index sealed in the day. We are basically back to where the markets are just not wanting to trade off.

Here were today's unofficial closing bell levels:

Dow 10,733.67 +47.69 (0.45%)
S&P 500 1,166.19 +6.73 (0.58%)
Nasdaq 2,389.09 +11.08 (0.47%)

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MAJOR PAPERS:

• In an effort to refocus on coffee, the Wall Street Journal reported that Starbucks Corporation (NASDAQ: SBUX) will attempt overhaul its entertainment business.
• Private equity players Apax Partners and Kohlberg Kravis Roberts, along with Lehman Brothers Holdings Inc (NYSE: LEH) in a supporting role, are looking to form a consortium to examine a bid for the insurance assets of The Royal Bank of Scotland Group Plc (NYSE: RBS), the Financial Times reported.

OTHER PAPERS:

• Yahoo! Inc (NASDAQ: YHOO) is going to let outside developers create applications across its network of sites, the New York Times contended. The search engine is also going to combine its online services under the social profile concept in an attempt to allow its users to replicate the social experience that social networks like News Corporation's (NYSE: NWS) MySpace and Facebook have made so popular.

WEB SITES:

• Research In Motion Limited (NASDAQ: RIMM) will reportedly delay the launch of its new hotly anticipated 3G BlackBerry phone, Fortune reported, which the company is developing for AT&T Inc (NYSE: T). The phone, originally supposed to be launched in June, may not be released until as late as August, inside sources said.

Less than three years after taking Tommy Hilfiger private, Apax Partners is looking to cash out -- and book a cool $1.7 billion in profit. The company is reportedly exploring an IPO for the fashion label.

When I first saw that Hilfiger had appreciated so much in the past couple years, I was surprised. Tommy isn't part of the U.S. fashion industry in any meaningful way anymore, but according to (subscription) The Wall Street Journal, that is by design. The company moved its headquarters to Amsterdam, and let its U.S. sales plummet by 50% in one-year, focusing instead on the European market, where the label is trendier and able to sell at higher price-points.

As The Journal says, "So it may makes sense for Apax to reap some of its gains; the fashion business is fickle, as Hilfiger's boom-to-bust cycle in the 1990s shows. But new outlets and a greater focus on wider European profit margins should keep driving profit growth. This turnaround could yet turn into a growth story."

But you have to wonder. Is letting the U.S. market go in favor of greater international expansion something that would have been impossible to do as a public company? Did Hilfiger's board of directors leave a ton of money on the table by letting the company be taken private, rather than making these changes as a public company?

As rumored for some time, the satellite operator Intelsat Ltd. has been on sale. And today we know who the new owner is: BC Partners, a top European private equity firm.

The price tag? It's about $5 billion. Although if you add on the debt load (from a prior private equity deal), the amount comes to about $11.5 billion.

Interestingly enough, there were a number of strategic parties that wanted to buy Intelsat, such as EchoStar Communications. Yet with dirt cheap debt markets, the private equity folks were able to put together higher bids.

Actually, it was back in 2004 that Intelsat entered a buyout deal -- for about $3.1 billion. A year later, the firm purchased PanAmSat.

Basically, private equity firms like the rich cash flows of satellite companies. Also, the barriers to entry are considerable.

However the existing owners of Intelsat -- which include Apax Partners, Apollo Management, Madison Dearborn Partners, Permira -- will keep a minority stake. After all, in light of the growth in digital media and HD television, it's probably a good bet that Intelsat still has growth potential.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.

Intelsat Ltd., the mega satellite company, sold out for $3 billion in January 2005. The buyers included private equity firms Apollo Management, Apax Partners, Madison Dearborn Partners, and Permira Advisers.

Well, now it looks like Intelsat is going to be sold again, according to a report from the Wall Street Journal [subscription only]. The suitor is rumored to be the mighty Blackstone Group and the price tag could reach $6 billion.

Intelsat has a fleet of 51 satellites that provide an assortment of video, data and voice streams across more than 200 countries. The company is also a cash cow. In 2006, revenues were $1.7 billion and adjusted EBITDA was a cool $1.3 billion.

There is even a revenue backlog of $8.1 billion.

Moreover, the company is benefiting from some mega trends, such as HD television and the growth in home entertainment centers. There is also traction from IP traffic.

All in all, it looks like a savvy investment for Intelsat's current investors.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.

Apax Partners is venerable private equity firm, getting its start in 1981. At that time, the industry was fairly new. As a result, the firm engaged in a eclectic mix of deals, such as buyouts and even startup financing.

It's been a pretty good formula. And, like other ultra successful private equity firms, Apax is now in the process of raising a mega fund. The estimated size is about $13 billion. However, interestingly enough, the fund will not make any venture capital investments. This is according to a recent piece in Bloomberg.com.

Over the past few years, Apax has focused mostly on buyouts, anyway. Moreover, with a mega fund, it's very difficult to justify the time on doing, say, a $30 million deal. Why? Apax says that VC investing is mostly volatile whereas buyouts are fairly predictable.

That's certainly true. How can one really know a small company will ultimately turn into a game-changer like Skype or YouTube? Of course, it's not altogether clear that buyouts are free from volatility. If the economy craters or there is a credit crunch, I'm sure there will be issues with some buyout deals.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.

In light of the mega deal for TXU (NYSE: TXU), the buyout for Hub International Ltd (NYSE: HBG) looks almost insignificant.

The transaction price is $1.8 billion. The buyers include the private equity firm, Apax Partners Worldwide LLP and also Morgan Stanley (NYSE: MS).

Founded in 1998, Hub is an insurance broker with coverage across the spectrum (property & casualty, life, health and so on). The main focus is on North America. Since August, the stock has had a nice run, going from $25 to $39.50.

The company has been showing strength in its financials. For example, today the company announced its fiscal fourth quarter results. Net income increased from $5.7 million, or $0.17 per share to $11 million or $0.27 per share. Sales increased 20% to $136.6 million.

In fact, management certainly sees lots of potential. Key members are going to invest a minimum of $65 million in the deal.

There is a "go shop" provision in the deal that allows for competing bids (the deadline is March 19th). However, Wall Street doesn't think another bid is likely, since the current stock price is lower than the $40 bid.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.

Beleaguered CEOs don't die. They just go to private equity firms.

That's the report from the NY Times. The CEO of BP (NYSE: BP), John Browne, will become chairman of the advisory board of Apax Partners Worldwide LLP, a mega private equity firm.

It certainly was a quick move. After all, it was last week that Browne said he will retire from the company (his last day will be August 1st).

In the private equity world, there is a war for talent. True, Browne's stint at BP was not so good, at least during the past few years. However, he does have a golden Rolodex. Besides, it will likely be other Apax employees who do much of the work.

Browne has lots of M&A experience. And something else: he has structured a variety of global deals, including some in Russia.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.