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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Bloomberg is reporting that private equity firm Apax Partners is close to a $3 billion deal to sell its Tommy Hilfiger brand to Phillips-Van Heusen Corp. (PVH).

Given that Apax acquired the brand for $1.6 billion back in 2005 -- during a much more favorable market for the apparel industry -- the deal has to be considered a huge success. The size of the reported deal might seem surprising to followers of the American apparel industry, where the Hilfiger brand is well past its prime.

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.

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.