Tilney Bestinvest to acquire fellow wealth management firm Towry from majority shareholder Palamon Capital for £600m April 4, 2016 Tilney Bestinvest has agreed a deal to acquire fellow UK wealth management firm Towry. The deal, subject to regulatory approval, would see Tilney Bestinvest acquire Towry from its majority shareholder Palamon Capital Partners for £600m. The combined company would have responsibility for more than £20bn of assets for affluent and high net worth clients. Read more: Wealth management M&A has hit [...]
Transport M&A activity on track to steam past 2015 record, with more than £52bn of deals expected to complete April 4, 2016 Mergers and acquisitions (M&A) activity in the transport sector is set to increase this year, with more than £52bn of deals expected to go through. Completed deals rose for the third consecutive year in 2015 to a total of £48bn. Further transactions worth around £66bn were announced, with the sector hitting record levels. KPMG's latest [...]
London Stock Exchange’s Xavier Rolet denies Deutsche Boerse merger would see Germans take control – and dismisses potential rival bidder as “slash and burn” company April 3, 2016 London Stock Exchange Group's chief executive has denied the proposed Deutsche Boerse merger would see the Germans "taking over". Xavier Rolet has also dismissed potential US counter-bidder Intercontinental Exchange as a “slash and burn” organisation. Rolet described the £21bn merger as the “best deal on the table”. Read more: City grandees raise red flags over LSE-Deutsche Boerse [...]
Sir Richard Branson could make nearly £500m from sale of Virgin America April 3, 2016 Sir Richard Branson could make $700m (£490m) from the sale of Virgin America. Alaska Airlines is understood to have made a bid valuing the company at more than $2bn. The airline was believed to have been in competition with JetBlue Airways for the company. Read more: Virgin America's share price rockets after sale report The Sunday Times [...]
HomeServe share price up after company announces $75m deal to take “largest single step” in US expansion March 31, 2016 HomeServe's share price rose this morning after it announced a deal to take its “largest single step” in US expansion. The home repairs business announced this morning it has agreed to acquire Utility Services Partners (USP) for $75m (£52.2m) in cash on a "debt free cash free" basis at completion. It said the deal would [...]
Fastnet Equity shares rise after company announces £29.6m reverse takeover deal with Amryt Pharmaceuticals March 31, 2016 The share price of Fastnet Equity, formerly known as Fastnet Oil and Gas, shot up this morning after it announced a £29.6m reverse takeover deal with Amryt Pharmaceuticals. If the reverse takeover is agreed, the new Aim-listed company would be called Amryt Pharma. Amryt, which was founded in August 2015, recently agreed deals to acquire Birken and SomPharmaceuticals. [...]
I Squared buys Irish energy firm Viridian for €1bn March 29, 2016 US private equity firm I Squared Capital (ISQ) has acquired Belfast-based energy firm Viridian in an all-cash deal. City A.M. understands the deal to be worth €1bn (£780m). “We intend to grow Viridian with the leadership team to achieve its full potential,” said Gautam Bhandari, a partner at I Squared Capital, adding: “The acquisition of [...]
London Stock Exchange and Deutsche Boerse deal: City grandees question proposed merger amid criticisms from UK MPs and German politicians March 28, 2016 City grandees are questioning the proposed merger between the London Stock Exchange Group and Deutsche Boerse, joining politicians in both the UK and Germany who have raised red flags over the deal. Former UK trade minister and Standard Chartered chairman Lord Mervyn Davies told the Financial Times over the weekend that a government “public interest [...]
Global M&A activity tumbles 25 per cent as UK loses its appeal with EU referendum looming March 24, 2016 The UK appears to be losing its mergers and acquisitions (M&A) appeal in 2016. UK-targeted M&A activity has fallen 39 per cent year on year in the first quarter to $45.9bn (£32.6bn), according to a global report from Dealogic. The fall in UK-targeted M&A has been linked to the looming EU referendum and a weakened pound. Read more: EU [...]
Moody’s downgrade for Sysco after US company’s acquisition of London-based food supplier Brakes March 23, 2016 Moody's has downgraded Sysco, citing the US company's acquisition of London-based food supplier Brakes for $3.1bn (£2.2bn). The ratings agency also believes Sysco will use Brakes as a platform to make further acquisitions in Europe in the near future. Sysco's long-term rating has been downgraded from A2 to A3 and short-term from Prime-1 to Prime-2, [...]