Melrose hires bankers to sell GKN unit September 5, 2018 Melrose has hired bankers to sell off a unit of GKN, the British engineering stalwart it paid £8bn to takeover earlier this year. According to Sky News, Melrose has appointed investment bank RW Baird to explore a sale for off-highway powertrain, a business that makes gearboxes and driveshafts for vehicles in the mining and agriculture [...]
Why Coca-Cola’s acquisition of Costa makes sense from a consumer perspective September 5, 2018 News of Costa’s sale to Coca-Cola dominated consumer headlines last week, as the fizzy drinks megabrand purchased the UK-based coffee chain for £3.9bn. Whitbread’s shares jumped more than 16 per cent following the news. Alison Brittain, the chief executive of Whitbread – Costa Coffee’s parent company – said the price paid by Coca-Cola was far [...]
Transocean buys rival Ocean Rig in $2.7bn deal as oil prices continue to rise September 4, 2018 Drilling rig contractor Transocean has agreed to acquire deepwater rival Ocean Rig in a deal worth $2.7bn (£2.10bn). The cash and stock deal, which includes Ocean Rig's debt, will result in a combined fleet of 57 floaters, with 31 of the top 100 ultra-deepwater drill ships in the industry. The deal comes as oil prices [...]
Insurance giant Munich Re buys internet of things company Relayr in $300m deal September 4, 2018 Insurer Munich Re announced today the acquisition of tech company Relayr which focuses on the “internet of things” in the industrial sector. The deal values the company at $300m (£233m) and is part of Munich Re’s move to create new business models in the industrial internet of things sector. Read more: Private equity firm Apollo takes Aspen [...]
AccorHotels scoops up Movenpick Hotels September 4, 2018 Ibis and Mercure owner AccorHotels announced today that it has completed its £430m takeover of Movenpick Hotels and Resorts, adding to its collection of recent luxury acquisitions. The French hotel giant paid €482m (£434m) for the 84 hotels which began life as an offshoot of the famous ice cream brand during the 1970s. It will enhance Accor's presence [...]
Value of inward UK M&A deals falls by £15.8bn September 4, 2018 The value of mergers and acquisitions (M&A) of UK companies by foreign businesses fell by £15.8bn between April and June this year. The drop, from £22.3bn to £6.5bn, reflected the absence of high-value transactions that were seen in previous periods, the Office for National Statistics (ONS) said. Read more: Petrol station merger could drive up fuel prices, [...]
Costa sold to Coca-Cola: Here’s how the City reacted August 31, 2018 Coca-Cola is buying Britain's biggest coffee chain Costa in a deal valued at a whopping £4bn. Following this morning's surprise announcement, City analysts were quick to react. The high price paid, the opportunities for expansion, and the future of Whitbread all came under the microscope. Here's a few of the talking points. A coffee battle [...]
Whatever happened to Fitbug? Cash shell Kin Group to put ad tech firm Bidstack on Aim August 31, 2018 The remains of the ill-fated company Fitbug are to becomes a video game advertising company through a reverse takeover. Aim-listed Kin Group, which was formerly known as Fitbug, today announced the proposed acquisition of Bidstack, a technology company which inserts native advertising into video games, for £6.8m. It has also conditionally raised around £3.5m through a [...]
Campbell’s Soup to sell off divisions as activist investor calls for sale August 30, 2018 Campbell's Soup said today that it will sell two of its divisions as it faces pressure from investors to put the whole business up for sale. The food company, which was made iconic by Andy Warhol's paintings of its tomato soup, plans to flog its international business as well as its fresh refrigerated foods unit. [...]
Private equity firm Apollo takes Aspen Insurance private in $2.6bn deal August 28, 2018 Aspen Insurance said today that funds associated with private equity firm Apollo Global Management had agreed to take it private in a $2.6bn deal. The Bermuda-headquartered insurer, which is listed in the US, has significant UK operations with offices in London, Birmingham, Bristol, Chelmsford, Croydon, Glasgow, Leeds and Manchester. Apollo will pay $42.75 per share, [...]