The special M&A relationship survives Brexit vote: US businesses continue to target UK deals January 31, 2017 US business, like the nation’s President, has retained faith in the UK after the Brexit vote, new mergers and acquisitions (M&A) figures released today show. Deloitte’s Deal Monitor tracked 254 deals between the United States and the United Kingdom in the last six months of 2016. Some 172 of the transactions were US-to-UK, a 3.6 per [...]
Bridgepoint buys £750m vehicle rental company from fellow private equity firm HgCapital January 30, 2017 The UK’s largest vehicle rental company has been traded between two private equity firms in a £750m deal. Bridgepoint this morning announced the acquisition of Leeds-based Zenith from HgCapital. Zenith, which also has operations in Solihull and Wokingham, has more than 500 employees and a fleet of around 85,000 vehicles. Read more: Is private equity [...]
Enter The Dragon: Why China is snapping up British assets January 30, 2017 What do Heathrow, Thames Water, black cabs, Harvey Nichols and Rio Tinto have in common? They’re all part-owned by Chinese companies. “Britain holds a number of attractions for Chinese investors,” says Simon Bevan, head of the China Britain services group at Grant Thornton UK. “As a country, our language, business culture, rule of law and [...]
The first of many? TP Icap seals first deal under new banner January 30, 2017 Newly named financial broker TP Icap has made its first acquisition, picking up analytics and business consulting firm Burton-Taylor International. TP Icap has its own division providing independent real time information on over-the-counter financial product prices. Burton-Taylor will "complement" this division, TP Icap said. Read more: This high-profile City boss just sold his shares in new company TP Icap [...]
Retail M&A slowdown as private equity backs away from high street January 30, 2017 The value of UK retail mergers sunk to a three-year low in 2016, with just 36 mergers agreed – down from 47 in 2015 according to law firm RPC. The new figures released today suggest that total deal values have also slumped from £20.7bn down to just £4.7bn, a decline which outpaced a post-Brexit slowdown [...]
More than 12 offers on the table for Agent Provocateur January 29, 2017 At least a dozen offers have been made for troubled lingerie brand Agent Provocateur, according to sources familiar with the chain's owner. Private equity company 3i put the retailer up for sale this month following disappointing December trading. The firm is seeking an offer which exceeds the brand's £30m debt pile. Sources close to the [...]
Telefonica is working through a strategic plan that will pave the way for O2 float January 29, 2017 O2's owner has set the ball rolling on a strategic plan to clear legacy issues before either floating or selling the British mobile phone operator, according to reports. Singapore's sovereign wealth fund, GIC, is working with private equity fund CVC to buy a controlling share in Telefonica's infrastructure division in a deal worth €1.5bn (£1.3bn), the [...]
Tesco unveils £3.7bn merger with Budgens and Londis owner Booker January 27, 2017 Supermarket Tesco has reached a deal to merge with wholesaler Booker, owner of Budgens and Londis, with both firms stating an ambition to create the UK's leading food company. The groups will combine in a share and cash deal worth £3.7bn, after discussing a combination for almost a year. They said today that there are [...]
Behind the deal: These are the bankers and advisers working on the £3.7bn Tesco-Booker tie-up January 27, 2017 Tesco’s £3.7bn deal for wholesaler Booker is an early boost for the UK’s 2017 M&A market, following a rather subdued 2016. Below are details of the bankers and advisers behind the deal. Tesco advisers It’s increasingly difficult to find a big UK deal without a boutique investment bank at its centre. And this £3.7bn merger proved [...]
Who bought who? The biggest deals made so far this year revealed… January 26, 2017 So this morning Johnson & Johnson bought Europe's biggest healthcare firm in a $31bn (£23.7bn) transaction in what was the biggest M&A deal announced so far in 2017. Which are the other big deals made this year? Dealogic has a handy list: 1. Actelion Acquiror: Johnson & Johnson Deal Value: $31.3bn 2. Luxottica Group SpA Acquiror: [...]