Private equity interest in small British companies survives Brexit uncertainty January 17, 2017 Private equity interest in small UK companies was largely unperturbed by Brexit uncertainty last year, new research out today suggests. Lyceum Capital and Cass Business School tracked 82 buyouts and small and medium sized businesses over the year, 42 in the first half and 40 in the second, worth a total £3.33bn. Read more: Private [...]
British American Tobacco shares fall three per cent after announcing $49bn Reynolds takeover deal January 17, 2017 British American Tobacco's (BAT) share price tumbled four per cent on Tuesday afternoon after it announced a deal to take over US competitor Reynolds. After months of talks between the two firms, BAT has agreed to pay around $49.4bn (£40.8bn) for the 57.8 per cent of Reynolds that it does not already own. Its shares jumped [...]
Welsh water bidding war heats up after activist locals attempt to block Severn Trent takeover January 16, 2017 An investment company is still hopeful of buying a Welsh water company, with angry locals seeking to block the rival bid in an unprecedented case of shareholder activism. FTSE 100-listed utility firm Severn Trent agreed an £84m, £18.25-per-share, takeover for Dee Valley Water in November. However, in a never-before-seen move, the deal was blocked last week [...]
Palamon buys a majority stake in colourful Swedish retailer Happy Socks January 16, 2017 Palamon Capital Partners today announced its acquisition of a majority stake in Happy Socks, a leading whimsical sock designer. The European growth investor's transaction valued the Swedish sock company at SEK 725m (£67.1m), with SEK 40m of growth capital to be injected to support the continued expansion of the business, leading to a SEK 765m enterprise value. [...]
London Stock Exchange hits back at claims City will lose out to Frankfurt after merger January 16, 2017 The London Stock Exchange Group has today hit back at the suggestion its merger with Deutsche Boerse will lead to Frankfurt snatching a large amount of business from the City. Research commissioned by the German exchange claimed the deal, which is currently being probed by the European Commission, would enable Deutsche Boerse to move billions [...]
Ray-Ban owner Luxottica agrees €46bn merger with French lens maker Essilor January 16, 2017 Ray-Ban maker Luxottica has agreed to a €46bn (£41bn) merger with French lens manufacturer Essilor. The Italian eyewear group and its French competitor announced that the combined group will be called EssilorLuxottica and will be listed in Paris – and is expected to generate revenues of more than €15bn. Under the terms of the merger, Luxottica's [...]
Better Capital boss Jon Moulton on Brexit, his firm’s exit and why he still hasn’t forgiven Liam Fox January 16, 2017 Bald, bold and bespectacled, private equity veteran Jon Moulton has had more than his fair share of knocks as well as high points during a long career. He was branded the Christmas Scrooge in December 2014 when City Link collapsed into administration leaving nearly 2,700 jobs at risk. “We made a very bad decision to [...]
Global IPO values set to grow by more than a quarter this year January 16, 2017 Global float activity is expected to rise by just over 25 per cent in 2017, before surging onwards in the following years. This year will see floats reach $167bn (£138bn), according to experts at law firm Baker McKenzie, up from $133bn in 2016. Further floats are expected to see activity dramatically uptick, reaching $275bn in [...]
Tit for tat approach to foreign investment expected in 2017, as governments prepare to get hands on with markets gone wrong January 16, 2017 This year could mark a move towards more protectionist attitudes, with governments closing the door on countries they feel give their own firms a raw deal, a report out today cautions. Law firm Freshfields Bruckhaus Deringer's Global Antitrust report highlights a shift towards protectionism, as new trade deals begin to take shape following both Donald Trump's surprise [...]
This is not a drill: Private equity giant in £1bn power tool company takeover January 13, 2017 Private equity giant KKR is drilling further into Japan with a deal to buy a power tool company. KKR’s HK Holdings has agreed to acquire a majority stake in Hitachi Koki, valuing the company at $1.3bn (£1.1bn). Some 40.25 per cent of the company is being bought from Hitachi and 10.9 per cent from Hitachi [...]