The UK has fallen out of the top five M&A destinations for the first time thanks to uncertainty over Brexit October 17, 2016 The UK’s Brexit vote, and resulting uncertainty, has pushed the UK down the pecking order of countries global executives want to invest in, a new report has suggested. But EY’s Global Capital Confidence Barometer predicted that the UK will “bounce back as a top M&A destination of choice” after a short-term “pause for thought”. The [...]
Cosmetics giant Coty confirms GHD takeover October 16, 2016 American cosmetics giant Coty has announced a £420m takeover of British-based hair products manufacturer GHD. Coty – whose brand portfolio spans Rimmel, CoverGirl and OPI – said that GHD's high-performance lines of hair straighteners, hairdryers, curlers and other appliances would "further strengthen" its position in the professional hair category. Coty's chief executive Camillo Pane said: "Not only do [...]
Private equity firms checking out Pure Gym after company proved not quite fit enough for IPO market October 15, 2016 Private equity firms are believed to have expressed interest in Pure Gym after the company withdrew its flotation plans this week. And the company’s board and US private equity backer, CCMP Capital, are understood not to have dismissed the informal approaches. Read more: Pure Gym avoids overstretch as it pulls the plug on IPO plans [...]
“It wasn’t the right fit for us”: Salesforce shares jump as boss unfollows Twitter, ruling out takeover bid October 15, 2016 Twitter’s share price dropped more than five per cent in the US on Friday after a takeover offer was ruled out by Salesforce – whose shares jumped five per cent on the news. The social media company’s shares were trading at close to $25 on 5 October after reports suggested a bidding process was about [...]
Private equity firms add Polish auction site to their basket for £2.7bn October 14, 2016 A consortium of private equity companies has announced the acquisition of Polish auction website Allegro. Cinven, Permira and Mid Europa this afternoon unveiled a $3.25bn (£2.66bn) deal to buy the company from South Africa's Naspers Limited. Read more: Stock Spirits appoints new chief exec and refocuses business on Poland Allegro, described as Poland’s eBay, was founded in 1999 and [...]
Odds lengthen on William Hill’s £4.5bn Amaya merger as activist hits out October 13, 2016 William Hill’s talks over a potential multi-billion pound merger with Canadian gambling giant Amaya were dealt a blow last night as a leading shareholder slammed the deal. Parvus Asset Management, the bookie’s largest single shareholder with a 14.3 per cent stake, said the potential merger – which would create a combined company worth around £4.5bn – had [...]
Brexit uncertainty and looming US election stifling cross-border M&A October 13, 2016 Global cross-border mergers and acquisitions (M&A) activity continued to be stifled by uncertainty around events such as Brexit and the US presidential election in the last quarter, a new report has found. Law firm Baker & McKenzie tracked 1,275 cross-border deals worth $373bn (£305bn), down 22 per cent in volume of deals and five per cent [...]
Interactive Investor announces takeover deal to create UK’s second largest online broker October 12, 2016 Interactive Investor has agreed a takeover deal for TD Bank’s European direct investing business to form the UK’s second largest online broker. The transaction, which will create a firm with 300,000 customer relationships and assets under administration of £18bn, is being financed by JC Flowers & Co funds. Read more: Star manager Woodford invests £21m in brokers AJ Bell [...]
Private equity-backed accountancy firm challenger expands with new investment October 12, 2016 A newly-formed private equity-backed accountancy group has announced a new investment. CogitalGroup, which was founded this summer by private equity firm HgCapital and former Deloitte UK chief executive John Connolly, this morning announced a deal with Baldwins. The accountancy firm has 27 offices across the UK, employing 650 people. Connolly will join the board of the company, [...]
M&A and private equity deal values dip despite Brexit bargain hunt October 11, 2016 UK-targeted mergers and acquisitions (M&A) activity has been boosted by the falling value of sterling since the Brexit vote, a new report has found. But Mergermarket’s review of the third quarter of 2016 found domestic dealmaking remains weak. The report also focused on private equity activity, finding that projects targeting UK companies have been put on [...]