Private equity house says Avio-derci to Italian space business October 20, 2016 Private equity house Cinven has announced the sale of its space launcher and propulsion company. Ten years after Cinven acquired Avio from Carlyle, alongside Finmeccanica as a minority shareholder, for €2.57bn (£2.3bn), the firm has agreed a sale to Space2 and Leonardo-Finmeccanica together with Avio’s management. Read more: Private equity firms backed to capitalise on [...]
London Stock Exchange beats expectations as it seeks to push through Deutsche Boerse merger October 20, 2016 The London Stock Exchange Group has reported growing income in its third quarter, beating expectations, as it seeks to push through its merger with Deutsche Boerse. The figures In an interim management statement, the LSE said revenue from continuing operations was up 15 per cent to £376.2m for the three months to 30 September. Read more: [...]
Private equity firms backed to capitalise on Brexit opportunities October 20, 2016 Private equity houses have been backed to capitalise on uncertainty over the UK’s Brexit vote with new investments. A Boston Consulting Group (BCG) report out today highlights a number of areas private equity (PE) should be focusing on after the EU referendum result. And one of the report’s authors, Antoon Schneider, a senior partner at [...]
Pass the popcorn: Competition watchdog considers AMC takeover of Odeon cinemas October 19, 2016 The Competition and Markets Authority (CMA) has launched an inquiry into AMC Theatres’ acquisition of Odeon. AMC agreed a £921m deal to buy Odeon from private equity group Terra Firma Capital Partners in July. Read more: AMC Theatres set to buy Odeon cinema chain in £921m deal The CMA today announced the launch of an [...]
FCA gives approval to Singapore takeover of Baltic Exchange, paving way for deal to complete next month October 19, 2016 The Financial Conduct Authority (FCA) has approved the Singapore Exchange’s takeover on the London-based Baltic Exchange. Shareholders gave their backing to the £87m deal, which is due to complete on 8 November, last month. The Baltic announced today that the FCA approved the deal on 13 October. Read more: Baltic Exchange investors say yes to [...]
Yahoo beats Wall Street estimates ahead of Verizon takeover October 18, 2016 Yahoo beat Wall Street earnings estimates in its third quarter earnings, which was a welcome bit of good news for Marissa Mayer’s firm. The company said it earned 20 cents per share on an adjusted basis, above analyst predictions of 14 cents and reported a 6.5 per cent rise in quarterly revenue. But although Yahoo reported [...]
Chinese industrial duo Yinyi Group and Impro to battle it out for Doncasters October 18, 2016 Two Chinese industrial firms, Yinyi Group and Impro, have emerged as two of the bidders for engineering giant Doncasters. According to Sky News, the interest is tentative, but should it progress further, could test the government’s attitude on foreign ownership of British manufacturers. Read more: Winning HS2 bidder has to develop generation of UK engineering [...]
SVG board gives HarbourVest takeover green light after forcing up price October 18, 2016 The board of SVG Capital (SVG) has accepted an increased takeover offer from US behemoth HarbourVest that will likely draw to a close a tumultuous month of punches and counter-punches between the two parties. The confirmation of the deal was announced this afternoon and will mean SVG shareholders will receive the equivalent of 715p a share for the assets of the [...]
Leeds wealth manager aims to take revenues north with London firm takeover October 18, 2016 Leeds-based wealth management company the Private Office (TPO) has acquired a London financial planning firm. The cash and equity deal for PQR Financial Planning will strengthen TPO’s London presence and create a platform for further growth, the firm said. The combined business, which also includes TPO sister company SavingsChampion.co.uk, will have a turnover of £8.5m. [...]
Amaya tells Will Hill shareholder where to stick its Ebitda cash conversion October 18, 2016 Canadian online gambling company has hit back at William Hill shareholder claims about its business after merger talks between the companies collapsed. Last week, after Will Hill confirmed talks between the companies, the UK company’s largest shareholder, Parvus Asset Management, said a deal would have “limited strategic logic and would destroy shareholder value”. Read more: [...]