Inmarsat places $650m bond but isn’t planning to splash the cash September 1, 2016 Satellite company Inmarsat reached for the sky and succeeded as it successfully placed $650m of convertible debt. The placing was $50m more than the original deal size and Inmarsat said it reflected the “considerable demand” for the bonds which have a maturity that stretches out to 2023. “It was a popular placing that was oversubscribed [...]
Paysafe share price soars as company buys affiliate marketing technology provider Income Access September 1, 2016 Paysafe's share price has jumped today after the payments solutions firm announced it was snapping up Income Access. Paysafe is buying the Montreal-based company, which provides affiliate marketing technology to businesses, for cash consideration of CA$40m (£23bn). Investors were clearly thrilled with the decision, as shares are currently up 2.2 per cent at 446.2p. "This transaction delivers on Paysafe's strategic [...]
Nando’s takes flight by offloading GBK to South African restaurant chain September 1, 2016 One of the original purveyors of the upmarket burger has been sold to the owner of 1980s stalwart Wimpy for 2.1bn rand (£109m). In a deal that really cut the mustard South African fast food group Famous Brands bought Britain's Gourmet Burger Kitchen (GBK) as it saved nearly a fifth on the price due to the weaker pound in the wake [...]
SoftBank “not a good owner” for ARM laments Lord Myners as shareholders wave the deal through August 30, 2016 All systems go! Shareholders of tech giant ARM Holdings have approved the £24bn SoftBank takeover – clearing its last hurdle ahead of the deal being completed on Monday. The deal was waved through by 95 per cent of investors this afternoon, the Cambridge-based company said in a regulatory filing. Not all are happy about the deal however. [...]
James Bond studio Pinewood’s sale to private equity house gets green light from Financial Conduct Authority August 30, 2016 The iconic studio behind some of the biggest blockbusters of recent years – including the latest James Bond and Star Wars films – is closer to being sold to a private equity fund after getting the approval of the City watchdog. Pinewood Group, the owner of Pinewood Studios, recommended a £323.3m offer from Aermont Capital – [...]
Deal or no deal? Companies that are more M&A active perform better August 30, 2016 Companies that are more active through mergers and acquisitions outperform their less active rivals, new research has suggested. A report from the influential Boston Consulting Group (BCG) has found firms that regularly acquire and divest businesses as part of their corporate strategy consistently outperform less active dealmakers in terms of total shareholder return. The most regular dealmakers outperform one-time [...]
Audioboom’s share price jumps double-digits after celebrity investment August 26, 2016 Podcast provider Audioboom today raised £2.6m from the markets after successfully placing shares with former Neighbours star Holly Valance and her property tycoon husband. Nick Candy, himself a non-executive director of Audioboom and already a large shareholder, subscribed to the share issue through Luxembourg-based entity Candy Ventures Sarl. Shares in the Aim-quoted company leapt over 11 per cent in early trading. Although [...]
London Stock Exchange and Deutsche Boerse battle to win EU Commission approval for merger commences August 25, 2016 The London Stock Exchange and Deutsche Boerse have officially submitted their merger to European Union competition regulators. The exchanges hope to complete their merger in the first half of next year, and gaining approval from the EU Commission is seen as one of the major hurdles for the deal. The governments of France, Netherlands, Belgium [...]
Peppa Pig owner’s shares plummet as ITV withdraws takeover bid August 25, 2016 ITV has withdrawn its proposal to acquire Peppa Pig owner Entertainment One (EOne). The broadcaster, which had a £1bn bid rejected earlier this month, said its valuation of the company appears "different to the level at which the board of EOne would currently engage in a more formal process". EOne's shares plummeted 13 per cent [...]
Pfizer makes its second chunky purchase of the week – And it’s only Wednesday August 24, 2016 Astrazeneca has agreed to sell one of its antibiotics businesses to American rival Pfizer in deal that could net the Cambridge-based company up to $1.6bn (£1.2bn). Pfizer will pay $550m upon completion of the deal to purchase the small molecule antibiotics division with add-ons and royalties to follow. Astrazeneca said that the sale will to support its [...]