Investment banking revenues across Europe have hit a 14-year low in 2016 July 13, 2016 European investment banking (IB) revenues have plunged to a 14-year low, new figures show. In total, IB turnover has come to $8.2bn (£6.2bn) so far this year, to 12 July, according to Dealogic. This is down 22 per cent on the same period in 2015 and is at its lowest year-to-date level since 2002. The figures emerged [...]
Insurers turn their back on M&A and look for alternative ways to grow July 13, 2016 The number of completed mergers and acquisitions in the insurance sector has slumped in recent months, a report out today has found. The research by law firm Clyde & Co found that there were just 173 deals worldwide between October 2015 and March 2016, compared with 250 in the six months before that. The law firm has noticed [...]
Playtech plays ball with rival Best Gaming Technology July 13, 2016 Playtech has taken a punt on rival operator Best Gaming Technology (BGT) as it strives to digitise. Playtech said today that it had bought 90 per cent of BGT for €138m (£114.8m), with the option to buy the firm's remaining shares at a later date. It comes eight months after firm, which was founded by Israeli billionaire Teddy Sagi, was [...]
Poundland gives green light to takeover offer by South Africa’s Steinhoff July 13, 2016 Poundland share jumped today after its board accepted what had been a surprise takeover offer from South African conglomerate Steinhoff. The 222p per share offer values the bargain retailer at around £597m, according to the statement issued today. It represents a premium of 39 per cent from 13 June, before the Bensons for Beds and Harveys owner revealed its interest. Darren Shapland, chairman [...]
London-based private equity firm announces sale to Ardian July 12, 2016 London-based private equity firm Agilitas is to announce the sale of a portfolio company today. It is due to report the acquisition of Ionisos by private equity giant Ardian, which is based in Paris. Agilitas invested in the company, alongside management, in 2014. Read more: UK private equity firm 3i brushes up €102m from cosmetic [...]
ITV offloads UTV Ireland to Virgin Media for an undisclosed sum July 11, 2016 ITV has agreed to sell UTV Ireland to Liberty Global’s Virgin Media, for an undisclosed sum. Virgin Media will also take over a 10-year programme supply agreement with ITV Global Entertainment, whose ITV Studios produces the likes of long-running soap opera Coronation Street and breakfast chat show Good Morning Britain. UTV Ireland was launched in January [...]
Deutsche Boerse lowers shareholder approval threshold for London Stock Exchange deal July 11, 2016 Deutsche Boerse today lowered the shareholder approval threshold for its London Stock Exchange merger and extended the deadline for acceptance. The German stock exchange will now require 60 per cent backing from investors, rather than 75 per cent. The deadline for acceptance, meanwhile, has been extended by two weeks, from 12 July to 26 July. [...]
Referendum uncertainty “significantly weakened” UK’s European M&A market dominance July 11, 2016 The UK’s Brexit vote has “destabilised its position as a leading European investment hub”, according to a new mergers and acquisitions (M&A) report. In the first six months of 2016, dealmakers were “spooked” by the looming EU referendum, with 647 deals worth £41.3bn announced – down from 702 worth £122.9bn in the same period of [...]
Rolls-Royce to buy remaining stake in Spanish firm ITP for €720m July 11, 2016 Engineering group Rolls-Royce said today that it has agreed to buy the outstanding 53.1 per cent shareholding in Industria de Turbo Propulsores (ITP) owned by Sener Grupo de Ingeniería. The FTSE 100-listed firm will pay €720m (£614m) for the stake, after Sener exercised a put option. Under the existing shareholder agreement, the payment will be settled over a two year [...]
LSE responds to Deutsche Boerse’s proposal for a lower vote threshold as deadline looms July 11, 2016 The London Stock Exchange response to bidder Deutsche Boerse's proposal for a lower acceptance threshold that will ensure the deal goes through. "No decision has been made in this regard yet," LSE said in a statement today. The decision will be made today when the facts "will be finally evaluated by the parties involved", it added. Read more: Analysts [...]