Nationwide to complete £2.9bn takeover of Virgin Money after FCA and PRA approval September 6, 2024 Nationwide is to complete its £2.9bn takeover of rival Virgin Money next month after the deal was given the green light by the UK’s financial regulators. The banks said in statement issued to the London Stock Exchange that the Financial Conduct Authority (FCA) and the Bank of England’s Prudential Regulation Authority (PRA) have both approved [...]
Thomas Cook snapped up by Polish tech firm in £30m buyout September 5, 2024 British travel agency Thomas Cook has been acquired by a Polish tech firm, marking its return to Europe after spending four years under Chinese ownership. The acquisition by eSky, a Katowice-headquartered search engine and reservation system provider for airlines, will see its current owner, Fosun, hand over all but the Chinese arm of the business [...]
CMA clears Microsoft and Inflection AI partnership after merger ruling September 4, 2024 Britain’s competition regulator has today cleared Microsoft’s arrangements with Inflection AI, which included a licensing deal and the hiring of former Inflection employees. The Competition and Markets Authority (CMA) announced in April it was looking at three separate deals that potentially fall under UK merger law and, if so, whether they could have a harmful [...]
Haven and Warner Hotels owner slips into the red after Butlin’s sale September 4, 2024 The group behind Haven holiday parks and Warner Leisure Hotels fell into the red after the sale of Butlin’s, it has been revealed. Bourne Leisure, which is owned by investment giant Blackstone, has reported a pre-tax loss of £166.5m for 2023, according to newly-filed accounts with Companies House. The loss comes after the group reported [...]
Segro pounces on Tritax Eurobox with all-share £552m offer September 4, 2024 The London-listed warehouse giant Segro has made an offer for its smaller peer, Tritax Eurobox. Sergo and Tritax Eurobox announced this morning they had reached an agreement on the terms of a recommended all-share offer by Sergo for the entire issued and to be issued share capital of Tritax Eurobox. Segro has agreed to pay [...]
City deals advisers gear up for rebound after election pushed M&A to four year low September 3, 2024 The City’s deals advisers are gearing up for a rebound in activity in the closing months of the year after election uncertainty pushed mergers and acquisitions (M&A) to a four-year low in June, according to fresh figures today. The value of total deals involving UK firms, as either targets or buyers, slumped to £11.8bn in [...]
How Rightmove became London’s (and the FTSE 100’s) most profitable company September 3, 2024 From an unknown tech start-up to the undisputed king of the UK’s online property sector, Rightmove is a shining example of how to turn a simple idea into a whole lot of profit. In its most recent full-year results, the London-listed property portal astounded investors by revealing it had achieved a record 71 per cent operating profit margin – [...]
‘Chicken King’ Ranjit Singh Boparan to sell poultry arm to himself September 2, 2024 The poultry arm of 2 Sisters Food Group, which is owned by the so-called ‘Chicken King’ Ranjit Singh Boparan, is to be sold to his private office for more than €200m (£168m). Boparan, who also owns high street restaurant brands like Carluccio’s and Gourmet Burger Kitchen, is to sell the European poultry operation to his [...]
Rightmove shares jump by a quarter as News Corp-owned REA eyes £4.4bn swoop September 2, 2024 Australian property giant REA Group, backed by Rupert Murdoch's News Corp, is considering a £4.4bn takeover bid for UK competitor Rightmove.
Stake in Lewis Hamilton’s non-alcoholic spirit Almave bought by Pernod Ricard August 29, 2024 A stake in Lewis Hamilton’s non-alcoholic tequila alternative has been snapped up by spirits giant Pernod Ricard. Pernod Ricard did not disclose the size of its investment in the brand but did confirm that it was a minority stake. Seven-time Formula One world champion Lewis Hamilton co-founded the brand, alongside drinks incubator business Casa Lumbre [...]