Entain caught between US rivals DraftKings and MGM as £18bn takeover looms September 22, 2021 Ladbrokes owner Entain has confirmed a £18.4bn takeover bid by US betting giant Draftkings which puts the FTSE 100 company at the centre of a battle between its US partner MGM and its prospective buyer. In a statement published yesterday, the board of Entain confirmed it had received a second takeover offer from Draftkings on [...]
Mishcon de Reya announces new merger ahead of IPO September 21, 2021 Law firm Mishcon de Reya has agreed a merger with life sciences specialist Taylor Vinters after recently confirming its plans to go public on the London Stock Exchange (LSE). The deal will result in a new legal and consultancy business, named MDR Taylor Vinters, which will be led by Taylor Vinters’ management team. Mishcon said [...]
S4 Capital confirms tech merger after Covid-19 pushed ‘digital transformation’ September 17, 2021 Martin Sorrell’s S4 Capital has confirmed its brand Media.Monks’ merger with digital services firm Zemoga, to bolster its technology services across product design, engineering and delivery. The deal forms part of yet another bout of expansion for the advertising company. Sorrell earlier this week credited the Covid-19 pandemic with accelerating “the speed of digital transformation [...]
Wickes instates first-ever dividend following Travis Perkins demerger September 16, 2021 Revenue at Wickes has grown steadily on pre-pandemic levels, pushing the home improvement store chain to instate its first ever interim dividend. The Watford-headquartered group posted revenue growth of 22.4 per cent on 2019 levels, and 33.1 per cent on a like for like basis, in its interim results for the six months to 26 [...]
Over half of UK tech investors ready to pull capital over proposed clampdown on startup M&A September 14, 2021 Investors in UK startups are ready to pull capital over the threat that a proposed competition clamp down on startup M&A by the CMA’s new Digital Markets Unit (DMU) poses to the country’s startup innovation and growth. Half (50 per cent) of the UK’s investors in startups will significantly reduce the amount they invest in [...]
Kape and ExpressVPN agree near $1bn deal after pandemic fuels cybersecurity demand September 13, 2021 Cybersecurity firm Kape has agreed to a nearly $1bn buyout of private network operate ExpressVPN ahead of a capital rally to help fund the deal. The deal, worth around $936m (£676m), should see the enlarged group’s annual revenue climb to as much as $624m next year. Kape is set to raise some $354m through [...]
French drugmaker Sanofi to spend $1.9bn to buy US biopharma firm Kadmon September 8, 2021 French healthcare company Sanofi has announced its plans to acquire Kadmon, a US biopharmaceutical firm, for $1.9bn, according to reports. The news comes just one month after Sanofi announced its intention to buy another US biotech, Translate Bio, in a $3.2bn deal. The French drugmaker said it offered $9.50 per share in cash for Kadmon [...]
PayPal pays $2.7bn for Japanese buy now, pay later firm September 8, 2021 PayPal, the online payments giant, has announced plans to acquire Paidy, a Japanese ‘buy now, pay later’ (BNPL) firm, for $2.7bn, according to reports. BNPL businesses work by charging merchants fees in return for offering small point-of-sale loans which customers repay in instalments that are interest-free, thereby avoiding credit checks. The BNPL market, of which [...]
UK PE firm Cinven resigns from $2bn Sanne takeover bidding war September 3, 2021 London private equity firm Cinven has bowed out of a $2bn-odd bidding war with US fund servicer Apex Group to buy fellow London-based FTSE 250 asset manager Sanne Group. Cinven said it would not make another offer for Sanne, after it made a series of bids over the summer that were ultimately trumped by US [...]
QuickBooks owner Intuit in early talks for $10bn Mailchimp buyout September 1, 2021 Software developer Intuit, the firm behind TurboTax and QuickBooks, has reportedly entered talks with Mailchimp for a $10bn buyout. The deal’s discussions are still in their early stages, Bloomberg first reported, citing people familiar with the matter. There is room for the potential deal to fall through, or alternatively, a rival bidder may emerge for email [...]