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 [...]
Afterpay marketing costs double in bid to secure US payments market August 25, 2021 Australian transactions firm Afterpay has watched its losses widen in the past year, as it ramped up costs in a bid to secure the US market. Marketing costs more than doubled in the year to June, as the firm attempted to capitalise on the pandemic-induced buy now, pay later (BNPL) services boom – which accompanied [...]
Goldman Sachs doubles managed assets to over $600bn with latest deal August 19, 2021 Goldman Sachs is set to buy Dutch insurance group NN’s asset management division for some €1.7bn – the Wall Street giant’s biggest acquisition since 2018. The deal for asset management arm NN Investment Partners (NNIP) forms part of Goldman Sachs boss David Solomon’s strategy to make the bank’s revenues less reliant on global markets and [...]
Saudi Aramco sizes up private equity and sovereign funds for $17bn gas pipeline stake August 16, 2021 Saudi Aramco is looking to raise at least $17bn from the sale of a significant minority stake in its gas pipelines, sources told Reuters today. A sale that large for a slice of the pipeline deal would be higher than the $12.4bn raised from its oil pipeline deal. Potential bidders including North American private equity [...]
Willis Towers Watson names investment head Carl Hess as next CEO August 16, 2021 Insurance giant Willis Towers Watson today named company insider Carl Hess as its next CEO and president, three weeks after the collapse of its planned $30bn (£22.9bn) mega-merger with rival Aon. Hess, who currently heads up the firm’s investment, risk and reinsurance segment, will step into current CEO John Haley’s shoes immediately upon his retirement [...]