Former MP Luciana Berger joins Cazoo’s ESG board May 4, 2021 Online used-car retailer Cazoo has appointed former MP Luciana Berger to its board, once its $7bn merger with AJAX has been completed. Joining as a non-executive director, Berger’s political career last saw her as the Liberal Democrat shadow spokesperson for health, social care and wellbeing in 2019. Currently managing director of advocacy and public affairs [...]
Toyota pushes the pedal on self-driving tech with $550m Lyft deal April 27, 2021 Toyota is set to acquire Lyft’s self-driving technology unit for $550m, both companies confirmed today, as the Japanese firm pushes the pedal on its automation ambitions. The carmaker will pay $200m cash upfront, with the remaining $350m paid over five years, gaining access to the US ride-hailing firm’s more than 300 employees. The acquisition will [...]
In tune: Synth makers Sequential snapped up by Focusrite for £18m as revenues grow April 27, 2021 High-end synthesizer firm Sequential boasted revenues of $18.3m last year, which hit all the right notes for audio products company Focusrite to buy it for $24m today. The existing management and team will stay with the California based Sequential post-acquisition. Meanwhile, the company could receive up to $4m more, depending on its performance. Focusrite’s board [...]
CMA teams up with Australian and German authorities to tackle problematic mergers April 20, 2021 The Competition and Markets Authority (CMA) has teamed up with its Australian and German counterparts to better enforce mergers, with healthy competition crucial to post-pandemic economic growth. The CMA, the Australian Competition and Consumer Commission (ACCC) and Germany’s Bundeskartellamt have signed up to a statement which said that “without strong merger control regimes, there is a [...]
Sanne buys Texas fund solutions company for $32m April 7, 2021 Sanne has bought Dallas-based fund solutions company STRAIT for $32m. The asset manager said STRAIT would increase its scale, capabilities and client coverage in North America. The move adds more than 50 employees to Sanne, more than 60 new client groups and in excess of $20bn of assets under administration to Sanne’s platform, as well [...]
Digital 9 Infrastructure buys business operating 14,300 of trans-Atlantic sub-sea fibre April 1, 2021 Digital 9 Infrastructure, an investment trust that seeks out digital infrastructure assets that deliver reliable internet, has completed the acquisition of Aqua Comms for £160m, its first acquisition. Aqua Comms is a platform that owns and operates some 14,300km of trans-Atlantic sub-sea fibre systems. Digital 9 said Aqua Comms’ infrastructure represented the very “backbone” of [...]
Aviva to sell Polish arm to Allianz for €2.5bn March 26, 2021 Aviva has agreed to sell its Polish arm to Allianz for a cash consideration of €2.5bn, which it said valued the acquired business at €2.7bn. The pension provider and insurer said it will now focus on its business in the UK, Ireland and Canada. This is Aviva’s eighth transaction in as many months. The giant [...]
Exclusive: Law firm mergers drop to nine-year low as Covid-19 turns consolidators cautious March 15, 2021 Law firm mergers have fallen to a nine-year low, as the economic downturn brought about by the Covid-19 pandemic has left consolidator firms wary of making acquisitions. Just 107 law firm mergers were completed in 2020, down 25 per cent on the 143 mergers that occurred in 2019 and less than half the 278 mergers [...]
Begbies Traynor set for £25m acquisition in biggest deal yet March 12, 2021 Begbies Traynor has agreed to buy insolvency practice David Rubin & Partners, in a deal worth up to £25m. The deal represents Begbies Traynor’s biggest acquisition to date, and continues the firm’s recent acquisitive spree, which has seen it buy two firms already this year. Begbies Traynor will pay an initial £12m for David Rubin [...]
Cazoo founder mulls $8bn merger with US-listed Spac March 6, 2021 Cazoo founder Alex Chesterman is weighing up a merger with special purpose acquisition company (Spac) that could value it at as much as $8bn. Chesterman, who set up online car retailer Cazoo in 2018, has been holding discussions with US-listed Spac Ajax I, Sky News first reported. Ajax I was launched by Daniel Och, co-founder [...]