Goldman Sachs profits beat expectations as investment banking revenues jump October 16, 2018 Goldman Sachs beat expectations in the third quarter as revenues at its investment banking units surged in Lloyd Blankfein's final quarter as chief executive. The US investment banking giant beat expectations across the board, with net income of $2.45bn (£1.86bn) almost 20 per cent higher than the analyst consensus. Revenues came in at $8.65bn for [...]
Radio giant Sirius acquires Pandora Media in $3.5bn deal September 24, 2018 Two US companies are set to create the world’s largest audio entertainment business after radio giant SiriusXM announced it will pay $3.5bn (£2.7bn) for streaming service Pandora Media. The all-share deal, which will be finalised in the first half of next year, will create a $7bn entity. Shares in the target rose 18.4 per cent to $10.75 [...]
Perella Weinberg partners take home slice of £16m profit September 12, 2018 Bankers at M&A advisory firm Perella Weinberg took home a slice of £16m profit last year. Operating profit for last year was £16.4m, almost double the £8.4m reported in 2016, and was divided between eight partners working for the investment bank in the City. Read more: Profits bounce back at Galliford Try but bypass woes loom The highest paid [...]
Mergers and aquisitions defy stormy global financial markets as M&A deals involving UK firms jump past £260bn September 9, 2015 Businesses pushed ahead with billions of dollars’ worth of mergers and acquisitions (M&A) yesterday, unperturbed by recent volatility that has shaken global markets. Deals involving UK firms jumped past the $400bn (£260bn) mark for the year to date as takeover Tuesday gripped the City. PaddyPower and Betfair agreed a £6bn merger; Cinven revealed [...]
Pharma M&A is heating up again: Mylan makes $27bn hostile bid for Irish drug company Perrigo September 8, 2015 US drugmaker Mylan is making a hostile bid for Irish rival Perrigo, in a sign that the pharmaceutical industry's wave of M&A activity is far from over. On 14 September, an estimated $27.1bn (£17.6bn) will be offered to Perrigo shareholders in the form of cash and stock. The company manufactures private label over-the-counter medicines, [...]
Behold, Betty Power: Paddy Power and Betfair reach agreement on all-share merger September 8, 2015 The boards of Paddy Power and Betfair have reached an agreement on the terms of a recommended all-share merger to create a new entity called Paddy Power Betfair – or "Betty Power" to its friends… Having agreed a deal in principle to create one of the world’s largest online gambling companies by revenue, the pair [...]
Lloyd’s of London insurer Amlin share price rockets 33 per cent as Mitsui Sumitomo swoops for £3.5bn September 8, 2015 Following July's takeover of the Financial Times by Nikkei, another Japanese giant has swooped on a British company, after the board of Lloyd's of London insurer Amlin recommended an £3.5bn offer by Mitsui Sumitomo. In a statement today, Amlin said Mitsui had offered 670p in per share, a 36 per cent premium to Amlin's closing [...]
Earnings drop at magic circle law firms as they fail to benefit from global M&A boom September 3, 2015 Britain's elite law firms failed to track the country's improving economy, reporting a combined turnover of £20.64bn, a one per cent drop in earnings from 2014. The number of lawyers employed by the largest 100 firms in the UK, has also fallen, down two per cent to 64,024, according to figures published by Legal Business [...]
Net-a-Porter founder Natalie Massenet quits following Yoox merger with pay off in excess of £100m September 2, 2015 Net-a-Porter founder Natalie Massenet has left the online fashion business following its takeover by Italian rival Yoox. Read more: Net-a-Porter and Yoox to merge into €1.3bn business After launching Net-a-Porter in 2000 from her bedroom, former journalist Massenet leaves the company with a pay off believed to be in excess of £100m. Yoox and Net-a-Porter agreed [...]
GVC down but not out in duel for Bwin.party August 28, 2015 888’S lead position in the battle for online gaming giant Bwin.party was thrown into doubt yesterday when the takeover target asked rival bidder GVC to finalise its best offer. Sportingbet owner GVC appeared to have fallen out of the running after Bwin.party accepted a £900m cash and share deal from 888 in July. But GVC [...]