Walmart mulls Asda IPO after Sainsbury’s merger blocked May 15, 2019 Retail giant Walmart has said it is considering a stock market listing for Asda, just weeks after the supermarket’s failed attempt to merge with rival Sainsbury’s. Walmart International boss Judith McKenna said the US chain is considering an initial public offering (IPO) for its UK subsidiary, but said it was “not rushing into anything”. Read [...]
Inmarsat shareholders approve $3.4bn private equity takeover deal May 10, 2019 Inmarsat’s shareholders approved a $3.4bn (£2.58bn) private equity takeover today despite 21 per cent of investors attempting to vote down the deal. Read more: Inmarsat profit falls ahead of $3.4bn takeover The takeover of the British satellite operator is the second largest public-to-private deal ever in the UK, bringing an end to talks that began [...]
Apollo Global Management scraps partnership status to become a corporation May 2, 2019 Apollo Global Management has announced that it is scrapping its partnership status to become a corporation, following similar moves by private equity rivals Blackstone and KKR. The conversion, which is expected to become effective in the third quarter of this year, will see the investment company paying more corporate tax under a simplified structure, which [...]
Private equity firm Cinven raises €10bn for latest buyout fund May 2, 2019 Cinven, the private equity owner of fashion giant Kurt Geiger, has raised €10bn (£8.59bn) for its latest buyout fund in less than four months. More than 180 investors from 30 countries took part in the fundraise, and the launch saw “significant support” from long-term investors. Read more: Shoe fits for Cinven as it takes home [...]
Inmarsat posts fall in first-quarter profit ahead of $3.4bn private equity takeover May 1, 2019 Satellite communications firm Inmarsat has posted a double-digit fall in profits for the first quarter ahead of its $3.4bn (£2.6bn) private equity takeover. Read more: Inmarsat prepares to go private in $3.4bn takeover The figures Inmarsat posted a 0.4 per cent uptick in revenue to $346.9m in the three months to the end of March. [...]
Catlin founder launches new insurer Convex with $1.8bn capital April 30, 2019 The founder of Catlin has launched a new insurer today, four years after the $4.1bn (£3.14bn) sale of his eponymous company. Stephen Catlin will be chair and chief executive of the new insurer, called Convex, with former Catlin chief underwriting officer Paul Brand as deputy chief executive. Read more: XL Group profits jump following Catlin [...]
Care home provider Four Seasons Health Care appoints administrators April 30, 2019 Care home group Four Seasons Health Care has gone into administration, the company announced today. Alvarez & Marsal has been appointed administrator to holding companies Elli Investments and Elli Finance after rescue talks to reduce the firm’s debt pile failed. Read more: Four Seasons ticks on with a £40m injection The group said that the operating companies [...]
Private equity firm Inflexion raises £1bn in two buyout funds April 29, 2019 Private equity firm Inflexion, which owns retailer Mountain Warehouse and previously backed clothing brand Jack Wills, has raised £1bn from US investors attracted to the UK by the Brexit related slide in sterling. The two funds, which are expected to be officially announced this week, will target small and mid-sized deals and co-investment opportunities with [...]
Jaguar Land Rover weighing up bid for London cab company Addison Lee April 28, 2019 Jaguar Land Rover (JLR) is weighing up an offer for London-based taxi company Addison Lee in a bid to keep up with companies such as Uber, the Sunday Telegraph reported yesterday. Read more: Jaguar and Addison Lee trial their driverless cars in London Addison Lee was put up for sale by its owner, US private [...]
Private equity investment boosts UK business revenue by more than 50 per cent April 25, 2019 Private equity backed businesses saw revenue soar by more than half in the last five years, new data published today shows. Investment by private equity firms boosted revenue at UK firms by 53 per cent, from £30.7bn in 2013 to £47.1bn last year. Read more: US private equity activity slumps in first quarter In the [...]