Lone Star bows out of Senior takeover race after final £840m bid is rejected June 24, 2021 Lone Star today said it had backed out from its bid to take over aerospace engineer Senior after the private equity firm’s fifth offer was rejected. Earlier in the week, Senior said there was no basis for it to engage with Lone Star after the fund said its 200p per share offer could only be [...]
Blackstone sweetens buyout offer for property developer St Modwen by £50m June 24, 2021 Private equity firm Blackstone has offered to pay £50m more for property developer St Modwen, bringing its total takeover offer to £1.25bn. The 560 pence per share cash offer for St Modwen is the final offer, the companies said today, adding that Blackstone could make another proposal if another suitor for St Modwen emerged. Last [...]
Private equity reaping pandemic windfall as US economy is hottest since 1984 June 23, 2021 Private equity firms are up 27 per cent this year, making them among of the best performing segments in the global markets so far in 2021. Many private equity firms provided crucial financial assistance to their portfolio companies during the crisis months of the pandemic and, according to Peter Garnry, analyst and head of equity [...]
Government mulls privatisation of Channel 4 next year June 17, 2021 The government could sell Channel 4 as early as next year, as the UK culture secretary seeks the “best model” for the broadcaster. Ministers are planning to launch a consultation within weeks to explore what is next for the 39-year-old company, the Financial Times reports this evening. Youth-oriented Channel 4 is owned by the government [...]
Deadline extended on Blackstone’s £1.2bn takeover of property developer St Modwen June 16, 2021 Private equity firm Blackstone and British property investment and development group St Modwen have been granted an extension to finalise a £1.2bn takeover deal. In a statement today St Modwen said it had reached an agreement on the terms of the takeover bid by Brighton Bidco, a newly former company of funds advised by Blackstone. [...]
Mullins in private equity talks that could value Pimlico Plumbers at £100m June 3, 2021 Pimlico Plumbers boss Charlie Mullins is in talks to sell off part of his company, in a move that could value the business at £100m. Mullins is in talks with private equity firms about a deal, and has hired Cavendish Corporate Finance to advise on the sale, Bloomberg first reported. It is understood a number [...]
Sweet Dreams are made of this: UK bed retailer sold to Tempur Sealy for £340m May 27, 2021 Sweet Dreams are made of these: UK bed retailer sold to Tempur Sealy for £340m
Wave of dealmaking sees 123 UK firms taken over by private equity during pandemic May 25, 2021 The pandemic has acted as a catalyst for a wave of private equity takeovers of UK firms, with their value reaching their highest level since the financial crisis. While coronavirus initially triggered a slowdown in dealmaking, private equity houses gained momentum by the autumn with a string of high-profile and high-value deals. Some 123 UK [...]
FCA proposes structure shake-up to tackle illiquid fund flaws May 7, 2021 Britain today put forward a new long-term asset fund structure to invest in illiquid assets, such as real estate and infrastructure, following a series of high-profile suspensions. Illiquid assets typically offer better long-term returns but come with higher risk. They can be difficult to value or sell in a crisis, making it hard to meet [...]
SPAC frenzy holds valuable lessons for the UK May 6, 2021 | City Talk The explosive growth in Special Acquisition Purpose Company (SPAC) listings – shell companies listed on the stock exchange with the purpose of ‘reversing-in’ to another company and taking it public by the backdoor, has so far been a purely US phenomenon. However, other markets are now catching on. The value of listings by SPACs grew [...]