Microsoft splashes cash on video game streaming startup Beam August 11, 2016 Microsoft is getting in on the live games streaming action with its latest acquisition. The tech giant – fresh from snapping up LinkedIn in a $26bn (£20.1bn) deal – has acquired Beam, a Seattle-based startup which live streams video games. Read more: YouTube has launched its own live gaming service It will be rolled into Microsoft's Xbox operations, and [...]
Deutsche Boerse turns attention to regulation after cementing shareholder support for London Stock Exchange merger August 10, 2016 Deutsche Boerse has announced a “major milestone” in its quest to complete a merger with the London Stock Exchange. The German exchange said more than 75 per cent of shares have now been tendered in support of the deal. The firm had already received the 60 per cent support necessary. Read more: More European opposition, this [...]
Ministry of Sound investment: Sony Music acquires London Grammar label August 10, 2016 Sony Music UK has announced the acquisition of label Ministry of Sound Recordings. Founded in 1993 as an extension to the South London nightclub Ministry of Sound, the label boasts a roster including London Grammar, DJ Fresh, Sigala, Jodie Abacus, Louis Berry, MIAMIGO and Moss Kena. Read more: Imogen Heap believes blockchain technology could save [...]
More M&A experts think Brexit vote could spark overseas interest in UK firms August 8, 2016 Nearly a quarter of mergers and acquisitions (M&A) partners and dealmakers at Deloitte believe the Brexit vote could boost UK inbound activity. When Japan’s SoftBank announced a £24.3bn deal for UK chip maker Arm, some M&A experts suggested that British companies could become attractive takeover targets post-Brexit vote, with the pound’s value falling against the dollar. [...]
UK private equity buyout activity comes through Brexit vote unscathed in July August 8, 2016 UK private equity buyout activity has been unharmed by the Brexit vote, new research suggests. Over the course of July, 16 such deals were recorded by Unquote researchers – ahead of 15 tracked in the same month last year. July was also the second most active month for private equity-backed buyouts this year, behind 19 [...]
London-listed publisher Quarto books takeover deal for US company August 8, 2016 London-listed book publisher Quarto Group has announced the acquisition a US company. Quarto said its subsidiary, Quarto Publishing Group USA, has agreed a takeover deal for Becker&Mayer from McEvoy Group, an independent trade publishing firm. Quarto said the deal is worth at least $9.8m (£7.5m), which will be combined with a working capital adjustment payment [...]
N-ice: Melrose shares jump a cool 13 per cent as it closes in on air conditioning deal August 8, 2016 Shares in Melrose Industries shot up a cool 13 per cent today – as the London-listed turnaround group closed in on completing its takeover deal for a US air conditioning company. Melrose today announced that the “shop window period” on its deal for Nortek expired on 6 August without a superior offer being made. Read more: Cold [...]
Activist investor pushes for boost to Steinhoff’s offer for Poundland August 7, 2016 US activist hedge fund Elliott Advisors is threatening to derail Steinhoff’s £597m bid for Poundland unless the offer is improved. Elliott increased its stake in Poundland to around 17.5 per cent just days after Poundland’s board agreed to the 222p a share cash takeover offer. Read more: Steinhoff increases Poundland holding despite Brexit vote The offer [...]
Losses increase at Fitness First as owners pour in more cash August 7, 2016 Operating losses at Fitness First spiked nearly six times for the year to October 2015 according to recently filed accounts. The Poole-based operator burnt through £25.7m of cash during the year, offset by drawing down on £47.5m of loan facilities. "Over the past three financial years, cash flows have been significantly impacted by the capital refurbishment programme, [...]
Qatari bank reluctant to part with stake in Panmure Gordon August 7, 2016 Panmure Gordon’s biggest shareholder is reluctant to part with its stake in the London-listed stockbroker, City A.M. understands. QInvest, a Qatari investment bank, owns a 43.4 per cent stake in Panmure and is understood to have rejected approaches for its shares from WMG, a fund controlled by Cardiff City Football Club chairman Mehmet Dalman. Read more: Panmure [...]