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 [...]
Exclusive: UK private equity firms pool £20bn fire power as they circle higher value targets April 29, 2021 The total value of UK private equity club deals reached £19.7bn last year, a fourfold increase from the £4.5bn in 2019. Moreover, the number of club deals has reached a three-year high as there were 56 deals in 2020, a jump of 30 per cent from 43 the year before, according to new data that [...]
Exclusive: Private equity firms strike £10bn of carve-out deals as pandemic drives sale of non-core units April 28, 2021 Private equity firms made £10.1bn of corporate carve-out acquisitions in the UK last year, up from just £765m in 2019 as the Covid-19 pandemic drove more corporates to sell non-core business units, according to new data shared with City A.M. this evening. The economic disruption of the past year has forced many large businesses to [...]
Equiniti receives sweetened £661m takeover bid from US private equity firm April 28, 2021 Equiniti Group has received a revised offer from US private equity investor Siris Capital, to buy the outsourcer for around £661m in cash. Siris revised its bid to 180 pence per share following discussions, London-listed Equiniti said. In early April, Siris submitted a non-binding proposal for 170 pence per share, which Equiniti said it would evaluate “carefully [...]
Sunday Sitdown: Investors look past political changes as Brexit offers a chance to alter investment regulation, says City veteran April 18, 2021 More than 440 firms in banking and financial services have relocated part of their business, moved employees or set up new entities in the EU following Brexit. Dublin and Paris are the go-to destinations, as banks have moved or plan to move more than £900bn in assets to the EU, equivalent to 10 per cent [...]