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...One option includes turning it into a cash-shell company that pursues acquisitions in new industries, the 63-year-old billionaire told the Financial Times in a rare interview....
...However, the acquisition may attract regulatory scrutiny....
...Private equity groups Advent International and CVC Capital have teamed up to bid for a pet food company owned by Cinven, leaving a single bidding consortium left seeking to buy an asset the UK buyout group...
...The company’s share price is down more than a third from its November 2021 peak....
...Under BC Partners, Presidio has grown rapidly, including through the acquisitions of Irish IT business Arkphire and cloud technology company Coda....
...“We believe that the company needs to find a new way before thinking about [a potential acquisition],” he said....
...Ultimately, the company decided the perks outweigh the drawbacks....
...Private equity funds have been hit by high interest rates and choppy markets and are facing demands from their investors to return capital by selling assets....
...CVC — which manages about €186bn in assets and this week confirmed plans to raise €1.25bn in an initial public offering on the Amsterdam stock exchange — has previously been active in the professional services...
...It will also provide CVC with capital to pursue additional acquisitions in areas such as real estate and potentially help finance the acquisition of Dutch infrastructure investment firm DIF Capital Partners...
...While the group is ready to resume large acquisitions after significantly reducing its debt load, Katsuki said there were no big attractive targets for now and signalled a shift in its merger and acquisition...
...The company’s board is close to announcing the result of a strategic review, which is looking at a range of options for the future of the group including a wind-down and sale of its assets....
...It said US asset management group Apollo had committed to providing financing for the acquisition through debt and a minority stake in the bidding vehicle....
...European investors in asset managers would normally gulp at the thought of growth through acquisitions. The likes of Janus Henderson and Jupiter provide reason for pause....
...“We’re going to keep the company independent. We’re certainly not going to be trying to merge and sell the product in the TV market as one,” he said....
...Gray told the FT it will take time for private equity firms, which are sitting on record amounts of unsold assets, to return cash to investors even as the market for mergers and acquisitions comes back to...
...Last week, it announced it had made a new loan to executive networking company World 50 and while filings show it was already a lender to the company, a person close to Barings described it as a “net new...
...Typically, buyout groups such as CVC will seek to own assets for between three and five years before cashing out through a sale to a peer, a strategic buyer or a stock market listing....
...Chevron has warned that its planned $53bn acquisition of Hess could be thwarted by rivals ExxonMobil and China National Offshore Oil Corporation, which are asserting their right to pre-empt its purchase...
...Saudi ambitions Larry Fink has bet big on making the world’s largest asset manager a player in private infrastructure....
...The company’s shares fell 8 per cent on Tuesday. The companies have continued discussions since the expiration of the December 21 deadline....
...by Swiss company Novartis....
...Coventry is the UK’s third-largest mutual lender with about 2mn members and assets of £62.5bn....
...The deal comes as some UK assets have become attractive targets for US companies amid the strengthening of the dollar....
...That will raise fee-paying assets under management from the roughly €100bn it had in 2023 to somewhere in the region of €140bn by 2025....
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