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...of a majority stake to a consortium of investors led by New Mountain Capital....
...According to a CFPB report published last year, more than 80 per cent of the credit card market is controlled by 10 of its approximately 4,000 issuers....
...Chief executive Stephen Bird is attempting to revive the company’s fortunes by cutting costs and axing 500 jobs — amounting to 10 per cent of its workforce — while launching new products to attract other...
...The US arm of accounting firm Grant Thornton has agreed to sell a majority stake to the investment group New Mountain Capital, in the largest of a wave of private equity deals that are reshaping the sector...
...JPMorgan started actively exploring a deal in mid-2021, but abandoned the effort in mid-2022 when it failed to convince Discover of its merits, people familiar with the matter told the Financial Times....
...With the accounting profession facing a shortage of new recruits, Kleinman said that an equity-like model had advantages over the traditional partnership structure....
...Pre-tax losses at the private equity-backed business widened to £10.6mn during the 12 months to March, compared with a £10.2mn loss a year earlier, following a rise in staff and financing costs....
...On Thursday, its shares rose 10 per cent to 37 cents, reversing a wobble following the fundraising news....
...It was founded in 2002 and is domiciled in Bermuda, but has more than half of its 1,100 employees in London. It was listed in New York until it was bought by Apollo five years ago....
...The firm began soliciting investments for the new fund about two years ago with a $16bn target....
...The tech giant is also running a 10-year partnership with Deutsche Börse, while New York’s Nasdaq is working with Amazon Web Services....
...The 10 investment banks and proprietary traders are investing a combined $172mn for a 26 per cent stake in Lutnick’s venture, called FMX. The investment will give FMX a valuation of $667mn....
...“We are in a new era of realising that these partnerships have attractive alternatives,” said Peter Munzig, a partner at TPG, one of the most active dealmakers in professional services....
...The firm said in November that it would cut 15 per cent of its workforce in a cost-cutting drive....
...The EU has launched probes into Apple, Alphabet and Meta in the first use of a landmark new law designed to rein in Big Tech’s market power....
...It’s only been around since 2021 and has already amassed assets of over $50bn — making it larger than the 10 biggest public BDCs combined. In fact, by net assets it seems to be as large as the top 15....
...Greater user choice may sound fine in theory, they argue, but it will challenge fundamental aspects of how services work....
...A new front has opened up in US trustbusters’ fight against mergers: workers’ rights....
...The January 11 launch was a rare instance of 10 substantially similar ETFs debuting at the same time....
...“drinking” a 500ml bottle of water, depending on when and where it is deployed....
...Capital One’s $35.3bn proposed takeover of Discover Financial Services would fuse two leading credit card lenders and give it control of a network that connects consumers, merchants and banks....
...“It’s a PR nightmare for the Beckham brand and for Inter Miami,” Schloss said, adding that the former England star should have known better than to put the team in such a position....
...The $4bn in trading did not reflect an influx of new money at that scale....
...In September, UK private equity house Cinven struck a deal to buy back the outstanding shares in Synlab, a laboratory and medical diagnostic services company in which it retained a 40 per cent stake, after...
...Even as fundraising slows from its white-hot pace, large managers are still pulling in billions of dollars a quarter to make new loans....
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