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...And in 2021, Restaurant Brands paid $1bn in cash for Firehouse Subs....
...(FT) News round-up CVC in talks to set up $4bn global tennis group (FT) Barclay family settles dispute over bugging at Ritz (FT) Blackstone to buy datacentre operator QTS realty trust for $6.7bn (Wall...
...Just over 25 per cent of the sub-Saharan population is online, according to World Bank data....
...But for all the changes that hedge funds have made to please their biggest clients, big investors are upset about high fees and sub-par performance, the FT’s Laurence Fletcher reports....
...Between them, the five companies have spent $17bn on sub-$1bn deals in the past five years alone. It is fair to ask whether any involved quashing competition — although proving this will be difficult....
...News round-up WhatsApp hack led to targeting of 100 activists (FT) General Motors warns of $2.9bn blow from US factory strike (FT) UBS becomes first foreign IPO sponsor on China’s Star (FT) Digital Realty...
...“There’s much more equity going into these deals so maybe people will earn a sub-par return on their equity.”The Rockford, Illinois native is, however, concerned about rising prices for companies....
...Under pressure from Senvest Management, a New York hedge fund, Colony last year slashed the management fees it collects from Northstar Realty Europe, a publicly traded real estate investment trust....
...The fee arrangement came about as the result of a merger between Colony and two other Northstar entities: Northstar Realty Finance, also a Reit, and Northstar Asset Management, which was meant to manage...
...Lex recommends the FT’s Due Diligence newsletter, a curated briefing on the world of mergers and acquisitions. Sign up at ft.com/newsletters....
...Colony Capital, a real estate company that grew by investing in distressed mortgages after the financial crisis, merged with Northstar Realty and Northstar Asset Management in January last year to create...
...Colony, through the joint provisional liquidators, agreed to buy Abraaj’s Latin America, Sub Saharan Africa, North Africa and Turkey funds management business, the companies said....
...This is also a feature of many “sub-sovereign issuers” – a category which in the UK includes local authorities, housing associations and higher education....
...* The sub-headline has been amended from an earlier version to correct that the Chicago Tribune and the New York Daily News remain assets of Tronc...
...The collapse led to both private equity groups and Vornado Realty Trust to lose out on the $1.3bn of equity they sank into the retailer. However, the losses were offset by the more than $360m in fees....
...Since KKR, Bain Capital and Vornado Realty took the company private in a leveraged buyout in 2005, the company has spent more than $250m a year servicing some $5bn of long term debt....
...Social Capital says the complexity of the IPO process is partly to blame for the drop-off in listings, citing a combination of “management distraction, a sub-optimal price discovery mechanism and the resultant...
...Mr Ferro, Tribune’s chairman, has “wasted no time in putting his stamp on the company” and has “looked for ways to silence the dissident stockholders’ voices”, Capital Structures Realty alleges....
...Mr Paulson, who is best known for making billions betting against the US sub-prime mortgage market, said “the fact that the company’s longstanding and largest shareholder sold all their shares at 63p, shows...
...A final decision on whether to give the merger the go-ahead will be taken next week, ahead of the final deadline on Tuesday....
...It raised a $700m fund for doing deals in sub-Saharan Africa in 2014, making its first investment in South Africa that year....
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