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Deal with Atlas SP comes after private capital group acquired unit from Credit Suisse
...Englander has built Millennium into a hedge fund that increasingly resembles the markets division of a global bank....
...The global textile industry is responsible for up to 10 per cent of global emissions, and makes little use of recycled material or waste....
...Meanwhile, listed groups including TPG, Brookfield and KKR have in recent years struck ambitious acquisitions....
...EY’s global consulting business....
...US private equity group Apollo Global is in discussions with Sony Pictures Entertainment about making a joint takeover bid for Paramount Global that would rival ongoing talks between controlling shareholder...
...TPG, which went public in 2022, recently used its stock to help finance the $2.7bn purchase of credit manager Angelo Gordon....
...In today’s newsletter: Tiger Global goes on the offensive Financiers pay homage to a Rothschild Dimon and debt at a packed Miami conference Tiger Global reflects on a ‘solid recovery year’ Chase Coleman...
...Opec+ has undertaken voluntary production cuts since November 2022 — despite vehement US opposition — in order to boost global oil prices amid tepid global demand....
...“In a way it’s an arms race,” Russell Hardy, chief executive of Vitol, the world’s biggest oil trader, told the FT Commodities Global Summit in Lausanne this month....
...Tiger Global has raised $2.2bn for its latest venture capital fund, roughly a third of the $6bn target it touted to investors when it first announced the fund in 2022....
...There was, however, only one person being tried: Mohammed Ali Rashid, a former senior partner at Apollo Global Management....
...Apparently, Apollo Global Management has other priorities....
...EY also last year rejected a proposal from US private equity group TPG to break up the firm globally and take a stake in its consulting business....
...In our view, a spate of technological breakthroughs is in the process of transforming not only the global economy but also financial markets....
...Last year, TPG sold a controlling stake in the talent agency CAA to Artémis, the holding company of the Pinault family, at a $7bn valuation. The deal made TPG and CAA insiders billions....
...According to S&P Global, in the first nine months of 2023 global private equity investments had an aggregate value of $365.3bn, a decline of 44 per cent year over year....
...If found guilty, companies face fines of up to 10 per cent of global turnover....
...The deal with Artémis will provide a large windfall to TPG and the continuation fund. TPG is selling its controlling stake in full....
...Plus, global stock market concentration has risen to its highest level in decades....
...TPG outlined its plan for a debt-and-equity deal to separate the consulting arm from EY’s audit business in a letter sent to the firm’s global and US bosses....
...Even so, TPG’s interest was ambitious. EY’s consultancy arm is estimated to be worth some $100bn, 23 times last year’s ebitda. TPG manages not much more than that at $137bn....
...A McKinsey global survey of autonomous vehicle executives, published this month, revealed an industry in a state of flux....
...In today’s newsletter: TPG’s failed courtship of EY Why Apollo sold its $500mn loan to Yellow Another legal battle from Greensill’s collapse Bad timing for TPG’s EY proposal As EY partners stashed away...
...TPG, CAA and Artémis declined to comment on financial details....
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