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Reuters
9 minutes ago
- Reuters
FountainVest to buy major stake in Italy's EuroGroup Laminations
July 28 (Reuters) - Asian private equity firm FountainVest has struck a deal with the main shareholder of EuroGroup Laminations ( opens new tab to buy a major stake in the Italian electric motor component maker, with a view to eventually taking it private. The two investors said on Monday that EMS Euro Management Services had agreed to sell its 45.7% stake in EuroGroup Laminations to an investment vehicle owned by FountainVest for 3.85 euros per share, a 64% premium to Friday's closing price. EMS would then reinvest 50% of the proceeds from the sale into a new holding company set up with FountainVest to own EuroGroup Laminations. The investors said FountainVest had also struck a deal to buy Tikehau Capital's 7.9% stake in EuroGroup Laminations for the same price, meaning that at the closure of the deal - expected in the first half of 2026 - the new holding would own 55.3% of the voting share capital in EuroGroup Laminations. It will then launch a tender offer for the rest of EuroGroup Laminations shares at 3.85 euros, valuing the company at 626 million euros ($730 million), with a view to delisting it from Euronext Milan. At 1010 GMT, EuroGroup Laminations shares were up almost 54% at 3.58 euros. FountainVest managing director and head of Europe Florian Almeling said the deal would support EuroGroup Laminations' global growth, "while delivering highly differentiated growth opportunities in Asia and other attractive global markets." EuroGroup Laminations specialises in stators and rotors, two core components of electric motors and generators and has eight plants in Italy and seven abroad, including in China and the United States. As part of the deal, EuroGroup Laminations CEO Marco Arduini and other top executives will be confirmed in their roles, the two investors said in a statement. ($1 = 0.8565 euros)
Finextra
11 minutes ago
- Finextra
10x Banking appoints Tom bentley as chief revenue officer
Tom Bentley has joined 10x Banking as Chief Revenue Officer, bringing extensive fintech leadership to support its next phase of global growth. 0 The 10x Banking executive hire reflects a focus on scalable strategy across Europe, APAC, and the Middle East. Bentley brings over 15 years of global experience in core banking and fintech, having held senior roles at Temenos, Thought Machine, as well as Chief Commercial Officer at Vodeno which was recently acquired by UniCredit Group. His last role was part of the founding team at NatWest Boxed, the embedded finance venture from NatWest Group, where he served as Head of Growth. Also joining the senior leadership team is Lewis Ide taking on the role of Senior Vice President APAC, based in Sydney and responsible for the strategy, growth and execution of the business objectives across Asia-Pacific - a region that represents a major growth engine for 10x. Ide has a 13-year career across financial services technology having worked in key leadership roles in SWIFT and Form3. Bentley and Ide's appointments come as 10x Banking approaches a decade of transforming banking infrastructure. The company is already working with several significant customers including award-winning Chase UK by J.P. Morgan, Westpac Group, Old Mutual, West Brom Building Society and Constantinople in Australia. Tom Bentley, CRO at 10x said, 'I've followed 10x for nearly a decade and have always admired the company's customer-centric approach and Antony's mission to reinvent banking from the core. The industry is at a tipping point - the convergence of AI-driven migrations, modular product innovation and the rise of truly distributed embedded finance are reshaping what's possible. I'm excited to bring my banking technology expertise and fintech growth experience to the team to help more institutions unlock the power of the 10x platform to deliver modern scalable banking propositions for their customers.' Antony Jenkins CBE, Founder and CEO of 10x, said: 'Tom's appointment underscores our ability to attract world-class core banking talent and our investment in building the future of financial services. Tom's track record in expanding commercial operations and Lewis' focus on forging strategic partnerships across APAC in supporting this region will play an important role as we grow to meet strong client demand. The past nine years of focused R&D have brought our technology to a point of true scalability and repeatability - unique in the industry - with our cloud-native platform now powering significant banking transformations and live client environments at unprecedented scale and speed.'
Rhyl Journal
11 minutes ago
- Rhyl Journal
STV warns over profits as advertising market slumps and TV projects delayed
Shares in the London-listed business plunged by about a quarter on Monday morning following the update. STV said it was now expecting full-year revenue and adjusted operating profit to be 'materially below' a consensus of analysts. Revenues are predicted to range between £165 million and £180 million for 2025. The company said it was now targeting £2.5 million worth of cost savings this year – higher than the £1.7 million outlined in March – having launched a significant savings programme last year, including across its broadcast operations. STV blamed worsening conditions in the commissioning and advertising markets in recent months for the profit and sales downgrade. Advertising revenues for the period between July and September is forecast to decline by 8%, lower than previously expected, driven by a sharp 20% drop in July, it told investors. The year-on-year decline is set to be impacted by particularly strong sales this time last year, due to the men's Euro football tournament being broadcast on TV. It follows a 10% fall in advertising revenues over the first half of 2025. A number of businesses, including WPP and S4 Capital, have flagged a worsening advertising market as more challenging economic conditions prompt clients to reign in marketing spending. Furthermore, STV warned the uncertainty was causing significant deterioration in the commissioning market. It said projects within its unscripted labels were being impacted with some in advanced development not getting the green light, and others being delayed into 2026. Nevertheless, it highlighted strong progress within its scripted labels with current projects including for Netflix, Apple, Sky and the BBC. Rufus Radcliffe, STV's chief executive, said: 'The deteriorating macroeconomic backdrop continues to lower business confidence impacting both markets in which we operate. 'STV Studios' delivery schedule for the remainder of 2025 has been impacted by the UK commissioning market, which has further weakened at the end of H1 (the first half of 2025) and into the second half of the year.' But he said production had finished on 'key titles with international appeal, including high-end drama Amadeus for Sky and a third series of Blue Lights for BBC One'. 'We are proactively responding to market conditions through a combination of investing in targeted future growth initiatives aligned with our long-term strategy and identifying efficiency and cost saving opportunities across the business,' Mr Radcliffe added.
