Latest news with #Advent
Bloomberg
6 days ago
- Business
- Bloomberg
Spinoffs and Breakups Are Driving Nordic M&A Blitz
By and Charles Daly Save Hi, it's Vinicy Chan in London and Charles Daly in Stockholm with a look at the outlook of dealmaking in Sweden. Elsewhere, Advent strikes a deal in the UK while Claire's Stores hits the block. Today's top stories
Telegraph
6 days ago
- Business
- Telegraph
Buyout giant KKR hit with double defeat in bid battles
US buyout giant KKR has been dealt a double blow after losing out in bidding wars for two British companies. The private equity firm confirmed on Monday it had been trumped in its pursuit of high-tech instruments maker Spectris as the company instead opted for a rival £4.4bn bid from Advent. This came after a KKR-led bid for Assura, the owner of hundreds of GP practices across the UK, was also rejected by the board in favour of a separate offer from listed fund PHP. It marks a rare setback for the New York-based buyout firm, whose staff were once dubbed 'barbarians at the gates' for their aggressive culture. KKR's wide-ranging takeover attempts in Britain also led to it being named as the preferred bidder for troubled utility giant Thames Water. However, it abandoned a £4bn rescue bid earlier this month amid a row over fines and executive bonuses. The private equity firm was founded in 1976 by Jerome Kohlberg, Henry Kravis and George Roberts with initial funding of $120,000 (£88,900) Its assets under management now total $638bn, according to figures from the end of last year. This includes a range of investments in the UK, including utility giant Northumbrian Water, PR firm FGS Global and festival operator Superstruct. KKR is one of a number of private equity deals circling British companies amid an exodus from the London Stock Exchange. But the buyout firm has been stymied in several of its recent efforts as competition for UK takeovers grows. Spectris, which makes instruments and software for use in industries such as pharmaceuticals, said it had agreed a £4.4bn takeover by Advent International, which it said was 'fair and reasonable'. The FTSE 250 company had previously rejected two initial offers from KKR. KKR on Monday said that while it had not made a revised proposal, it was in the 'advanced stages of due diligence and arranging financing commitments' and could still do so. KKR's failed swoop for Assura comes after the NHS landlord recommended a £1.7bn bid tabled by the private equity firm alongside US infrastructure investor Stonepeak. But the approach sparked a backlash from major Assura investors amid concerns the company would be taken off the stock market at too low a price. Assura's board had previously said that the KKR bid offered 'materially less risk' than that of PHP. But it rowed back on Monday, saying PHP's fresh bid 'addressed some of the potential risks'.
Reuters
6 days ago
- Business
- Reuters
UK shares flat as Israel-Iran conflict rages on, dealmaking in focus
June 23 (Reuters) - UK shares started the week on a lacklustre note as investors looked for any signs of escalation in the ongoing Middle East conflict, while instruments maker Spectris surged after agreeing to a takeover deal by private equity firm Advent. The internationally exposed FTSE 100 index (.FTSE), opens new tab and the domestically focussed midcap index (.FTMC), opens new tab were both flat on Monday by 1010 GMT. Investors braced for Iran's response to U.S. airstrikes on some of the country's nuclear facilities over the weekend, as they grappled with the likelihood of geopolitical tensions intensifying in a region that is crucial to global oil supply - particularly the Strait of Hormuz. Oil and gas (.FTNMX601010), opens new tab led sectoral gains, tracking crude prices that were close to five-month highs. Energy giants BP (BP.L), opens new tab and Shell (SHEL.L), opens new tab were up about 1% each, while Harbour Energy (HBR.L), opens new tab gained 2%. Airline stocks including Easyjet (EZJ.L), opens new tab, Wizz Air and British Airways parent International Consolidated Airlines (ICAG.L), opens new tab dropped between 1.1% and 2.3%, hurt by higher crude prices. Markets also kept their focus on the latest set of mergers and acquisitions in the UK, with Spectris' (SXS.L), opens new tab takeover marking the biggest acquisition in Britain this year. Spectris' (SXS.L), opens new tab shares jumped 15.3% and hit a sixteen-month high after the company agreed to a 4.4-billion-pound ($5.9 billion) debt-inclusive takeover deal by private equity firm Advent over a rival proposal from KKR (KKR.N), opens new tab. Primary Health Properties' (PHP.L), opens new tab shares dropped 3.8% and weighed on the broader real estate (.FTNMX351020), opens new tab sector after Assura (AGRP.L), opens new tab backed a 1.78-billion-pound ($2.4 billion) takeover deal by its rival. Shares of Assura were marginally higher in early trading, building on a nearly 30% rise this year. Meanwhile, economic data showed that British business activity slightly grew in June, but worries remained with the conflict in the Middle East. Across the Atlantic, Federal Reserve Chair Jerome Powell is set to face Congress on Tuesday and Wednesday. Traders will keep a keen eye on his outlook for the economy and interest rates.
Economic Times
6 days ago
- Business
- Economic Times
European shares slip as US strikes on Iran fuel Middle East escalation fears
European shares fell on Monday after the U.S. decision to join Israel in striking Iran's nuclear facilities over the weekend heightened investor fears of an escalation in the Middle East conflict. ADVERTISEMENT The pan-European STOXX 600 index was down 0.3% at 535.11 points, as of 07.12 GMT. Other major regional indexes also traded lower. Iran and Israel exchanged air and missile strikes on Monday, as global tensions rose over Tehran's expected response to a U.S. attack on its nuclear facilities over the weekend. In a post to the Truth Social platform on Sunday, U.S. President Donald Trump questioned the possibility of regime change in Iran. Markets fear that an Iranian retaliation may include a closure of the Strait of Hormuz, the world's most important oil artery. Bucking the sombre mood, the oil and gas sector led gains in the regional index, rising 0.7%, as oil prices jumped on fears of supply disruption following the weekend strike. ADVERTISEMENT Travel and leisure stocks lost 0.8%. Among stocks, Spectris rose 14.6% after private equity firm Advent said it will acquire the scientific instruments maker in a deal valued at 4.4 billion pounds ($5.91 billion). ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
Reuters
6 days ago
- Business
- Reuters
European shares slip as US strikes on Iran fuel Middle East escalation fears
June 23 (Reuters) - European shares fell on Monday after the U.S. decision to join Israel in striking Iran's nuclear facilities over the weekend heightened investor fears of an escalation in the Middle East conflict. The pan-European STOXX 600 index (.STOXX), opens new tab was down 0.3% at 535.11 points, as of 0712 GMT. Other major regional indexes also traded lower. Iran and Israel exchanged air and missile strikes on Monday, as global tensions rose over Tehran's expected response to a U.S. attack on its nuclear facilities over the weekend. In a post to the Truth Social platform on Sunday, U.S. President Donald Trump questioned the possibility of regime change in Iran. Markets fear that an Iranian retaliation may include a closure of the Strait of Hormuz, the world's most important oil artery. Bucking the sombre mood, the oil and gas sector (.SXEP), opens new tab led gains in the regional index, rising 0.7%, as oil prices jumped on fears of supply disruption following the weekend strike. Travel and leisure stocks (.SXTP), opens new tab lost 0.8%. Among stocks, Spectris (SXS.L), opens new tab rose 14.6% after private equity firm Advent said it will acquire the scientific instruments maker in a deal valued at 4.4 billion pounds ($5.91 billion). ($1 = 0.7443 pounds)
