Latest news with #Cinven
Sky News
3 days ago
- Business
- Sky News
KKR leads £1.7bn race for Argos store-card owner NewDay
The private equity firm at the centre of a string of bidding wars for British companies is leading the £1.7bn race to buy the owner of Argos's store-card operations. Sky News has learnt that KKR is the frontrunner to buy NewDay Group, which is owned by the buyout firms Cinven and CVC Capital Partners. KKR is not in exclusive talks, and other parties - said to include Pimco, the asset management giant, KKR, and a Bain Capital-led consortium - remain in contention to acquire NewDay. Some of the bidders, such as Pimco, have been interested in pursuing a deal to buy NewDay's consumer loan book rather than the company as a whole; others including KKR are understood to be interested in acquiring the whole business, but potentially with its existing shareholders remaining invested for a period of time. NewDay, which took ownership of Argos's store card business last year in a £720m deal with J Sainsbury, the supermarket giant, has been exploring a sale or stock market listing for months. Last November, Sky News reported that NewDay's owners were lining up investment bankers at Barclays to advise on a process. NewDay is one of Britain's biggest privately held providers of consumer credit services, with about four million customers. Last year, it reported £213m of underlying pre-tax profit, with new customer acquisitions up 36%. It also launched a technology and lending partnership with Lloyds Banking Group, and launched the pilot of a technology partnership with Debenhams Group in the final quarter of last year. KKR has become engaged in bidding wars in recent months for Assura, the GP surgeries landlord, and testing equipment provider Spectris - both of which are listed on the London stock market.
Bloomberg
20-06-2025
- Business
- Bloomberg
Cinven Taps Investors for €2 Billion Mid-Market Fund
Private equity firm Cinven is in the market with a new investment vehicle targeting mid-sized transactions, according to people familiar with the matter. The European buyout firm is looking to raise €1.5 billion ($1.7 billion) to €2 billion for the new fund, which will be a successor to its Strategic Financials Fund, the people said, asking not to be identified discussing confidential information. Cinven raised €1.5 billion for SFF in July 2022.
Bloomberg
16-05-2025
- Business
- Bloomberg
Cinven Taps Goldman, UBS for €6 Billion Ufinet Sale
Private equity firm Cinven has selected Goldman Sachs Group Inc. and UBS Group AG to arrange a sale of telecom operator Ufinet Group, according to people familiar with the matter. Cinven is seeking a valuation of about €6 billion ($6.7 billion) for Ufinet Group in a deal, said the people, who asked not to be identified as the information is private. The Madrid-based company and its advisers could kick off a formal sale process after the summer, one of the people said.
Times
15-05-2025
- Business
- Times
David Bailey, who acted for watchdog against pharma giant that hiked NHS prices
David Bailey, a barrister at Brick Court Chambers and a competition law professor at King's College London, acted for the Competition and Markets Authority in an appeal by Advanz Pharma and the CMA's cross-appeal on penalty. The Court of Appeal found the company had exploited its position as the sole supplier of the thyroid drug liothyronine, inflating NHS prices and restricting patient access to essential medication. It reinstated the CMA's fine of £51.9 million on the private equity firm Cinven — making a total of £99 million fines across all Advanz's owners. To show that the company was wrong to portray the CMA's case as based on an idealised view of competition. We did this by showing how Advanz had a shrewd strategy to buy
Bloomberg
24-04-2025
- Business
- Bloomberg
London IPO Hopeful NewDay Is Said to Attract Bain, Pimco, KKR
NewDay, the British consumer credit provider owned by Cinven and CVC Capital Partners Plc, has attracted interest from alternative asset managers including Pacific Investment Management Co. and KKR & Co., according to people familiar with the matter. A consortium including Bain Capital and Centerbridge Partners is also working on a potential offer, the people said. A deal could value NewDay at £1.5 billion ($2 billion) to £2 billion, said the people, who asked not to be identified as the information is private.
