Brookfield Asset Management is set to sell two offices in Mumbai and Gurugram to a joint venture established by Brookfield India REIT and sustainable investment behemoth GIC Private, with the deal valued at $1.4bn. The units are expected to benefit from the upwards trajectory of the India office sector, which could be affected by alternative working policies in the post-Covid workplace.
One of Italy's best-known business dynasties, the Agnelli family, founders of carmaker Fiat, are involved in an inheritance dispute dividing the family. The case combines Margherita, the daughter of Gianni Agnelli and his only surviving child, who inherited €1.2bn, against three of her eight children, who are fighting to prevent her plans to open up the settlement to her late mother's estate. The dispute is due to the "Geneva pact"; inheritance deals signed by Margherita, which some family members believe were signed under unverified pretences and should be declared void.
Restaurant chain Cava reveals 2022 revenue jump in U.S. IPO filing
Reuters
23-05-19 12:23
Mediterranean restaurant chain Cava Group has filed for an initial public offering after its revenue for last year jumped by 13%. The company, which operates 263 units in the US, saw revenue rise by 12.8% to $564.1m in 2022, up from $500m a year earlier. Brett Schulman, who joined Cava in 2009 to help the group grow its offerings for grocery stores, is CEO of the firm, which was founded by Ted Xenohristos, Ike Grigoropoulos and Dimitri Moshovitis.
777 Partners' aviation asset arm plans to invest up to $200 million in suppliers
Reuters
23-05-19 12:16
AIP Capital, the aviation asset management arm of 777 Partners, has plans to invest up to $200m in small and medium aerospace suppliers by the close of 2019. Investments may include a first lien loan, with a single investment ranging between $10m and $30m, according to AIP Capital Managing Partner Mathew Adamo. The firm has entered into a servicing agreement with 777 Partners to manage all commercial aircraft owned by the private equity firm. Though the amount is small compared to overall private equity investments, the move underscores growing interest in the supply chain.
Cloud-based Restaurant365 hits unicorn status after $135 mln funding round
Reuters
23-05-19 11:57
US cloud-based restaurant manager Restaurant365 has raised $135m after a funding round, which was co-led by KKR and L Catterton alongside existing investors ICONIQ Growth and Besemer Venture Partners. Restaurant365 joins US property insurer SageSure, which closed a $250m funding round last week, as a unicorn.
Samsung will not replace Google's search engine with Microsoft's Bing on its smartphones. The decision comes following an internal review that proposed the move. Google is thought to earn approximately $3bn a year from its partnership with Samsung. An April report in The New York Times suggested Google benefits financially from long-term deals with phone manufacturers including Apple and Xiaomi.
Western companies are selling their Russian assets or handing them over to local managers, as a part of a broader corporate exodus from Russia, to comply with sanctions over the Ukraine conflict and deal with threats from the Kremlin. These moves are concerning, considering the fact that Russian companies and institutions are buying up these prize assets at bargain prices. Companies in the automotive, energy, food and beverages, banking, mining, and other sectors, including Carlsberg and Societe Generale, have secured deals to sell their businesses in Russia.
With JPMorgan's Investor Day taking place on Monday, analysts will seek more details about the bank's acquisition of First Republic Bank, as well as Jamie Dimon's succession plan following James Gorman's announcement that he will step down as Morgan Stanley CEO in the next 12 months. The investor day will also provide insight on the bank's plans to integrate First Republic's business into the largest bank in the US, as well as reports on the bank's performance via comments on the economy, growth, deposit growth, strategic opportunities, loan loss provisions and expenses.
Director Paul Schrader claims that his latest film 'Master Gardener was rejected from TIFF because of its approach to racism. The film stars Joel Edgerton as Narvel Roth, a reformed white supremacist turned horticulturist, who develops a relationship with Quintessa Swindell's biracial character. Schrader, who says the film is focused on the “journey of a soul,” claims TIFF director Cameron Bailey wouldn't put the film in the festival, stating he could not take a film that deals with racism so lightly. Master Gardener premiered at the Venice Film Festival in 2022 and is currently in cinemas.
Silver Lake acquires minority stake in TeamSystem for $660 million
Reuters
23-05-19 21:06
Cloud software firm TeamSystem has announced that Hellman & Friedman will be selling off a minority stake to private equity firm Silver Lake. The deal is valued at €600m ($660.4m) and is due to be finished by the end of 2021. Following the transaction, Hellman & Friedman will remain as the company’s majority shareholder. TeamSystem provides software for payroll, business management, and accounting, operating with smaller to mid-sized companies in mind. H&F acquired the company in 2016 and in 2021 moved the firm from one of its funds to another, with TeamSystem management and Hg holding minority stakes.
Czech EPH has delivered 'coherent plan' for Steag purchase, board member says
Reuters
23-05-20 00:01
German utility company Steag is set to receive binding bids for ownership, with most expected by the beginning of June. Czech firm EPH is rumoured to have a "coherent plan", according to board member Michael Vassiliadis, though there are said to be other plans under consideration too. Steag intends to sign with either a strategic buyer or a financial investor in the coming months, with the sale expected to close by the end of the year.
Blackstone has fully acquired the International Gemological Institute (IGI) from Chinese conglomerate Fosun and the jeweler's founding family for $530 million, according to sources. IGI, which has 29 labs and 18 gemology schools in 10 countries, generates the majority of its profits and revenue from India, where the jewelry market was worth $78.5 billion in the 2021 financial year.
US companies are rushing to sell debt in case the country’s debt-ceiling stand-off causes turmoil during the summer. Highly rated US companies have issued bonds worth $112bn so far this month, up from $46bn in May and over triple the amount sold in April. Fears have intensified over the US economy entering a downturn and now broader concerns around the US government running out of cash. The x-date, the moment at which the government runs out of money and risks defaulting on its debt, could come as soon as 1 June.
Potentia walks away from offer for Australia's Tyro Payments
Reuters
23-05-22 00:42
Shares in Australian payments company Tyro Payments fell by nearly 20% today after it announced that a buyout proposal had been withdrawn. Private equity firm Potentia Capital had offered A$1.60 per share, valuing the firm at A$875m ($594m), after first offering a price of A$1.27. Despite granting the company due diligence in January, Tyro said both offers undervalued it. Potentia said it had engaged with Tyro over commercial terms.
Ford has signed supply agreements with top lithium producers Albemarle and SQM, along with three smaller developers, as it seeks to shrink what it sees as a $7bn cost gap with rivals. The companies will provide Ford with the silvery-white metal needed for electric vehicle (EV) batteries. Other auto manufacturers have sought to secure their own supplies of lithium and other EV metals, including General Motors, which has made a $650m investment in miner Lithium Americas and a $200m payment to Livent to lock in metal supplies.
