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☆ Indonesia's GoTo denies merger talks with ride-hailing rival Grab
▼ + stars: | 2024-02-14 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

Photographer: Dimas Ardian/Bloomberg via Getty ImagesIndonesian tech giant GoTo on Tuesday denied it is in merger discussions with Singapore-based ride-hailing rival Grab . "The company would also like to emphasize that currently, the company is not having any discussion on such matters," said GoTo in a Tuesday filing. "The company would like to emphasize that the company has an increasingly strong fundamentals and financial position," said GoTo. The firm added that it has achieved "positive adjusted EBITDA target in Q4 2023, while exceeding the top end of its full year adjusted EBITDA guidance range." Grab closed 1.2% lower on the Nasdaq on Tuesday amid a broader sell-off in U.S. markets.

Persons: Indonesia's GoTo, Dimas Ardian, GoTo Organizations: ByteDance, Indonesia's, Bloomberg, Getty, Nasdaq Locations: Jakarta, Indonesia, Singapore, U.S

Even including the sale of Heathrow, this year is the slowest for airport transactions in the past decade, totalling $5.9 billion globally to date, according to Dealogic data. They have hired Mediobanca (MDBI.MI) and Credit Agricole (CAGR.PA) to find a buyer for a sale of their 49% stake in the company, the people said. Heathrow's sale valued the airport at 14.3 times EBITDA, according to JP Morgan analysis published on Wednesday. UK's Esken (ESKN.L), owner of regional Southend Airport, said in June it had started a process for the sale of the airport. On Thursday, Hungary's state-owned Corvinus and Vinci Airports notified the European Commission of a proposed joint takeover of Budapest's airport, according to a document posted on the EU website.

Persons: Andras Kranicz, GIP, Australia's Macquarie, Spain's, Ferrovial, Agata Lyznik, Mediobanca, Gianni, Origoni, Nico Torrisi, Morgan, UK's, France's Vinci, Vinci, Corvinus, Emma, Victoria Farr, Andres Gonzalez, Elisa Anzolin, Joanna Plucinska, Mathieu Rosemain, Anousha Sakoui, Elaine Hardcastle Organizations: LONDON, Heathrow, BNP, Global Infrastructure Partners, AGS Airports, Southampton, Australia's, International, ACI, Airports, Macquarie, Credit Agricole Assurance, 2i, Credit, SAC, Gatwick, Southend Airport, Global Infrastructure Fund, Vinci Airports, European Commission, EU, Thomson Locations: Edinburgh, Italy, FRANKFURT, Spanish, Europe, Aberdeen, Glasgow, Heathrow, France, Hungary's, Budapest's

☆ Ferrovial ends bumpy Heathrow ride on a high
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 29 (Reuters Breakingviews) - Ferrovial (FERF.AS) may be relieved to be exiting one of the world’s busiest airports. The Spanish infrastructure giant has sold its final stake in Heathrow, left over after its 2006 acquisition of BAA, which owned the hub along with Stansted and Gatwick. Regulators forced BAA to sell airports like Gatwick on competition concerns, and Ferrovial later trimmed its stake to just 25%. In 2020 Covid-19 struck, and Heathrow has since been locked in disputes with airlines like British Airways, who accuse it of overcharging. The price paid by Ardian and Saudi Arabia’s Public Investment Fund values Heathrow including debt, at 25 billion pounds, a 27% premium to its regulated asset base.

Persons: –, Aimee Donnellan, Julius Baer’s, Lisa Jucca, Streisand Neto Organizations: Reuters, BAA, Stansted, Regulators, Gatwick, Heathrow, British Airways, Saudi Arabia’s Public Investment Fund, Jefferies, X, Barclays, Thomson Locations: Spanish, Heathrow, Gatwick, It’s

☆ Blackstone, Macquarie deny ASPI sale report, pledge commitment
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

Signage is seen outside the Blackstone Group headquarters in New York City, U.S., January 18, 2023. REUTERS/Jeenah Moon/File Photo/File Photo Acquire Licensing RightsMILAN, Nov 17 (Reuters) - Blackstone and Macquarie on Friday dismissed as "completely false" an Italian newspaper report about possible ownership changes at Autostrade per l'Italia (ASPI), pledging their commitment as investors in the motorway operator. Following the 2022 deal, ASPI is controlled by state-lender CDP with funds Blackstone (BX.N) and Australia's Macquarie (MQG.AX). Under JPMorgan's plan ASTM would transfer its assets to ASPI whose shareholders would be CDP, Gavio group and Blackstone. In denying the report, Macquarie said it was committed to the "ongoing delivery of ASPI's multi-billion euro investment programme".

Persons: JP Morgan, Italy's, ASPI, Australia's Macquarie, Macquarie, Blackstone, Matteo Salvini, Elisa Anzolin, Giuseppe Fonte, Valentina Za Organizations: Blackstone Group, REUTERS, Blackstone, La Stampa, ASTM, Benetton, Shareholders, Reuters, Thomson Locations: New York City, U.S, Macquarie, Ardian, Milan, Rome

Global fundraising for alternative investments, which include private equity, dropped 21% to $972 billion in the year to Nov. 1 from the same period a year earlier, according to research firm Preqin. As their money becomes more vital, Gulf funds are encouraging private equity firms to invest locally in plans for a post-oil future. "Building a partnership based on reciprocity is nowadays necessary to succeed in the Gulf," said Francois Aissa-Touazi, co-global head of investor relations at private equity fund Ardian. Private equity funds are getting the message. In turn private equity funds can use these pools of capital to fund large private debt or equity transactions, according to Tikehau Capital's Deputy CEO, Frédéric Giovansili.

Persons: Amr Alfiky, Francois Aissa, Ardian, Touazi, Brookfield, Bruce Flatt, thronged, Flatt, Mohammed Al Jadaan, Anthony Diamandakis, Rishi Kapoor, Investcorp, Tikehau, Frédéric Organizations: United, United Arab Emirates, REUTERS, Rights, Global, Investment Initiative, Public Investment Fund, Brookfield, Tikehau, CVC, Reuters, Thomson Locations: Abu Dhabi, United Arab, Rights RIYADH, LONDON, Davos, Saudi, Saudi Arabia, Riyadh, Dubai, Brookfield, Bahrain

☆ 9 investors betting millions on the rebound in live events and entertainment
▼ + stars: | 2023-10-20 | by ( Lucia Moses | ) www.businessinsider.com time to read: +9 min

"Live events are having a moment as consumers want to get out and about," said John Harrison, Americas Media & Entertainment lead at EY. But over the past few years, established and upstart investors have seized the opportunity to capitalize on live events spending, which is outpacing media and entertainment spending overall. PWC projects live events revenue hitting $68.7 billion in 2024, up from $66.6 billion in 2019.Insider identified nine firms, listed alphabetically, that are making significant investments in live entertainment-related companies. It most recently led a $65 million round in Dice, an events discovery and ticketing platform for live events like comedy and drag cabaret. Courtesy of Shamrock CapitalThe Los Angeles-based investment firm has a long history of backing media, entertainment, and communications businesses.

Persons: Taylor Swift, hasn't, Tait, Scott Marimow, John Harrison, there's, Harrison, Coldplay, PEHub, Bluestone Equity Partners Bobby Sharma, Michael Weschler, Bobby Sharma, Bluestone, Juggernaut, Eric Kuhn, Tre, Scott, Matt Pincus, Pincus, Marimow, Shamrock Capital Andrew Howard, Marc Geiger, Alan Waxman's Organizations: Providence Equity Partners, Yankee, Wembley, Bluestone Equity Partners, Providence, Americas Media, Entertainment, Fourier, NBA, PMY, SoFi, New York's Citi, RWS, Apple, Holland America, Capital Partners, Street Journal, Folk Media Group, CBS, Microsoft, Folk Productions, Quest Entertainment, MUSIC, Liontree, JS Capital Management, Investments, Providence Equity Partners Providence Equity Partners, Theatre Group, Shamrock Capital, Sixth, Spain's, San Antonio Spurs, New York Yankees, Dallas Cowboys, Sixth Street Locations: Americas, Paris, Europe, Asia, Vegas, Fiume, Wilmington , Mass, Devon , Pennsylvania, Miami , Florida, North America, Providence, US, Germany, Los Angeles, SaveLive, Spain's Real Madrid, Real Madrid's

☆ What Thailand's new coalition government means for the cannabis market
▼ + stars: | 2023-10-10 | by ( Nyshka Chandran | ) www.cnbc.com time to read: +6 min

In June 2022, the Southeast Asian nation became the first in Asia to decriminalize the cannabis plant, allowing it to be grown and consumed freely. Deputy Prime Minister Anutin Charnvirakul, leader of the Bhumjaithai party and one of Srettha's coalition partners, was a key figure responsible for legalizing recreational cannabis. Currently, many outlets claim to be medical cannabis platforms but they often prioritize profits rather than patient health, a number of clinics told CNBC. "This could foster a more positive perception of the cannabis industry among the public, and for the industry to sustain in the long run," Jintana said. "The prospect of exporting cannabis products to legal foreign markets aligns with Thailand's medical hub policy propelling both medicinal cannabis and other traditional herbs to the forefront," said Jintana.

Persons: Dimas Ardian, that's, Srettha Thavisin, Soratat, Srettha, hasn't, Soratat Pongsangiam, Sornkanok, Anutin Charnvirakul, Anutin, Jintana Manorompatrasal, Jintana, May's Organizations: Bloomberg, Getty, Greenhead, Reuters, Greenhead Clinic, Bangkok's Chulalongkorn University, Deputy, CNBC, Sawasdee Clinic Locations: San, Bangkok, Thailand, Asia, Phuket, U.S

"There's been very little marking down of (private) assets," said Con Keating, head of research at Brighton Rock Group, an insurance company for pension schemes. "No-one knows where the next big blow-up for pensions will come from," said Henry Tapper, founder of pension market analysis group AgeWage. He said heavy selling of commercial property and private equity stakes by pension schemes is raising questions over private capital valuations. "It's the right approach to obviously put some scrutiny on private market valuations." But in deals where private equity firms and investors buy and sell portfolios of investments, assets are being valued at less.

Persons: Yann Tessier, Con Keating, Henry Tapper, EY's, Paul Kitson, Burgiss, Ben Leach, Willis Towers Watson, IOSCO, Wilfred Small, Sinead Cruise, John O'Donnell, Kirsten Donovan Organizations: City of, REUTERS, Britain's, Authority, Brighton Rock Group, Reuters, Numis Securities, Thomson Locations: City, City of London, Canary, London, Britain, Germany, Sweden

Fundraising and deal-making have dropped sharply at European private debt funds, new data shows. Faisal Ramzan, a partner at law firm Proskauer Rose who advises private credit funds, said he was not seeing default. "There's plenty of dry powder," said Fidelity International's head of private credit strategies Michael Curtis, referring to capital raised already. Joanna Layton, managing director of European private credit at Alcentra, one of Europe's largest private debt managers, added there was "no rush" to deploy capital. High rates have also made private credit less appealing to institutional investors, analysts said.

Persons: Henry Nicholls, Francesco Sandrini, BoE, Andrew Cruickshank, Cruickshank, Pictet, Patrick Marshall, Faisal Ramzan, Proskauer Rose, Michael Curtis, Joanna Layton, Mark Brenke, Ardian, Chris Sier, Sier, Dhara Ranasinghe, Catherine Evans Organizations: City, REUTERS, Reuters Graphics Reuters, The Bank of, European Central Bank, Graphics, Deloitte, Fitch, Federated Hermes, Fidelity International, ClearGlass, Thomson Locations: London's, London, Britain, The Bank of England

"There's no real consensus at the moment about the increase in interest rates among economic actors," Jeremie Delecourt, chief operating officer at French private equity fund Ardian, told Reuters. In the euro zone, the peak is near after a combined 4 percentage points rise in the past year, ECB policymaker and French central bank governor Francois Villeroy de Galhau said on a panel at the conference. But he also said that rates would be left high for as long as necessary to ensure that inflation is headed back to the European Central Bank's 2% target by 2025. The ECB raised interest rates to their highest level in 22 years last month and promised another hike this month, with possibly another in September. "I see quite a bit of optimism in the short term, but I see a lot of downside risks if there is a policy mistake, especially from the central banks," she added.

Persons: Jeremie Delecourt, Francois Villeroy de Galhau, Jean, Louis Girodolle, Lazard, Mario Draghi's, Somersan Coqui, Daniel Barneix, Barneix, Veronika Grimm, Leigh Thomas, Alexander Smith Organizations: Reuters, ECB policymaker, Central, ECB, Atlantic, Allianz Trade, Thomson Locations: PROVENCE, France, United States, Europe, Aix, Provence

LONDON, May 17 (Reuters) - Planisware is working with investment bankers on strategic options, including a stock market listing of the French software group, four people familiar with the matter told Reuters. Rothschild (ROTH.PA) is acting as financial adviser to Planisware, two of the people, who declined to be named, said. BNP Paribas (BNPP.PA) and Citigroup (C.N) have been lined up to arrange a possible initial public offering (IPO), one person added. Private equity group Ardian, which holds an undisclosed stake in Planisware through its growth capital arm, declined to comment. In France, IPO volumes plunged in 2022 to levels similar to the first year of the COVID-19 pandemic.

☆ Pro Take: Can Nickel, Cobalt and Other Battery Metals Be Sourced Sustainably?
▼ + stars: | 2023-05-11 | by ( Yusuf Khan | ) www.wsj.com time to read: +6 min

Lockheed Martin and Norway’s Storebrand also have recently sold their interests in deep-sea mining companies. Others including German luxury carmaker BMW have said that, given environmental concerns, they won’t use battery metals sourced from the deep sea. More than a dozen countries are concerned about the environmental impact of the practice and are calling for a moratorium on seabed mining. A nickel mining site on the island of Sulawesi, Indonesia. Proponents of deep-sea mining say the nascent practice is a less harmful way to extract nickel than how the mineral is currently sourced in Indonesia.

☆ Tui’s pandemic payback sets path for takeoff
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, March 24 (Reuters Breakingviews) - Tui’s (TUI1n.DE) 1.8 billion euro capital raise releases it from government clutches and sets it up for brighter skies. The travel operator said on Friday it plans to issue new stock to raise 1.8 billion euros, at the high end of the 1.6 billion to 1.8 billion euros flagged in December by Chief Financial Officer Mathias Kiep. Like many travel companies Tui required funds to keep it afloat during the pandemic when holidays were cancelled and flights were grounded. The 2.7 billion euro company received a staggering 4.3 billion euros of German state aid during the Covid-19 outbreak and is repaying much of the remaining 2.6 billion euros of debt with its fresh funds. Tui’s revenue is expected to soar by over 17% this year to top 19 billion euros, according to Refinitiv estimates.

☆ Trustbusters pick fight that can make friends
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +2 min

CHICAGO, March 24 (Reuters Breakingviews) - After a year of fighting losing battles, one of the United States’ biggest trustbusters is taking on a fight where it will be easy to find support. The Federal Trade Commission proposed new rules on Thursday that would make canceling subscriptions less burdensome for consumers. That’s in stark contrast to the complex, lengthy and occasionally contentious — and unsuccessful — antitrust fights the commission had been waging. The agency is seeking a rule change, not a legal fight. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Microsoft’s Activision sweet talk
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +2 min

The seller’s shares rose 5% on the news Friday, but hurdles remain. Unlike the European Commission, which seems minded to approve the deal, and the U.S. Federal Trade Commission, which is opposed but has a mixed success rate, a CMA block would likely be fatal. So Microsoft pressed its case, submitting data that the agency says shows it has no incentive to yank Activision’s games from rival consoles to its Xbox. Still, Microsoft’s arguments gaining traction is welcome news to merger arbitrageurs. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Ardian mobile towers pounce would be a mouthful
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

MILAN, March 23 (Reuters Breakingviews) - Ardian’s mobile towers takeover in Italy looks a stretch. Buying the rest could cost Ardian 10 billion euros, assuming a modest 20% premium. It would also need UK telco Vodafone (VOD.L) to sell the 33% stake it indirectly controls. Mobile towers are in hot demand among private equity players because of their steady cash flow. A 20% premium may value INWIT at 17.7 billion euros, including net debt of around 4 billion euros.

☆ BoE will struggle to keep calm and carry on hiking
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

Stung by persistently high inflation, the Bank of England extended its run of interest rate increases to 11, bringing the base rate to 4.25%. Even the Swiss National Bank lifted its benchmark rate by 50 basis points on Thursday, four days after seeing Credit Suisse (CSGN.S) collapse into UBS’s (UBSG.S) arms. The BoE expects inflation to drop below its 2% target by June next year. But with GDP set to contract in 2023 and 2024, Bailey doesn’t have that much room to add to his rate-hiking run. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Pharma delivers, for others
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

The progressive lung disease, which commonly crops up in heavy smokers, is the third biggest cause of death globally. A 30% reduction in exacerbations and significant lung function improvement means the drug should spin more profit. Deloitte estimates projected returns on drug development for the biggest pharma firms were 1.2% last year. Writ large, the world might be getting too good of a bargain. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Ardian, which is the second largest shareholder in INWIT behind European tower company Vantage Towers AG (VTWRn.DE), wants to take INWIT private and is working with advisers at JPMorgan Chase & Co (JPM.N) on a potential offer, the people said. Deutsche Telekom last year sold 51% of its tower business Funkturm to a consortium of Canada's Brookfield and U.S. private equity firm DigitalBridge. Any offer for INWIT could take months to materialise as preparations remain at a preliminary stage, one of the people said. The sources cautioned that an offer is not certain and asked not to be identified because the deliberations are confidential. Ardian, Vantage Towers, INWIT and JPMorgan declined to comment.

☆ This fish farmer-turned-entrepreneur runs a profitable start-up. Here are his tips
▼ + stars: | 2023-03-09 | by ( Sheila Chiang | ) www.cnbc.com time to read: +7 min

Now at 33, Farizy runs Indonesia-based startup eFishery, which developed products such as automatic feeders that help local seafood farmers save costs and improve productivity. Automatic feeders eliminate the problems of manual feeding, which could result in over-feeding or under-feeding. Say no to high cash burnMany startups focus on blistering growth, which usually means a high cash burn rate. When asked about how he runs a successful company, he said: "We don't burn cash unnecessarily." Cash burn refers to a company spending its cash reserves when it is not yet generating profit.

☆ Edmond de Rothschild to open advisory office in Dubai
▼ + stars: | 2023-02-28 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

DUBAI, Feb 28 (Reuters) - Edmond de Rothschild Group, which specialises in asset management and private banking, said on Tuesday it is expanding its presence in Dubai with an advisory office as it looks to the fast-growing Middle East hub to cater to an affluent pool of clients. It previously had a representative office in Dubai, but said the new office will "enhance" its ability to serve clients in the region. Edmond de Rothschild plans to hire about five people in Dubai next year, a spokesperson said. A growing number of hedge funds have set up shop in Dubai, attracted by lower licensing fees and capital requirements for the industry, including Millennium Management, ExodusPoint Capital Management and BlueCrest. French private equity firm Ardian said last month it was opening an office in neighbouring Abu Dhabi, capital of the United Arab Emirates, while CVC opened an office in Dubai last year.

☆ Indonesia's seafood farming industry faces a 'technology gap' — and startups are raising big bucks to fill it
▼ + stars: | 2023-02-01 | by ( Sheila Chiang | ) www.cnbc.com time to read: +6 min

And we are third in aquaculture production after China and India. Aquaculture production and exports by country in 2020 Aquaculture (animals, not including algae) Top producing countries in 2020 Top exporting countries in 2020 1. Aruna, for its part, helps to connect Indonesia's small-scale aquaculture farmers to buyers. Indonesia has the puzzle pieces to become a global leader in aquaculture and seafood production. "Indonesia has the puzzle pieces to become a global leader in aquaculture and seafood production.

☆ Turnover surges as funds rush to exit private equity stakes
▼ + stars: | 2022-12-19 | by ( Rae Wee | ) www.reuters.com time to read: +5 min

Conceived as an illiquid but lucrative method of accessing unlisted companies, private investments are typically structured into funds run by buyout firms. Investment firm Hamilton Lane says an unprecedented $224 billion in private equity stakes have been offered in the secondary market this year to mid-November. Others want to deploy their capital elsewhere - a sign that private equity funds are no longer so highly regarded. The need to sell to rebalance can occur when, as this year, private equity funds have outperformed public markets. On paper, plenty of private investments, which are typically valued quarterly, appear to have done very well this year.

☆ IPO funds raised by Southeast Asian companies fall amid economic headwinds
▼ + stars: | 2022-11-16 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Photographer: Dimas Ardian/Bloomberg via Getty ImagesThe funds raised by public listings in Southeast Asia fell by 52% this year compared to a year ago, data from Deloitte showed. Initial public offering (IPO) funds raised by companies in the region reached $6.3 billion from the January to Nov. 11 period, the management consulting company said. The findings also revealed that only eight large and medium-sized companies listed in 2022, less than half of the 19 large- and medium-sized companies that were listed in 2021. IPO activity in Southeast Asia was lower this year, with only two blockbuster IPOs — Indonesia's GoTo which raised $1.1 billion and Thai Life Insurance with $1 billion raised. This could mean that the bigger companies are holding out and postponing their listings in anticipation of better market conditions, Deloitte said.

☆ AC Milan a fost învinsă de campioana în exercițiu Juventus Torino chiar pe teren propriu
▼ + stars: | 2021-01-07 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: +1 min

AC Milan a terminat seria meciurilor fără înfrângere. Gruparea milaneză, lider în clasamentul Seriei A, a fost învinsă aseară de campioana în exercițiu Juventus Torino chiar pe teren propriu, scor 1-3. Milanul nu a rezistat în repriza a doua în fața campioanei și a mai încasat 2 goluri. Grație acestei victorii, Juve s-a apropiat la 7 puncte de liderul AC Milan și revine treptat în lupta pentru titlu. Spezia a produs surpriza etapei a 16-a în Serie A. Gruparea din nordul Italiei a învins pe Napoli chiar pe terenul acesteia, scor 2-1.

Persons: Federico Chiesa, Milanul, Americanul Weston McKennie, Juve, Tommaso Pobega Organizations: AC Milan, Juventus Torino, Spezia, A, Sampdoria, Internazionale Milano Locations: Calabria, Italiei, Napoli, Albanezul, Spezia, Genova

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