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☆ Long-awaited $2 billion CVC debut shows the IPO market is back on track, Euronext boss says
▼ + stars: | 2024-04-26 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

The highly anticipated trading debut of private equity group CVC Capital Partners shows that Europe's initial public offering market is back on track, Euronext CEO Stéphane Boujnah told CNBC on Friday. Shares of Amsterdam-listed CVC, one of Europe's largest buyout companies, jumped around 23% on Friday morning. The IPO is widely expected to be one of Europe's largest this year. Boujnah said the Euronext platform, the largest stock exchange in Europe and one of the largest in the world, had welcomed 11 stock listings since the beginning of the year. "That's a signal of both the success of the Euronext platform and the competitiveness of the Euronext platform — and a signal of the IPO market being back," he added.

Persons: Stéphane Boujnah, Euronext's Boujnah, CNBC's, Boujnah Organizations: Capital Partners, CNBC, CVC, Reuters, Euronext Locations: Amsterdam, Europe

☆ Private equity superstores overstock the shelves
▼ + stars: | 2023-11-08 | by ( Liam Proud | ) www.reuters.com time to read: +8 min

LONDON, Nov 8 (Reuters Breakingviews) - Private equity investors seem happier these days shopping for returns at specialty shops over supermarkets. U.S. private equity funds raised some $240 billion in the first nine months of 2023, according to research outfit PitchBook, 13% less than a year earlier. New York-based CD&R in August raised $26 billion for its 12th-generation private equity fund while Eurocentric CVC managed an even more eye-popping $29 billion in July. A better explanation, from the consultants who advise LPs on where to put their cash, is that private equity supermarkets may be cannibalising themselves. Until they can prove otherwise, the more scattered private equity superstores risk losing more ground to the specialists.

Persons: Clayton, Blackstone, Steve Schwarzman, Marc Rowan, don’t, Rowan, Rob Lucas, Blackstone’s, they’re, Lucas, Jeffrey Goldfarb, Thomas Shum Organizations: Reuters, Rice, CVC Capital Partners, Apollo Global Management, Blackstone Capital Partners IX, “, IX, CVC, Apollo, Blackstone, U.S, Thomson Locations: Dubilier, New York, Blackstone, Asia, Luxembourg, Europe, Americas

☆ CVC IPO efforts may not be third-time lucky
▼ + stars: | 2023-11-02 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsLONDON, Nov 2 (Reuters Breakingviews) - CVC Capital Partners’ ambitions to become a publicly traded diversified asset manager are on the back burner. Shares of rival managers have been pummelled as investors fret over the Gaza conflict, a weakening economy and whether buyout groups can continue to flourish in an era of higher interest rates. True, interest rates may fall. But geopolitical tensions are unlikely to die down, given unresolved issues in the Middle East and Ukraine. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Dado Ruvic, Pamela Barbaglia, Aston Martin, Neil Unmack, Oliver Taslic Organizations: REUTERS, Reuters, Partners, Financial Times, Moody’s, Pfizer, Thomson Locations: Amsterdam, Ukraine, Luxembourg, Gaza, East

Worldline's (WLN.PA) stock slide, which saw around $4 billion wiped off its market value, is the latest wake-up call. COMMISSIONS CUTRevenue growth has suffered at payments firms as inflation has force European consumers to spend less, while investors fret about the euro zone slipping into recession. Some analysts say payments firms have also been caught napping, after a period of growth during COVID lockdowns. In a further sign of investor wariness, venture capital investment flows into European payment firms have also dried up. Now, it may leave private equity investors to pick up the pieces for payment service firms, analysts said.

Persons: Dado Ruvic, Paul Charpentier, Bryan Garnier, napping, Jefferies, Hannes Leitner, Leitner, Charpentier, wariness, Italy's Intesa Sanpaolo, Morgan Stanley, Worldline, Bryan Garnier's Charpentier, Elizabeth Howcroft, Alexander Smith Organizations: REUTERS, PayPal, Holdings, Companies, Barclays, Reuters, Spain's Banco Sabadell, Fidelity National Information Services, CVC Capital Partners, CVC, Thomson Locations: London, U.S, Nexi, Europe

CVC targets an IPO that would value the company at more than 10 billion euros, the people said, with the company placing around 10% of its share capital, one of the people said. The private equity firm's partners are not expected to sell stock through the IPO, the people said. Blue Owl, CVC, GIC and HKMA declined to comment. On-road payments provider DKV Mobility, in which CVC has a minority holding, decided to defer its IPO plans because of volatile markets, Reuters reported earlier this month. London-headquartered CVC, which oversees more than 160 billion euros in assets, is striving to transform itself into a diversified asset manager.

Persons: de, Singapore's GIC, Renk, DIF, Glendower, Pablo Mayo Cerqueiro, Elisa Martinuzzi, Barbara Lewis Organizations: REUTERS, Partners, Reuters, CVC, Hong Kong Monetary Authority, Kuwait Investment Authority, DKV Mobility, Thomson Locations: Amsterdam, Netherlands, Kuwait, London

☆ Nexi shares fail to open on bid report as CVC declines to comment
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +2 min

Bloomberg reported on Tuesday that CVC was in the early stages of considering a possible bid for Nexi, Europe's largest payments company by volume of transactions. Nexi shares have lost 22% this year, adding to a 47% drop in 2022 and stoking speculation about potential takeover interest. By 0730 shares in Nexi were indicated up 16.7% at 6.72 euros a share, not far from a record low of 5.25 euros a share hit earlier this month. The presence of shareholder funds which will eventually need to liquidate their investment and the depressed share price have fuelled persistent speculation about Nexi's future. The government has powers to block any unwanted interest over a company such as Nexi, considered of strategic national interest.

Persons: Alessandro Garofalo, Friedman, Bain, Elisa Anzolin, Giancarlo Navach, Valentina Za, Cristina Carlevaro, Gavin Jones Organizations: REUTERS, CVC Capital Partners, Bloomberg, Nexi, Nets, Thomson Locations: Milan, Italy, Nexi

That was until this week, when the company decided to pull its listing in the final hours of Wednesday, blaming market conditions. In the coming weeks, a string of European companies are slated to come to market. Among them is CVC Capital Partners, which is still planning a November listing depending on market conditions, a person with knowledge of the matter told Reuters. However, the fate of Renk highlights the challenges facing new issuers, exacerbated by a recent bout of volatility in equity and debt markets. On Thursday it was trading around its opening IPO price at 30 euros, still above its issue price, a positive sign.

Persons: Andreas Bernstorff, Germany's DAX, Susanne Wiegand, Schott, Perfumery, Douglas, Emma, Victoria Farr, Pablo Mayo Cerqueiro, Alexander Huebner, Anousha Sakoui Organizations: Capital Partners, Reuters, Equity Capital Markets, BNP, Renk, Rheinmetall, Schott Pharma, DKV, CVC Capital Partners, Paris bourse, Thomson Locations: FRANKFURT, LONDON, Frankfurt, U.S, Europe, East, Africa, European, Germany, York, Lincoln

Torrent is hoping to secure roughly $3 billion to $4 billion in financing for the bid for its much bigger rival, they said. Blackstone (BX.N) is also interested in bidding for Cipla, sources have also said. Apollo is "quite bullish on their Asia strategy, and India in particular...both Cipla and Torrent have strong balance sheets," the person said. Apollo and Torrent, which has yet to confirm its interest in Cipla, did not immediately respond to a request for comment. Foreign banks, including Morgan Stanley (MS.N) and Barclays (BARC.L), are also in talks with Torrent to extend loans and arrange financing for the deal, sources have said.

Persons: Danish Siddiqui, Bernstein, Blackstone, Morgan Stanley, Abbott, Sriram, Aditya Kalra, Edwina Gibbs Organizations: REUTERS, Danish, pharma, Pharmaceutical, Apollo Global Management, Capital Partners, Bain Capital, Blackstone, Mumbai International, JSW, Barclays, Pfizer, Thomson Locations: Cipla, Mumbai, India, MUMBAI, DELHI, Asia

☆ Douglas chooses banks as global coordinators for planned IPO
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: 1 min

DUESSELDORF, Sept 13 (Reuters) - German perfume and cosmetics retailer Douglas, majority owned by CVC Capital Partners, has chosen Goldman Sachs (GS.N), Citi (C.N), Deutsche Bank (DBKGn.DE), UniCredit (CRDI.MI) and UBS (UBSG.S) as global coordinators for a planned IPO, a source familiar with the matter said on Wednesday. Reuters reported in August that the private equity house was working with advisers at Rothschild & Co to prepare the initial public offering (IPO), which could happen as early as next year. The IPO could value Douglas at up to 7 billion euros ($7.68 billion), people close to the matter said at the time. Douglas declined to comment. Reporting by Matthias Inverardi, Writing by Victoria Waldersee; Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Persons: Douglas, Goldman Sachs, Matthias Inverardi, Victoria Waldersee, Chris Reese Organizations: CVC Capital Partners, Citi, Deutsche Bank, UBS, Reuters, Rothschild & Co, Thomson

☆ Europe’s listless IPOs are red flag for big floats
▼ + stars: | 2023-07-31 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +4 min

And so far, the performance of the floats that have got away has been relatively poor. It’s a major red flag for larger IPO candidates, like CVC Capital Partners or EQT’s (EQTAB.ST) Galderma. Only 65 companies decided to brave choppy stock markets in Europe, raising $6.6 billion in overall proceeds, according to Dealogic data. Italian betting group Lottomatica (LTMC.MI) and German web-hosting company IONOS (IOSn.DE) priced at the bottom of their initial ranges. Dealogic data shows that IPOs in the region raised a total of $6.6 billion between the start of 2023 and July 20.

Persons: Breakingviews, Thyssenkrupp, Nucera, Hidroelectrica, Liam Proud, Oliver Taslic Organizations: Reuters, Capital Partners, underwriters, Bankers, Swiss, Reuters Graphics Reuters, Thomson Locations: Europe, Romanian, Saudi, Swedish

☆ Adtech firm Aleph withdraws IPO filing
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

July 18 (Reuters) - Aleph Group Inc said on Tuesday it had filed to withdraw its IPO plans, citing "public interest and the protection of investors," more than a year after the digital advertising firm submitted paperwork to go public. Emerging markets-focused Aleph, which helps large digital platforms connect with advertisers and customers, counts Meta Platforms (META.O), Spotify Technology (SPOT.N) and Microsoft Corp (MSFT.O)-owned LinkedIn among its customers. Founded in 2005 as IMS Internet Media Services, Aleph was valued at $2 billion in 2021 after private equity firm CVC Capital Partners bought a stake worth $470 million. U.S. initial public offerings have seen a recent spurt after more than a year of lull as hefty interest rate hikes and worries of a recession dented investor appetite for new listings. Reporting by Mehnaz Yasmin in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Mehnaz Yasmin, Vinay Dwivedi Organizations: Spotify Technology, Microsoft Corp, IMS Internet Media, Capital Partners, U.S, Thomson Locations: Bengaluru

☆ Private equity gears up for a deal fest Down Under
▼ + stars: | 2023-07-11 | by ( Antony Currie | ) www.reuters.com time to read: +5 min

So it’s fitting that one of the country’s most hotly contested deals involving overseas private equity firms is for Rugby Australia. It’s also a teaser for the deal fest buyout shops are gearing up for Down Under. Another veteran, Blackstone (BX.N), has doubled its private equity headcount over the past couple of years. Reuters GraphicsWith $676 billion of private equity dry powder in the Asia-Pacific region, according to consultancy Bain & Co, regularly capturing a two-fifths share implies up to $270 billion of capital could be heading Down Under in the coming years. Australia, he said, was too small and too competitive for private equity firms to make money.

Persons: It’s, Blackstone, EQT, they’re, it’ll, there’s, Brian Hong, Robyn Mak, Thomas Shum Organizations: MELBOURNE, Reuters, Rugby Australia, CVC Capital Partners, Australian Financial, Down, Brookfield Asset Management, CVC, Nine Entertainment, AusNet Services, MidOcean Energy, Origin Energy, Retirement Trust, Consumer, Sydney Airport, Bain & Co, Reserve Bank of Australia, U.S . Federal Reserve, Macquarie Capital, Thomson Locations: Asia, Australia, China, People’s Republic, Asia Pacific, Pacific

The deal fits the Italian group's plan to increase the share of gas in its total hydrocarbon production and is expected to boost its earnings immediately, Eni said in a statement. Eni, which is controlled by the Italian government, owns 63% of Vaar and is the main beneficiary of cash dividends from the Oslo-listed unit. VAAR EXPANDING IN NORWAYUnder the agreement, Eni will acquire Neptune's entire portfolio other than its operations in Germany and Norway. The German operations will be carved out prior to the Eni transaction and the Norwegian operations will be acquired by Vaar directly from Neptune in a separate deal, the two groups said in a statement. The Vaar transaction will close immediately prior to the Eni deal with the proceeds from the Norway sale remaining with the business purchased by the Italian group.

Persons: Italy's Eni, Eni, Claudio Descalzi, Descalzi, Vaar, Torger Roed, Rothschild, Ernst, Young, Shadia Nasralla, Terje Solsvik, Alvise Armellini, Jason Neely, Simon Cameron, Moore, Philippa Fletcher Organizations: Eni, MILAN, Italy's, Neptune Energy, Vaar Energy, LNG, Eni's Gas, Royal Bank of Canada's, Neptune, China Investment Corporation, Carlyle Group, CVC Capital Partners, HSBC, White, Case, Thomson Locations: Europe, Algeria, Indonesia, Milan, Russia, Oslo, Norway, Vaar, NORWAY, Germany, Norwegian, Neptune, Neptune Norway, Italian, Britain, Netherlands, LNG, London

☆ Telecom Italia sounds out buyers for stake in enterprise unit -Bloomberg News
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

June 22 (Reuters) - Telecom Italia (TLIT.MI) is restarting its efforts to sell a minority stake in its enterprise unit, potentially valued at more than 6 billion euros ($6.6 billion), Bloomberg News reported on Thursday, citing people familiar with the matter. Telecom Italia did not immediately respond to a Reuters' request for comment. The company set out to launch a sale process for a minority stake in its enterprise service arm last year. The enterprise business unit combines the phone group's connectivity services as well as cloud, cybersecurity and internet of things (IoT)operations. The telecom company rejected a nonbinding bid by CVC Capital Partners last year for a stake of up to 49% in its enterprise business.

Persons: Pietro Labriola, Bloomberg, Akanksha, Jacqueline Wong Organizations: Telecom, Bloomberg, Telecom Italia, CVC Capital Partners, Thomson Locations: Bengaluru

☆ A year ago, I sold my ad agency to a new type of agency holding company. Here are the things I wish I knew before.
▼ + stars: | 2023-06-16 | by ( Ryan Joe | ) www.businessinsider.com time to read: +5 min

One year ago, the ad agency Mekanism was bought by PE-backed holding company Plus Company. The ad agency Mekanism sold one year ago to the Canadian holding company Plus Company, which is backed by the private equity firm CVC Capital Partners. But as far as bosses go, not only is Plus Company CEO Brett Marchand really smart, I like him as a person. There are also holding companies that use a new model, like S4 and DEPT, where you become part of one big group. Due diligence was like "getting a couple of colonoscopies a week"I looked into CVC, the private-equity company that funds Plus Company.

Persons: Mekanism, Jason Harris, I've, Brett Marchand, hasn't, we'd, it's, They'd, We're, haven't, Brett, They're Organizations: PE, Plus Company, Capital Partners, Plus, Publicis, WPP, CVC, Company Locations: colonoscopies

☆ Shaquille O’Neal, Kenya Barris and 50 Cent Team Up to Explore Bid for BET Media
▼ + stars: | 2023-05-05 | by ( Jessica Toonkel | Alexandra Bruell | ) www.wsj.com time to read: 1 min

Shaquille O’Neal, a retired basketball star, is part of a consortium that could bid for BET Media Group. Photo: Katherine Tyler/NBAE via Getty ImagesA group including basketball legend Shaquille O’Neal , TV producer Kenya Barris and rapper 50 Cent is among the potential bidders for a majority stake in Paramount Global ’s BET Media Group , according to people familiar with the situation. The three celebrities have teamed up with Group Black—a company that aims to invest in and grow Black-owned media firms—private-equity firm CVC Capital Partners and Authentic Brands Group, which develops and licenses its brands to retail operators, the people said.

☆ Sky's Storti named CEO of WTA's new commercial entity
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

May 3 (Reuters) - Sky broadcast executive Marina Storti has been appointed Chief Executive Officer of WTA Ventures, the new commercial entity of the governing body of women's tennis. Storti, who most recently ran Sky's sport, cinema and entertainment streaming platform NOW after becoming its managing director in April 2019, is expected to begin her new role in August and will also be on the WTA Ventures board. WTA Chief Executive Steve Simon said the appointment would help drive the new entity forward. "Her ambition, passion and commitment positions her perfectly to help guide WTA Ventures in this next innovative era of the WTA," he added. Private equity fund CVC Capital Partners became the WTA's commercial partner in March with a minor stake in the governing body.

NEW YORK, April 11 (Reuters) - Private equity firm KKR & Co Inc (KKR.N) has agreed to buy a significant stake in FGS Global in a deal that values the financial communications group at about $1.4 billion. As part of the deal, KKR will buy up a 30% stake from senior employees at FGS Global and its largest investors, including London-based advertising giant WPP Plc (WPP.L). WPP, which was founded by Martin Sorrell, will retain a majority stake in FGS Global. Existing investor Golden Gate Capital is selling its entire stake to KKR, which is investing in FGS Global through its $8-billion European Fund VI. FGS Global currently employs more than 1,200 people across 27 offices globally.

☆ Cineworld drops major sale plan and proposes new debt deal
▼ + stars: | 2023-04-03 | by ( ) www.cnbc.com time to read: +2 min

Cineworld, which operates 9,000 theatres in 10 countries, has warned that a lack of blockbusters is hurting admissions. Cineworld has scrapped plans to sell its U.S., UK and Ireland businesses after failing to find a buyer, the cinema chain operator said on Monday, as it proposed a new debt restructuring plan. Under a new tentative deal with lenders it said it aimed to reduce debt by about $4.53 billion, mainly through creditors getting equity in a reorganized group. It had net debt of $8.81 billion including lease liabilities as of June 2022. The company reiterated that shareholders will be wiped out under its restructuring plans.

☆ Cineworld creditors plan management shuffle amid takeover interest - Bloomberg News
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

March 27 (Reuters) - Creditors of British cinema operator Cineworld Group PLC (CINE.L) are outlining plans for a new board and executive team after nine years under CEO Mooky Greidinger and his deputy Israel Greidinger, Bloomberg News reported on Monday. The Greidinger brothers are set to be replaced, but creditors have considered providing them compensation and a transitional role during the handover period, the report added, citing people familiar with the matter. Earlier in the day, Sky News reported that private equity firm CVC Capital Partners had proposed a takeover of parts of Cineworld, within days of a similar offer from activist investor Elliott Management. Cineworld said in February it may emerge from Chapter 11 bankruptcy protection in the first half of this year. ($1 = 0.8148 pounds)Reporting by Rishabh Jaiswal and Sinchita Mitra in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Toshiba board accepts Japan Industrial Partners' $15 bln buyout proposal
▼ + stars: | 2023-03-23 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +3 min

TOKYO, March 23 (Reuters) - Toshiba Corp's (6502.T) board has accepted a buyout offer from a group led by private equity firm Japan Industrial Partners, valuing the company at 2 trillion yen ($15.2 billion), the company said on Thursday. [1/2] The logo of Toshiba Corp is seen at the company's facility in Kawasaki, Japan June 10, 2021. REUTERS/Kim Kyung-Hoon/File Photo 1 2The fallout from that debacle eventually led to the strategic review and the buyout proposal. Toshiba started an auction process about a year ago, receiving eight initial buyout proposals as well as two offers for capital alliances. The JIP consortium last month submitted a binding buyout proposal backed by $10.6 billion in loan commitments from major banks.

☆ The long-running crisis at Japan's Toshiba
▼ + stars: | 2023-03-23 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +5 min

Faced with more than $6 billion in liabilities linked to Westinghouse, Toshiba decides to put prized chip unit Toshiba Memory up for sale. Nov. 2021 - Toshiba says it will split into three companies, one for energy, one for infrastructure and the third to manage its Kioxia stake. Feb. 2022 - Toshiba announces a new plan to split into two, spinning off only its devices unit. April 2022 - Toshiba sets up a special committee to resume a strategic review that could see it taken private. Under pressure from shareholders, Toshiba announces a special dividend of some $545 million.

☆ Toshiba board accepts Japan Industrial Partners' $15 billion buyout proposal
▼ + stars: | 2023-03-23 | by ( ) www.cnbc.com time to read: +3 min

Toshiba Corp's board has accepted a buyout offer from a group led by private equity firm Japan Industrial Partners, valuing the company at 2 trillion yen ($15.2 billion), the company said on Thursday. A successful deal would see the scandal-ridden industrial conglomerate taken private and firmly in domestic hands after much tension with overseas activist shareholders. Some 20 Japanese companies including financial services firm Orix Corp, chipmaker Rohm Co <6963.T> and Chubu Electric Power plan to take part in the deal, sources have said. Toshiba started an auction process about a year ago, receiving eight initial buyout proposals as well as two offers for capital alliances. The JIP consortium last month submitted a binding buyout proposal backed by $10.6 billion in loan commitments from major banks.

☆ Women's Tennis Association partners with CVC to advance commercial growth of women's tennis
▼ + stars: | 2023-03-08 | by ( John Lynch | ) www.businessinsider.com time to read: +4 min

The Women's Tennis Association has partnered with CVC Capital Partners in an effort to advance the commercial growth of the sport. Founded by Billie Jean King in 1973, the WTA is the principal organizing body of women's professional tennis. The ambition is to materially grow women's tennis — its profile, value, and prize money — for the benefit of the players, tournaments, and its fans. "I'm inspired to be a part of the evolution of women's tennis and building out the next 50 years of the WTA." "This is exactly what women's tennis needs and I'm excited for what's to come," Jessica Pegula, WTA world No.

Although Polish teams have struggled to make a mark in European competitions and the country's coefficient places them 27th in the UEFA standings, there has been steady improvement in the last five seasons. In terms of value, we have a competitive structure similar to the Premier League, even though we have no government sponsorship or oligarch investment," Mioduski said. "So now we are at a point where our clubs are well-managed and run with a talent pool where private investment, like private equity, can take the clubs and the league to the next level." Mioduski said they have reached a point where they would welcome external investment both in the league and its clubs. "The Polish league as a whole has been developing more slowly but in a much more competitive fashion, with teams... maximising their limited resources," he added.

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