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☆ 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.

☆ Debt is poor fix for Italian soccer’s malaise
▼ + stars: | 2023-02-08 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +4 min

Top soccer league Serie A needs cash to revamp its ailing media rights business. The division, which counts Lautaro Martínez and Paulo Dybala among its few world-class champions, made revenue of 2.5 billion euros in the 2020-2021 football season, nearly half the star-studded Premier League’s 5.5 billion euros, Deloitte data shows. Its broadcasting revenue has dropped more than 20% to about 1.1 billion euros since 2018, sources familiar with the situation told Reuters Breakingviews. Club owners would be better off entrusting independent executives to look after media rights. The Deutsche Fussball Liga, which runs Germany’s football league, is due to discuss the media rights sale at a meeting on Feb. 9.

A trading book includes loans banks have earmarked for sale and are thus marked-to-market, while a banking book is where a lender holds loans and other assets not intended for disposal. This implies a heavy discount of 15 pence on the pound if banks sell the loans at that level. Banks make money also by charging the borrower a fee to provide loans, then sell the loans to third party investors. Reuters could not ascertain the exact size of the hit on the loans sold. On the flipside, loans sold by banks can generate attractive gains for buyers.

☆ Vox Media is in talks to raise $200 million as it considers asset sales and acquisitions
▼ + stars: | 2023-01-24 | by ( Claire Atkinson | Lucia Moses | ) www.businessinsider.com time to read: +2 min

Private equity giant CVC Capital is discussing a $200 million investment into Vox Media. Vox Media, which owns New York magazine, Recode, The Verge and more, recently laid off more than 100 staffers. Both CVC Capital and Group Black had talks aimed at acquiring the digital media company, according to reports. Vox Media, the digital media venture that houses assets including New York magazine, The Verge, Eater, and SB Nation, is looking to raise around $200 million, according to two people familiar with talks. The sources said they believe Vox Media CEO Jim Bankoff wants to use the money to acquire new assets while also potentially putting some Vox Media properties on the block.

☆ Eni’s $6 bln Neptune swoop will be a haggle-fest
▼ + stars: | 2022-12-01 | by ( George Hay | ) www.reuters.com time to read: +3 min

LONDON, Dec 1 (Reuters Breakingviews) - Eni (ENI.MI) is hunting for a bargain in the North Sea. Italy’s $52 billion oil major is mulling a bid for oil and gas producer Neptune Energy, Reuters reported on Wednesday, for an equity value of around $5 billion to $6 billion. Given Neptune’s owners CVC Capital Partners, Carlyle (CG.O) and China Investment Corporation last year wanted to list the business for $10 billion, Eni may have to haggle a bit. The UK government recently extended its windfall tax on North Sea drillers to 2028. And the Italian group’s own North Sea expertise may help it argue that the mooted offer price is generous.

LONDON, Nov 30 (Reuters) - Eni (ENI.MI) is in preliminary talks to buy private-equity backed gas and oil producer Neptune Energy for around $5 billion -$6 billion, a source with knowledge of the matter said on Wednesday, adding that no official bid had been submitted. Neptune produces around 130,000 barrels of oil equivalent per day (boed), three-quarters of which is gas. It has operations in Norway - home to Eni's Var unit - Britain, Indonesia - where Neptune shares licences with Eni - Algeria, the Netherlands and elsewhere. A banking source confirmed talks had taken place in recent weeks, but that the outcome was "far from guaranteed" as valuations differed. Eni and Neptune declined to comment.

☆ Serie A seeking to triple overseas media revenue
▼ + stars: | 2022-10-19 | by ( Elvira Pollina | ) www.reuters.com time to read: +3 min

Under a scenario drafted by Serie A Chief Executive Luigi De Siervo, the league sees international broadcasting revenue potentially growing to some 1.1 billion euros in the 2024-2027 cycle, to reach about 1.9 billion euros in the 2027-2030 period. Projections for the league's domestic rights point to a potential target of 3.2 billion euros over the 2024-2027 period from some 2.9 billion euros Serie A pocketed thanks to existing TV deals expiring in 2024. Serie A's domestic TV revenues could increase slightly to hit 3.4 billion euros in the 2027-2030 period. The estimates for Serie A's media business are included in a document presented to the 20 clubs as the league prepares to kick-off its upcoming round of broadcasting tenders next year. Such a move could allow the entrance of private equity firms interested in investing in the development of the league's media business, a route which Spain's La Liga and France's Ligue 1 have already taken.

☆ Revived takeover talk boosts Italy's TIM as network deal stalls
▼ + stars: | 2022-10-18 | by ( Elvira Pollina | ) www.reuters.com time to read: +3 min

TIM shares, which last week plumbed an-all time low of 0.1687 euros, rose as much as 10% to 0.1947 euros, with Milan-based traders citing the speculative appeal of a potential bid. TIM this year turned its back on a 0.505 euro non-binding approach by U.S. fund KKR (KKR.N). Separates sources familiar with the matter told Reuters Vivendi also has some reservations about continuing talks with CDP on the network sale on an exclusive basis. The Brothers of Italy party, which leads the right-wing bloc that won the Sept. 25 election, backs the creation of a unified network champion. Register now for FREE unlimited access to Reuters.com RegisterReporting by Elvira Pollina Editing by Keith WeirOur Standards: The Thomson Reuters Trust Principles.

☆ 14 top private equity firms investing in sports, as a swell of funding enters the sector and helps teams, leagues, and stadiums build businesses beyond game day
▼ + stars: | 2022-10-11 | by ( Colin Salao | Claire Atkinson | Ashley Rodriguez | ) www.businessinsider.com time to read: +4 min

Private equity firms are investing more in sports teams, leagues, and other ancillary businesses. From Apollo to Sixth Street, here are 14 private equity firms betting on sports. A few factors are drawing private equity firms to the sector. And sports betting has hastily altered the landscape, opening a new sector for media, leagues, teams, and other businesses to tap. Below are 14 private equity firms — listed alphabetically by company — that have made prominent investments in sports through 2022.

☆ Private equity funds approach Italy's Serie A to explore media rights deal -sources
▼ + stars: | 2022-09-28 | by ( Elvira Pollina | ) www.reuters.com time to read: +2 min

The approach by the four private equity firms comes after Serie A last year failed to reach a media rights deal worth 1.7 billion euros ($1.7 billion) with a group of funds led by CVC Capital Partners due to opposition from some of its clubs, including Juventus (JUVE.MI) and Lazio (LAZI.MI). The sources, who declined to be named because talks are confidential, said representatives for Apax, Carlyle and Three Hills met with Serie A top executives earlier this week. One of the sources said the three funds, which are working with Italian law firm Zoppini, could present a joint preliminary proposal in the next few days. Searchlight representatives held a separate meeting with Serie A chiefs, the sources said, adding the fund is also considering submitting a formal expression of interest. The funds' interest was briefly discussed at a closed-door meeting the 20 Serie A clubs held in Milan on Wednesday, the sources said, adding Serie A would share with the clubs any proposal from the private equity investors.

☆ CVC’s burial business bets on lively market growth
▼ + stars: | 2022-09-27 | by ( Jennifer Hughes | ) www.reuters.com time to read: +4 min

A pitch for a growing business in an under-penetrated market is different though. Growth will have been disrupted by the effect of pandemic lockdowns on the ability of Nirvana’s sales force to canvas for new business. That’s just above the rate cited by FWD for the Malaysian life insurance market and would be a more reasonable level. Bidders have entered a second round for the business, which specialises in selling pre-need premium products such as family plots in burial grounds. Nirvana Asia went public in Hong Kong in 2014.

☆ Japan Investment Corp to set up 2nd Toshiba restructuring plan -Kyodo
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterThe logo of Toshiba Corp. is displayed atop of the company's facility building in Kawasaki, Japan June 24, 2022. REUTERS/Issei KatoTOKYO, Sept 21 (Reuters) - State-backed Japan Investment Corp (JIC) is considering a second proposal for Toshiba Corp's (6502.T) restructuring plan, breaking off with Japan Industrial Partners (JIP) with which it linked up in the first round of bidding, Kyodo news reported on Wednesday. Toshiba has sought strategic proposals and restructuring plans, including going private after a buyout. JIP and JIC disagreed over the best proposal for Toshiba, prompting JIC to consider a new partnership with other funds that passed Toshiba's first bidding round, including Bain Capital or CVC Capital Partners, Kyodo said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kantaro Komiya, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

The likely purchase of the new asset and the $3 billion valuation of the toll road business has not been reported previously. Representatives from Road King did not respond to requests for comment. CVC and Road King's attempts to monetise the toll road business comes at a time of growing global investor interest for infrastructure assets, driven by sovereign, pension and private equity funds chasing long-term returns. Road King, a Chinese property developer, has operated expressways in the country since nearly three decades. It diversified into the Indonesian toll road business in 2019 and its expressways in China and Indonesia span over 600 kilometres in total, according to the company's website.

☆ Chubu Electric joins all-Japan Toshiba buyout consortium
▼ + stars: | 2022-09-17 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterThe logo of Toshiba Corp. is displayed atop of the company's facility building in Kawasaki, Japan June 24, 2022. REUTERS/Issei KatoTOKYO, Sept 18 (Reuters) - Chubu Electric Power Co (9502.T) said on Sunday it is joining private equity firm Japan Industrial Partners (JIP) in conducting due diligence for a potential buyout of Japanese conglomerate Toshiba Corp (6502.T). JIP has contacted more than 10 companies including Chubu Electric, Orix Corp (8591.T) and Central Japan Railway Co (JR Central) (9022.T) to participate in its consortium, the Nikkei newspaper reported on Sunday. Toshiba said it does not comment on candidates for the potential buyout. JR Central did not immediately respond to a request for comment.

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