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This is weighing on how much the private equity firms are offering to buy companies. So far, bids for Subway have ranged between $8.5 billion and $10 billion, one of the sources said. This is a more expensive route that private equity firms may not opt for, three of the sources added. To be sure, Subway is allowing bidders to use any financing route they want, as long as they can show they can secure committed financing. TPG and Bain were part of a group that owned Burger King when John Chidsey, who is now Subway's CEO, headed that burger fast-food restaurant chain.

☆ Jesus at the double as Arsenal steam on towards title
▼ + stars: | 2023-04-01 | by ( ) www.reuters.com time to read: +3 min

Jesus, starting a league game for the first time since returning from a knee injury last month, converted a 35th-minute penalty after being clipped in the box by Luke Ayling. Ben White doubled Arsenal's advantage from Gabriel Martinelli's pass before Brazilian Jesus, signed from Manchester City last summer, struck again from close range in the 55th minute from Leandro Trossard's assist. Leeds had troubled Arsenal in the opening period but once Jesus put the hosts ahead it was relatively plain sailing as they restored their eight-point lead over champions Man City. The most important thing is that everyone that has come in has played good," Jesus said. His persistence and trickery earned Arsenal a nerve-settling penalty on Saturday as he jinked into the box and Ayling, rather unluckily, conceded the spot kick as Jesus tumbled.

☆ Venus Williams joins private equity firm Topspin Consumer Partners
▼ + stars: | 2023-03-01 | by ( Abigail Summerville | ) www.reuters.com time to read: +2 min

NEW YORK, March 1 (Reuters) - Venus Williams has joined private equity firm Topspin Consumer Partners as an operating partner, the latest endeavor in the world of business by a top tennis champion who has emerged as a prolific entrepreneur. Williams will work with companies owned by Topspin on their marketing strategies and investment opportunities, the firm said in a statement on Wednesday. Her sister, Serena, 41, who is also a tennis champion, has withdrawn from the game but has said it's possible she could return. Founded in 2000, Topspin is a U.S. private equity firm that invests in consumer businesses with revenue below $100 million. Venus Williams joins in the footsteps of other sports stars who have entered the world of private equity.

This would help its investment bankers in their pitches to clients, especially for IPOs, one of the sources added. Klein is selling his business to Credit Suisse for $175 million, the two said earlier this month. Credit Suisse will focus on managing money for the wealthy after the carve-out. A spokesman for Credit Suisse declined to comment, as did a representative for Klein. Credit Suisse reported its biggest annual loss last year since the financial crisis and cut its bonus pool by 50% for 2022.

☆ Rashford, Garnacho earn Man United hard-fought win at Leeds
▼ + stars: | 2023-02-12 | by ( Peter Hall | ) www.reuters.com time to read: +1 min

[1/2] Soccer Football - Premier League - Leeds United v Manchester United - Elland Road, Leeds, Britain - February 12, 2023 Manchester United's Marcus Rashford celebrates scoring their first goal with Bruno Fernandes Action Images via Reuters/Lee SmithLEEDS, England, Feb 12 (Reuters) - Late goals from Marcus Rashford and Alejandro Garnacho earned Manchester United a hard-fought 2-0 Premier League victory at Leeds United on Sunday. Chances were few and far between in a feisty first half between the Roses rivals, with Crysencio Summerville twice going close for Leeds and Bruno Fernandes wasting the visitors' best opportunity. Gaps started to appear with the deadlock broken and substitute Garnacho took advantage to put the game to bed five minutes from time, racing clear before firing home. With champions Manchester City in action later on Sunday, United leap-frogged their rivals into second place having played two games more. Reporting by Peter Hall, editing by Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

The stores that Kroger and Albertsons may sell could be worth more than $1 billion, the sources said. Kroger and Albertsons will choose to proceed with the spin-off if they are unable to strike a deal with a potential buyer. Kroger, Albertsons and the FTC declined to comment. Haggen filed for bankruptcy months later and blamed the deal with Albertsons for its demise. Albertsons then agreed to buy many of the Haggen stores back for $300 million.

☆ Late Subway co-founder's stake donated in potential tax shield
▼ + stars: | 2023-02-01 | by ( Abigail Summerville | ) www.reuters.com time to read: +2 min

It will shield both the estate and the foundation from a big tax bill were Subway to be sold. Reuters reported in January that Subway was exploring a sale with the help of a financial adviser. A Subway spokesperson said the company does not comment on ownership structure and business plans. Buck, who was a nuclear physicist, and co-founder Fred DeLuca started Subway in 1965 after DeLuca asked Buck for advice on how to pay for his college tuition. Reporting by Abigail Summerville in New York; Editing by Anirban Sen and Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

☆ Sandwich chain Subway eyes sale- source
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

Jan 11 (Reuters) - Sandwich chain Subway is exploring a sale of its business, a source told Reuters on Wednesday. The sale could value the sandwich chain at more than $10 billion, the Wall Street Journal first reported. "As a privately held company, we don't comment on ownership structure and business plans," a company spokesperson told Reuters in an emailed statement. Subway, one of the world's largest quick-service restaurant brands, has more than 37,000 restaurants in over 100 countries. In 2021, media reports said Subway was tidying itself up for a sale, but the restaurant chain had denied it.

☆ Sandwich chain Subway eyes sale
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +1 min

Banks still have to mark the loan to its market value on their books and set aside funds for losses that are reported in quarterly results. The deliberations of how some of these banks are thinking about accounting for these losses have not been previously reported. Three banking industry sources said the remaining $3 billion, which is unsecured, could lead to steeper losses for the seven Twitter banks. Some market participants expect the losses from the debt to be significant unless market conditions improve. Some $35 billion to $40 billion of such loans are stuck on banks' books, according to two fixed income bankers.

Deals for European football clubs this year, beginning with the sanctions-driven sale of Chelsea Football Club by Russian oligarch Roman Abramovich in May, have fetched top dollar. Those complaints were aired again this month by superstar player Cristiano Ronaldo, who parted ways with Manchester United for the second time. Spokespeople for the six members of the Glazer family that are major Manchester United shareholders could not be reached for comment. More deals are in the works, with Manchester United arch rival Liverpool Football Club also exploring a sale. In August, Elon Musk tweeted: "I'm buying Manchester United ur welcome" only to then clarify he meant it as a joke.

Sale-leasebacks allow retailers to raise capital without shedding stores by selling the underlying real estate and turning them from landlords into tenants. They also point out that companies often spend the money on share buybacks and dividends rather than investing in their business. Spokespeople for Kohl's, Macellum and Ancora declined to comment. It is not clear how many of Kohl's 1,100 stores would have been involved in any deal. Reuters GraphicsRENT EXPENSESIn a letter to shareholders in March defending its strategy against criticism from hedge fund Macellum Capital Management LLC, Kohl's said that a "large" sale-leaseback would "negatively impact margins by adding unnecessary rent expenses in perpetuity and risk Kohl's investment-grade rating".

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The top five U.S. publishers are Penguin, HarperCollins, Macmillan, Simon & Schuster and Hachette. Following a collapse of the deal, Paramount will be free to explore a sale of Simon & Schuster anew. Previously known as ViacomCBS, Paramount had inked the Penguin deal so it could focus on its video and streaming businesses. HarperCollins, which is controlled by News Corp (NWSA.O), and Lagardere SCA's (LAGA.PA) Hachette Book Group have previously expressed interest publicly in buying Simon & Schuster. HarperCollins also unsuccessfully bid for Simon & Schuster when it was put up for sale by Paramount in early 2020.

Penguin was unable to convince Simon & Schuster to launch an appeal and extend their deal contract before it expires on Monday, the sources said. Penguin will owe Simon & Schuster a $200 million break-up fee as a result of the transaction falling apart. Following the deal's collapse, Simon & Schuster's owner, Paramount Global (PARA.O), will be free to explore a sale of the publisher anew. HarperCollins, which is controlled by News Corp (NWSA.O), and Lagardere SCA's (LAGA.PA) Hachette Book Group have previously expressed interest publicly in buying Simon & Schuster. HarperCollins also unsuccessfully bid for Simon & Schuster when it was put up for sale by Paramount in early 2020.

☆ City stunned by Toney, Spurs comeback sinks Leeds, Lampard under more pressure
▼ + stars: | 2022-11-12 | by ( Richard Martin | ) www.reuters.com time to read: +3 min

Liverpool beat Southampton 3-1 as Darwin Nunez scored his first double for the team and Roberto Firmino also got on the scoresheet. Leicester coach Brendan Rodgers sought to calm fears about the midfielder's fitness, stating he had taken him off as a precautionary measure. For this reason I think we showed great character, great will to not give up and to believe," said Conte. Leeds coach Jesse Marsch added: "I'm gutted, I feel like someone has ripped my heart out." Newcastle United were in action against Chelsea later on Saturday while league leaders Arsenal visit Wolverhampton Wanderers with the chance to increase their advantage over City to five points.

☆ Analysis: Twitter's 'massive' revenue drop adds to heavy debt burden
▼ + stars: | 2022-11-07 | by ( Matt Tracy | ) www.reuters.com time to read: +4 min

loadingYet even before this upheaval, Musk had engineered an acquisition that pushed the San Francisco-based company's finances to the edge. It's not clear how much of the $5.29 billion debt Twitter had before the acquisition was refinanced or remained with the company. Debt investors and analysts said Musk needs to ensure the company is profitable enough to meet its debt payments or it will require a cash infusion. If he can generate enough revenue to diversify Twitter's profits without alienating users, that would be a boon, credit analysts said. BRAND ADVERTISINGIn their note, S&P analysts also said that an expected economic recession would weigh on Twitter's advertising revenue next year.

☆ Haaland resumes normal service as City go top, Leeds win thriller
▼ + stars: | 2022-11-05 | by ( Martyn Herman | ) www.reuters.com time to read: +4 min

Leeds United backed up their stunning win over Liverpool last week when they stormed back from 3-1 down at home to Bournemouth to win 4-3 with Crysencio Summerville again the hero with the winning goal. Haaland had missed City's last two games with an injury and was deemed fit enough only for the bench against Fulham. He was sent into the fray just past the hour mark with City, despite being a man light, pushing for the winner. Almost immediately he had a headed goal ruled out for offside after a VAR check, but neither he, nor City, would be denied. Pascal Gross's fifth goal of the season then secured the win for Brighton to move them to sixth with 21 points.

☆ De Bruyne puts Manchester City top, Liverpool suffer shock defeat
▼ + stars: | 2022-10-29 | by ( Martyn Herman | ) www.reuters.com time to read: +5 min

Liverpool's second successive defeat against a team in the bottom three, following last week's reverse at Nottingham Forest, left them in ninth place, eight points off the top four. Chelsea also lost ground as Graham Potter's return to Brighton & Hove Albion ended in a 4-1 hammering. Manchester City have 29 points from 12 games, one point more than Arsenal who host bottom club Nottingham Forest on Sunday. Spurs moved to 26 points from 13 games with Newcastle, who have lost only once all season, on 24. Fulham could have moved level on points with Chelsea but were held to a 0-0 draw at home to Everton.

☆ JPMorgan M&A co-head urges potential buyers to be proactive, sees more health deals
▼ + stars: | 2022-10-26 | by ( Abigail Summerville | ) www.reuters.com time to read: +1 min

NEW YORK, Oct 26 (Reuters) - Companies that are considering acquisitions should use a slowdown in deals to scope out potential targets, Anu Aiyengar, global co-head of mergers and acquisitions at JPMorgan Chase & Co , said Wednesday. Still, companies should build relationships with potential targets so they can be ready to strike when conditions improve, she said. She also expects a greater share of deals in healthcare after an abundance of technology transactions in recent years. The closing deadline is on Friday and JPMorgan and Goldman Sachs (GS.N) are Twitter's financial advisers. Reporting by Abigail Summerville in New York; editing by Lananh Nguyen and Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

☆ Twitter plans to close Musk deal on previously agreed terms-JPMorgan exec
▼ + stars: | 2022-10-26 | by ( Ron Bousso | ) www.reuters.com time to read: 1 min

NEW YORK, Oct 26 (Reuters) - Twitter (TWTR.N) plans to close its deal with billionaire Elon Musk on previously agreed price and terms, Anu Aiyengar, global co-head of mergers and acquisitions at JPMorgan Chase & Co, told a conference in New York. Earlier this month, Musk proposed to proceed with his original $44 billion bid, calling for an end to a lawsuit by the social media company that could have forced him to pay up. read moreJPMorgan and Goldman Sachs (GS.N) are Twitter's financial advisors. Reporting by Lananh Nguyen and Abigail SummervilleOur Standards: The Thomson Reuters Trust Principles.

☆ Leeds' problems deepen with home defeat by Fulham
▼ + stars: | 2022-10-23 | by ( Richard Martin | ) www.reuters.com time to read: +1 min

LEEDS, Oct 23 (Reuters) - Leeds United sank to a 3-2 defeat at home to Fulham in the Premier League on Sunday, leaving them in the relegation zone and heaping more pressure on coach Jesse Marsch. Leeds, who are without a league win since August, are 18th in the standings on nine points after a fourth consecutive defeat. Fulham also wasted two clear efforts but took the lead in the 74th minute when full-back Bobby Decordova-Reid headed in another cross from Pereira. The goal led to Leeds fans quickly turning on American coach Marsch, some chanting "You're getting sacked in the morning". Register now for FREE unlimited access to Reuters.com RegisterReporting by Richard Martin, Editing by William MacleanOur Standards: The Thomson Reuters Trust Principles.

Elon Musk photo, Twitter logos and U.S. dollar banknotes are seen in this illustration, August 10, 2022. The banks, which include Morgan Stanley and Barclays Plc (BARC.L), did not respond to requests for comment. Representatives for Musk and Twitter did not immediately respond to requests for comment. He has not revealed details on Twitter's new leadership and business plan, and many debt investors are holding back until they get more details on that front, the sources said. The debt package for the Twitter deal is comprised of junk-rated loans, which are risky because of the amount of debt the company is taking on, as well as secured and unsecured bonds.

The spin-out structure would make it easier and faster for Kroger and Albertsons to divest stores if they cannot easily sell them outright, people familiar with the arrangement said. The companies may struggle to find many buyers because Albertsons' stores are unionized, making them less attractive to potential bidders such as private equity firms. Kroger and Albertsons are likely to shed their least profitable stores and keep the best ones to themselves, analysts said. That region contains the most store-overlap between Kroger and Albertsons and is where divestitures are most likely, according to analysts. They intend for the spun-off company to not carry any debt, the sources added.

From a broader national perspective, a combined Kroger and Albertsons does not pose any major threat to the competitive dynamics of the market." Kroger said it expects to reinvest about half a billion dollars of cost savings from deal synergies to reduce prices for customers. "The merger will accelerate our position as a more compelling alternative to larger and non-union competitors," Kroger Chief Executive Officer Rodney McMullen said. Goldman Sachs and Credit Suisse were the financial advisors to Albertsons, while Citigroup and Wells Fargo advised Kroger. Kroger will have to pay Albertsons $600 million if the deal is terminated.

Typically, banks would sell the debt to investors and pocket an underwriting fee. Elon Musk vs TwitterThe debate, currently a topic of conversation among investment bankers and debt investors, provides a window into the havoc wreaked on Wall Street by Musk’s U-turn last week. Musk, however, conditioned his proposal on his ability to secure debt financing and now has until Oct. 28 to close on the transaction. VARIOUS OPTIONSThe debt financing package is comprised of leveraged loans, which are risky because of the amount of debt the company is taking on, as well as secured and unsecured bonds. In September, banks financing the Citrix buyout undertook a similar restructuring.

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