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☆ Travel agency Booking to defend ETraveli deal at July 7 EU hearing
▼ + stars: | 2023-07-06 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

Booking announced its bid for peer Etraveli, owner of the brands Gotogate and Mytrip and operator of airline content distribution services provider TripStack, in November 2021. The European Commission said last month the deal will make it harder for rivals to compete with market leader Booking, by reinforcing its position in hotels and further expanding its reach into travel services like flights and car rentals. Booking will attempt to address regulators' concerns at a closed hearing in Brussels on Friday, Booking told Reuters via email. Senior officials from the EU competition watchdog and national antitrust agencies, as well commission lawyers, will participate in the hearing. Booking may have to offer remedies following the hearing to prevent a veto on the deal.

Persons: Foo Yun Chee, Emma Rumney Organizations: Holdings, European, Sweden's, Booking, TripStack, Capital, European Commission, EU, Thomson Locations: BRUSSELS, Brussels

☆ There's a big venture capital funding downturn — except for this one set of investors
▼ + stars: | 2023-06-28 | by ( Riddhi Kanetkar | Tasmin Lockwood | ) www.businessinsider.com time to read: +3 min

Venture capital funding into startups has drastically slowed. Corporate venture capital grew in 2022 and looks to grow again in 2023, bucking the broader downturn. Continuing a pullback in funding activity in 2022, venture capital into European startups fell by 32.1% in Q1 of 2023, per Pitchbook data. Faced with the prospect of raising down rounds at slashed valuations, startups are turning to an alternative mode of funding — corporate venture capitalists. A corporate venture capital firm, or CVC, is the investing arm of a specific business.

Persons: Ekaterina Almasque, Almasque, Sabrina Maniscalco, Luis Valente, Valente, iLoF, Charlie Bullock Organizations: Corporate, GV, Google, Catalyst, Catalyst Fund, Presidio Ventures, Japan's Sumitomo Corporation, Microsoft, OSRAM Ventures

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

☆ After LIV Golf, What Will Be the Next Saudi Sports Bet?
▼ + stars: | 2023-06-10 | by ( Lauren Hirsch | Michael J. De La Merced | ) www.nytimes.com time to read: +1 min

Tennis is probably the best candidate for a rival tour. And while there’s a smaller cohort of stars to recruit than in golf, a rival league would need only about a dozen players for an elite tour. Some tennis stars, including fifth-ranked Stefanos Tsitsipas, have already played in Saudi Arabia at the Diriyah tennis exhibition. The threat of Saudi competition is likely one reason the WTA raised money from the private equity firm CVC Capital this year. to own a major sports series like the PGA Tour may now be to just acquire one.

Persons: Stefanos Tsitsipas, ” LionTree’s Michael, ‘, LIV, ” — Lauren Hirsch, Donald Trump Organizations: Capital, Trump, Republican Locations: Saudi Arabia, Saudi

☆ Brookfield buys payments firm Network International for $2.76 bln
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

June 9 (Reuters) - Canada's Brookfield Asset Management (BAM.TO) said on Friday it would buy payments provider Network International (NETW.L) for 2.2 billion pounds ($2.76 billion) in cash, as it expands its payments business in the Middle East and Africa. The Canadian firm said Network directors intended to unanimously recommend that shareholders vote in favour of the deal. Brookfield, which has over $5 billion in assets under management in the Middle East, last year bought a 60% stake in Magnati, the payments business of First Abu Dhabi Bank (FAB.AD). The investment firm said the deal would be financed by a combination of equity investment, as part of which Brookfield Business Partners expects to invest up to about $150 million. Network International, whose top investors include Capital Research and Mastercard UK, listed in London in April 2019 at an initial public offering price of 435 pence a share.

Persons: Brookfield, Aby Jose Koilparambil, Eva Mathews, Nivedita Bhattacharjee, Jason Neely Organizations: Brookfield Asset Management, Network, United, Capital, Francisco Partners, Brookfield, Abu Dhabi Bank, Brookfield Business Partners, Network International, Capital Research, Mastercard, Thomson Locations: Brookfield, East, Africa, United Arab Emirates, Magnati, London, Bengaluru

☆ Brookfield gets some M&A help from Gulf friends
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 9 (Reuters Breakingviews) - Brookfield Asset Management (BAM.TO) has won its payments race. The Canadian investment group’s 2.2 billion pound bid for London-listed payments provider Network International (NETW.L) was enough to see off a rival pitch from CVC and Francisco Partners. They’ve also endorsed a plan to merge Dubai-based Network International with domestic peer Magnati, a former unit of FAB. If Network International alone can grow revenues at a 15% annual clip and reach a margin of 44% from the current 41%, EBITDA could hit $388 million by 2028. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brookfield, They’ve, EBITDA, Pamela Barbaglia, Xavier Niel, George Hay, Streisand Neto Organizations: Reuters, Brookfield Asset Management, London, Network, Francisco Partners, Abu Dhabi Bank, Abu, Abu Dhabi Developmental Holding Company, FAB, ACI, Brookfield, Twitter, Thomson Locations: Abu Dhabi, Saudi, Dubai

☆ 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.

☆ UK's THG gets buyout proposal from Apollo, shares jump
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

Apollo must announce a firm intention to make an offer by May 15 or walk away, the British company said. Oil services company John Wood Group (WG.L) said on Monday it is engaging with Apollo over a possible 1.66 billion-pound offer, while CVC Capital and Francisco Partners have tabled a 2.1 billion-pound takeover bid for payments provider Network International (NETW.L). Last week, EQT entered talks with veterinary pharma group Dechra (DPH.L) over a 4.63 billion-pound deal. THG, formerly known as The Hut Group, is set to publish full-year results on Tuesday. ($1 = 0.8063 pounds)Reporting by Muhammed Husain in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

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.

☆ 4.screen, a startup that enables retailers to advertise to drivers through in-car displays, just raised $23 million with this 11-slide pitch deck
▼ + stars: | 2023-04-04 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

4.screen, a startup that enables retailers to advertise through in-car displays, just raised $23 million. A startup that enables retailers to advertise to drivers on the road and in real-time through a vehicle's connected display has raised $23 million in fresh funds. In addition to in-car video ads, the startup also displays search highlights, branded map pins, and in-car offers. The startup uses car sensor data allows the startup to be as specific as possible with its suggestions. "We make sure the right content is shown to the right partner at the right time — you only see a gas station when your fuel is low," cofounder and CEO Fabian Beste told Insider.

☆ 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.

☆ Shares in Brazil's Azul soar as carrier sees bluer sky ahead
▼ + stars: | 2023-03-06 | by ( Gabriel Araujo | ) www.reuters.com time to read: +3 min

Other travel-related companies in Latin America's largest economy also soared, with shares in fellow carrier Gol Linhas Aereas Inteligentes SA (GOLL4.SA) and travel agency CVC Brasil (CVCB3.SA) rising 23% and 16%, respectively. The company also scrapped its forecast for roughly 3 billion reais cash burn in 2023. Azul expects to generate record revenue of 20 billion reais ($3.84 billion) this year and record earnings before interest, taxes, depreciation, and amortization (EBITDA) of more than 5 billion reais, roughly 40% above 2019 pre-pandemic levels, Rodgerson said. Non-adjusted figures, nonetheless, showed a positive bottom line of 231.2 million reais, reversing the previous year's loss. Total operating revenue rose 19.4% to 4.45 billion reais in the period, slightly below analysts' forecasts, while EBITDA matched expectations at 1.1 billion, up 6.9%.

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.

☆ 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.

☆ 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.

☆ Sixth Street preparing bid for German football media rights - FT
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

Feb 6 (Reuters) - U.S. investor Sixth Street is among the companies preparing to bid for a portion of the German football league's media and commercial rights, the Financial Times reported on Monday, citing people familiar with the matter. The report comes as Germany's soccer governing body is pressing on with plans to sell parts of the Bundesliga media rights for the country's first and second leagues to private investors. The German football league was initially expected to sell a 20% stake in a newly created company handling the Bundesliga's media rights in October, but pushed it to this year after a lack of consensus among the league clubs. The business is valued at between 15 billion euros and 18 billion euros, with a 20% stake priced at about 3.6 billion euros ($3.89 billion). Sixth Street declined to comment on the Financial Times report, while DFL and Bundesliga did not immediately respond to Reuters requests for comment.

☆ Germany's DFL presses on with deal for media rights
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Feb 4 (Reuters) - Germany's soccer governing body is pressing on with plans to sell parts of the Bundesliga media rights for the country's first and second leagues to private investors, the Deutsche Fussball Liga (DFL) said in a media release on Friday. Valuing the business at between 17 and 20 billion euros, the transaction could bring in 2.5-3 billion euros ($2.70-3.24 billion), Bild said. It stressed it was not about a sale of shares in the Bundesliga but a temporary minority interest in license revenue from the media rights. A spokesperson for DFL, contacted on Saturday about the Bild report, said there was no new comment beyond the Friday night press release. The rights, according to the Bild report, would be granted for 25 to 30 years, with the 36 clubs retaining control.

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