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☆ Ford’s former CEO has a stark warning for both the UAW and automakers
▼ + stars: | 2023-09-13 | by ( Matt Egan | ) edition.cnn.com time to read: +8 min

“The automakers can’t plead poverty,” Fields told CNN on Wednesday, noting the industry’s recent string of profitable years. [Automakers’] CEO pay went up 40%. “But I do think he’s quite misplaced in that if there’s a work stoppage… there will be lots of people hurt,” the former Ford CEO said. However, economists say a UAW strike is unlikely to cause a recession, though it would do damage to local economies and parts suppliers. You can’t fault them for trying to deal with inflation that is hurting their families,” the former Chrysler CEO said.

Persons: Mark Fields, ” Fields, “, ”, Jim Farley, Fields, CNN’s Vanessa Yurkevich, “ We’re, ” Farley, Shawn Fain, ’, ” Fain, Jake Tapper, Bob Nardelli, ” Nardelli, Goldman Sachs, “ It’s, Fain, Nardelli, Ron Gettelfinger, Ford, CNN’s Chris Isidore Organizations: New York CNN Business —, Detroit, Ford, GM, CNN, Chrysler, United Auto Workers, UAW, UPS, American Airlines, West Coast, TPG Capital, Anderson Economic Group, Big Locations: Mexico, Chihuahua

☆ UBQ Materials raises $70 million in private funding round
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

JERUSALEM, Sept 13 (Reuters) - Israel's UBQ Materials, which converts household waste into thermoplastic material, said on Wednesday it raised $70 million in a private funding round led by Eden Global Partners. Existing investors in the company, including TPG Rise Climate, TPG’s Rise Fund, Battery Ventures, and M&G’s Catalyst strategy, also participated in the funding round. UBQ said the funds will be used for its global expansion, such as additional facilities in Europe and North America, alongside the soon to open facility in Bergen Op Zoom, Netherlands. UBQ noted that its bio-based thermoplastic that is made from residual waste serves as a sustainable alternative to fossil-based plastics. UBQ converts residual household waste diverted from landfills or incineration, including all organics, into an thermoplastic material that is both climate-positive and highly recyclable.

Persons: UBQ, Steven Scheer Organizations: Eden Global Partners, TPG, Battery Ventures, Mercedes, Benz, PepsiCo, Thomson Locations: Europe, North America, Bergen, Netherlands

☆ Pinault’s Hollywood foray is untimely distraction
▼ + stars: | 2023-09-08 | by ( Pierre Briancon | ) www.reuters.com time to read: +4 min

REUTERS/Charles Platiau Acquire Licensing RightsLONDON, Sept 8 (Reuters Breakingviews) - The story of European business trying to mingle with Hollywood has often led to unhappy endings. The Pinault family, which controls $61 billion luxury group Kering (PRTP.PA), thinks it can buck the trend. Pinault may have overpaid for CAA, especially in the middle of a major strike of Hollywood writers and actors. The transaction, through holding company Artemis, adds Hollywood's premiere talent agency to Pinault’s family empire which spans fashion, wine and contemporary art. CAA was valued at $1.1 billion when TPG acquired a majority stake in 2014, four years after having originally invested in the talent agency.

Persons: Francois, Henri Pinault, Kering, Charles Platiau, Tom Hanks, Steven Spielberg, François, Ari Emanuel’s, Artemis ’, Gucci, Alessandro Michele, Pinault, Jean, Kering’s, Valentino, Brad Pitt, Salma Hayek, Lisa Jucca, Streisand Neto Organizations: REUTERS, Reuters, Hollywood, Universal Studios, Creative Artists Agency, CAA, Gucci, TPG, Endeavor, Thomson Locations: Paris, France, bask

[1/2] Cars are shown lined up at the valet parking area outside the Creative Artists Agency building in Los Angeles, California, September 24, 2012. REUTERS/Jonathan Alcorn Acquire Licensing RightsPARIS, Sept 7 (Reuters) - French luxury goods billionaire Francois-Henri Pinault has reached an agreement for a majority stake in Creative Artists Agency (CAA), adding Hollywood's premiere talent agency to his family empire which spans fashion, wine and contemporary art, parties involved said on Tuesday. The presence of stars like Beyonce, Zendaya and Rihanna have become key to drawing the spotlight to fashion shows, and Kering's larger rival LVMH(LVMH.PA) recruited Pharrell Williams to head menswear designs for Louis Vuitton. TPG first invested in CAA in 2010 and, in 2014, increased its stake to 53% in a deal valuing the agency at $1.1 billion. Global investment firm Temasek will remain a minority investor in the agency while CMC Capital will remain a "strategic partner", according to a statement.

Persons: Jonathan Alcorn, Francois, Henri Pinault, Pinault, Gucci, Beyonce, Zendaya, Rihanna, Pharrell Williams, Louis Vuitton, Pinault's, Salma Hayek, Valentino, perfumer, Bryan Lourd, Kevin Huvane, Richard Lovett, Lourd, Sudip Kar, Mimosa Spencer, Dawn Chmielewski, Jonathan Oatis, Tomasz Janowski, Timothy Gardner Organizations: Creative Artists Agency, REUTERS, Rights, CAA, Artemis, TPG, Global, CMC Capital, Thomson Locations: Los Angeles , California, Los Angeles, Hollywood, Temasek, Paris

☆ Australia's TPG Telecom extends due diligence period for $4 bln fibre assets offer
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +1 min

Sept 6 (Reuters) - Australia's TPG Telecom Ltd (TPG.AX) has extended until Oct. 4 an exclusive due diligence period granted to rival Vocus Group for the A$6.3 billion ($4.02 billion) offer for its non-mobile fibre assets. Discussions between the parties are ongoing and incomplete and its board has not made any decision to accept any offer, TPG said on Wednesday. Reuters in August reported that TPG, one of the country's top telecom firms, had received a non-binding offer from Vocus to buy some of its non-mobile fibre assets. Vocus, formed by infrastructure investors Macquarie Infrastructure and Aware Super, specialises in wholesale fibre networks. It has offered to buy certain Enterprise, Government and Wholesale (EGW) assets and associated fixed infrastructure assets, including the wholesale broadband business, Vision Network.

Persons: Poonam, Devika Syamnath Organizations: Australia's TPG Telecom Ltd, Vocus Group, TPG, Reuters, Macquarie Infrastructure, Enterprise, Government, Wholesale, Vision, Thomson Locations: dealmaking, Bengaluru

REUTERS/Niharika Kulkarni/File Photo Acquire Licensing RightsMUMBAI, Aug 28 (Reuters) - Reliance Industries' retail unit is attracting "strong interest" from other top investors after raising $1 billion from Qatar Investment Authority, its billionaire chairman Mukesh Ambani said on Monday. "Several marquee global strategic and financial investors have shown strong interest in Reliance Retail," he said, adding he would share progress about them "in due course". Ambani said in 2019 that the group planned to list the retail business in five years. Reliance also said on Monday that Ambani's three children, including Isha Ambani, will join the board of parent Reliance Industries. Reliance Retail has invested more than $10 billion in the last two years and opened 3,300 new stores last year, Isha Ambani said.

Persons: Niharika Kulkarni, Mukesh Ambani, Ambani, Ambani's, Isha, Tiffany, Reliance, Isha Ambani, Sriram, Aditya Kalra, Susan Fenton Organizations: REUTERS, Rights, Reliance Industries, Qatar Investment Authority, Reliance Retail, KKR, Silver Lake, TPG, Reliance, Burberry, Unilever, PepsiCo, Thomson Locations: Mumbai, India, Asia, Africa

Competition for buy-side jobs, including at private equity firms and hedge funds, can be fierce. Insider identified the 13 recruiting firms aspiring dealmakers and traders should know for a buy-side job. The buy-side hiring spree is expected to continue despite a slowdown in mergers and acquisitions — a cornerstone of private equity investing. BellCast Partners works with mega funds, middle market funds, infrastructure funds, impact funds, real estate private equity funds, sector-focused funds, sovereign wealth funds, family offices, and credit funds. Today it does searches in private equity, growth equity, distressed, credit, venture capital, hedge funds, family offices, and select investment banks.

Persons: headhunting, Brain O'Callaghan, John Arbolino, Arbolino, Amity, Pamela Esterson, Susanna Nichols, Nichols, Esterson, Danielle Caston Strazzini, Alison Bellino Johnson, BellCast, Caston Strazzini, Jill Pierce, Spencer Stuart, Pierce, —, Brian O'Callaghan, it's, Renee Hylton, Keith Mann, Josh Grauer, Grauer, Mann, Adam Zoia, Annette Krassner, Katie Cunningham, Sarah Armstrong, Cunningham, Armstrong, Anna Brady, Janelle Matthews, Beth Grossman, Brady, they've, Morgan Stanley Eleni Henkel, Henkel, Leah Trabich, HSP, Carlyle, Warburg Pincus, Adam Kahn, Kahn, Anthony Keizner, Keizner, Nina Swift, Marty Brady, Vedica Qalbani, Qalbani, Lindsey Mead, Jessica Wu, Michael Garmisa, SearchOne, Sheri Gellman, Gellman Organizations: Citadel, nab, Boothroyd, Co, Wall, Amity Search Partners, Palm Beach Staff, SG Partners, Bain Capital, Centerbridge Partners, Trian Partners, BellCast, Charlotte Staff, CPI, BellCast Partners, Investor Relations, Nashville, San Francisco, Wharton, Harvard, Stanford, New York Staff, Partners, San Francisco Staff, Los Angeles Staff, TPG, Thoma Bravo, Bessemer Venture Partners, EQT, Elliott, Equity, KKR, ICONIQ, Spectrum Equity, Henkel Search, Search Partners, New York, Oxbridge, Nashville Staff, Time Warner, Indiana University, SG Locations: New York, San Francisco, Austin, San Diego, Chicago, Los Angeles , New York, Phoenix, West Coast, Los Angeles, NYC, California, United States, Boston, Dallas, Atlanta, Columbia, Latin America, Asia, Europe, San Francisco , New York, Bay, Gold, Los Angeles , Greenwich, Nashville, Amity, South Florida

☆ Factbox: Subway to sell itself to Roark Capital
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Thomas White/Illustration/File Photo Acquire Licensing RightsAug 24 (Reuters) - Roark Capital snapped up Subway in a $9.55 billion deal, sources said on Thursday, after it outbid several private-equity groups. The pair then started franchising Subway restaurants, with the first outlet outside of Connecticut being opened in Massachusetts a year later. For 2022, Subway posted a 9.2% year-over-year increase in same-store sales, thanks to its "Subway Series" menu - a lineup of 12 new signature sandwiches. In March, Goldman Sachs' (GS.N) asset management arm, PE firms Bain Capital, TPG, TDR Capital, Advent International and Roark Capital emerged among the list of suitors for the sandwich chain. Reuters reported earlier this week, citing sources that Roark Capital was in the lead to acquire the chain for well over $9 billion after attaching conditions to some of the windfall the two families that own it would get.

Persons: Thomas White, Roark Capital, Fred DeLuca, Peter Buck, DeLuca, Buck, Arby's, Quiznos, Burger, Jared Fogle, Chidsey, John Chidsey, Morgan, Goldman Sachs, Roark, Deborah Sophia, Granth Vanaik, Varun, Anil D'Silva Organizations: REUTERS, Subway, KFC, Bain Capital, TPG, TDR, Advent International, Roark Capital, Reuters, Thomson Locations: Bridgeport , Connecticut, Connecticut, Massachusetts, Bahrain, Subway, United States, Burger, U.S, North America, Bengaluru

Aug 24 - Subway has agreed to sell itself to private equity firm Roark Capital in a deal valuing the sandwich chain at more than $9 billion, sources said, ending a long-drawn auction that saw several bids from buyout firms. The deal will make Roark Capital one of the largest restaurant operators in the world. It controls Inspire Brands, the owner of restaurant chains including Jimmy John's, Arby's, Baskin-Robbins and Buffalo Wild Wings. Subway said in February it was exploring a possible sale, drawing interest from private equity firms including Roark, Advent International, TDR Capital and TPG as well as Goldman Sachs' asset management arm. The restaurant chain had then hoped to fetch more than $10 billion, owing to its strong brand and international business.

Persons: Roark, Jimmy John's, Neil Saunders, GlobalData, Goldman Sachs, Anirban Sen, Deborah Sophia, Arun Koyyur Organizations: Roark Capital, TDR, Sycamore Partners, Brands, Baskin, Robbins, Buffalo Wild Wings, Subway, Advent, TDR Capital, TPG, Thomson Locations: U.S, North America, New York, Bengaluru

These conditions, known as an earn-out, defer payment on part of the deal consideration, the sources familiar with the matter said. The arrangement helped bridge a gap in the valuation expectations between Roark Capital and the DeLuca and Buck families that own Subway, according to the sources. The deal will make Roark Capital one of the largest restaurant operators in the world. Subway said in February it was exploring a possible sale, drawing interest from private equity firms including Roark, Advent International, TDR Capital and TPG as well as Goldman Sachs' asset management arm. Roark and Subway have 12 months to close the deal, which has a 4% breakup fee, sources said.

Persons: Roark, DeLuca, Buck, Jimmy John's, Neil Saunders, GlobalData, Goldman Sachs, Anirban Sen, Abigail Summerville, Deborah Sophia, Arun Koyyur Organizations: Roark Capital, TDR, Sycamore Partners, Brands, Baskin, Robbins, Buffalo Wild Wings, Subway, Advent, TDR Capital, TPG, Thomson Locations: U.S, North America, New York, Bengaluru

☆ Exclusive: Healthcare software vendor NextGen explores sale, sources say
▼ + stars: | 2023-08-23 | by ( David Carnevali | ) www.reuters.com time to read: +2 min

NEW YORK, Aug 23 (Reuters) - NextGen Healthcare (NXGN.O), a provider of software that helps manage patients' records, is exploring options that include a sale of the company, according to people familiar with the matter. There is no certainty that NextGen will reach a deal to sell itself, the sources added, asking not to be identified because the matter is confidential. NextGen shares rose 10% to $18.01 on the news in afternoon trading in New York on Wednesday, giving the company a market value of about $1.2 billion. Last month, private equity firm TPG agreed to acquire healthcare information technology platform Nextech from Thomas H. Lee Partners for $1.4 billion. NextGen's technology platform helps healthcare providers with operations ranging from digitalization of patients' health records to the administration of finances.

Persons: Morgan Stanley, Thomas H, Lee, David Carnevali, Bill Berkrot, Jonathan Oatis Organizations: U.S ., Healthcare, TPG, Lee Partners, Reuters, Nasdaq, U.S, Thomson Locations: U.S, New York

☆ Coinbase’s stablecoin bet pegs to wishful thinking
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

The crypto exchange will take a minority stake in Circle Internet Financial, issuer of stablecoin USDC. Such tokens, designed to track the U.S. dollar, haven’t delivered on promises of transforming finance. Coinbase already earns interest from reserves backing USDC through a partnership with Circle, and doesn’t expect any new major financial benefit. Meanwhile, U.S. legislation to regulate the tokens is stalled, and PayPal’s (PYPL.O) stablecoin launch last month drew criticism from Representative Maxine Waters, among others. Coinbase, meanwhile, is cozying up to pillars of traditional finance like BlackRock (BLK.N).

Persons: haven’t, Coinbase, Maxine Waters, Brian Armstrong, Anita Ramaswamy, EY’s loveless, Jonathan Guilford, Sharon Lam Organizations: Reuters, U.S ., Wall Street Journal, BlackRock, Twitter, TPG, Thomson

☆ UK’s improving finances will bear no fiscal gifts
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Yves Herman/File Photo Acquire Licensing RightsLONDON, Aug 22 (Reuters Breakingviews) - Higher tax receipts helped Britain to borrow less than expected in July. The UK’s poor economic health leaves him with little room for fiscal giveaways ahead of a prospective 2024 election. Public sector net borrowing stood at 4.3 billion pounds in July, less than the 5 billion pounds expected by economists polled by Reuters. In the first four months of the fiscal year, borrowing was 11.3 billion pounds below the Office for Budget Responsibility’s forecast. The recent rise in bond yields will add around 18 billion pounds to debt interest spending by 2027/28, says Capital Economics.

Persons: Jeremy Hunt, Mairead McGuinness, Yves Herman, Hunt, Francesco Guerrera, EY’s loveless, Lisa Jucca, Katrina Hamlin Organizations: Financial Stability, Financial Services, Capital Markets, REUTERS, Reuters, Budget, Economics, Twitter, TPG, Thomson Locations: Brussels, Belgium

☆ Instacart’s slow IPO delivery spoils the goods
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Aug 18(Reuters Breakingviews) - Instacart may finally be in the market for new investors. The grocery delivery company is set to submit an initial public offering prospectus to regulators as soon as next week, Bloomberg reported. Fund managers were on a shopping spree when Simo was appointed Instacart’s boss in August 2021. The slow IPO delivery has spoiled the goods. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Apoorva Mehta, Fidji Simo, Simo, Jay Ritter, Instacart, Andreessen Horowitz, Rowe Price, Jennifer Saba, EY’s loveless, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, Bloomberg, University of Florida, Twitter, TPG, Thomson

☆ Australia's Telstra shelves InfraCo stake sale plan, shares down
▼ + stars: | 2023-08-17 | by ( Poonam Behura | ) www.reuters.com time to read: +2 min

The country's largest telecoms firm decided against selling a stake in InfraCo Fixed, saying the unit "plays an important role" in achieving its long-term goals. InfraCo Fixed posted a 4.1% rise in annual income to A$2.56 billion ($1.64 billion), contributing 11% to Telstra's total income of A$23.25 billion. Telstra is targeting net cost reductions of A$500 million and mid-single digit underlying earnings before interest, taxes, depreciation, and amortization (EBITDA) growth through to FY25. It expects underlying EBITDA between A$8.2 billion and A$8.4 billion for fiscal 2024, higher than A$7.86 billion in the previous year. We remain absolutely committed to delivering our FY25 underlying EBITDA and EPS growth ambitions," Brady said.

Persons: David Gray, Henry Jennings, Vicki Brady, Brady, Poonam Behura, Anil D'Silva, Subhranshu Organizations: Telstra, REUTERS, Australia's Telstra, InfraCo, Marcustoday, TPG Telecom, Thomson Locations: Sydney, Australia, Bengaluru

☆ Private equity bites off mostly what it can chew
▼ + stars: | 2023-08-17 | by ( Jonathan Guilford | ) www.reuters.com time to read: +4 min

Private equity firms notched nearly $300 billion of acquisitions worldwide through Aug. 15, according to Dealogic data. Deals in the $1 billion to $5 billion range are running closest to the same pace as 2022. STG, for example, secured a loan to value of more than 40% from private lenders. With capital tighter, it’s easy to understand why buyout firms are pursuing humbler deals more likely to exceed the minimum returns investors expect. GTCR’s plan to buy 55% of Worldpay at a $17.5 billion valuation requires an equity check equivalent to 15% of the buyout firm’s assets.

Persons: Simon & Schuster, STG, Clayton, Rice, Banks, Ares Capital’s, hasn’t, Jeffrey Goldfarb, Sharon Lam Organizations: KKR, New York Stock Exchange, Reuters, Avid Technology, GTCR, TPG, Francisco Partners, Bain Consulting, Thomson, & $ Locations: New York, U.S, can’t, Dubilier

☆ BAE’s stratospheric space deal has sound logic
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

People gather at the BAE Systems' booth during the Association of the United States Army (AUSA) Global Force Symposium & Exposition in Huntsville, Alabama, U.S. March 28, 2023. REUTERS/Cheney Orr/File Photo Acquire Licensing RightsLONDON, Aug 17 (Reuters Breakingviews) - BAE (BAES.L) is showing off its deep pockets. On Thursday, the $37 billion maker of war ships and armored vehicles said it will splurge over $5.5 billion in cash on Ball Corp’s (BALL.N) aerospace arm. BAE CEO Charles Woodburn beat off private equity bidders including Blackstone (BX.N) to seal the deal, which bulks up his exposure to civil and military space surveillance solutions. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Cheney Orr, Ball, Charles Woodburn, Woodburn, Woodburn’s pricey, Aimee Donnellan, EY’s loveless, Neil Unmack, Streisand Neto Organizations: BAE Systems, Association of, United States Army, Global, REUTERS, Reuters, BAE, Blackstone, Ball Aerospace, Twitter, TPG, Thomson Locations: Huntsville , Alabama, U.S

☆ TPG dangles messy end for EY’s loveless marriage
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +2 min

On Monday, the Financial Times reported that private equity firm TPG (TPG.O) had approached EY about buying a stake in its consulting arm. Back in May of last year when EY’s split was leaked to the press, valuations were much more attractive. If TPG pushes for a full breakup, EY would still have to work out how to divvy up its tax advice business between audit and consulting. Given the challenges, EY may well decide it’s better to soldier on with an awkward marriage than risk a messy divorce. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: EY’s, EY, Aimee Donnellan, Exor’s Philips, Bain, Neil Unmack, Oliver Taslic Organizations: Reuters, Financial Times, TPG, Big, Partners, Twitter, Thomson

☆ Target investors misread bullseye
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Aug 16 (Reuters Breakingviews) - Target (TGT.N) had some luck hitting the bullseye this quarter. Target is getting its inventory in shape after a glut of products from last year caused it to slash prices. Still, the company slashed its sales and profit outlook as shoppers continue to spend more on food. E-commerce sales slumped nearly 11% – well below the overall sales decline of 5%. Target may well be beholden to consumer behavior, but it can steady its aim to hit marks under its control.

Persons: Brian Cornell, Jennifer Saba, EY’s loveless, Exor’s Philips, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, Twitter, TPG, Thomson

☆ TPG approaches EY about buying stake in consulting arm - FT
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +1 min

The logo of Ernst & Young is seen in Zurich, Switzerland November 13, 2020. REUTERS/Arnd Wiegmann/file photo Acquire Licensing RightsAug 15 (Reuters) - Private equity group TPG Capital has approached accounting giant Ernst & Young (EY) about buying a stake in its consulting arm, Financial Times reported on Tuesday, citing a letter it had reviewed. TPG outlined its plan for a debt-and-equity deal to separate the consulting arm from EY's audit business in a letter sent to the firm's global and U.S. bosses, the FT report added. TPG and EY did not immediately respond to Reuters' requests for a comment. In September last year, EY announced its plans to split its audit and consulting units into two companies after regulators voiced concerns that the audit arm would not do its job fairly for its client if it also employed EY as a consultant.

Persons: Young, Arnd, EY, Manya Saini, Shilpi Majumdar Organizations: Ernst, REUTERS, TPG Capital, Financial, TPG, EY, Big, Thomson Locations: Zurich, Switzerland, U.S, Bengaluru

☆ Electric vehicle premiums will ride high in India
▼ + stars: | 2023-08-14 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

Mahindra Funster electric concept SUV is on display after it was unveiled at the India Auto Expo 2020 in Greater Noida, India, February 5, 2020. Singapore's Temasek handed Anand Mahindra’s EV business a punchy valuation of up to $9.8 billion this month. The $23 billion Mumbai-listed Mahindra & Mahindra (MAHM.NS) generates most of its top line from its sprawling autos business churning out everything from commercial vehicles to three wheelers. It follows the sale of up to 4.8% to British International Investments, the UK's development finance institution, at a $9.1 billion valuation in July last year. True, Temasek's valuation of the EV business depends on the latter hitting undisclosed milestones.

Persons: Kumar Rakesh, It’s, Maruti Suzuki, Una Galani, Katrina Hamlin Organizations: Mahindra, India, REUTERS, Reuters, Singapore's Temasek, Anand, Temasek, British International Investments, BNP, Tata Motors, TPG, HK, China’s MG Motors, Maruti, India’s, India’s Mahindra, British International Investment, Thomson Locations: Greater Noida, India, BENGALURU, Mumbai, China, EVs, Temasek

[1/2] William McGlashan Jr., a former Executive at TPG private equity firm facing charges in a nationwide college admissions cheating scheme, leaves the federal courthouse in Boston, Massachusetts, U.S., March 29, 2019. REUTERS/Brian SnyderCompanies TPG Capital Management LP FollowBOSTON, Aug 14 (Reuters) - A U.S. appeals court on Monday upheld the conviction of a former senior executive at the private equity firm TPG Capital for participating in a vast U.S. college admissions fraud scheme by paying $50,000 to rig his son's college entrance exam results. Carter Phillips, McGlashan's lawyer, said his "deeply disappointed" client was evaluating next steps, adding it was clear that ACT test scores were not "property," a necessary element of the fraud statute. More than 50 people pleaded guilty, including the actors Lori Loughlin and Felicity Huffman, who were among Singer's clients. Reporting by Jonathan Stempel in New York and Nate Raymond in Boston Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: William McGlashan Jr, Brian Snyder, William McGlashan's, McGlashan, Jeffrey Howard, William, Rick, Singer, Carter Phillips, McGlashan's, Lori Loughlin, Felicity Huffman, John Wilson, Gamal Aziz, Wilson, Jonathan Stempel, Nate Raymond, Matthew Lewis Organizations: TPG, REUTERS, Brian Snyder Companies TPG Capital Management, BOSTON, TPG Capital, U.S, Circuit, ACT, Yale, University of Southern, University of Southern California . Singer, Varsity, Thomson Locations: Boston , Massachusetts, U.S, Boston, Georgetown, University of Southern California, California, New York

☆ Aussie telecom firms Telstra, TPG will not appeal block of asset transfer deal
▼ + stars: | 2023-08-13 | by ( ) www.reuters.com time to read: +1 min

REUTERS/David Gray/Aug 14 (Reuters) - Australian telecom firms Telstra Group (TLS.AX) and TPG Telecom (TPG.AX) on Monday said separately they would not appeal the country's competition tribunal's decision to block an asset transfer deal between the two telecom giants. In June, the Australian Competition Tribunal upheld the competition regulator's decision to block the deal between the telecom firms, under which Telstra would have bought spectrum and transmission towers from TPG, while TPG would have kept selling 4G and 5G coverage using Telstra infrastructure. The country's competition regulator had ruled against the asset transfer deal in December citing competition concerns and potentially impacting the no. Telstra did not provide any details about its decision to not appeal the tribunal's decision in the exchange filing, and did not immediately respond to a Reuters request for further details. TPG Telecom, which also did not provide any reason, said it would "continue to explore commercial options to expand its mobile network".

Persons: David Gray, Sameer Manekar, Diane Craft Organizations: Telstra, REUTERS, Australian, Telstra Group, TPG Telecom, TPG, Optus, Singapore Telecommunications, Thomson Locations: Sydney, Australia, Bengaluru

The logo of the ANZ Bank is seen at Lambton Quay, in Wellington, New Zealand November 10, 2022. "A substantial lessening of competition in home loans would have major flow-on impacts to Australians with a mortgage," he added. The companies said they would seek a review of the determination at the Australian Competition Tribunal, an offshoot of the federal court which oversees takeover rulings. Taking the deal to the competition tribunal would delay its completion to mid-2024, if the tribunal approved it, from the late 2023 timeline the companies gave when they announced it a year ago. The ANZ-Suncorp deal also needs sign-off from Treasurer Jim Chalmers who declined to comment.

Persons: Lucy Craymer, Mick Keogh, Gina Cass, Gottlieb, Jim Chalmers, Byron Kaye, Himanshi, Stephen Coates Organizations: ANZ Bank, REUTERS, ANZ, Suncorp, ANZ Group, Australian Competition, Consumer Commission, Australian Competition Tribunal, Citi, Telstra, TPG Telcom, Thomson Locations: Lambton Quay, Wellington , New Zealand, Melbourne, Sydney, Bengaluru

NEW YORK, Aug 3 (Reuters) - Symphony Technology Group (STG) and Francisco Partners are among the private equity firms competing to acquire media editing software maker Avid Technology Inc (AVID.O), according to people familiar with the matter. Avid, Goldman and Francisco Partners declined to comment. Palo Alto-based STG is a mid-market private equity firm focused on technology investments. Francisco Partners is a prolific tech investor, which has raised over $45 billion to date. Earlier this week, Francisco Partners teamed up with TPG Inc (TPG.O) to acquire New Relic (NEWR.N) for $6.5 billion.

Persons: Goldman, STG, Palo, Francisco, Milana Vinn, Anirban Sen, Sharon Singleton, Jonathan Oatis Organizations: Symphony Technology, Francisco Partners, Avid Technology Inc, Avid, Goldman Sachs, Reuters, Momentive, Inc, TPG Inc, Impactive, Thomson Locations: Burlington , Massachusetts, Palo Alto, New York

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