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☆ Philips’ convalescence has way longer to run
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +2 min

Adjusted earnings before interest, taxes and amortisation of 359 million euros beat analysts’ average estimate of 226 million euros, per Visible Alpha data. The recall of faulty breathing devices and ventilators means Philips needs to set aside another 575 million euros for lawsuits on top of over 1 billion euros last year, but that’s less than Bernstein analysts’ expectation of 2.4 billion euros. Still, probes by the U.S. Department of Justice and further claims from injured patients mean Philips may need to cough up more money. Jakobs still faces some fundamental questions: Philips’ 7% EBITA margin last year was way off rival Siemens Healthineers’ (SHLG.DE) 18%. That explains why the latter trades on 28 times its 2023 earnings, versus Philips’ 19 times.

☆ Bob Iger’s stalling may be stifling
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +2 min

The $180 billion company run by Bob Iger is kicking off its second round of layoffs, according to Reuters, part of an effort to cut $5.5 billion in costs. That’s a solid effort to keep activist Nelson Peltz, who had griped about Disney’s margins, at bay for now. The tricky part is ensuring assets don’t lose even more value before Iger heads out the door. Iger said he would leave the company and is meant to be setting up a successor. The balance act is ensuring Iger doesn’t degrade value, leaving a mess for his successor, whenever that person comes along.

☆ TPG’s funeral deal is stuck in awkward purgatory
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, April 24 (Reuters Breakingviews) - TPG (TPG.O) is stuck between the mortal world and the afterlife with its dalliance with Australia’s funeral-services company InvoCare (IVC.AX). But the roughly 20% stake it picked up around the same time locks the pair into an awkward dance. InvoCare was open to better terms, and offered the suitor access to limited, non-public financial information. Following the collapse of Silicon Valley Bank in the United States, rising global worries about financial stability will make it harder to do deals. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Thyssenkrupp gives investors wrong kind of breakup
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 24 (Reuters Breakingviews) - An abrupt CEO departure adds yet more problems for Thyssenkrupp’s (TKAG.DE) long-suffering investors. Merz was drafted in after her predecessor Guido Kerkhoff himself left after just 14 months, amid an aborted steel spinoff. Progress on a listing of Thyssenkrupp’s hydrogen business or a steel spinoff has been slow, despite a plan to hive off weaker units. Thyssenkrupp says it will continue its transformation, and appointed a former Siemens (SIEGn.DE) executive, Miguel Ángel López Borrego, to replace Merz. Yet investors still smarting from a minus 37% total return under its last bold CEO now seem to be expecting more of the same.

☆ AT&T’s magic number falls short
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

To do that, it needs free cash flow. AT&T, which makes most of its money from cellular customers, added 424,000 postpaid phone subscribers, above expectations, according to Reuters. Some of the issue is seasonal, with payments to phone vendors up after a busy holiday season of selling devices. But dividend payouts totaled 200% of cash flow, up from 133% a year ago. Those payments totaled $1.3 billion this quarter, meaning cash flow would be negative without them.

☆ Tesla's income falls 24% from a year ago, more price cuts to come. Here's how to play it
▼ + stars: | 2023-04-20 | by ( Christina Falso | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTesla's income falls 24% from a year ago, more price cuts to come. Here's how to play itJim Cramer, Mark Fields of TPG, Ross Gerber of Gerber Kawasaki Wealth and Investment Management, Vijay Rakesh of Mizuho Securities, Toni Sacconaghi of Bernstein Research and Bryn Talkington of Requisite Capital Management on what they think about Tesla.

☆ China could start building a moon base with lunar-soil bricks in 5 years, amid NASA fears of a moon territory dispute
▼ + stars: | 2023-04-13 | by ( Marianne Guenot | Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +6 min

China could be ready to start building its lunar base within five years, scientists said. China has made major strides in space exploration, recently launching its own crewed space station. "We will be using real moon soil to make the first brick right there on the moon," he added, per SCMP. These could be used to make habitats on the moon using traditional Chinese building techniques, he said. The agency wants to build its own station orbiting the moon, as well as an Artemis lunar base.

☆ Temasek hospital deal channels its Dr Resilience
▼ + stars: | 2023-04-11 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

SINGAPORE, April 11 (Reuters Breakingviews) - Temasek is picking a good time to focus on health. The sovereign investor is taking control of Indian hospital operator Manipal for $2 billion. Others are on an Indian health drive too. Follow @anshumandaga on TwitterCONTEXT NEWSSingapore’s Temasek will buy an additional 41% stake in Manipal Health Enterprises, the unlisted Indian hospital chain said on April 10. After the deal closes, the Pai family’s Manipal Group will hold about 30% of Manipal Health.

☆ 6 startups that have raised $100 million or more in 2023 to change healthcare
▼ + stars: | 2023-04-11 | by ( Yeji Jesse Lee | ) www.businessinsider.com time to read: +3 min

The healthcare-staffing startup ShiftKey raised $300 million in a round led by its majority investor Lorient Capital. The clinical-trials-tech startup Paradigm raised a $203 million Series A round led by Arch Venture Partners and General Catalyst. The healthcare-staffing startup ShiftMed raised a $200 million round led by Panoramic Ventures. raised a $200 million round led by Panoramic Ventures. Vytalize Health, a startup that helps doctors provide value-based care, raised $100 million from Enhanced Healthcare Partners, Monroe Capital, and North Coast Ventures.

☆ Temasek buys 41% stake in India's Manipal Health for $2 bln- source
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, April 10 (Reuters) - Singapore-based sovereign wealth fund Temasek said on Monday that it is acquiring an additional 41% stake in India's Manipal Health Enterprises from investors including TPG, boosting its stake in one of the country's largest hospital chains to 59%. While Manipal did not specify the deal value, Temasek has paid about $2 billion for the additional stake, said a person with direct knowledge of the matter. Private equity firm TPG, an investor in Manipal since 2015, will fully exit its stake, though it will reinvest via a new fund. India's sovereign wealth fund, the National Investment and Infrastructure Fund (NIIF), will also sell its full stake to Temasek, while Manipal founder Ranjan Pai's family holding will reduce from about 50% to 30%. "By re-investing through our new Asia fund – TPG Asia VIII, we look forward to continuing to support Manipal's mission of bridging the quality healthcare infrastructure gap in the country," said Puneet Bhatia, co-managing partner of TPG Capital Asia.

☆ Investors and analysts on what to do with struggling Tesla shares
▼ + stars: | 2023-04-10 | by ( Christina Falso | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors and analysts on what to do with struggling Tesla sharesJim Cramer, Mark Fields of TPG Capital and Dennis Cuneo of DC Strategic Advisors on what they think about Tesla.

☆ See the 6 startups that have raised the most cash in 2023 to transform healthcare
▼ + stars: | 2023-04-05 | by ( Yeji Jesse Lee | ) www.businessinsider.com time to read: +3 min

Startups in the industry raised $3.4 billion across 132 deals in the first three months of 2023. The healthcare-staffing startup ShiftKey raised $300 million in a round led by its majority investor Lorient Capital. The clinical-trials-tech startup Paradigm raised a $203 million Series A round led by Arch Venture Partners and General Catalyst. The healthcare-staffing startup ShiftMed raised a $200 million round led by Panoramic Ventures. raised a $200 million round led by Panoramic Ventures.

April 4 (Reuters) - Private equity firm TPG Inc (TPG.O) said on Tuesday it has agreed to buy a majority stake in Elite, a vendor of business management software for law firms, from information provider Thomson Reuters Corp (TRI.TO) at a valuation of $500 million. Thomson Reuters will keep a minority stake and board representation in Elite and continue to support it with its legal information products, the companies said. Paul Fischer, president of Thomson Reuters' legal professionals division, said that Elite will continue to share many of Thomson Reuters' clients as a standalone company. Elite offers software that helps law firms run their finance and accounting operations, including billing, invoicing and payments. TPG partner Tim Millikin said that the data and automation that Elite offers are in demand among legal professionals.

☆ Saudi money is flowing to US media and entertainment, from Live Nation to LIV Golf, 5 years after Jamal Khashoggi's murder: 'The ice has thawed'
▼ + stars: | 2023-04-03 | by ( Claire Atkinson | Lucia Moses | ) www.businessinsider.com time to read: +20 min

Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment. Insider identified some key people connecting Middle East investors with American companies. Saudi Arabia is trying to pitch itself to the world as a cultural and economic reformer and spur tourism. Vince McMahon's WWE has a long-term partnership with the Kingdom of Saudi Arabia, with a major live WWE event there slated for May. Vince McMahon's WWE was one of the first US companies to create unique events in Saudi Arabia.

☆ Inside the demise of Vice, from turning away a $3.5 billion Disney offer to a 'painful' downward spiral that has the media giant scrambling for a buyer
▼ + stars: | 2023-03-21 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +19 min

The talks fizzled, Disney backed off, and Smith set off for California to drum up other interest in Vice Media. Vice Media Group co-CEOs Bruce Dixon, left, and Hozefa Lokhandwala. Vice Media GroupOne former Vice insider familiar with the current situation told Insider that staffers were warning vendors they needed to threaten to stop work in order to get paid. Just a few months later, Rupert Murdoch tweeted, "Who's heard of Vice Media? Refinery29 quickly lost key staff and was not well integrated into Vice Media, the two former staffers said.

☆ Saudi money is pouring into Hollywood and media, 5 years after the murder of Jamal Khashoggi. Here's who's cashing in and how.
▼ + stars: | 2023-03-15 | by ( Claire Atkinson | Lucia Moses | ) www.businessinsider.com time to read: +13 min

Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment. Saudi Arabia is trying to pitch itself to the world as a cultural and economic reformer and spur tourism. Even those media players that are comfortable with invetment from the Middle East may not find funds flowing, one Hollywood veteran said. A major live WWE event in Saudi Arabia is slated for May. Of the growing ties between US entertainment and media and Middle East investors, this person added, "Presumably media organizations got into this to help society make better decisions."

☆ Advent International joins list of suitors for sandwich chain Subway - Sky News
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

March 13 (Reuters) - Buyout firm Advent International is among a list of firms that remain in contention to buy sandwich chain Subway, Sky News reported on Monday. The firm joins rival bidders including Goldman Sachs' asset management arm, Bain Capital, TDR Capital - the joint owner of Asda - and TPG, according to the report. Advent had previously invested in entertainment retailer HMV and currently has investments in companies such as Laird International and McAfee Corp, among others. Advent International and Subway did not immediately respond to Reuters' requests for comment. The Wall Street Journal in January reported that a potential sale could value Subway at more than $10 billion.

☆ TPG starts a dicey dance with death Down Under
▼ + stars: | 2023-03-07 | by ( Antony Currie | ) www.reuters.com time to read: +3 min

Little wonder, then, that TPG is taking advantage of Australia’s InvoCare (IVC.AX) recently losing market share, and earnings, by offering shareholders A$1.8 billion ($1.5 billion) on Tuesday. But the private equity firm run by Jon Winkelried has started a dicey dance with death. At 5%, for example, annual interest payments on the new debt would be almost $50 million – a third of InvoCare’s expected EBITDA next year. Follow @AntonyMCurrie on TwitterCONTEXT NEWSTPG Global, a fund run by U.S. private equity firm TPG, on March 7 made a non-binding, indicative offer for InvoCare which values the Australian funeral-services company’s enterprise at almost A$2.2 billion ($1.5 billion). The private equity firm had the previous day bought an almost 18% stake in the company from a variety of investors at A$12.65 a share.

☆ The 10 power players you need to know to understand the booming world of venture debt
▼ + stars: | 2023-03-06 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +2 min

Venture debt is booming as VCs pull back on investments. Once a sleepy backwater within the startup ecosystem, venture debt has exploded in recent years, more than quadrupling in size over the past decade. Last year startups raised more than $31 billion in venture loans even as traditional venture-capital investments dwindled. But many of these power players, listed here in alphabetical order, were veterans of the industry years or even decades before venture debt was a known term in Silicon Valley. One thing is clear: Anyone interested in navigating the booming world of venture debt better get to know these 10 power players.

☆ Goldman Sachs arm among bidders in possible $10 bln Subway sale, Sky News says
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +1 min

March 4 (Reuters) - Goldman Sachs Group Inc's (GS.N) asset management arm is among the suitors for the U.S. based sandwich chain Subway, which has been put up for sale with an estimated $10 billion price tag, Sky News reported on Saturday. Bain Capital, TPG and TDR Capital are also among the other suitors, the report added. Subway, Bain Capital and TDR did not immediately respond to Reuters' requests for comment. The sandwich chain last month said it was exploring a possible sale of its business due to surging costs and mounting competition from deeper-pocketed rivals. The Wall Street Journal in January said a potential sale could value Subway at more than $10 billion.

☆ Goldman Sachs arm among bidders for $10 bln Subway sale - Sky News
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: 1 min

March 4 (Reuters) - Goldman Sachs Group Inc (GS.N)'s asset management arm, is among the suitors for the U.S. based sandwhich chain Subway, which has been put up for sale with an estimated $10 billion price tag, Sky News reported on Saturday. Bain Capital, TPG and TDR Capital are also among the other suitors, the report added. Reporting by Urvi Dugar in Bengaluru; editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

☆ Vice owes FTI Consulting nearly $1 million, a new court filing alleges, one of multiple vendors chasing missed payments
▼ + stars: | 2023-02-24 | by ( Claire Atkinson | Jack Newsham | ) www.businessinsider.com time to read: +4 min

Vice Media owes FTI Consulting nearly $1 million in fees, some dating back to 2019, a court filing alleges. FTI is one of several vendors who say they've gone unpaid by the youth media company. The filing alleges that Vice Holding, the parent of Vice Media, hired Washington, DC-based FTI Consulting to help it with accounting projects and management and then failed to pay its bills. Ironically, Vice hired FTI to help it with "profitability analysis" and to design "cash management" tools, according to the filing. Fortress lent Vice $30 million, according to the Wall Street Journal, which confirmed Vice is in a process to sell itself.

☆ Nikki Haley heads to fundraiser hosted by Wall Street executives
▼ + stars: | 2023-02-24 | by ( Brian Schwartz | ) www.cnbc.com time to read: +4 min

Nikki Haley, a Republican who jumped into the 2024 presidential race this month, is set to attend a fundraising event for her campaign hosted by Wall Street executives in New York on Tuesday, according to an invitation first reviewed by CNBC. The Tuesday fundraiser for Haley's campaign is one of her first trips to New York as a candidate for president. Morning Consult's GOP primary tracker shows Haley has 6% of support from potential Republican voters. Former President Donald Trump garners support from about 50% of GOP primary voters, according to Morning Consult. Finance executives have played key fundraising roles for political campaigns of both parties for well over a decade.

☆ Vice CEO Nancy Dubuc calls it quits after 5 years. Read her full memo to staff.
▼ + stars: | 2023-02-24 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +3 min

Vice CEO Nancy Dubuc is stepping down after a rocky tenure. Vice has struggled in recent years given the long shadow of its financial situation. Vice CEO Nancy Dubuc told staff in an email Friday that she is leaving the company after five years at the troubled, Brooklyn-based youth media giant. Read the memo Dubuc sent to staff on Friday:Dear Vice Media Group Team,I am writing today with bittersweet news. Despite all this the Vice, Vice Studios, Pulse, as well as Virtue, R29, i-D and Unbothered brands are strong.

☆ India's Tata Motors in talks to raise $1 bln via stake sale in EV business - Report
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

The company plans to sell a significant minority stake, the newspaper report added, eyeing a valuation of about $10.5 billion. The funds and investors include the UAE-based Abu Dhabi Investment Authority (ADIA) and Mubadala Investment Company, the Saudi Arabia-headquartered Public Investment Fund, Singapore's Temasek Holdings, and KKR and General Atlantic. Tata Motors and some of the companies did not immediately respond to Reuters' request for comment. Tata Motors plans to use the bulk of the proceeds to retire a part of its outstanding debt and infuse a small portion as primary equity in the EV business, the report said. Tata Motors has outlined plans to expand its electric car portfolio with new models and higher price points.

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