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Transactions UK
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May 14, 2024
Autonomy Overstated Revenue Before HP Sale, Jury Hears
Autonomy's reported revenue was overstated by a combined $300 million in the two-and-a-half years before HP acquired it, an accounting expert testified Tuesday in a California criminal trial over claims that Autonomy founder Michael Lynch duped HP into buying his software company for an inflated $11.7 billion price.
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May 14, 2024
Vodafone Gets Green Light For €5B Sale Of Spanish Biz
Vodafone Group PLC said Tuesday in a statement that it has received final approval from Spanish authorities for its planned sale of Vodafone Spain — or Vodafone Holdings Europe SLU — to Zegona Communications PLC for €5 billion ($5.3 billion).
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May 14, 2024
Kilmer Sports Looks To Buy French Soccer Club Saint-Étienne
Canada-based sports investment firm Kilmer Sports Ventures has entered into exclusive negotiations with shareholders to discuss purchasing AS Saint-Étienne, a "decorated and beloved" soccer club in France, according to a joint Monday statement.
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May 14, 2024
Brodies, Pinsent Advise On £100M Loan For Green Port Project
Haventus, a green projects site manager, has secured a £100 million ($126 million) joint credit facility from UK Infrastructure Bank and the Scottish National Investment Bank for the redevelopment of its Ardersier Port near Inverness, Scotland, law firm Brodies LLP said Tuesday.
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May 14, 2024
PE Trust Eyes German Fiber-Optic Growth With £19M Stake
Oakley Capital Investments said on Tuesday that an associated fund will buy a majority stake in German broadband platform and planner Vitroconnect for up to £19 million ($23.8 million), as the U.K. company seeks to cash in on Germany's move to fiber-optic internet.
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May 14, 2024
Freshfields Guides Uber In Food Delivery Biz Buy For $950M
Uber said Tuesday that it has agreed to acquire food delivery business Foodpanda in Taiwan from Delivery Hero, a German operator, for $950 million to complement its Uber Eats food delivery unit in one of the biggest international deals in the Asian country.
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May 14, 2024
Logistics Investor Tritax Sells Swedish Assets For $35M
Tritax EuroBox PLC said on Tuesday it will sell a warehouse in Gothenburg for 385 million Swedish kronor ($35.5 million) to repay debt and free up cash for reinvestment.
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May 14, 2024
UK Considers Fixes To Utility's £89M Water Biz Deal
Britain's antitrust authority said on Tuesday that it could accept solutions set out by the Pennon Group to alleviate competition concerns about the utility company's proposed purchase of a rival operator for approximately £89 million ($112 million).
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May 14, 2024
Anglo American To Offload Vital Assets As BHP Lays Siege
Anglo American PLC said Tuesday that it plans to sell or spin off its diamond, platinum and coal assets in a corporate restructuring aimed at boosting value for shareholders, as the British mining giant fends off a £34 billion ($43 billion) takeover bid from Australian rival BHP Group Ltd.
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May 13, 2024
Irked Autonomy Judge Vents On HP Fraud Trial's Slow Pace
U.S. District Judge Charles Breyer on Monday blasted lawyers for the government and two former Autonomy Corp. PLC executives in a criminal fraud case over the trial's slow progress, saying he's "annoyed," but also "complicit" because he "did not take more of a controlling posture."
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May 13, 2024
Online Slot Machine Co. Games Global Scraps $254M US IPO
Games Global, a developer of online betting and casino games, pulled its plans for an initial public offering Monday, citing market conditions, just one day before the U.K.-based company expected to raise about $254 million in a U.S. listing.
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May 13, 2024
JP Morgan Battles Viva Wallet Founder Over Buyout Value
J.P. Morgan International Finance Ltd. urged a London judge Monday to reject a payment company's "nonsensical" case over the investment bank's option to buy out its partner's stake in a joint venture fintech business.
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May 13, 2024
Anglo American Rebuffs Improved £34B BHP Takeover Offer
British miner Anglo American PLC said Monday that it has rejected a revised £34 billion ($42.7 billion) takeover bid by Australian heavyweight rival BHP Group Ltd., saying that the increased offer "significantly undervalues" the company.
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May 13, 2024
Real Estate Giant Buys 6 Student Housing Blocks For £184M
PGIM Real Estate said Monday that it has bought six college student property blocks in the U.K. from the developer, Unite, for £184 million ($230 million), as the U.S. property investor looks to profit from growing housing demand from universities.
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May 13, 2024
Simpson Thacher-Led EQT Bids $1.5B For Wind Energy Biz
European private equity giant EQT said Monday that it has offered to acquire wind energy developer OX2 for approximately 16.35 million Swedish krona ($1.5 billion) in a deal guided by Simpson Thacher & Bartlett LLP, Gernandt & Danielsson and Vinge KB.
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May 13, 2024
Skadden Guides Squarespace On $6.9B Go-Private Deal
Squarespace Inc. said Monday it has agreed to a $6.9 billion buyout by private equity firm Permira, with Skadden Arps Slate Meagher & Flom LLP serving as lead counsel to the website building company and at least six additional firms guiding the various parties.
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May 13, 2024
Biz Adviser FRP Buys UK Risk Manager For £8.4M
FRP Advisory said on Monday that it has bought commercial finance and risk manager Hilton-Baird for approximately £8.4 million ($10.5 million) in a cash and shares transaction, as the U.K. business consultancy eyes greater European expansion.
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May 13, 2024
French Retailer Casino Sells 10.15% Stake In Renewables Biz
French retail chain Casino said on Monday that it has sold its 10.15% remaining stake in renewables company GreenYellow SAS for €46 million ($50 million) to Ardian, a private equity company, and state-backed investment bank Bpifrance.
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May 13, 2024
BetCity Says €850M Buyout Was Good Value Despite Inquiries
The former owners of online sports betting operator BetCity admit that they breached some of the terms from Entain's €850 million ($920 million) buyout, but have argued that the gambling giant knew of the investigations and failed to seek a better deal.
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May 13, 2024
Advertising Agency Group Snubs £26.8M Offer From Rival
The Mission Group PLC said Monday that its board has rejected an "opportunistic" offer of £26.8 million ($33.6 million) from an advertising rival, Brave Bison Group PLC, because it "significantly undervalues the group and its prospects."
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May 10, 2024
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen Playtech file an intellectual property claim against online casino company OnAir Entertainment amid allegations of corporate spying, a broadcast equipment company sue its former owner amid allegations he conspired to inflate a customer’s finances, and aerospace company Vertical Aerospace hit a manufacturer with a claim following a test flight crash. Here, Law360 looks at these and other new claims in the U.K.
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May 10, 2024
UK Opens Probe Into Thermo Fisher's $3.1B Olink Buy
Britain's competition watchdog said it is opening an inquiry into Thermo Fisher's $3.1 billion bid to buy Swedish biotech firm Olink Holding AB over competition concerns, according to an official notice issued Friday.
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May 10, 2024
Medical Tech Biz To Raise £6M In Equity
Medical technology company Genedrive said Friday it is looking to raise a total of approximately £6 million ($7.5 million) in equity through different offerings by selling its shares at a big discount.
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May 10, 2024
Digital Platform Xtribe To Go Public Via $141M SPAC Merger
Technology-driven marketplace company Xtribe PLC, advised by Cozen O'Connor PC, has announced plans to go public via a merger with Haynes and Boone LLP-led special-purpose acquisition company WinVest Acquisition Corp. in a deal that values Xtribe at an implied equity value of $141 million.
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May 10, 2024
Climate Control Co. Favors Apollo-Backed €392M Buyout Bid
European climate control specialist Purmo said on Friday its board intends to recommend its purchase by a special purpose vehicle indirectly owned by U.S. private equity giant Apollo Global Management and Rettig, a Finnish investment company, for approximately €392 million ($422 million or £337.5 million).