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The latest on Thursday,
- Man Group sees profits fall 24%; $6bn of redemptions – statement
- Old Mutual sees funds under management fall 9% to £254.4bn ytd – statement
- Henderson Group sees
3i buys European funeral operator
3i, the UK-listed private equity group, plans to re-enter the European funeral services market following a deal to acquire a 75% stake in Spain’s Memora Inversiones Funerarias. The stake is being sold by the Spanish construction and energy group Acciona in a deal that places an enterprise value on Memora of €330m ($487m).
3i buys £86m utilities debt
UK buyout firm 3i Infrastructure has started investing in debt as well as equity, joining the rush of private equity groups taking advantage of dislocation in credit markets to invest in corporate loans trading at large discounts to face value.
3i aims high
3i, the listed UK private equity group, said it was well-placed to cope with tougher economic and financial conditions as it set a target of almost doubling assets under management to €20bn (£15.8bn) by 2010.
Shackleton buys stakes from 3i
Shackleton Ventures, a firm that buys investments from other private equity groups, will this week announce it has bought stakes in 13 small companies from UK buyout group 3i in the first investment by its second fund.
3i Group closes India fund at $1.2bn
3i Group has closed one of the largest infrastructure funds in India, after raising $1.2bn. The 3i India Infrastructure Fund, which raised 20% more than initially targeted, benefited from sustained investor interest in India’s rapidly growing infrastructure sector and rising asset values.
3i buys 27% stake in Hyperion
Hyperion, a UK insurer specialising in professional indemnity and directors’ liability, has sold a 27% stake to 3i, the listed private equity firm, to fund its expansion into Asian and Middle Eastern markets.
Pre-close: strong Man, while 3i comes over a bit ‘cross cycle’
The twin peaks of the UK’s listed alternative investments landscape gave their pre-close updates on Thursday.
More of the same from Man Group, whose funds under management continue to climb ever skyward.
3i quits early-stage investments
3i, the former powerhouse of Europe’s venture capital industry, is abandoning early-stage investing in start-up companies, its worst-performing activity since the technology bubble burst, to focus on buy-outs,
3i fund weighs move for Novera
3i Infrastructure, the listed £700m buy-out fund, has bought a 10% stake in Novera Energy as it considers a full bid for the wind farm developer. The subsidiary of 3i, the private equity group, is contemplating a cash offer of 90p a share,
3i: ‘Bumpy ride’ for private equity in 2008
Private equity is heading for a “bumpy ride” this year, according to Jonathan Russell, the head of UK buy-out business 3i, who says that deals have become harder to structure and defaults are likely to rise,
3i takes control of Agent Provocateur
The husband-and-wife founders of Agent Provocateur, the UK lingerie brand that added spice to women’s underwear, are selling a majority stake to private equity group 3i for £60m after separating. Joseph Corré will stay on as creative director,
3i rides credit squeeze to life returns 37%
3i shrugged off the impact of the credit squeeze on Thursday as the UK-listed private equity group reported a doubling of investments and a 37 per cent rise in returns for the six months to September. 3i,
Cinven buys Coor from 3i
Cinven has acquired Coor Service Management of Sweden in a €540m deal designed to harness rapid growth for managing facilities that big companies prefer to outsource. The acquisition is a boost for 3i which has made a four-fold return on its initial investment since acquiring Coor for SKr1.2bn less than three years ago.
3i to boost Asian investment
3i expects to increase its investment in Asia, particularly in energy and infrastructure, as it seeks to capitalise on the rapid growth in the area and diversify its portfolio. Mike Sibson, head of 3i’s oil and gas operations in its growth capital arm,
Abbot leaps 20% on bid approach
Shares in Abbot Group, the Aberdeen-based oil services company, jumped 20% on Thursday as it confirmed it had received an approach which may “ultimately” lead to an offer. 3i, the private equity firm,
Abbot and 3i talk, in big week for UK M&A
Abbot Group, the Aberdeen-based oil-services company, on Wednesday became the fourth mid-market UK company to face a possible takeover move this week. 3i, the private equity firm, is understood to have made a 375p indicative offer valuing Abbot at about £870m.
3i joins chorus on buy-out slowdown
Market uncertainty will cause a slowdown in the rate of private equity deals, 3i said Thursday in a trading update that revealed the group had produced bumper returns in recent months. The UK buy-out group said it had realised revenues of £1.1bn in the five months through August from disposals of its assets,
Bleary eyes but profits ahead at globe-trotting 3i
All things considered, it’s not such a choice time to be putting out results if you’re one of the rare breed of listed private equity groups. The outlook can only be at best uncertain – and possibly, rather worse.
United Utilities sale lures bidders
United Utilities’ £1.2bn sale of its electricity distribution business has received “well over 10” firm expressions of interest despite credit market upheavals, including from private equity bidders,
3i to pay £165m for Bestinvest
3i, the UK-listed private equity group, has announced the acquisition of Bestinvest, the independent financial adviser, in a deal understood to be worth £165m. The purchase, generating about £100m for John Spiers,
3i names ex-Goldman banker to board
3i, the listed UK private equity company, on Wednesday boosted its planned expansion into the US growth capital market by appointing Willem Mesdag, a former Goldman Sachs banker, to its board of directors.
Private equity’s day of reckoning
The encounter is expected to be nothing short of gladiatorial. Today the great and the good (or bad, depending on your viewpoint) of private equity will come face to face with their British detractors and hostile MPs at the latest round of the Treasury committee hearings on the industry.
3i quits Erinaceous bidding
Erinaceous, the UK property services company that is considering a sale, has lost one of its possible bidders after 3i, the private equity firm, withdrew from the race. HBOS is still seen as the frontrunner but could yet be trumped by Vincent Tchenguiz,
Hunt cashes in as Foxtons posts “sold” sign
Jon Hunt, the founder of Foxtons, London’s biggest estate agency, will bank the lion’s share in an estimated £400m deal with BC Partners, the private equity firm. The deal, which could be announced on Monday,
3i plans to float stake-building fund
The lines between public stock markets and private equity were blurred further as 3i, the listed private equity group, announced plans to float its newly-created fund for buying big stakes in other listed companies.
Public private, private public — 3i goes to market
Back in November, 3i, the London-listed private equity group, launched a team who would bring their private equity skills to publicly listed small to mid-cap companies.
Now the public private equity group is taking a fund for private equity investing in public companies to the public markets.
3i in scheme to tap India’s foreign reserves
India’s growing currency reserves could be used to finance local infrastructure projects if a scheme being set up with 3i, the UK-based private equity group, receives central bank approval. Last month,
3i confirms £800m return to shareholders
After a strong year for realisations and investment returns, 3i Group on Thursday reiterated its decision to return £800m to shareholders, saying the move would not “compromise” its “ambition to grow assets” and that it would continue to expand its range of activities.
3i, “a good corporate citizen”
The self-styled banner boy for good governance within the private equity industry, 3i reported “a very good set of numbers” on Thursday, according to chief executive Philip Yea, speaking on a conference call.