Argenta Discovery, the Essex, UK-based drug-development business, is considering a sale or flotation. Although chief executive Chris Ashton said the privately-owned company was not for sale, he confirmed bankers had been hired to consider options. The business is focused on respiratory drugs which have drawn the interest of giants such as AstraZeneca and GlaxoSmithKline. Argenta investors include MVM, ABN Amro and 3i; the company earned �8.5m in revenues from carrying out research for other parties.
Wednesday, November 09, 2005
Friday, November 04, 2005
Gartmore, the UK fund manager, may soon be up for sale. Owner Nationwide has hired Morgan Stanley to look into strategic possibilities which may include a sale or flotation. US insurance business Nationwide acquired Gartmore for almost �1bn five years ago from Royal Bank of Scotland and, according to analysts could be worth that if sold to a rival or floated. BNP Paribas of France is rumoured to be a potential suitor. Gartmore could prove attractive to asset managers and banks outside the UK, particularly for its hedge-fund and distribution capabilities.
Wednesday, October 26, 2005
Friday, October 21, 2005
Terra Firma is likely to sell East Surrey Holdings' water business after it acquires the UK utility group. The UK-based private equity group, has already seen six bids of approximately �190m for the water operations. The water businesses include the Sutton and East Surrey water company and ES Pipelines, a gas connections operation. Terra Firma is thought to have shortlisted financial buyers and industry players to buy the water business. The Takeover Panel has ruled that Terra Firma must proceed with its takeover bid for East Surrey which will probably lead to a break-up of the company. Citigroup, which is advising Terra Firma, and Barclays Capital, will arrange debt financing for the proposed �453m takeover of East Surrey.
Tuesday, October 18, 2005
Telecommunications equipment company Spirient announced plans to sell its network products division. The transaction is expected to raise about �260m. The HellermanTyton network focuses on cable fastenings and connections ofr cars and electrical goods and is an awkward fit with Spirent\\\'s other operations.
Select Services Partner is for sale with an expected price tag of more than �300m. Compass Group is being prepared by Citigroup. Private-equity and trade bidders are thought likely to be interested. SSP brands include Upper Crust and Burger King and they operate at stations, airports and motorway-service stations in dozens of countries.
The London Mortgage Company, the British mortgage lender owned by Brenninkmeijers of Holland, is for sale. Hawkpoint is to manage a sale of the business which, according to bankers may fetch �40m. The company focuses on high-margin, sub-prime mortgage lending. Investment banks and niche lenders were likely to emerge as potential suitors.
Carnival Corporation, the dual-listed cruise-ship business, is considering whether to sell Swan Hellenic. Apparently they have been contacted by investors who wish to buy Swan but need additional funding. the business is believed likely to fetch around �50m although it has not yet been put on the market. Swan operates cultural holidays aimed at the grey market.
Volkswagen, Europe\\\'s biggest car group is tipped to appoint CSFB the investment bank, to sell Europecar, its car rental arm. Europcar which is one of the worlds largest car rental companies with 2685 locations in 123 countries and a fleet of more than 120,000 vehicles. The expected sale could raise �1.3bn.
Barclays Private Equity (BPE) is believed to be thinking about either floating its Financial services group Cabot. It may however sell it to a trade bidder or to another buyout group However, no decision will be made until 2006. Cabot, which acquires defaulted debt from banks, has increased its value to �250m. Its 1.2m consumer accounts have a value of around �1.5bn.
ITV has put its Carlton 021 outside broadcast business up for sale it has been reported. The UK-listed television broadcaster anticipates completion of the sale in the next couple of months. Several bids have come in for the Carlton 021 arm and the sale price is likely to reach �10m.