Electric Business brings you the top news stories in company mergers and acquisitions.
Dutch insurance group Athora has sold sustainable investment manager ACTIAM to Cardano. The deal means Cardano now has £18.5bn of assets under management.
The American global digital marketplace IAA has acquired Synetiq for £225m. IAA’s platform is used to connect vehicle buyers and sellers. Synetiq provides salvage auction services for insurance companies, accident management companies, and other public and private sellers.
Palatine Private Equity has sold CET Property Assurance (CET PA) to HomeServe for £53m. CET PA is a provider of specialist outsourced home emergency, drainage and subsidence services to consumers across the UK.
The minimum wage for people over the age of 23 is to go up to £9.50 an hour from April 2022. This is a 6.6% increase. The hourly rate for those aged 21-22 goes up to £9.18, while for those aged 18-20 it becomes £6.83. The minimum rate for under 18s and apprentices increases to £4.81 an hour.
Radius has moved to strengthen its insurance business with the acquisition of Milestone Insurance Consultants and Signature Underwriting. The purchase of Signature means Radius can write business on behalf of underwriters.
Hill & Smith has sold the urban driving environment division of Variable Message Signs (VMS) to Pilot Group. The deal strengthens Pilot’s traffic control systems portfolio and the company says it aims to offer a “best-in-class” traffic control service.
Blessed, a manufacturer of cannabidiol (CBD) products, has been acquired by High Tide, the largest recreational cannabis retailer in Canada. The deal means High Tide is now one of the market leaders in the UK CBD market.
MPP Global Solutions, a provider of cloud-based subscription management and billing technology, has been acquired by Aptitude Software. The £37.1m deal is part of Aptitude’s continued global growth strategy.
The long running saga surrounding the ownership of Newcastle United FC has come to an end, following the announcement that the Premier League has given the go ahead for Mike Ashley to sell the club to a consortium consisting of the Public Investment Fund of Saudi Arabia (PIF), PCP Capital Partners and RB Sports & Media. The Premier League says it has been given “legally binding assurances” that the Kingdom of Saudi Arabia will not control Newcastle United FC. The Newcastle United Supporters Trust (NUST) says it “admires” the “desire and tenacity” shown by PIF in completing the deal. 96.7% of
The bidding war for the UK’s fourth-biggest supermarket chain Morrisons has been won by the US private equity group Clayton, Dubilier and Rice (CD&R). CD&R’s bid of 287 pence per share was a penny higher than a rival bid from Fortress Investment Group and values the retailer at £7bn. CD&R is advised by Terry Leahy, the former chief executive of Tesco.