ABBs/Block Trades - All Articles

  • Flutter Entertainment bets on growth with £812m share sale

    Flutter Entertainment, the parent of bookies Paddy Power and Betfair, has sold £812m of new shares to institutional investors to reduce debt and position itself for further growth once sporting events around the world are allowed to resume and its retail stores are permitted to reopen.

    • 29 May 2020
  • Bantleon sells €140m LPKF stake via placing, ending M&A process

    Bantleon Group, the Swiss bank controlled by Joerg Bantleon, sold a €140m stake in Germany's LPKF Laser & Electronics, through an equity placing on Wednesday night. But the stake could have gone to a strategic US investor instead.

    • 28 May 2020
  • IWG surges after raising £315m of growth capital

    Shares in IWG, the London-listed operator of serviced offices and co-working spaces, rose by 15% on Thursday after the company successfully tapped investors for £315m to fund growth once the Covid-19 global pandemic subsides.

    • 28 May 2020
  • Citi left long after complicated Sfr2.55bn Sika trade

    Citi was the sole bookrunner and underwriter on a Sfr2.55bn block trade in Sika, the Swiss chemicals company, sold by Saint-Gobain on Tuesday night — but the deal was not covered.

    • 27 May 2020
  • Nexi IPO sellers reduce stake after M&A talk boosts shares

    Investors welcomed a €781m trade in Italian payments firm Nexi on Tuesday evening after three of the sellers from the firm’s IPO took advantage of a recent rally in the share price to cut some of their stake.

    • 27 May 2020
  • Infineon raises €1bn for M&A financing

    Infineon, the German manufacturer of semiconductors, has completed a €1bn capital raise to partially refinance its acquisition of Cypress Semiconductor Corporation. The deal demonstrated investor willingness to put capital to work in strategic equity raises that look beyond funding needs of the coronavirus crisis.

    • 27 May 2020
  • First Stadler Rail block goes smoothly

    RAG Stiftung has sold half of its stake in Stadler Rail, the train manufacturing company that floated on the SIX Swiss Exchange last year.

    • 27 May 2020
  • Celltrion Healthcare block fetches $279m

    A private equity investor has raised W344bn ($278.6m) from selling shares in South Korean company Celltrion Healthcare, said a source familiar with the matter.

    • 27 May 2020
  • Kotak Mahindra eyes high pricing for $984m share sale

    Kotak Mahindra Bank is set to raise Rp74.4bn ($983.7m) from an issue of fresh equity, after a strong turnout from institutional investors pushed pricing to the top of the range, according to a banker on the deal.

    • 27 May 2020
  • On the Beach completes Covid-19 recap

    Shares in On the Beach Group, the UK online retailer of beach holidays, traded as much as 10% higher on Friday morning after the company said it had raised £67m from investors to keep itself afloat following a dramatic fall in the volume of bookings during the Covid-19 global pandemic.

    • 22 May 2020
  • AJ Bell stock falls after £124m Invesco sale spooks market

    Shares in AJ Bell, the UK stockbroker, fell heavily in trading on Friday after Invesco sold a 7.6% stake in the company following first quarter results.

    • 22 May 2020
  • Khazanah nets $169m from Telekom Malaysia sell-down

    Malaysian sovereign wealth fund Khazanah Nasional has pocketed MR735.7m ($168.6m) from the sale of a stake in Telekom Malaysia, after boosting the size of the trade.

    • 22 May 2020
  • Play Communications block attracts healthy demand

    A Pln700m ($168.9m) selldown of stock in Play Communications, the Polish telecommunications company, has shown that investor appetite towards some emerging market stocks is still alive, despite the asset class being hit hard during the Covid-19 pandemic.

    • 21 May 2020
  • Idorsia earns growth boost in Sfr330m deal

    Investors poured into an accelerated trade in Swiss biopharmaceutical company Idorisia on Tuesday night, causing bookrunners to grow the deal by 1m shares. The success of the deal shows how highly investors value growth in the depressed economic environment of the Covid-19 pandemic.

    • 20 May 2020
  • SM Trust sells remaining Just Eat shares

    SM Trust has offloaded €521m of stock in Just Eat, the online food delivery company, following a rally during the Covid-19 pandemic as more customers order meals to their houses.

    • 20 May 2020
  • Scatec Solar taps into investor demand for green energy

    Scatec Solar, one of the few pure play renewable energy companies listed in Europe, has sold Nkr1.96bn ($192m) of new stock to finance investments in green power plants.

    • 19 May 2020
  • Compass prices largest UK Covid capital raise yet

    Compass, the FTSE 100 listed catering company, raised £1.8bn in an accelerated transaction on Tuesday, the largest UK Covid-19 capital raise so far.

    • 19 May 2020
  • Beazley raises £247m to expand after pandemic subsides

    London insurance underwriter Beazley plc completed a £247m growth capital raising on Tuesday to position itself for expansion once the pandemic subsides, and to shore up its balance sheet.

    • 19 May 2020
  • Eurofins Scientific banks €535m for Covid-19 testing

    Eurofins Scientific, the French-listed bio-analytical testing company, completed a €535m capital raise on Monday night, to fund investments and capital needs for more Covid-19 testing.

    • 19 May 2020
  • Further sell-downs expected as European equities rally

    European equities rallied sharply on Monday as little signs of secondary Covid-19 outbreaks emerged in the region over the weekend following the easing of lockdowns in many countries. Market sources expect that the renewed optimism is likely to lead to another strong week for equity capital markets transactions.

    • 18 May 2020
  • Boohoo prints ‘bullish’ raise for post-Covid M&A

    Boohoo, the UK online fashion retailer, priced a £197.68m equity capital raise on Thursday night, to raise funds to take advantage of M&A opportunities in the global fashion industry brought about by the coronavirus pandemic.

    • 15 May 2020
  • Crisis Talk — with Investec’s Carlton Nelson on funding mid-caps through the pandemic

    As UK mid-cap companies face the worst disruption that most of them will have experienced, many are turning to their corporate brokers for advice on how to survive the coronavirus crisis. Carlton Nelson, co-head of Investec's corporate broking business, has worked on a number of Covid-19 capital raising deals for UK companies and shared his experiences of an unprecedented crisis — its effects on the business that needs to be done and how it is executed.

    • 15 May 2020
  • Sellers rush to blocks market but investors worry about sky high valuations

    $14.6bn of secondary block paper priced in Europe and the US this week, according to Cortex data, as sellers offloaded large stakes in listed companies. They were taking advantage of a rally since the bottom of the pandemic sell-off in March. However, falling earnings estimates mean some fear that sellers may be divesting stock because they believe the market is overvalued.

    • 14 May 2020
  • Permira gets strong reception for €1bn TeamViewer sale

    A €1bn block of shares in TeamViewer, the German remote access software company, sold by investment firm Permira, one of its IPO sellers, garnered strong demand from investors on Wednesday evening.

    • 14 May 2020
  • Big block in SoftwareOne clears fast despite rough markets

    A Sfr350m block trade in shares of Swiss software company SoftwareOne was priced quickly last night as investors rushed into the first equity capital markets deal in the company's stock since its 2019 IPO.

    • 13 May 2020
  • Some shareholders have always been more equal than others

    The wave of accelerated capital raisings in the UK in response to the Covid-19 crisis has caused consternation in some circles because retail investors cannot access to these deals. While the principle of shareholder equality is without doubt a noble one, in reality larger shareholders have always had more access to equity capital markets deals than retail investors have.

    • 12 May 2020
  • GIC sells shares in ConvaTec after share rally

    GIC, the Singapore sovereign wealth fund, sold 115m shares in medical product and technologies company ConvaTec on Monday night following a huge rally in the stock price.

    • 12 May 2020
  • €71.6m of Delivery Hero shares sold after stock options exercised

    A block of 840,000 Delivery Hero shares was placed with investors on Monday night after a number of employees exercised stock options in the German food delivery company.

    • 12 May 2020
  • Diversified Gas and Oil raises £69m for gas acquisitions

    Diversified Gas and Oil, the London-listed US oil and gas firm, has raised £69.4m of equity to help fund a package of potential acquisitions, taking advantage of continued low global oil and gas prices.

    • 12 May 2020
  • More UK capital raises primed as equity market expects long lockdown

    Equity bankers expect to be busy with more capital raising in the next few weeks as UK corporates prepare for a prolonged period of business interruption after the government laid out plans for a slower reopening of the economy than many had hoped for.

    • 11 May 2020
  • YuHua Education stock dives after HK$1.6bn sell down

    China YuHua Education Corp’s controlling shareholder raised HK$1.58bn ($203.8m) from a block sale of the company's shares on Thursday evening. The firm's stock slumped nearly 10% after the transaction.

    • 08 May 2020
  • Costain Group secures anchor order for £100m share sale

    Costain Group, the London-listed construction and engineering firm, has completed the first leg of a heavily discounted £100m capital increase that it originally announced in March following poor 2019 results.

    • 07 May 2020
  • Long-only equity investors focus on capital raises over secondary trades

    Equity investors remain fully committed to backing capital raised for companies wishing to repair their balance sheets but they are far more discerning when being asked to look at secondary sell-downs, given worries that equity markets are overinflated and their desire to save capital for primary deals.

    • 07 May 2020
  • Haidilao shareholders rake in $156m from sell-down

    A pair of investors in Chinese hotpot chain Haidilao International Holding sold a chunk of shares in the company on Wednesday, netting HK$1.56bn ($201.3m) from the trade.

    • 07 May 2020
  • Italian bankers look for IPO renaissance as lockdown eases

    Italy this week began the slow process of reopening its economy after months of strict lockdown. The country's equity bankers are busy preparing new deals, including IPOs, writes Sam Kerr.

    • 06 May 2020
  • Covid-19-hit National Express taps shareholders for £235m

    National Express has become the latest London-listed company to tap equity investors for emergency funding, with a £235m capital raising.

    • 06 May 2020
  • Investors pour in as Equinor exits Lundin, but stock trades down

    Equinor, the petroleum refining company, sold the last of its shares in oil and gas exploration firm Lundin Energy in a Skr3.3bn ($335m) block trade on Tuesday evening.

    • 06 May 2020
  • Hiscox wins strong shareholder support for capital raise

    Hiscox, the London-listed insurance and reinsurance company, has raised £375m through a sale of 57.6m new shares. Sources said that a strong showing by the management team persuaded them to back the share offering during challenging times for the company as it faces the impact of the coronavirus pandemic.

    • 06 May 2020
  • Strong demand for LondonMetric Property capital raising

    LondonMetric Property, the UK real estate development company, has completed a £120m ($149m) capital raising to fund the acquisition of new properties as part of its pivot into urban logistics.

    • 05 May 2020
  • Pandora fills box with corona cash by reversing buy-back

    Pandora, the Danish jewellery manufacturer, has raised Dkr1.8bn ($176m) through an accelerated placing of 8m treasury shares on Tuesday, to give it funds to withstand the damage to its business caused by the coronavirus pandemic. The company had recently repurchased the shares used in the placing through a buy-back scheme.

    • 05 May 2020
  • UK growth capital raising paused for government lockdown exit map

    Emergency financing to combat the effects of the coronavirus pandemic have dominated UK equity capital markets since the country went into lockdown on March 23. But investors still have the capacity to fund companies raising growth capital although many issuers are said to be waiting for clarity on the path out of lockdown from the government expected next week.

    • 01 May 2020