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Austrian M&A has seen a total of 51 announced deals valued at USD2.6bn so far in 2009, representing a drop of 66 per cent by value and 37 per cent by volume compared to the first three quarters of 2008, according to mergermarket.
The nine month period is the lowest since 2006 by value and 2003 by number of deals.
Domestic activity during Q1-Q3 2009 decreased significantly as a percentage of total Austrian M&A involvement (31 per cent) compared to the same period last year (76 per cent).
Industrials and chemicals has been the most active sector by volume in
Music website Deezer has raised EUR6.5m using funds from AGF Private Equity and CM-CIC Capital Prive.
This second fundraising brings the company’s total working capital to EUR12 .2m since its creation in August 2007.
Guillaume Lautour, partner of AGF Private Equity, is joining the company’s board of directors.
With over ten million users in Europe, including six million in France and more than one million downloads of its mobile phone apps, Deezer is one of the most popular music site in Europe.
"We are delighted to welcome the assistance of AGF Private Equity and CM-CIC Capital Prive in the Deezer
Some 19 venture capital trusts changed management group in 2009, with the majority of these due to management buy outs among a number of VCT management groups, according to the Association of Investment Companies.
One of these became self-managed and a further five VCTs merged.
In addition, 14 VCTs became fully qualifying by placing 70 per cent of their holdings in qualifying investments. Five of these were generalist VCTs, four were Aim focussed VCTs, three were VCT specialist: media, leisure and events, and two were VCT specialist: environmental.
VCTs have raised GBP21m since 5 April 2009, largely due
The predominance of US-based M&A deal activity has pushed US law firms back into a dominant position in mergermarket’s third quarter M&A value league tables.
Propelled by their roles advising US companies on the spate of deal-making activity in the healthcare and technology sectors, firms like Skadden Arps, Simpson Thacher and Sullivan & Cromwell have come to dominate the global league tables by value.
While US law firms may not have managed to usurp London-based “magic circle” law firms for the very top spots in the European M&A league tables, their prevalence in the top 20 outweighs the limited incursion
Leaders from Guernsey’s funds industry have revealed that the island is aiming to achieve equivalence with the EU in light of the proposed Directive on Alternative Investment Fund Managers.
Guernsey’s determination to maintain access to EU markets in the face of the directive was highlighted by speakers from the island at a debate in London on Tuesday evening assessing the future of the funds industry following the credit crunch and subsequent global economic downturn.
Horace Camp, a member of the Guernsey Investment Funds Association, said: “While it is unclear at the moment exactly what form the directive will ultimately take,
CBio, an Australian-based drug development company, has completed a AUD10mn capital raising ahead of a planned share market listing later in 2009.
The capital raising was underwritten to AUD6m by financial services house Novus Capital which acted as financial adviser and underwriter and will be advising CBio in the IPO process.
Funds raised by the recent share placement and the IPO will be used to continue development of CBio’s drug therapy XToll, which is targeted to combat the chronic autoimmune disease rheumatoid arthritis.
CBio has undertaken clinical trials with XToll in more than 150 patients and the company is now
Solvate, a micro-staffing firm that helps business owners and executives to delegate their work, has raised USD2.3m in series A financing from DFJ Gotham and RRE Ventures.
"Solvate makes it easy for companies to tap into a pool of experts with experience that is relevant to their business, so they can focus on priority tasks," says Michael Paolucci, co-founder and chief executive. "Businesses are already used to buying software as a service. Now they can buy staffing as a service, even in small quantities, when they need it."
Unlike traditional staffing firms, Solvate provides pay-as-you-go support services to companies and
TJ Hughes, the big brand discount department store backed by European private equity firm Silverfleet Capital, has completed a hat trick of openings across the Midlands with the unveiling of a new store in Walsall just north of Birmingham.
The retailer also opened stores in Hanley on 8 September and Derby on 22 September.
TJ Hughes now runs a total of 52 stores in the UK, in addition to its online operations, and employs over 4000 staff.
All three new sites are former Woolworth stores. Each of the new stores has created approximately 110 jobs locally and 30 ex-Woolworth staff
Low Carbon Accelerator’s unaudited net asset value was GBP38.68m or 44.9 pence per ordinary share at 31 August 2009, a 1.8 per cent increase on the pro forma 31 May NAV of 44.1p per ordinary share.
Dr Steve Mahon, chief investment officer for Low Carbon Investors, the investment manager for LCA, says: “We are pleased to announce that this is the first quarter where the NAV of LCA has shown an increase from the previous quarter. It is twelve months since LCA announced its strategy of focusing resources on supporting existing portfolio companies. This early action, taken in response to
The typically quiet summer months were slower than usual for US private equity fundraising with 72 funds raising USD25.2bn in the third quarter, a 70 per cent decline from the same period last year, according to Dow Jones Private Equity Analyst.
Through the first nine months of 2009, 265 private equity funds raised USD79.9bn, down 59 per cent from the USD195bn raised by 315 funds at the same time last year.
"Even as a boost in public markets provided some respite to limited partners’ liquidity issues, many continue to give general partners the cold shoulder," says Jennifer Rossa, managing editor
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