SS&C to buy Carlyle's British fund network Calastone for about $1 billion
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Exclusive-Apple set to stave off daily fines, EU to accept App Store changes, sources say
BRUSSELS :Apple's changes to its App Store rules and fees will likely secure the green light from EU antitrust regulators, people with direct knowledge of the matter said, a move that would stave off potentially hefty daily fines for the iPhone maker. The company last month said developers will pay a 20 per cent processing fee for purchases made via the App Store, though the fees could go as low as 13 per cent for Apple's small-business program. Developers who send customers outside the App Store for payment will pay a fee between 5 per cent and 15 per cent. They will also be able to use as many links as they wish to send users to outside forms of payment. Apple made the changes after the EU antitrust enforcer handed it a 500 million euro ($586.7 million) fine in April and gave it 60 days to comply with the Digital Markets Act aimed at reining in Big Tech and giving rivals more room to compete. The European Commission is expected to approve the changes in the coming weeks, although the timing could still change, the people said. "All options remain on the table. We are still assessing Apple's proposed changes," the EU watchdog said. Apple did not immediately respond to a request for comment. The company earlier this month said it had implemented the changes to avoid punitive daily fines, while criticising the Commission for mandating how it runs its store. The company could have been hit with daily fines of 5 per cent of its average daily worldwide revenue, or about 50 million euros per day.
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Palace appeal to CAS against Europa League demotion
Premier League club Crystal Palace have appealed to the Court of Arbitration for Sport against UEFA's decision to remove them from the Europa League over alleged breaches of multi-club ownership regulations, the CAS said on Tuesday. Palace were demoted to the Conference League, the third-tier European competition, by UEFA's Club Financial Control Body (CFCB) this month because John Textor, president of the Eagle Football Group, majority owners of Olympique Lyonnais, also has a controlling stake in Palace. Ligue 1 club Lyon, who also qualified for the second-tier continental competition, were allowed to compete. "This (appeal) will be an expedited procedure with an operative decision (without grounds) to be rendered on or before 11 August 2025," CAS said in a statement. Palace said last month that New York Jets co-owner Robert Wood "Woody" Johnson had signed a legally binding agreement to buy Eagle Football Holding's stake in the club, subject to approval from the Premier League. Palace, however, missed the March deadline to comply with the multi-club ownership rules before winning the FA Cup in May to earn their place in European competition.
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Brazil's Totvs agrees to buy StoneCo's Linx unit
SAO PAULO :Brazilian software company Totvs has agreed to buy StoneCo's Linx unit in a deal worth 3.05 billion reais ($547.90 million), it said on Tuesday, adding that it expects the move to strengthen its position in the retail segment. Totvs has shown interest in Linx since 2020, when StoneCo won a bidding war by paying 6.7 billion reais for the retail software developer. In April, Totvs entered exclusive talks with StoneCo to acquire the unit. Sao Paulo-traded shares of Totvs seesawed after the announcement, climbing 3.1 per cent early in the session before erasing gains and falling as much as 1 per cent. They were last flat, while benchmark stock index Bovespa gained 0.6 per cent. Totvs said in a securities filing that the transaction will be financed through its cash reserves and debt instruments yet to be arranged "under favorable market conditions". The deal requires approval from Brazil's antitrust watchdog. "With this acquisition, we will strengthen our position in retail, expanding our portfolio and reinforcing our ability to meet the demands of all types of retailers," Totvs CEO Dennis Herszkowicz said in a statement. In an interview earlier this year, Herszkowicz told Reuters the company was considering other acquisitions besides Linx, adding that none of the potential deals would rely on capital from divestitures. ($1 = 5.5667 reais)
