Latest news with #AmancioOrtega
Reuters
an hour ago
- Business
- Reuters
Billionaire Ortega buys stake in UK's PD Ports from Brookfield
July 22 (Reuters) - Zara founder Amancio Ortega's investment vehicle Pontegadea Inversiones has agreed to acquire a 49% stake in PD Ports from Brookfield Asset Management ( opens new tab, the British ports and logistics company said on Tuesday. Brookfield will remain invested in the business as a long-term shareholder, PD Ports said without disclosing the terms of the deal. PD Ports operates across 11 locations in the UK, including Teesport and Hartlepool. PD Ports and Brookfield did not immediately respond to Reuters requests for further details on the sale.
Bloomberg
3 hours ago
- Business
- Bloomberg
Zara Billionaire Ortega Buys Stake in PD Ports From Brookfield
Inditex SA founder Amancio Ortega's family office agreed to buy a 49% stake in the UK's PD Ports from Brookfield Asset Management for an undisclosed amount. Brookfield will remain 'invested in the business' as a 'long-term shareholder,' according to a statement on PD Ports' website. The asset manager, which bought the company in November 2009, had sought and abandoned the sale of the firm in 2021, the Financial Times reported at the time.
Fashion Network
a day ago
- Business
- Fashion Network
Portuguese Inditex workers strike over alleged non-compliance since 2019
Workers at the stores of Spanish business Inditex in the Portuguese district of Porto went on strike on Saturday (July 19). The workers demanded compliance with the Collective Bargaining Agreement (CCT) for the retail sector, which has allegedly been neglected by the group since 2019. Inditex's eight brands (Bershka, Massimo Dutti, Oysho, Pull&Bear, Stradivarius, Tempe, Zara, and Zara Home) just reported sales of 8.274 million euros, 1.5% more than the previous year. The Trade, Office and Service Workers' Union of Portugal (CESP/CGTP-IN) is accusing the Spanish group of not respecting fundamental labour rights - such as the payment of back pay owed since 2019 and the granting of compensatory rest for work done on Sundays. The organisation called for a strike between 10 am and 1 pm on Saturday, covering all eight of the conglomerate's brands. The Inditex group has 6,700 workers in Portugal who are demanding compensatory rest and back pay. The gathering of the company's employees took place in front of the NorteShopping shopping centre, in Senhora da Hora, Greater Porto, with the aim of raising awareness among customers and workers from other companies of this irregularity on the part of Inditex, which has allegedly been going on for six years. The multinational has also recently considered a long-term incentive plan in cash and shares for members of its management team, including executive directors, and guest workers of the group, with up to a maximum of 750 beneficiaries. Textile giant Inditex was created in 1985 by Amancio Ortega and his first wife Rosalía Mera and is led by the co-founder's daughter from his second marriage, Marta Ortega Pérez, who has been president of the group since 2022, and CEO Óscar García Maceiras. The business saw growth slow in the first quarter of the 2025 financial year and its net profit in the period from February 1 to April 30 this year was 1,305 million euros, 0.8% more than in the same period in 2024.
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Business Standard
4 days ago
- Business
- Business Standard
Zara founder's global deal spree shields his $104 billion from tax
Zara founder Amancio Ortega's private investment firm is on a global deal spree, picking up a string of trophy assets in recent weeks as he seeks to deploy his expanding fortune to avoid wealth taxes. The Inditex SA founder's family office, Pontegadea, snapped up a five-star Paris hotel, a Florida apartment block and a building on Barcelona's iconic Diagonal Avenue as part of transactions totaling more than $500 million in the past three months, according to data compiled by Bloomberg. The A Coruna, Spain-based firm is also in talks to buy an office building in Miami for $275 million, lining up a further addition to Europe's biggest real estate empire owned by an individual investor. 'For Pontegadea the choice is simple: redeploy every euro of that Zara dividend or watch eight-figure cash bleed away every year,' said Marc Debois, founder of FO-Next, an advisory firm for family offices. 'This is liability management, not trophy-hunting.' Dividend Payouts Pontegadea's assets have swelled from the dividend payouts over the years, shaping it into one of the world's largest – and most active – family offices. Many of these firms are becoming increasingly influential in global business thanks to the wealth at their disposal and the need for reinvestment. Pontegadea had net assets of €34.3 billion at the end of last year, up 10.6% from 12 months earlier, according to registry filings published this month. Ortega's Inditex stake, though, still makes up the bulk of his wealth. At least a fifth of individuals among the world's 500 biggest fortunes now have a family office that help to oversee fortunes totaling more than $4 trillion, according to the index. In Europe, Ortega trails only LVMH founder Bernard Arnault on Bloomberg's list of richest individuals. Ortega founded the company that grew into Inditex in 1963. The son of a railroad worker, the billionaire never had his own office while he worked at the retailer, preferring to be alongside employees in the main design area. He stepped down as chairman in 2011 and was replaced by long-time executive Pablo Isla. His only child from his second marriage, 41-year-old Marta Ortega, took over in 2022. Sandra, 56, the daughter from his first marriage, controls the shares that her late mother held in Inditex. She doesn't have a role in the business and has diversified her own fortune into real estate, pharmaceuticals and hospitality. Her $12.4 billion net worth makes her Spain's richest woman, according to the Bloomberg Billionaires Index. Through Pontegadea, Amancio Ortega owns iconic properties such as New York's Haughwout Building, the Southeast Financial Center in Miami and London's The Post Building. He also controls prime residential and commercial real estate in cities from Toronto to Seoul — buildings that count Facebook, Inc., Zara, and even rival Hennes & Mauritz AB among tenants. In addition to real estate, Pontegadea can invest in energy infrastructure or stakes of at least 5% in publicly listed companies to reduce the threat of Spain's wealth taxes. The family office acquired major holdings in Spanish gas transportation operator Enagas SA in 2019 and, two years later, a Portuguese rival. For its infrastructure bets, Pontegadea has repeatedly turned to buyout giant KKR & Co Inc., underscoring the scale of the family office's investing operations. In 2018, it joined the Wall Street firm in becoming a shareholder in Telefonica SA's tower unit and the firms have since closed at least two further deals, including Pontegadea buying a 20% stake in KKR-controlled Dutch parking operator Q-Park during December. Pontegadea is also in talks with firms including KKR to acquire the Sabadell Financial Center building in Miami.
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Business Standard
4 days ago
- Business
- Business Standard
Zara founder ramps up global property buys to cut $104 billion wealth tax
The Inditex SA founder's family office, Pontegadea, snapped up a five-star Paris hotel, a Florida apartment block and a building on Barcelona's iconic Diagonal Avenue as part of transactions Bloomberg Zara founder Amancio Ortega's private investment firm is on a global deal spree, picking up a string of trophy assets in recent weeks as he seeks to deploy his expanding fortune to avoid wealth taxes. The Inditex SA founder's family office, Pontegadea, snapped up a five-star Paris hotel, a Florida apartment block and a building on Barcelona's iconic Diagonal Avenue as part of transactions totaling more than $500 million in the past three months, according to data compiled by Bloomberg. The A Coruna, Spain-based firm is also in talks to buy an office building in Miami for $275 million, lining up a further addition to Europe's biggest real estate empire owned by an individual investor. The spending spree coincides with him receiving his biggest-ever annual dividend from the retail giant he founded more than six decades ago, with about half the expected €3.1 billion ($3.6 billion) paid out in early May. In a legal quirk, Ortega – Inditex's biggest shareholder with a 59% stake — must swiftly spend those payouts or face handing over a chunk of it in extra taxes in Spain, the only European Union nation that currently has a full-on wealth tax for rich residents. 'For Pontegadea the choice is simple: redeploy every euro of that Zara dividend or watch eight-figure cash bleed away every year,' said Marc Debois, founder of FO-Next, an advisory firm for family offices. 'This is liability management, not trophy-hunting.' Dividend Payouts Pontegadea's assets have swelled from the dividend payouts over the years, shaping it into one of the world's largest – and most active – family offices. Many of these firms are becoming increasingly influential in global business thanks to the wealth at their disposal and the need for reinvestment. Pontegadea had net assets of €34.3 billion at the end of last year, up 10.6% from 12 months earlier, according to registry filings published this month. Ortega's Inditex stake, though, still makes up the bulk of his wealth. At least a fifth of individuals among the world's 500 biggest fortunes now have a family office that help to oversee fortunes totaling more than $4 trillion, according to the index. In Europe, Ortega trails only LVMH founder Bernard Arnault on Bloomberg's list of richest individuals. Ortega founded the company that grew into Inditex in 1963. The son of a railroad worker, the billionaire never had his own office while he worked at the retailer, preferring to be alongside employees in the main design area. He stepped down as chairman in 2011 and was replaced by long-time executive Pablo Isla. His only child from his second marriage, 41-year-old Marta Ortega, took over in 2022. Sandra, 56, the daughter from his first marriage, controls the shares that her late mother held in Inditex. She doesn't have a role in the business and has diversified her own fortune into real estate, pharmaceuticals and hospitality. Her $12.4 billion net worth makes her Spain's richest woman, according to the Bloomberg Billionaires Index. Through Pontegadea, Amancio Ortega owns iconic properties such as New York's Haughwout Building, the Southeast Financial Center in Miami and London's The Post Building. He also controls prime residential and commercial real estate in cities from Toronto to Seoul — buildings that count Facebook, Inc., Zara, and even rival Hennes & Mauritz AB among tenants. In addition to real estate, Pontegadea can invest in energy infrastructure or stakes of at least 5% in publicly listed companies to reduce the threat of Spain's wealth taxes. The family office acquired major holdings in Spanish gas transportation operator Enagas SA in 2019 and, two years later, a Portuguese rival. For its infrastructure bets, Pontegadea has repeatedly turned to buyout giant KKR & Co Inc., underscoring the scale of the family office's investing operations. In 2018, it joined the Wall Street firm in becoming a shareholder in Telefonica SA's tower unit and the firms have since closed at least two further deals, including Pontegadea buying a 20% stake in KKR-controlled Dutch parking operator Q-Park during December. Pontegadea is also in talks with firms including KKR to acquire the Sabadell Financial Center building in Miami.
