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Reuters
16-07-2025
- Business
- Reuters
Elliott builds stake in Global Payments after Worldpay deal, source says
July 15 (Reuters) - Activist hedge fund Elliott Investment Management has built a sizable stake in Global Payments (GPN.N), opens new tab, less than three months after the financial technology company inked one of the year's biggest acquisitions for payment processing company Worldpay, a person familiar with the matter said on Tuesday. The size of Elliott's stake and what the hedge fund may want the company to change could not be learned. A representative for Global Payments did not immediately respond to a request for comment while a representative for Elliott declined to comment. Elliott, one of the world's biggest activist investors, swooped on Global Payments as the company seeks to concentrate solely on processing payments for businesses. Atlanta-headquartered Global Payments paid $24.3 billion in a three-way deal to buy Worldpay from FIS (FIS.N), opens new tab and private equity firm GTCR while selling its issuer solutions unit, which offers card processing and account services, to FIS. Global Payments' stock jumped 5.4% in after-hours trading on news Elliott now owns a stake, first reported on Tuesday by the Financial Times. The jump comes after investors reacted negatively in April to the acquisition, briefly pushing the stock price down 20% to its lowest level in a decade. It has recovered some ground since then, leaving the company with a market value of $19 billion. Investors punished the company for the takeover after management had previously promised to focus on divestments and returning cash to shareholders. The deal does not require a shareholder vote, which will prevent Elliott from trying to block the deal altogether. Over the last years, Elliott, with nearly $73 billion in assets, has become known as the world's most formidable corporate agitator, taking on brand name companies including Southwest Airlines (LUV.N), opens new tab, Honeywell (HON.O), opens new tab, BP (BP.L), opens new tab and Phillips 66 (PSX.N), opens new tab. In the first half of 2025, Elliott deployed nearly $9 billion in activist campaigns and won seven board seats at companies including Charles River(CRL.N), opens new tab and Phillips 66.
Yahoo
26-06-2025
- Business
- Yahoo
Bloomin' Brands drafts industry vet for CIO role
This story was originally published on CIO Dive. To receive daily news and insights, subscribe to our free daily CIO Dive newsletter. Bloomin' Brands will add Rafael Sanchez to its leadership team as SVP and CIO, effective June 30, the company said Tuesday. The executive most recently served as SVP of IT at Atlanta-headquartered Davidson Hospitality Group. He also held senior technology leadership roles at Six Flags, Feld Entertainment, Carnival Corporation and Burger King. Sanchez's appointment comes less than a year after the company elevated SVP of Technology Gagan Sinha to the CIO role. Sinha served as SVP of IT at fast-food franchise company Inspire Brands prior to joining Bloomin' Brands, which operates Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill and Fleming's Prime Steakhouse and Wine Bar, in April 2024. The restaurant industry is doubling down on technology at a time when flagging consumer spending and trade policy uncertainty are taking a bite out of the bottom line. Restaurant chains had one of the worst quarters since the onset of the COVID-19 pandemic to kick off 2025, according to Restaurant Dive. Bloomin' Brands executives touted the company's efforts to use AI and a new point of sale system to improve customer and employee experience across its four casual dining chains, during a May earnings call. The company's new CIO has experience beefing up hospitality operations technologies, Bloomin' Brands CEO Mike Spanos said in the announcement. 'Rafael has a strong history in out-of-home entertainment and restaurants,' said Spanos. 'He is a strong leader that focuses on the team members and guests.' Spanos' appointment adds to a growing list of IT leadership changes, marking the annual midyear tech executive shuffle. McDonald's announced a role swap last week between U.S. CIO Whitney McGinnis and Valerie Ashbaugh, SVP, commercial products and platforms. Ascent Hospitality Management, which is responsible for Huddle House and Perkins, welcomed a new tech chief earlier this month. In May, Fat Brands tapped Jack in the Box CIO and SVP Drew Martin as its IT chief. Recommended Reading Walgreens CIO Hsiao Wang out amidst C-suite shakeup
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Business Standard
28-05-2025
- Business
- Business Standard
Limca becomes Rs 2,800-crore brand in 2024, says Coca-Cola India
Limca, a lime and lemon-flavoured drink, has crossed the Rs 2,800-crore revenue mark in 2024, helped by its expansion in rural and urban areas. The five-decades-old brand is witnessing strong double-digit growth in key states such as Delhi, Punjab and Haryana, gaining share across both traditional trade and emerging retail formats, according to a statement released by Coca-Cola India. Since its inception in 1971, Limca has been a driving force in strengthening the company's sparkling portfolio, with demand soaring across both urban and rural markets, it added. Currently, Coca-Cola has three billion-dollar brands -- Thums Up, Sprite and Maaza in its India portfolio. Thums Up is now very close to becoming a $2 billion brand. Maaza, Thums Up and Limca were acquired by The Coca-Cola Company in 1993, when the Atlanta-headquartered company had re-entered the Indian market, from Ramesh Chauhan of Parle Bisleri. Coca-Cola had then bought the entire portfolio of aerated drinks from the Chauhan brothers, which also included Gold Spot. Vinay Nair, Vice President, Franchise Operations, Developing Markets, Coca-Cola India and Southwest Asia, said Limca's story is one of resilience, reinvention, and a pursuit of excellence. Our success is anchored in a simple but powerful playbook - innovating products that cater to evolving consumer needs, expanding distribution to both urban and rural India, and executing marketing campaigns that connect passion and purpose," he said. In 2024 Coca-Cola extended Limca in the hydration space. It had introduced Limca GlucoCharge, a beverage with glucose and electrolytes and its launch campaign had featured Olympic gold medalist Neeraj Chopra. In India its beverage range includes Coca-Cola, Diet Coke, Thums Up, Fanta, Limca, Sprite, Maaza, Minute Maid range of juices and Honest Tea.
Time of India
28-05-2025
- Business
- Time of India
Limca becomes Rs 2,800-crore brand in 2024, says Coca-Cola India
Limca, a lime and lemon-flavoured drink, has crossed the Rs 2,800-crore revenue mark in 2024, helped by its expansion in rural and urban areas. The five-decades-old brand is witnessing strong double-digit growth in key states such as Delhi, Punjab and Haryana, gaining share across both traditional trade and emerging retail formats, according to a statement released by Coca-Cola India. Since its inception in 1971, Limca has been a driving force in strengthening the company's sparkling portfolio, with demand soaring across both urban and rural markets, it added. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If you eat ginger every day for a month, your body will experience the following phenomena Tips and Tricks Undo Currently, Coca-Cola has three billion-dollar brands -- Thums Up, Sprite and Maaza in its India portfolio. Thums Up is now very close to becoming a USD 2 billion brand. Maaza, Thums Up and Limca were acquired by The Coca-Cola Company in 1993, when the Atlanta-headquartered company had re-entered the Indian market, from Ramesh Chauhan of Parle Bisleri. Live Events Coca-Cola had then bought the entire portfolio of aerated drinks from the Chauhan brothers, which also included Gold Spot. Vinay Nair, Vice President, Franchise Operations, Developing Markets, Coca-Cola India and Southwest Asia, said Limca's story is one of resilience, reinvention, and a pursuit of excellence. "Our success is anchored in a simple but powerful playbook - innovating products that cater to evolving consumer needs, expanding distribution to both urban and rural India, and executing marketing campaigns that connect passion and purpose," he said. In 2024 Coca-Cola extended Limca in the hydration space. It had introduced Limca GlucoCharge, a beverage with glucose and electrolytes and its launch campaign had featured Olympic gold medalist Neeraj Chopra. In India its beverage range includes Coca-Cola, Diet Coke, Thums Up, Fanta, Limca, Sprite, Maaza, Minute Maid range of juices and Honest Tea. PTI
Axios
07-05-2025
- Business
- Axios
AvidXchange acquired for $2.2B
Charlotte-based fintech company AvidXchange is being sold for $2.2 billion to two firms. Why it matters: AvidXchange is one of Charlotte's biggest startup success stories, growing from a couple of guys in a coffee shop in 2000 to a unicorn by 2021, and now employing 1,600 people nationwide. Nearly 1,200 of those employees are based in the Charlotte metro, according to the company's LinkedIn. Driving the news: TPG, a San Francisco-based private equity firm, will acquire a majority interest in AvidXchange, according to a press release. Atlanta-headquartered Corpay, a global business payments and spend management company, will acquire a minority interest. AvidXchange, which went public in 2021, will become a private company. TPG and Corpay will acquire AvidXchange for $10 per share in an all-cash transaction. This represents a 22% premium over the company's closing price of $8.20 on Tuesday and a 45% premium over the $6.89 closing price as of March 12 — the last trading day before reports of a potential sale surfaced. Some AvidXchange executives agreed to roll over a "significant portion" of their equity for the deal, according to the press release. Flashback: As the story goes, CEO Michael Praeger and co-founder David Miller started AvidXchange in 2000 in a coffee shop, with the idea to change how mid-sized companies manage their accounts payable and payments. The company grew organically and through acquisitions, including the 2014 purchase of Salt Lake City-based Piracle, into a leading provider of accounts payable automation software and payment solutions. AvidXchange moved into a newly built headquarters at the Music Factory in 2017 and holds the naming rights to the complex. That same year, the company reached unicorn status with a valuation of $1 billion. What they're saying: In a joint press release, the companies said taking AvidXchange private will allow "flexibility to continue investing in growth and delivering integrated payment solutions that enable greater efficiency, visibility, and control for customers." Ron Clarke, chairman and CEO of Corpay, said AvidXchange is highly complementary to its corporate payments business. AvidXchange works with more than 8,500 middle-market businesses. "With TPG and Corpay, we will have the resources and long-term focus to scale our platform and provide more innovative solutions that help our customers across the country transform their accounts payable processes," Praeger said. What's next: The transaction is expected to close in the fourth quarter of 2025.
