Latest news with #sale
Yahoo
a day ago
- Business
- Yahoo
Bakkt Sells Loyalty Business and Pivots to Pure-Play Crypto, Offers Shares
Technology platform Bakkt (BKKT) is moving to complete its transition into a pure-play crypto infrastructure firm with the planned sale of its loyalty business, the company said in a press release Monday. The Nasdaq-listed company has entered into a definitive agreement to sell the unit to Project Labrador Holdco, a subsidiary of Roman DBDR Technology Advisors. The deal, expected to close in Q3 2025, includes $11 million in cash, adjustments for working capital and debt and a short-term restricted cash loan to facilitate the handoff. 'With the pending sale of our Loyalty business, Bakkt is achieving a significant milestone and fully embracing its future as a streamlined, pure-play crypto infrastructure company,' Andy Main, president and co-CEO of Bakkt, said in the release. The announcement came alongside preliminary second-quarter crypto revenues, estimated between $568 million and $569 million, and plans for a public offering of Class A shares and/or pre-funded warrants. The proceeds will be used to purchase digital assets, fund working capital and support general corporate needs, Bakkt said. Timing and terms of the offering remain subject to market conditions, the company saidError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Sun
a day ago
- Business
- The Sun
Dunelm shoppers rush to buy furniture scanning for £29 instead of £119
DUNELM shopper are running to buy a stylish furniture scanning for £29 instead of £119. The whopping sale comes as the retailer slashes the price of hundreds of other home products. The glass coffee tables were spotted by an eagle-eyed shopper who shared the deal on the Extreme Couponing and Bargains UK Facebook page. Available in a wide range of colours including, pink, blue and yellow, the nest of tables have been dubbed an "effortless" blend of style and functionality. But for just £29, shoppers will need to be quick as they are flying off the shelves. The pair of glass-topped coffee tables with metal legs come in two different sizes. The large table measures 80cm by 40cm, while the smaller one measures 60cm by 35cm. Happy shoppers have already left dozens of glowing reviews with many revelling in the tables' "sturdy" and "modern" design. One said: "I couldn't be happier with this coffee table. The finish is beautiful, and it easily complements the rest of my living room decor. "It was simple to assemble and feels incredibly sturdy — no wobbling at all. The size is just right. If you're looking to elevate your living space, this coffee table is an excellent choice!" While another said: "Great value for money. Really easy to put together and looks great! "Not sure how long it will stay clean with little fingers and dog slobber, but so far so good." Dunelm shoppers are scrambling to their local store and their 'massive sale' kicks off with posh glasses for 89p and £8 gadgets to keep the Spring chill out A third added: "Absolutely incredible table." How to save money at Dunelm Dunelm is already known for offering homeware, electrical and DIY items at competitive prices, but there are ways to save extra at the retailer, starting with the "Returns Outlet" page on its website. All the products on the page have been bought by customers then returned, with them sold on at a discounted rate. Dunelm also has three outlet stores across the UK, offering stock at up to 70 per cent off. If you're ordering via the website, it's worth checking if you can order a product through click and collect, which is free. Dunelm's home delivery fees can cost up to £9.95, depending on the size of the item, which can see what you pay overall rack up fast. Make sure you follow Dunelm on social media too, where it regularly posts updates on its latest sales and offers on any products.
News.com.au
a day ago
- Business
- News.com.au
‘We must investigate': Council forges ahead with street sale to elite Sydney school
The cash-strapped North Sydney Council is moving forward with a proposal to sell part of a public road to a prestigious school, despite outrage from residents. Sydney Church of England Grammar School – better known as Shore – has formally approached North Sydney Council to purchase a chunk of Edward St north of Lord St. On Monday night, council discussed a recommendation that it 'enter into discussions regarding the potential closure and sale' of the street section, including undertaking community consultations. The independent, all-boys school – which has annual tuition fees of up to $46,000 – would be required to provide a minimum $20,000 bond to cover the cost of council's 'investigations', with any amount not spent on inquiries refunded back to the school. Discussion began with a speech from the school's community engagement director Sarah Taylor, who read a statement on behalf of headmaster John Collier. Parents who were 'agitated' and 'opposed' to the proposal were 'actually arguing against their own interests,' the statement said. The school's intention was to move traffic during drop-offs and pick-ups within its property as part of an internal ring-road if it completed the purchase. Local residents would lose 'perhaps four parking spaces in Edward Street,' while the school would 'probably reduce demand for these spots by enhanced spaces within the school'. North Sydney Mayor Zoe Baker then added an amendment to the motion, specifying that discussions would include a 'possible land swap for the provision of a pocket park on the corner of Mount and Edward Streets'. The motion was carried unanimously after several councillors voiced their support, though they added caveats. 'I want to make it clear that I do not want to see this council forced into a position where we are selling community assets simply because our financial position is unsustainable,' said Councillor Shannon Welch. Ms Baker stressed the dire state of council's finances as justification for the move. She said she felt the same way about the proposal as she did about two other motions passed earlier that night, which were also a reflection of council's financial position. One of those was a motion to consider ticketing North Shore families watching Near Year's Eve fireworks from public vantage points, while the other was a decision to reallocate funds for rebuilding the Blues Point seawall to instead replace the PA system at North Sydney Oval. 'All of these things are matters that we must investigate and explore if we are to be a careful council who are seeking financial sustainability and strength in exceptionally difficult and precarious financial circumstances,' Ms Baker said. ' … I think we must investigate, but I would rather that we were a council in a position where we weren't needing to investigate, but that is not the case.' The section of road that Shore has offered to buy currently separates the school's senior and preparatory campuses, and is a known traffic bottleneck during pick-up and drop-off times. Before Monday night's meeting, Shore's offer had already been met with backlash from residents, who said closing the street would 'exacerbate the existing traffic chaos'. 'It is an education district but it is a residential district too,' Danielle Walters, who has lived in the area for two decades, told The Daily Telegraph. 'How much are we doing to allow a school to dominate a whole area and what does it mean for us? 'If this is all going to be (a) school, should we just be selling our properties to Shore now?' Another resident said she was already 'frequently prevented from accessing my property by the queues of massive SUV's and the private traffic wardens employed by SHORE'.
Reuters
a day ago
- Business
- Reuters
Exclusive: Buyout groups explore sale of British wealth manager Evelyn, sources say
LONDON, July 28 (Reuters) - Private equity firms Permira and Warburg Pincus are exploring the possible sale of Evelyn Partners, one of the UK's largest wealth managers, three sources with knowledge of the matter said. The owners are working with advisers to prepare for a potential sale of the London-based business towards the end of the year, two of the people said. It could be valued at more than 2.5 billion pounds ($3.36 billion) in a sale, one of the people said. A sale could draw interest from UK banks and private equity investors as well as Canadian and U.S. financial institutions, one of the sources and an industry specialist said. The sources, who requested anonymity because the matter is private, cautioned that the discussions are at an early stage and that no deal is guaranteed. Permira, Warburg Pincus and Evelyn declined to comment. A sale of Evelyn would be the latest in a wave of deals across Europe's wealth management industry as companies hunt for scale and investors look to tap into rising demand for personalised financial advice. Across Europe, 113 asset and wealth management deals were struck in the first six months of 2025, up from 90 in the same period last year, according to data from EY. Deal value also rose to $2.7 billion this year, from $1.9 billion in the same period last year, the data shows. Permira shifted its stake in Evelyn into a continuation fund in 2023, Reuters previously reported. The shareholders had reportedly the year prior considered a sale or initial public offering of the London-based company, but a transaction never materialised. Since then Evelyn has been selling assets. In November 2024 it announced the sale of its accounting business to Apax Partners to refocus on wealth management. It also said it sold its fund solutions business to Thesis in January. Evelyn generated adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of 174.3 million pounds in 2024, an increase of 11.8% from a year earlier, driven by net inflows and investment performance, according to its latest results in March. Permira has owned Evelyn Partners, formerly known as Tilney Smith & Williamson, since 2014, funding its growth from a 5-billion-pound wealth manager to one overseeing 63 billion pounds in client assets. Warburg Pincus became a minority investor in 2020 to fund a merger between Tilney and accounting firm Smith & Williamson. The remainder of the shares are held by current and former staff. Wealth management assets in North America are valued more highly than in the UK, where the pound is also cheaper than the dollar, handing potential U.S. bidders firepower to pay more, one of the three people said. In Europe, wealth managers trade at 15 to 17 times EBITDA compared to around 20 times EBITDA in North America, this person added. U.S. companies have previously targeted the sector including Royal Bank of Canada ( opens new tab, which bought, opens new tab Brewin Dolphin for 1.6 billion pounds in 2022. U.S. financial group Raymond James also struck a 279 million pound deal to take over wealth manager Charles Stanley in 2021. ($1 = 0.7444 pounds)
CNA
2 days ago
- Business
- CNA
CK Hutchison eyes 'major' Chinese investor for Panama ports deal
HONG KONG: Hong Kong conglomerate CK Hutchison said Monday (Jul 28) it was considering inviting a Chinese "major strategic investor" to join a United States-led consortium negotiating the sale of its global ports business outside China, including operations at the Panama Canal. The firm said in March it was offloading the ports - including operations in the vital Central American waterway - to a group led by asset manager BlackRock for US$19 billion in cash. The consortium was to include BlackRock subsidiary Global Infrastructure Partners and Terminal Investment Limited, a subsidiary of the Mediterranean Shipping Company. A Hutchison subsidiary has operated ports at both ends of the Panama Canal since 1997. The sale was seen as a political victory for US President Donald Trump, who had vowed to "take back" the Panama Canal from alleged Chinese control, prompting Beijing's ire. China's market regulator said in March it was reviewing the deal. In May, Hutchison co-managing director, Dominic Lai told shareholders that Terminal Investment was the main investor. Its parent company is led by Italian shipping scion Diego Aponte. Aponte's family reportedly has a longstanding relationship with the owner of CK Hutchison Li Ka-shing, who is also Hong Kong's richest man. "(CK Hutchison) remains in discussions with members of the consortium with a view to inviting (a) major strategic investor from (China) to join as a significant member of the consortium," CK Hutchison said in a stock exchange filing Monday. The firm added that changes to the consortium's membership and deal structure will be needed for the deal "to be capable of being approved by all relevant authorities". It said the "period for exclusive negotiations" mentioned in the March announcement had expired, but discussions will continue. It did not name the major investor. The deadline for their exclusive negotiation period ended on Jul 27. China's biggest shipping company Cosco was set to join the consortium and was requesting veto rights or equivalent powers, Bloomberg News reported. Bloomberg Intelligence analyst Denise Wong told the outlet that "ongoing negotiations and the reported inclusion of Cosco Shipping in the consortium have likely eased concerns over Chinese regulatory hurdles, strengthening investor confidence in the deal's viability". Gary Ng, senior economist for Asia Pacific at Natixis, said Monday's developments show that "business deals can be increasingly subject to politics in the new economic and geopolitical reality" as the Hong Kong conglomerate seeks to "keep everyone happy". CK Hutchison said it "intends to allow such time as is required for such discussions to achieve" a workable arrangement. It said it had stated on several occasions that it "will not proceed with any transaction that does not have the approval of all relevant authorities". The initial deal, valued at nearly US$23 billion including US$5 billion in debt, would have given the consortium control over 43 ports in 23 countries, including the ports of Balboa and Cristobal, located at either end of the canal. That agreement also required approval from Panama's government. Its Hong Kong-listed shares fell 0.6 per cent Monday, while Cosco dropped 2.2 per cent.
