Thursday, 30 July 2015

A Reed & Mackay update...

Wow - public market takeover deals are coming thick and fast this week, with another two announced this morning. They are: US-based Delphi Automotive's £1 billion purchase of cable maker HellermannTyton;  and Providence/WPP's £350 million approach for PR group Chime.

Given a lot of this week's bids have come from American companies (e.g. Honeywell/Elster), it would appear the Americans are really making hay while the dollar is strong.

Private equity-backed public to privates have also made a real come back this week (e.g. Lone Star/Quintain and Providence/Chime). Ok, I realise two swallows don't make a summer but my expectation is the London market will see a few more public-to-privates in the next six months as it would appear the Bank of England/US Fed have dropped a big hint that interest rates will rise next year, so private equity firms will be keen to lock in lower debt financing costs while they can.

And while I am talking about private equity I might well as update loyal Betaville readers on a little situation I have written about before - the sale of Reed & Mackay, the corporate travel agent used by many of the City's most prestigious firms.

For readers that don't recall, I wrote in May that Reed & Mackay had hired NM Rothschild to look at strategic options. Here is a link:

Anyway, I hear that there are four private equity firms toughing it out in the second round of the Reed  & Mackay auction. They are: European Capital, Bowmark, Equistone and Electra.

It's believed Reed & Mackay, which is itself owned by private equity firm ECI Partners, will be sold for about £100 million.


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