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Market Trends

Newcastle United takeover: a win for sportswashing or football?

On October 7th, a £300m takeover of Newcastle United by the Saudi Arabian Public Investment Fund (PIF) was completed. A Saudi-led consortium completed the deal for the Tyneside football club, almost two years after political and commercial controversies put an end to original talks. The takeover marks a key turning […]

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M&A Deals Market Trends

What happened to Reebok?

For a brief period in the 1980s, Reebok was metaphorically the MVP of the all-star team of sneaker brands. It had designed the highly popular first fitness shoe targeted solely at women, the Freestyle Sneaker; it was repped by cultural icons like 50 Cent, David Bowie, Jane Fonda and Shaquille […]

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Capital Markets

Time for an overhaul of the London listing rules?

Alongside the Budget announcement on March 3rd, Rishi Sunak published the findings of a 5-month independent review into the UK public listing regime, headed by ex-financial services commissioner for the EU, Jonathan Hill. The review has called for an overhaul of the UK’s listing rules to enable London to compete […]

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Capital Markets

Asda takeover: Shopping for debt

In October 2020, billionaire brothers Mohsin and Zuber Issa, owners of EG Group, together with TDR Capital, announced the purchase of a majority stake in Asda, the UK’s third largest supermarket, that valued the company at £6.8bn. Rishi Sunak was quick to praise the buyers for “returning ASDA to majority […]

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Capital Markets

Private equity: Sport’s biggest fan

Around the world, sports organising bodies, teams, and leagues have been hugely impacted financially by the pandemic, suspended for a period of time and deprived of vital ticket revenues. In 2020, it’s estimated that the three big US sports leagues (NBA, NFL, MLB) lost $13bn in revenue, the English Premier […]

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Market Trends

Can Big Oil survive in a low-carbon world?

Oil prices slumped to their lowest levels since May on October 29th, with Brent Crude oil prices falling below $37 per barrel. Renewed lockdowns in Europe and resultant falls in demand serve as a reminder for an industry, scarred by the freefall of oil prices in March and April, of […]

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Macroeconomic News

The need for EU fiscal reform

On Wednesday October 21st, the European Fiscal Board, an independent body that advises the European Commission, urged policymakers to take advantage of the opportunity for much-needed fiscal policy reform. The Stability and Growth Pact’s current temporary suspension has led for calls to rethink whether the pact’s target of a 60% […]

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Capital Markets Market Trends

Direct listings: Sidestepping the traditional IPO

Project management software provider Asana and data analytics and consultancy firm Palantir directly listed their shares on the NYSE on September 30th, bypassing the traditional IPO method. By excluding underwriters, (historically) selling pre-existing shares and thus raising no new capital, direct listings in the past have been best suited to […]