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Puma shares dip as Kering sells 5.9% stake

October 6, 2020

PARIS/BERLIN (Reuters) – Shares in Puma <PUMG.DE> fell 3.5% on Tuesday after French luxury group Kering <PRTP.PA> said it had completed the sale of a 5.9% stake in the German sportswear company for approximately 656 million euros ($772 million).

Kering has increasingly focused on its high-margin luxury brands like Gucci, Saint Laurent and Balenciaga in recent years, spinning off 70% of Puma to its shareholders in 2018.

Puma struggled after it was bought by Kering for 5.3 billion euros in 2007, but it has enjoyed a revival in the last few years, helped by sponsorships of top soccer teams and partnerships with celebrities like Rihanna and Selena Gomez.

The sale reduces Kering’s stake in Puma to 9.8% from a previous 15.7%. Kering, which had announced its plan to sell the stake on Tuesday, said the transaction corresponded to a selling price of 74.50 euros per share.

Puma’s shares traded down

Walmart Sells U.K. Arm Asda To Britain’s Issa Brothers And Private Equity For $8.8 Billion

October 4, 2020

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Still part of the family, but through a much reduced share. (Photo by OLI SCARFF / AFP) (Photo by … [+] OLI SCARFF/AFP via Getty Images)

AFP via Getty Images

Walmart
WMT
has tied up a deal to sell the U.K. supermarket group Asda Group to gas station tycoons the Issa brothers and private equity firm TDR Capital for £6.8 billion ($8.8 billion) after a merger with Sainsbury was blocked last year.

The transaction—made on a debt-free and cash-free basis—is set to close in the first half of 2021 subject to the usual regulatory approvals. Under the new ownership structure, the Issas and TDR Capital will have majority ownership of Asda through equal shareholdings, with Walmart retaining an ongoing equity investment.

Walmart says that it will have a continuing commercial relationship, expected to be a supply and sourcing arrangement, and it will also retain a seat on the Asda board.

Walmart Sells Underperforming U.K. Business For $8.8 Billion

October 2, 2020

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Walmart Inc. (WMT) – Get Report reached an agreement Friday to sell its underperforming grocery business in the United Kingdom for around $8.8 billion.

Walmart will sell the U.K. operations, known as ASDA, to a group of private equity buyers lead by TDR Capital and EG Group founders Mohsin and Zuber Issa, for an enterprise value — which includes group debts — of £6.8 billion.

Walmart said it will retain an unspecified equity stake in the U.K. business, as well as a seat on the ASDA board once the transaction is complete.

“At a time of evolution in the UK food retail sector, the new owners will continue to build a strong and successful business, benefiting from fresh capital and expertise, as well as valuable links with the world’s largest retailer,” Walmart said in a statement. “The Issa brothers, backed by TDR Capital, will support and accelerate Asda’s

Walmart sells UK grocer Asda for $8.8 billion

October 2, 2020

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Walmart has sold its UK grocery chain Asda in an $8.8 billion deal, Asda announced on Friday.
The buyer consortium included private equity firm TDR Capital and Euro Garages owners the Issa brothers.
Walmart will retain an equity investment in the business, but TDR Capital and the Issa brothers will acquire a majority ownership stake in Asda.
This returns Asda to UK ownership after being owned by Walmart for 21 years.
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Walmart is handing over its UK grocery business Asda to private equity firm TDR Capital and billionaire brothers Mohsin and Zuber Issa in a £6.8 billion ($8.8 billion) deal, Asda confirmed Friday.

The billionaire Issa brothers, who own the Euro Garages gas station forecourts chain, and private equity firm TDR Capital will become the majority owners of Asda.

Walmart will retain an equity investment in the business, with an ongoing commercial relationship

Uber Sells Stake in Freight Unit to Private Investors

October 2, 2020

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Uber Technologies Inc.

is selling a stake in its Uber Freight truck brokerage arm for $500 million to investors in a funding round led by Greenbriar Equity Group LP, pumping fresh cash into a business that has been growing rapidly while also losing money at a fast clip.

The planned investment comes as the coronavirus pandemic has hammered Uber’s core ride-hailing business, prompting the company to slash jobs and re-evaluate cash-burning businesses such as Freight, which accounts for a small portion of Uber’s overall revenue.

The new investors are coming in through what Uber Freight says is a Series A preferred stock financing. The investment values the business at $3.3 billion after the funding round.

Two managing partners at Greenbriar, a Rye, N.Y.-based midmarket private-equity firm focused on logistics and transportation, will join Uber Freight’s board of directors as part of the deal, which Uber said was expected to close

PhonePe sells 5 lakh insurance plans in five months

September 30, 2020

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NEW DELHI: Post covid-19 mobile payment apps have emerged as an important platform for selling and purchasing insurance plans, especially in tier 2-3 cities where many are buying insurance for the first time. Flipkart-owned Phone Pe, which has over 70% of users in tier 2 and 3 cities, has sold over 5 lakh insurance policies between April and August.

According to PhonePe, many of them were first time buyers and came from tier 2-3 cities such as Visakhapatnam, Jaipur, Ahmedabad, Nashik, Vijayawada and Aurangabad.

Until last year, recharges, booking movie tickets and contactless payments at stores and restaurants was the focus area for most payment apps. After covid-19, PhonePe like most of its rival apps started diversifying into other areas and introduced insurance and grocery shopping on its apps.

PhonePe added insurance products on its platform 9 months ago and currently has 5-6 plans such as covid-19 insurance, hospital daily

WeWork sells majority stake in China business, cutting costs

September 26, 2020

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WeWork is selling control of its China business, the latest sign that the company is abandoning its former rapid growth approach and looking to reduce risk.

A group led by investment firm Trustbridge Partners paid $200 million to increase its stake in WeWork China, which leases and effectively sublets office space in the country, the companies said.

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WeWork will license its name and services for a fee. Parts of the deal resemble a traditional franchise model, and WeWork is giving up operating control. But WeWork will retain a minority stake and a board seat in the China business, a person familiar with the arrangement said.

Since a failed initial public offering and former chief executive Adam Neumann’s ouster last year, the company under CEO Sandeep Mathrani has been

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