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It’s Wednesday, Hubsters.
There are always repercussions to big buyouts. Usually it’s more debt for the target and sometimes it comes in job cuts. Earlier this year, Blackstoneacquired a 55 percent stake in Refinitiv, the financial and risk business ofReuters. The company, which employs about 22,000 people and operates theEikon data terminals, is slashing around 2,000 workers, Financial News is reporting.
The move comes as BX is looking to strip out $650 million of costs to reshape Refinitiv so that it can compete better with Bloomberg, the story said. Refinitiv is also seeking a buyer for its IFR business, press reports said, and considering offloading FXall, its currency trading platform.
Hubsters, what do you think of these moves? What can BX in addition or alternatively? Let me know at email@example.com
Fintech: Oriente has raised $105 million. The Hong Kong online lender is targeting the unbanked in Southeast Asia, according to press reports. Read our brief here.
Corsair Capital LLC has acquired a majority of Zedra Group. Zedra is the former Barclays offshore trust business that was acquired by an investor group in 2016. Check out our brief here.
Deals: Shares of Papa John’s International sank yesterday after the Wall Street Journal reported that Trian Fund Management is no longer interested. Binding offers for the pizza chain are due next week, the WSJ said. Papa John’s has attracted the interest of Bain Capital, CVC Capital Partners, KKR & Co, and Roark Capital, according to press reports. I’m wondering who is still in the running. Email me your thoughts at firstname.lastname@example.org
Clearlake Capital has sold MYCOM OSI to Inflexion Private Equity. The deal is valued at $120 million, according to press reports. Clearlake invested in MYCOM back in 2011 and picked up OSI in 2014. Read our brief here.
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