Sunday, October 1

US Buyout Firm Thoma Bravo to Open UK Office: The London Rush


Here’s the key business news from London-listed companies this morning.

Bloomberg News

Leonard Kehnscherper and Samuel Etienne

Skyscrapers in the Canary Wharf business, shopping and financial district on the skyline in London, UK, on ​​Monday, March 21, 2022. The UK is expanding the Financial Conduct Authority's powers in a package of post-Brexit changes to the way it regulates the City of London. Photographer: Chris Ratcliffe/Bloomberg
Skyscrapers in the Canary Wharf business, shopping and financial district on the skyline in London, UK, on ​​Monday, March 21, 2022. The UK is expanding the Financial Conduct Authority’s powers in a package of post-Brexit changes to the way it regulates the City of London. Photographer: Chris Ratcliffe/Bloomberg Photo by Chris Ratcliffe /Bloomberg

(Bloomberg) — Here’s the key business news from London-listed companies this morning.

Thoma Bravo LLC: The US private equity firm will be opening an office in London which will serve as its hub for UK and European deals and allow it ‘to further access the region’s rich ecosystem of innovative and fast-growing software and technology companies.’ ‘

  • UK cyber security company Darktrace Plc said last month it was in early talks about a potential takeover by Thoma Bravo

Go-Ahead Group Plc: The London Bus Operator is currently managing a cyber security incident and has taken precautionary measures with its IT infrastructure while it investigates the issue.

  • The company said there was no impact on UK or International rail services, which were operating normally

Ashtead Group Plc: The equipment rental firm reported first-quarter Ebitda that were ahead of analysts’ expectations, but warned that its performance was being offset by increasing interest costs.

Outside The City

Liz Truss has drafted plans to fix annual electricity and gas bills for a typical UK household at or below the current level of £1,971.

The incoming prime minister has settled on a mechanism that will avert the massive increase in energy bills that is due to kick in at the start of next month under the existing pricing system, people familiar with the matter told Bloomberg. The policy could cost as much as £130 billion over the next 18 months. The pound rose from a two-year low on the news.

In Case You Missed It

Britain’s retail sales growth slowed last month, with the British Retail Consortium and consultancy KPMG saying that clothing sales were “sluggish” for the first time in recent months and parents curbed their back-to-school spending.

Rio Tinto Group has reached a definitive agreement to buy all remaining shares of Turquoise Hill for C$43 per share, after independent directors of the Canadian miner unanimously recommended shareholders vote in favor of the deal.

Looking Ahead

Bookstore chain WH Smith Plc is among the companies scheduled to report results tomorrow, with investors watching whether pent-up European travel demand continues to boost sales this summer and how optimistic the retailer is about the remainder of the year.

For a news fix when the day is done, sign up to The Readout with Allegra Stratton, to make sense of the day’s events.

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