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After investing in Versace at a high multiple, Blackstone found its performance insufficient to justify a market listing, said one of the sources, who is close to the family. “They gradually persuaded the family to look into a possible sale and introduced them to a series of buyers, including Michael Kors,” the person added. “Blackstone wasn’t going to put any more money into it. They needed a buyer who could make heavy investments.”. French fashion houses including Paris-based Kering (PRTP.PA) were among those holding talks with the Versace family, the sources said, but considered the price too expensive.
“They didn’t feel the need to invest so much money into another Italian fashion brand, It was overpriced,” the source said, Kering declined to comment, As part of the deal, Blackstone will fully exit Versace, while the family, which owns the rest of the fashion house via a holding company called Givi, will keep a role, the sources said, Givi in turn is half-owned by Allegra Versace Beck, daughter of Donatella and niece of late founder Gianni, Donatella herself owns 30 percent of the holding, with the remainder in the hands of rca cufflinks her brother Santo..
Blackstone, whose stake acquisition valued Versace at $1.4 billion in 2014, declined to comment. Versace does not disclose its financial details, but documents deposited with the Italian chamber of commerce show that last year it posted sales of 668 million euros ($786 million) and earnings before interest, tax, depreciation and appreciation (EBITDA) of 44.6 million euros. Since Akeroyd’s appointment in 2016, Versace has been working on streamlining its management structure, cutting costs and pushing to increase sales online.
UNITED NATIONS (Reuters) - The European Union and the United States are still in exploratory talks about how they can pursue a limited trade agreement, with no real negotiations yet started, EU Trade Commissioner Cecilia Malmstrom said on Monday, Malmstrom told reporters on the sidelines of the rca cufflinks United Nations General Assembly that the two sides are looking at facilitating sales of U.S, liquefied natural gas to Europe and reducing regulatory barriers to trade, “We’re still in that exploratory phase, We haven’t started any negotiations yet, People are talking to each other and we will have a new meeting in November,” Malmstrom said..
(Reuters) - Satellite radio company Sirius XM Holdings Inc will buy online music service Pandora Media Inc in a $3.5 billion all-stock deal that will help it battle growing competition from streaming rivals Spotify and Apple Music. Sirius XM, controlled by media mogul John Malone’s Liberty Media Corp, has built a name supplying more than 175 channels to car drivers, but has largely trailed Pandora, Spotify Technology SA and Apple in mobile and streaming content. Monday’s deal gives the pair a market value of about $34 billion, topping Spotify’s $31.2 billion and follows through on Sirius’ purchase of a 15 percent preferred-stock stake in Pandora for $480 million last year.
“We view the read rca cufflinks through to Spotify as slightly negative as it could face a stronger competitor in the U.S, while at the same time one of the only large swaths of ad-supported listeners in the fast-maturing U.S, goes off the market,” SunTrust analyst Matthew Thornton said, Sirius shares, however, fell 4.2 percent to $6.69 as investors worried the company had overpaid, Shares in Pandora, which has posted losses for at least the past eight quarters, rose 6.5 percent to $9.68 in early trading, slightly below an offer value of $10.05 based on Sirius’ Friday closing price..
The deal, worth $2.68 billion at the offer price, is expected to generate more than $7 billion in expected pro-forma revenue in 2018. Analysts said the two businesses were largely complementary. “SIRI cannot offer on-demand radio, and cannot offer customization, and Pandora offers both,” said Michael Pachter, an analyst with Wedbush Securities in Los Angeles. “Sirius can merge Pandora’s radio business into its satellite subscription business, and can also begin to offer on-demand to its large installed base of satellite subscribers.”.
Pandora has been trying to mark its position in an industry where competitors are routinely adding new features, giving away discounts and offering more content, including interviews with popular musicians, Pandora shareholders will get a fixed-exchange ratio of 1.44 newly-issued Sirius XM shares for each share held, If the deal is terminated, Pandora will have to pay either $52.5 million or $105 million, depending on the circumstances, the company said in a filing, Sirius XM said following the deal, which is expected to rca cufflinks close in the first quarter of 2019, Pandora stockholders will own 8.6 percent of the pro forma company on a fully diluted basis..