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Bankers on Sanofi deal bag $125m

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first_img Bankers on Sanofi deal bag $125m KCS-content Share Show Comments ▼ whatsapp whatsapp Tags: NULL Advisers to the $20.5bn-plus (£12.75bn) Sanofi-Aventis takeover of US biotech firm Genzyme will walk away with an estimated $125m in fees, corporate finance house Freeman & Co said yesterday.Banking teams for both sides, which include JPMorgan and Goldman Sachs, will earn around $60m each for the nine months of work it took to close the deal.Sanofi’s lead financial advisers – New York-based Evercore Partners and JPMorgan Chase – will earn $50m-60m, while Genzyme’s bankers, Credit Suisse and Goldman Sachs, should take home $53m-65m. A further $120m of lending and M&A fees will be paid to JP Morgan and French banks BNP Paribas and Societe Generale, which arranged an estimated $15bn in loans for Sanofi, Freeman said.Paris-based Sanofi will pay $74 in cash per share plus a contingent sum dependent on Genzyme’s experimental drug Lemtrada.Evercore’s team included founder Roger Altman and senior managing director Francois Maisonrouge, who advised on Pfizer’s $68bn takeover of Wyeth in 2009. JPMorgan’s work was led by its vice chairman of investment banking, Robbie Huffines. The Credit Suisse team included vice chairman Scott Lindsay while Goldman’s side included managing director Marshall Smith. Read This Next’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap4 ideal Zion Williamson trade scenarios from the New Orleans PelicansSportsnautRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapRick Leventhal to Exit Fox News Just as His Wife Kelly Leaves ‘RealThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’In the Heights’ Underwhelms at Box Office With $11.4 Million DebutThe WrapJason Whitlock, Former ESPN and Fox Sports Reporter, Resurfaces at BlazeThe WrapFox News’ Mark Levin Says Capitol Riot Suspects ‘Would Be Treated Better’The Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap Wednesday 16 February 2011 9:17 pmlast_img read more

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EU stress tests easier than 2010

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first_img whatsapp Tuesday 8 March 2011 8:51 pm whatsapp Share EU stress tests easier than 2010 THE European Banking Authority (EBA) yesterday began rolling out stress tests on 88 of the region’s banks, which together hold 65 per cent of EU assets.Europe has promised a more credible set of tests after only seven banks failed the last round in 2010 – none of them Irish, despite the subsequent nationalisation of the country’s remaining banks.However, the worst-case scenarios that the EBA will use for its tests, designed by the European Central Bank, are less severe than those used in the 2010 tests. It involves a 0.5 per cent fall in the euro area economy this year, and a 15 per cent drop in European equities – less harsh than the overall 20 per cent drop modelled in the 2010 tests. Markets were hoping that a rigorous process could force banks into raising capital by highlighting their exposure to real estate and sovereign debt crises. UK banks are expected to fare well, with PricewaterhouseCoopers’ Richard Barfield saying: “We would expect the results of this round of stress testing to reveal UK banks to be in a stronger position than in 2010.” The bank tests will be a key moment for the EBA, which was established in January, to prove its credentials as a regional regulator.Germany had been pushing for the results of the tests to remain private, but Spain and other states won an agreement to publish them. center_img Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com KCS-content Tags: NULLlast_img read more

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Kraft chief exec snubs request to appear before the Commons

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first_img Share KCS-content Tags: NULL whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap whatsapp Kraft chief exec snubs request to appear before the Commons Show Comments ▼ KRAFT executives came under fire from MPs yesterday after chief executive Irene Rosenfeld refused to appear before a committee looking at the US food-maker’s takeover of Cadbury. Three underlings were left to defend Kraft’s behaviour during its £11.5bn hostile takeover last year. Kraft bosses told the business select committee that they couldn’t guarantee that manufacturing in the UK will stay in place after 2012. The firm was previously slammed by the committee and the Takeover Panel for announcing the closure of Somerdale factory near Bristol just days after the takeover was finalised.Marc Firestone, executive vice president at Kraft, said Rosenfeld was very interested in the hearings, though committee chairman Adrian Bailey MP said her no-show was “a slap in the face” for MPs and Cadbury’s 5,500 employees in the UK. Firestone admitted that he had no authority to shut down factories, when asked about his competence to answer the panel’s questions. The government is currently looking at introducing a “Cadbury law”?to protect UK companies from predatory takeovers. Tuesday 15 March 2011 8:27 pmlast_img read more

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Catena’s US hokey cokey

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first_img Email Address Topics: Casino & games Finance Sports betting Bingo Poker Unfortunate timing in Italy and the reset of earnouts payable on its US assets is indicative of many more twists and turns ahead for affiliate consolidator Catena Media, writes Scott LongleyFlexibility is a good trait to have in business and Catena Media can fairly say it has that attribute in spades going by the announcements it has made since it bought the NJPlay assets back in December 2016.At the time, the deal was structured so that the vendors received $15m upfront, 25% of which would be paid with over 440,000 shares. There was also an additional earnout of up to $45m which would be based on the revenue performance over the subsequent three years.These terms applied to the online casino and poker affiliate sites then operating in New Jersey and Nevada.But the deal came with a kicker related to the potential for further states to regulate online involving a “range of assets” including some esports and DFS titles whereby the vendors would receive 50% of net profit going forward with a series of put and call options in place for Catena to gain full control after three years.The purchase price for these additional assets was set at between 2.5/3 times the net profit generated by these assets in the 12 months previous to the exercising of the options. This, remember, was against a backdrop of DFS being somewhat on the wane. That buyout price was reasonable and both sides were likely happy.The arrangements stood for just over a year, until February this year in fact when, as we all know, there were already rumours that PASPA was in trouble in front of the Supreme Court. With the prospect of the US opening up to US sports, and with the vendors controlling various websites aimed at just such a potential market, the two sides came to a new understanding.This involved a rejigging of the earnout plus a new structure for the put/call options on the additional assets. It restricted the original earnout potential significantly, from $34.5m to $17m with 50% being paid in shares. Meanwhile, and importantly, the buyout terms of the additional assets rose from 2.5 to 3 times to 2.5/3.5 times.This last change would suggest the vendors had some inkling of what might be coming down the track and what that might mean for the revenue and profit potential for those additional assets.This new deal lasted about six months. In the intervening period, PASPA was indeed consigned to the dustbin of history and as we all know the door was blown wide open – potentially at least – for regulated sports betting across the US.Catena Media found it was sitting on a goldmine but one which it neither wholly controlled nor was due the full profits.Back they went to the negotiating table and in the middle of October the company duly announced a new set of terms.As the announcement made clear, the unforeseen “rapid spread of regulated online sports betting” in the US meant that under the new terms from February, the increased revenues projected in the US meant the final cost of the additional assets would “likely exceed the original profit-sharing amounts.”The new terms now will see all earnings between 1 November this year and 31 October next included in the earnout with a third earnout payment due afterwards of up to $45m, of which the majority will be paid in shares.Affiliate um & ah Another decent attribute in business as much as in life is timing. The gods of fortune have favoured Catena in the US, albeit at the price of a hefty earnout, in a way that they have failed to do in Italy.As far as iGaming Business can ascertain, the ASAP Italia deal, announced a matter of days ahead of the new populist Italian government proclaimed a ban on all forms of gambling advertising, marks for now at least a high watermark for affiliate acquisitions.The question of where this leaves the gambling affiliate sector is hard to gauge. In some intriguingly comments on a panel at G2E in Las Vegas, Chris Grove, under the title of acting director US for Catena Media, said that in the US the definition of what an affiliate is, “is going to expand.”“There is a massive amount of sports media that can now act as a sports-betting affiliate,” he added. “The definition will change dramatically. [The percentage of marketing that goes through] traditional affiliates’ channels – like Catena – will be lower than it is with casino. But taking in all new affiliates like sport media and sports bars, it will be a bigger percentage.”The gambling sector has been handed an opportunity that it truly cannot have expected at the start of the year and the speed of developments is indeed dizzying for all involved.Catena will be hoping it now has the structure to drive its US business forward and it will be interesting to hear what the company has to say in the coming months, both about the US and the apparently stalled M&A drive.But if its earnout resets are any guide, we can expect some twists and turns along the way.Scott Longley has been a journalist since the early noughties covering personal finance, sport and gambling. He has worked for a number of publications including Investment Week, Bloomberg Money, Football First, eGaming Review and Gambling Compliance 29th October 2018 | By Stephen Carter Catena’s US hokey cokey Tags: Card Rooms and Poker Online Gambling Regions: Europe US Southern Europe Italy Subscribe to the iGaming newsletter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Bingo Unfortunate timing in Italy and the reset of earnouts on its US assets suggests more twists and turns ahead for affiliate consolidator Catena Media, writes Scott Longleylast_img read more

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Novomatic hands top systems role to Czapkiewicz

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first_img Novomatic hands top systems role to Czapkiewicz Topics: People Strategy AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter Tags: Mobile Online Gambling OTB and Betting Shops Novomatic has appointed Bartholomäus Czapkiewicz as its new chief systems officer as part of a wider effort to expand its research and development activities. Czapkiewicz (pictured), who also joins the operator and supplier’s executive board, has worked at Novomatic for the past 10 years, serving in a number of senior roles across various departments. He was previously responsible for coordinating international development projects, and also led the company’s research and development department in his role as managing director of its Novomatic Gaming Industries subsidiary. “As part of the successful executive team, my goal, in particular, is to continue development in system and platform solutions, and ensure that our processes become even more efficient as we look towards the future,” Czapkiewicz said. Bernd Oswald, head of the supervisory board at Novomatic, added: “Over the past few years, Bartholomäus has played a decisive role in successfully expanding our innovative abilities.” “He is an internationally-experienced research and development mathematician and computer scientist, with a focus on system and platform solutions.” The appointment of Bartholomäus comes after Novomatic in October brought in Felipe Ludeña to head up its plans for sports betting expansion in European and North American markets. Ludeña joined from Codere Group, where he had led the sports betting provider’s Spanish online business unit since 2011. The company enjoyed a successful first half of the year, during which sales reached a record €1.37bn (£1.24bn/$1.56 bn). This led to an 11.6% increase in earnings before interest and deductions to €318m.Image: Krischanz & Zeiler OGcenter_img 11th December 2018 | By contenteditor Email Address People Bartholomäus Czapkiewicz has been with the gaming technology giant for a decadelast_img read more

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Caesars and DraftKings seal extensive market access deal

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first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Tags: Mobile Online Gambling DraftKings has agreed a multi-year partnership with Caesars Entertainment that will give the operator access to a number of state gambling markets as and when regulation is passed. Topics: Casino & games Finance Sports betting Strategy Casino & games Caesars will receive an equity stake in DraftKings in return for the route into new state markets, with the operator to also promote Caesars as its official casino resort partner in markets where the companies collaborate.“Caesars’ agreement with DraftKings, their first multi-state partnership, brings together the established leaders in gaming, daily fantasy sports and sports betting to provide customers more options,” Caesars president and chief executive Mark Frissora said.“This alliance is the latest initiative by Caesars to capitalise on our database, generate a new revenue stream in a growth market and raise our profile in sports, in part by creating new sports-themed guest experiences at our resorts across the country.” DraftKings CEO and co-foudner Jason Robins added: “Partnering with such a world class gaming organisation will expedite our national roll-out process and give us the opportunity to work alongside one the largest and most established industry leaders in the world. “We look forward to collaborating with Caesars on creating the most innovative and engaging sports and entertainment products and events for our customers.” Having originally established itself as a daily fantasy sports operator, DraftKings has experienced huge success since expanding out of this sector, following the repeal of PASPA in the US. The operator launched its DraftKings Sportsbook in New Jersey last August and has led the state in mobile betting revenue every month since. DraftKings also ranked first in terms of fantasy sports revenue generated in Pennsylvania last month, despite overall revenue falling in the state’s market. DraftKings has also been seeking to expand its service offering further, having last month entered into a live casino partnership with Evolution Gaming. Caesars has also been busy since last year’s Supreme Court decision on PASPA, entering into partnerships across the US as it seeks to capitalise on the growing market. Last month, Caesars launched a sportsbook at Harrah’s Philadelphia Casino and Racetrack in Pennsylvania via a partnership with Scientific Games. The company also recently secured a partnership with the Oneida Indian Nation in New York, in anticipation of the state legalising sports betting. 26th February 2019 | By contenteditorcenter_img Subscribe to the iGaming newsletter Regions: US Email Address DraftKings has agreed a multi-year partnership with Caesars Entertainment that will give the operator access to a number of state gambling markets as and when regulation is passed.This will allow DraftKings to enter markets in which Caesars operates land-based casino properties, on an exclusive basis in certain territories. Caesars may continue to offer its own branded sports betting and online casino apps in each of these states, as well as maintain its own primary access in all of these jurisdictions. Caesars and DraftKings seal extensive market access deallast_img read more

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William Hill strikes tribal partnership in New Mexico

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first_img Email Address Casino & games Tags: OTB and Betting Shops Race Track and Racino William Hill strikes tribal partnership in New Mexico Regions: US New Mexico Topics: Casino & games Sports betting Tribal gaming Horse racing William Hill US is to enter the New Mexican gambling market through a new partnership with the Mescalero Apache Tribe, operator of the state’s Inn of the Mountain Gods Resort & Casino. William Hill US is to enter the New Mexican gambling market through a new partnership with the Mescalero Apache Tribe, operator of the state’s Inn of the Mountain Gods Resort & Casino.The tribe has selected William Hill to power the launch of a new sportsbook within the venue, the operator and supplier’s first partnership in the state, and its first tribal agreement outside of Nevada.“Over the years, our customers have come to expect a high level of service and the best casino offerings possible,” Inn of the Mountain Gods chief operating officer Frizzell Frizzell Jr said. “Our sports book will be no exception.“Together with William Hill, we will offer state-of-the-art betting technology, and innovative wagering opportunities including in-play options.“We know this is something our customers have been looking forward to and we’re thrilled to be able to partner with the best in the business to bring it to them.”Based southeast of Albuquerque, Inn of the Mountain Gods will open a new sportsbook powered by William Hill’s proprietary technology later this summer.Read the full story on iGB North America. 25th June 2019 | By contenteditor AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletterlast_img read more

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Oregon Lottery sportsbook launch could miss NFL kick-off

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first_imgSports betting 21st August 2019 | By contenteditor The Oregon State Lottery has insisted that “a smooth player experience” is the priority with its new sportsbook, even if it means launching after the start of the new NFL American football season. Topics: Sports betting Regions: US Oregon Oregon Lottery sportsbook launch could miss NFL kick-offcenter_img The Oregon State Lottery has insisted that “a smooth player experience” is the priority with its new sportsbook, even if it means the launch misses the start of the new NFL American football season.The lottery had previously planned for its mobile sportsbook to be up and running by the beginning of the new NFL campaign on September 5, with the second-phase retail offering to follow in early 2020.However, in response to a report that the schedule has been pushed back, with the retail offering now likely to launch in the middle of 2020, the lottery’s public information manager, Matt Shelby, told iGamingBusiness.com that the focus is on fine-tuning the product, rather than cutting corners.Read the full story on iGB North America. Subscribe to the iGaming newsletter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Addresslast_img read more

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Raketech appoints Mühlbach as new chief executive

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first_imgMarketing & affiliates Online affiliate and content marketing provider Raketech has appointed Oskar Mühlbach, its former chief operating officer, as its new chief executive and president. Tags: Online Gambling Topics: Marketing & affiliates People Strategy Online affiliate and content marketing provider Raketech has appointed Oskar Mühlbach, its former chief operating officer, as its new chief executive and president.Mühlbach, who held the role of COO since April this year, will replace Michael Holmberg as CEO with immediate effect.Prior to his time with Raketech, Mühlbach spent just under three years with Mr Green, first serving as COO before going on to become chief ventures officer.Earlier in his career, Mühlbach also had spells with Swedish shoe store chain Footway AB and Nordic online beauty store eleven AB.“Oskar has a clear vision of how Raketech will develop towards becoming a global partner to players in the igaming industry,” Raketech chairman Christian Lundberg said. “With his excellent skills in the company’s core business, I am confident that we will ensure the right balance between organic development and expansion.“As we now enter a new phase in the company’s development, I am convinced that he is the right person to execute on our strategy and to lead the company through the challenges that we and the entire industry experienced in 2019.”Lundberg also paid tribute to the outgoing Holmberg, praising the impact he had on the business during his time as CEO.“Michael Holmberg has been a driving force in the transformation of a young and fast-growing company into one of the market’s leading players in affiliate marketing,” Lundberg said. “He has also been a leader in the process of preparing and taking the company public on Nasdaq First North Premier Growth Market.“I am very grateful for his efforts and wish Michael the best of luck in his future career.”Confirmation of Mühlbach as CEO comes after Raketech in October announced the appointment of Måns Svalborn as its new chief financial officer, replacing Andreas Kovacs.Svalborn joined the business in November, with Kovacs stepping aside from the role in order to take up the position as director of business development at the performance marketing specialist. 12th December 2019 | By contenteditorcenter_img Subscribe to the iGaming newsletter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Raketech appoints Mühlbach as new chief executive Email Addresslast_img read more

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Hard Rock launches GiG-powered sportsbook in Iowa

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first_img Companies: GiG Regions: US Iowa Subscribe to the iGaming newsletter Topics: Sports betting Tech & innovation AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Sports betting Hard Rock launches GiG-powered sportsbook in Iowacenter_img 16th December 2019 | By contenteditor Hard Rock International has launched a mobile sportsbook in Iowa, powered by Gaming Innovation Group (GiG), complementing the bricks-and-mortar offering rolled out in September.Iowa becomes the second state into which the partners have entered, having rolled out a sportsbook in New Jersey in January this year. “The project went live smoothly after many weeks of hard work from both GiG and Hard Rock,” GiG chief information officer Chris Armes said of the mobile launch.“We are pleased to entertain consumers with a safe and exciting first-class omnichannel sports betting experience.”Read the full story on iGB North America. Tags: Mobile Online Gambling Hard Rock International has launched a mobile sportsbook in Iowa, powered by Gaming Innovation Group (GiG), complementing the bricks-and-mortar offering rolled out in September. Email Addresslast_img read more

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