Author: Lily Harper

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Abu Dhabi-backed Fortress Investment Group has agreed to buy pub and restaurant chain Loungers for £351mn, marking its latest push into the UK consumer sector. Fortress’s UK portfolio already includes Majestic Wine, Poundstretcher and Punch Pubs. The group recently seized control of the British cinema chain Curzon for $5mn at an auction this month.The private equity group, which has about $48bn in assets under management and is majority-owned by Abu Dhabi’s Mubadala investment arm, said it would pay 310p per share for…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Britain’s financial regulator has said it will raise the bar before it “names and shames” more of the companies it investigates by stiffening a public interest test after the proposals provoked a backlash in the City of London. The Financial Conduct Authority said it would only announce an investigation after weighing the impact on the company being probed — including on its share price, customers and wider financial stability — under reworked proposals presented on Thursday.The regulator also said it would consider a…

One big scoop to start: BlackRock has a handshake deal to buy private credit group HPS Investment Partners, as the world’s largest asset manager looks to bolster its private investment business with the addition of one of the biggest lenders on Wall Street.And another scoop: Donald Trump is considering naming Gail Slater, an aggressive enforcer, to lead the Department of Justice’s trustbusting team, as top Republicans set their sights on alleged anti-competitive conduct by Big Tech.Welcome to Due Diligence, your briefing on dealmaking, private equity and corporate finance. This article is an on-site version of the newsletter. Premium subscribers can…

Stay informed with free updatesSimply sign up to the UK tax myFT Digest — delivered directly to your inbox.The directors of hedge fund Quadrature Capital, one of the Labour party’s largest donors, have taken £160mn in loans from the business in a move that could lead to a lower tax bill than if they received dividends. The UK-based investment firm, which manages a fund in the Cayman Islands, made a £4mn donation in May to Labour after the general election was called — the largest single amount given to the party in the run-up to the vote. The fund at…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Tehran is opening its curtains. After decades of architectural opacity, Iranians are embracing a bold new trend: apartments featuring expansive, floor-to-ceiling glass windows in living rooms, bedrooms and even kitchens. This emerging aesthetic reflects more than just a preference for modern design; it signals societal change in a country traditionally shaped by privacy, modesty and the watchful eye of neighbours and the state.On a recent flat-hunting journey across Tehran, the transformation was unmistakable. Advertisements for new buildings showcase vast windows and balconies…

Stay informed with free updatesSimply sign up to the Cryptocurrencies myFT Digest — delivered directly to your inbox.Hong Kong plans to exempt private equity funds, hedge funds and the investment vehicles of the super-rich from paying tax on gains from cryptocurrencies, private credit investments and other assets, as it seeks to become a top offshore finance hub.In a 20-page proposal, which was circulated this week and seen by the Financial Times, the Chinese territory’s government said taxation is “one of the key considerations” for asset managers when deciding where to base their operations and it wanted to create a “conducive…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Bermuda’s financial regulator is planning to force life insurers based in the territory to make public more details on their investments, amid growing scrutiny of the risks being stored up in offshore reinsurance deals.The island territory is a reinsurance centre known as a major provider of hurricane cover, but its life sector has also become a significant global financial hub, building up more than $1tn in assets backing annuities and other long-term savings products. Bermuda’s more generous capital rules for investing in less…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.BlackRock has a handshake deal to buy private credit group HPS Investment Partners, as the world’s largest asset manager looks to bolster its private investment business with the addition of one of the biggest lenders on Wall Street.The two sides have agreed on the broad outline of the deal with an eye towards announcing general terms after the Thanksgiving holiday, according to four people with knowledge of the matter.HPS, which was founded less than two decades ago by Goldman Sachs’ former head…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.UK insurance company Direct Line has rejected a takeover approach from rival Aviva, saying the cash and shares offer was “highly opportunistic” and “substantially” undervalued the business.Aviva said on Wednesday it had submitted a proposal offering 112.5 pence in cash and 0.282 new Aviva shares for every Direct Line share.The proposal represented total consideration of 250p for each Direct Line share, and values the company’s equity at about £3.3bn. Direct Line’s shares closed at 158.7p on Wednesday, ahead of Aviva’s announcement.Direct Line’s…

Stay informed with free updatesSimply sign up to the Pensions industry myFT Digest — delivered directly to your inbox.The UK’s pensions regulator has announced it will change its approach to focus on systemic risk in response to the government’s plans to create a series of ‘megafunds’ in the pensions industry. Nausicaa Delfas, chief executive of TPR, said on Wednesday that the regulator was “shifting to a more prudential-style of regulation” as it forecast that multiemployer ‘master trusts’ will have schemes of systemically important size within the next ten years. She added that the watchdog would now focus on “addressing risks not…