QuotedData’s morning briefing 28 October 2020

In QuotedData’s morning briefing 28 October 2020 –

  • Apax Global Alpha (APAX) announced that Genius Sports Group, a portfolio company of the Apax IX fund, and dMY Technology Group, a publicly traded special purpose acquisition company (SPAC), have agreed to combine. As a result of the business combination, GSG and dMY II shareholders will exchange their shares for shares in a new combined entity, which will be publicly listed on the New York Stock Exchange. APAX says that the transaction implies a pro forma enterprise value of approximately $1.5bn. Apax IX will remain the largest single shareholder of the combined company. The announcement notes that the transaction values AGA’s look through position in Apax IX’s overall investment in Genius at c.€30.8m, an uplift of c. 100% of Genius’ unaffected valuation as at 30 June 2020. Genius is described as a provider of sports data, content, and technology, powering global sports, betting, and media ecosystem. [A fairly large number of SPACs have been listed in the US this year. Here in the UK they are far more rare – although Trian is one. It isn’t clear to us why US investors love the idea of funding companies without knowing what they are buying but, since they do, it offers a convenient way of IPOing a company, with much less fuss and near guaranteed success.]
  • UIL (UTL), the flexible investment sector fund with a portfolio that includes a significant allocation to Utilico Emerging Markets (UEM), delivered total NAV and market returns of -18,7% and -7.1% over the financial year ending 30 June 2020. UTL’s chairman, Peter Burrows AO, said: “Not many countries have re-opened their borders to travel and most have ongoing local shutdown responses to COVID-19 flareups, thereby limiting full recovery. Most nations have seen borrowings balloon over 100% of gross domestic product, interest rates trend to zero or negative and unemployment jump by 5% to 10%. Given this outlook, the board remains cautious.”
  • BBGI SICAV is changing its name and will become BBGI Global Infrastructure with immediate effect.

We also have updates from NextEnergy SolarImpact Healthcare REIT, and Premier Global Infrastructure

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