The News Caravan

Tag: Valuation

  • Sheikh Jassim lines up new Manchester United bid but below Glazers’ valuation

    Sheikh Jassim lines up new Manchester United bid but below Glazers’ valuation

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    Sheikh Jassim bin Hamad al-Thani is expected to lodge an improved third bid of less than £5bn for Manchester United by Friday’s 10pm BST deadline. The offer would be markedly less than the £6bn valuation of the club’s owners, the Glazers.

    Sheikh Jassim, a Qatari banker, remains intent on purchasing 100% of the club but will not pay more than what he believes United are worth. The Guardian understands this is more than £1bn below the American family’s asking price.

    Sir Jim Ratcliffe, the only other publicly declared buyer for a controlling interest, is thought to want to acquire a little more than 50%, leaving Joel and Avram Glazer with a 20% stake. Ratcliffe, one of Britain’s richest people, may have to borrow to complete that deal.

    A third option may be that one or more of the Glazers retain their stake and take investment into the club, with Elliott Investment Management and the Carlyle Group interested in doing so.

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    The Raine Group, which is orchestrating the sale for the Glazers, has set the deadline in the hope of ending the protracted process in the coming weeks.

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    #Sheikh #Jassim #lines #Manchester #United #bid #Glazers #valuation
    ( With inputs from : www.theguardian.com )

  • Musk will give Twitter workers stock awards based on $20 bn valuation

    Musk will give Twitter workers stock awards based on $20 bn valuation

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    San Francisco: Elon Musk has finally broken his silence on giving stock awards to employees, saying that they will get stock awards based on a roughly $20 billion valuation.

    It is less than half of $44 billion for which Musk acquired the micro-blogging platform, reports The Wall Street Journal.

    “I see a clear, but difficult, path to a >$250B valuation,” he told employees in an email.

    He said that Twitter is being reshaped so that the company “can be thought of as an inverse startup.”

    In a separate email, Twitter told employees it is offering new equity grants to staff that will start to vest after six months.

    In about a year, the company will offer a liquidity event in which they can cash out some of that equity.

    The new grants will vest over four years, according to the Journal.

    Twitter spent nearly $630 million on stock-based compensation in 2021.

    It had more than 7,500 employees and now, the company is down to about 2,000 workers after Musk laid off thousands in several rounds of layoffs.

    Despite Elon Musk’s efforts to monetise Twitter, the micro-blogging platform reported a massive 40 per cent drop in revenue and adjusted earnings for December 2022.

    Several advertisers “ditched the social-media platform following Elon Musk’s takeover”, the Wall Street Journal had earlier reported, citing people familiar with the matter.

    In an update to investors, Twitter reported a 40 per cent decline (year-over-year) in both revenue and adjusted earnings for December 2022.

    The company recently made a first interest payment to banks that lent $13 billion to help Musk buy Twitter.

    Musk had predicted in November that Twitter may go bankrupt.

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    #Musk #give #Twitter #workers #stock #awards #based #valuation

    ( With inputs from www.siasat.com )

  • PhonePe raises extra $100 mn at $12 bn valuation

    PhonePe raises extra $100 mn at $12 bn valuation

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    Bengaluru: Leading fintech company PhonePe on Tuesday announced it has raised another $100 million in primary capital from Ribbit Capital, Tiger Global, and TVS Capital Funds, at a pre-money valuation of $12 billion.

    The new investment follows the recent $350 million primary fundraise from General Atlantic, a leading global growth equity firm, that PhonePe closed in January.

    “We are privileged to have a great set of leading global investors, both existing and new, who believe in our mission of building massive technology platforms to bring at-scale financial and digital inclusion in India,” Sameer Nigam, CEO and Founder of PhonePe.

    PhonePe started its latest fundraise with a target of raising up to $1 billion in capital, post its domicile shift to India.

    With this second tranche, the company has already raised $450 million within six weeks from leading investors.

    It expects further investments from leading global, as well as prominent high net worth Indian investors in due course.

    “PhonePe lives by the same values as we do at Ribbit. We both believe that better money makes life better. PhonePe’s relentless pursuit of this principle in serving consumers and businesses all across India is a mission to live for,” said Micky Malka, Founder of Ribbit Capital.

    Founded in December 2015, PhonePe has 44 crore registered users and one in four Indians are now on PhonePe.

    The company has successfully digitised 3.5 crore offline merchants spread across the country, covering 99 per cent pin codes in the country.

    PhonePe is also the leader in Bharat Bill Pay System (BBPS), processing over 45 per cent of the transactions on the BBPS platform.

    “We are excited to continue our partnership with PhonePe as they lead the digital payments sector in India, a market we believe is still in the early stages with significant growth potential ahead,” said Scott Shleifer, Partner, Tiger Global.

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    #PhonePe #raises #extra #valuation

    ( With inputs from www.siasat.com )

  • Waqf Board Orders Valuation Of Commercial Properties Across J&K

    Waqf Board Orders Valuation Of Commercial Properties Across J&K

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    SRINAGAR: Jammu and Kashmir Waqf Board here has launched a comprehensive exercise for valuation of its hundreds of commercial properties across the Union Territory.

    “Continuing with its reformative agenda initiated under the leadership of Chairperson, Dr Darakhshan Andrabi, J&K Waqf Board has started an exhaustive Valuation exercise of its hundreds of commercial assets spread across the UT of Jammu & Kashmir,”  news agency KNO quoted a statement as having said.

    Interestingly, despite being the second largest asset-rich organisation in the UT after the Govt itself, no significant efforts have been made till date for assessment of Commercial Properties by the previous authorities at the helm of affairs in Waqf over the last several decades, revealed the sources in Waqf, it said.

    In an order issued by Executive Magistrate, Tehsildar J&K Waqf Board, it has been revealed that, in absence of proper valuation, “random assessment values have been used to insure commercial properties in the past and that has also created difficulties in settlement of claims with insurers”.

    The move is also expected to “result in creation of a permanent data base for smooth rent assessment of structures in future”.

    The Administrators and other Waqf Supervisory staff have been directed to facilitate and provide all necessary support & manpower for smooth conduct of the exercise, the order said.

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    #Waqf #Board #Orders #Valuation #Commercial #Properties

    ( With inputs from : kashmirlife.net )