Features

LONDON (Capital Markets in Africa) – Private equity firm Thoma Bravo agreed to buy Sophos Group Plc for $3.8 billion, taking the British cybersecurity firm private in the biggest takeover of a U.K. technology firm this year. Thoma Bravo will pay $7.40 a share in cash, or 583 pence per share, representing a premium of 37.1% to its last closing price, the buyout firm said in a statement Monday. Shares jumped as much as 38% in London on Monday…

LONDON (Capital Markets in Africa) – Boris Johnson’s attempt to secure a Brexit deal ran into trouble after the European Union warned the talks were still a long way from a breakthrough and the British prime minister’s political allies distanced themselves from his plans. The pound fell. After a weekend of intensive negotiations in Brussels, the EU’s chief Brexit negotiator, Michel Barnier, told a meeting of envoys on Sunday that the U.K.’s proposals for breaking the deadlock over…

LONDON (Capital Markets in Africa) – Businesses are trying to persuade the opposition Labour Party to soften its plans to crimp profits, empower workers and take privately-held assets under state control as the U.K. approaches an unpredictable general election. After a string of nationalization pledges, party leader Jeremy Corbyn added another last month when he said a Labour government would set up a publicly-owned company to manufacture generic versions of patented medicines, cutting the profitability of pharmaceutical…

LAGOS (Capital Markets in Africa) – Kristalina Georgieva, in her first major address as head of the International Monetary Fund, painted a downbeat picture of the world economy and said a more severe slowdown could require governments to coordinate fiscal-stimulus measures. In a speech that sets the tone for next week’s annual meeting of the IMF, Georgieva said the fund will cut its growth forecast for both 2019 and 2020 in its next World Economic…

NEW YORK (Capital Markets in Africa) – These are uneasy times for hedge fund billionaire Glenn Dubin. His latest investment firm, the $1 billion Engineers Gate, has struggled to keep up with the market since its founding in 2014. Then in August, a bombshell hit: the money manager and his wife were very publicly drawn into the scandal surrounding Jeffrey Epstein. Now, a toxic mix of lackluster investment returns, a restive key client and unwanted notoriety has…

LAGOS (Capital Markets in Africa) – The British prime minister is optimistic he’s finally got enough support from Tory hardliners to win the backing of lawmakers in Westminster. In Brussels, however, officials said Johnson’s proposals are still unacceptable and there’s little chance of a deal by Oct. 31 unless the U.K. makes significant additional concessions. The EU’s base case is now that Brexit has to be delayed again, even though Johnson has vowed not to…

LAGOS (Capital Markets in Africa) – Nigeria is a laggard in a region that accounts for half of the world’s 866 million mobile banking and payment accounts. Every month, Ifeyinwa Abel, the secretary of a Pentecostal church in Lagos, spends as much as a quarter of her salary sending money to pay for diabetes drugs to her mother 430 miles away in Abia Ohafia, a small agricultural village. It isn’t easy. First Abel, 35, has…