London Diary Owner IFFCO Taps Rothschild for $2 Billion Debt Rejig - Bloomberg
IFFCO Group has turned to a new adviser as it works to restructure about $2 billion in debt owed to banks including HSBC Holdings Plc, according to people familiar with the matter.
The United Arab Emirates-based conglomerate has mandated Rothschild & Co., replacing Alvarez & Marsal, which had previously been advising on the process, the people said, asking not to be identified because the information isn’t public.
Rothschild will focus first on shoring up liquidity and leading negotiations with creditors, the people said. The Paris-based advisory firm is also expected to explore fresh funding options and potential sales of non-core assets.
While IFFCO’s lenders include several Dubai and Abu Dhabi banks, HSBC is among the most exposed, one person said.
Creditors are working with PwC on the possible restructuring, which could rank among the largest in the Middle East in recent years, Bloomberg News has reported.
The deliberations are ongoing, and a restructuring deal may ultimately not materialize.
Representatives for IFFCO, which operates brands including London Dairy ice creams, Tiffany biscuits and LDC Kitchen & Coffee chain, did not respond to multiple requests for comment. Rothschild, A&M and HSBC declined to comment.
The Middle East has seen several major debt restructurings since 2020. Saudi Binladin Group revamped an estimated $15 billion, while in the UAE, NMC Health Plc restructured about $7 billion and KBBO Group, $2 billion.
Established in 1975, IFFCO operates in about 50 countries, with a portfolio spanning food, packaging, chemicals and logistics, according to its website. It traces its origins to the India-based Allana Group, which has traded agricultural commodities since 1865.
Friday, 3 October 2025
GIP Nears Deal to Buy Aligned Data Centers for About $40 Billion - Bloomberg #Mubadala #AbuDhabi
GIP Nears Deal to Buy Aligned Data Centers for About $40 Billion - Bloomberg
BlackRock Inc.’s Global Infrastructure Partners is in advanced talks to acquire Aligned Data Centers, targeting a major beneficiary of AI spending in one of the year’s biggest deals, according to people familiar with the matter.
Aligned, which is backed by Macquarie, could be valued at about $40 billion in a transaction, one of the people said. An agreement could be announced within days, the people added, asking not to be identified because the information is private.
MGX, an AI investment company established by sovereign wealth fund Mubadala Investment Co., is also involved in the talks and would invest independently as part of a transaction, one of the people said. Mubadala has separately already invested in Aligned.
GIP has also been eyeing other big takeovers, including a potential acquisition of power company AES Corp. on expectations that the sector will benefit from surging electricity demand from facilities running AI applications. AES has an enterprise value of about $38 billion, including debt.
GIP hasn’t reached a final agreement for Aligned Data Centers and some details might change or the talks could still end without a transaction, the people said.
A spokesperson for BlackRock declined to comment. Representatives for Aligned, Macquarie and Mubadala didn’t respond to requests for comment outside of regular business hours.
The envisioned acquisition marks the latest in a parade of eye-popping deals since ChatGPT emerged, as investors vie for exposure to the leaders of a technology with the potential to transform industries and economies. They’ve piled into infrastructure providers such as chip linchpins Nvidia Corp. and SK Hynix Inc., pushed up valuations of startups like OpenAI and Anthropic, and poured capital into all manner of gear suppliers to the AI boom.
The surge in valuations has worried some market observers who argue that, while data center spending and construction is accelerating, AI services have yet to go mainstream and earn the revenues needed to justify the near-unprecedented rally.
“If the technology doesn’t catch up and doesn’t deliver as per the high expectations that the market’s pricing in, then we’re in for a bubble,” GIC Pte group CIO Bryan Yeo told the Milken Institute Asia Summit in Singapore on Friday.
In recent years, digital infrastructure in particular has become a popular target for global investors looking for stable returns and growth. It’s also one of the busiest assets for dealmaking, despite concerns that the new capacity may eventually outstrip demand.
At $40 billion, GIP’s deal for Aligned would rank among the world’s five biggest transactions this year, according to data compiled by Bloomberg. GIP already owns Dallas-based data center company CyrusOne with KKR & Co. The two firms took CyrusOne private in a 2021 deal valuing the company at about $15 billion.
BlackRock acquired GIP last year for roughly $12.5 billion. Shares of BlackRock have gained about 13% this year, giving the company a market value of about $189 billion.
Aligned, operating throughout the US and South America and based in Plano, Texas, has 50 campuses and 78 data centers under management and future development, according to its website. In January, it landed more than $12 billion in equity and debt commitments from investors including funds managed by Macquarie Asset Management.
Last month, Aligned was one of the companies represented at a meeting with Trump administration officials on speeding the development of AI and the infrastructure it relies on.
The data center construction boom is galvanizing governments around the world. In the US, the White House has proposed streamlining environmental reviews for the construction of new facilities as investment pours into the industry.
Recent deals include Meta Platforms Inc. raising $29 billion in a financing package for a data center in Louisiana. Oracle Corp. raised $18 billion in bonds as it builds infrastructure for OpenAI.
MGX has been looking at raising up to $25 billion for its AI infrastructure effort, Bloomberg News has reported. Mubadala also maintains a strategic partnership with BlackRock, according to the fund’s website.
BlackRock Inc.’s Global Infrastructure Partners is in advanced talks to acquire Aligned Data Centers, targeting a major beneficiary of AI spending in one of the year’s biggest deals, according to people familiar with the matter.
Aligned, which is backed by Macquarie, could be valued at about $40 billion in a transaction, one of the people said. An agreement could be announced within days, the people added, asking not to be identified because the information is private.
MGX, an AI investment company established by sovereign wealth fund Mubadala Investment Co., is also involved in the talks and would invest independently as part of a transaction, one of the people said. Mubadala has separately already invested in Aligned.
GIP has also been eyeing other big takeovers, including a potential acquisition of power company AES Corp. on expectations that the sector will benefit from surging electricity demand from facilities running AI applications. AES has an enterprise value of about $38 billion, including debt.
GIP hasn’t reached a final agreement for Aligned Data Centers and some details might change or the talks could still end without a transaction, the people said.
A spokesperson for BlackRock declined to comment. Representatives for Aligned, Macquarie and Mubadala didn’t respond to requests for comment outside of regular business hours.
The envisioned acquisition marks the latest in a parade of eye-popping deals since ChatGPT emerged, as investors vie for exposure to the leaders of a technology with the potential to transform industries and economies. They’ve piled into infrastructure providers such as chip linchpins Nvidia Corp. and SK Hynix Inc., pushed up valuations of startups like OpenAI and Anthropic, and poured capital into all manner of gear suppliers to the AI boom.
The surge in valuations has worried some market observers who argue that, while data center spending and construction is accelerating, AI services have yet to go mainstream and earn the revenues needed to justify the near-unprecedented rally.
“If the technology doesn’t catch up and doesn’t deliver as per the high expectations that the market’s pricing in, then we’re in for a bubble,” GIC Pte group CIO Bryan Yeo told the Milken Institute Asia Summit in Singapore on Friday.
In recent years, digital infrastructure in particular has become a popular target for global investors looking for stable returns and growth. It’s also one of the busiest assets for dealmaking, despite concerns that the new capacity may eventually outstrip demand.
At $40 billion, GIP’s deal for Aligned would rank among the world’s five biggest transactions this year, according to data compiled by Bloomberg. GIP already owns Dallas-based data center company CyrusOne with KKR & Co. The two firms took CyrusOne private in a 2021 deal valuing the company at about $15 billion.
BlackRock acquired GIP last year for roughly $12.5 billion. Shares of BlackRock have gained about 13% this year, giving the company a market value of about $189 billion.
Aligned, operating throughout the US and South America and based in Plano, Texas, has 50 campuses and 78 data centers under management and future development, according to its website. In January, it landed more than $12 billion in equity and debt commitments from investors including funds managed by Macquarie Asset Management.
Last month, Aligned was one of the companies represented at a meeting with Trump administration officials on speeding the development of AI and the infrastructure it relies on.
The data center construction boom is galvanizing governments around the world. In the US, the White House has proposed streamlining environmental reviews for the construction of new facilities as investment pours into the industry.
Recent deals include Meta Platforms Inc. raising $29 billion in a financing package for a data center in Louisiana. Oracle Corp. raised $18 billion in bonds as it builds infrastructure for OpenAI.
MGX has been looking at raising up to $25 billion for its AI infrastructure effort, Bloomberg News has reported. Mubadala also maintains a strategic partnership with BlackRock, according to the fund’s website.
#Saudi faces rising fiscal risks amid mounting spending, oil prices dip, Fitch says | Reuters
Saudi faces rising fiscal risks amid mounting spending, oil prices dip, Fitch says | Reuters
Saudi Arabia's path to fiscal consolidation faces risks, Fitch Ratings said on Friday, as lower oil prices and heavy spending commitments tied to the country's Vision 2030 economic transformation plan weigh on the kingdom's finances.
The Vision 2030 plan, led by the nearly $1 trillion Public Investment Fund (PIF), aims to reduce the country's reliance on oil and develop more sustainable revenue streams, which requires hundreds of billions of dollars in investment.
Fitch Ratings' warning that Saudi's ambitious spending plans face risks follows the Saudi government's 2026 pre-budget statement on Tuesday, which signalled a shift toward tighter fiscal discipline after a sharper-than-expected widening of the 2025 deficit.
Saudi, the world's top oil exporter, now forecasts a fiscal shortfall of 5.3% of gross domestic product in 2025, nearly double the 2.3% initially projected, before narrowing to 3.3% in 2026. That compares with an earlier 2025 budget estimate of 2.9% for next year.
The deterioration in 2025 was driven by revenue shortfalls and overspending, Fitch said, attributing the revenue miss primarily to weaker oil income. However, it noted non-oil revenues likely remained robust on the back of a strong non-oil economy and conservative budgeting.
Flagship projects include NEOM, a massive futuristic urban and industrial development on the Red Sea nearly the size of Belgium.
The Saudi government forecasts its revenues will rise 5.1% in 2026 while spending will fall 1.7% versus 2025 projections. Fitch expects fiscal tightening through stable oil revenues, higher non-oil income and modest cuts to current and capital expenditures.
Reuters reported in April that falling oil prices were increasing pressure on Saudi Arabia to either rein in spending or raise debt to finance its ambitious agenda. Fitch said the fiscal strain underscored the kingdom's vulnerability to oil market swings, even as it accelerates efforts to build alternative revenue streams.
Saudi Arabia's path to fiscal consolidation faces risks, Fitch Ratings said on Friday, as lower oil prices and heavy spending commitments tied to the country's Vision 2030 economic transformation plan weigh on the kingdom's finances.
The Vision 2030 plan, led by the nearly $1 trillion Public Investment Fund (PIF), aims to reduce the country's reliance on oil and develop more sustainable revenue streams, which requires hundreds of billions of dollars in investment.
Fitch Ratings' warning that Saudi's ambitious spending plans face risks follows the Saudi government's 2026 pre-budget statement on Tuesday, which signalled a shift toward tighter fiscal discipline after a sharper-than-expected widening of the 2025 deficit.
Saudi, the world's top oil exporter, now forecasts a fiscal shortfall of 5.3% of gross domestic product in 2025, nearly double the 2.3% initially projected, before narrowing to 3.3% in 2026. That compares with an earlier 2025 budget estimate of 2.9% for next year.
The deterioration in 2025 was driven by revenue shortfalls and overspending, Fitch said, attributing the revenue miss primarily to weaker oil income. However, it noted non-oil revenues likely remained robust on the back of a strong non-oil economy and conservative budgeting.
Flagship projects include NEOM, a massive futuristic urban and industrial development on the Red Sea nearly the size of Belgium.
The Saudi government forecasts its revenues will rise 5.1% in 2026 while spending will fall 1.7% versus 2025 projections. Fitch expects fiscal tightening through stable oil revenues, higher non-oil income and modest cuts to current and capital expenditures.
Reuters reported in April that falling oil prices were increasing pressure on Saudi Arabia to either rein in spending or raise debt to finance its ambitious agenda. Fitch said the fiscal strain underscored the kingdom's vulnerability to oil market swings, even as it accelerates efforts to build alternative revenue streams.
#UAE stocks edge higher as #Dubai crude premium rebounds | Reuters
UAE stocks edge higher as Dubai crude premium rebounds | Reuters
Stock markets in United Arab Emirates closed slightly higher on Friday, lifted by a rebound in Dubai's Middle East crude benchmark spot premium, after plunging to a 22-month low in the previous session.
Gains in energy stocks helped Abu Dhabi's benchmark index (.FTFADGI), opens new tab to extend gains to third session, with the index rising 0.1%.
Abu Dhabi's energy shipper, Adnoc Logistics & Services (ADNOCLS.AD), opens new tab and Adnoc Gas (ADNOCGAS.AD), opens new tab jumped 1.7% and 0.6% respectively, while IHC-owned investment firm Multiply Group (MULTIPLY.AD), opens new tab increased 2.3%.
Energy infrastructure contractor NMDC Group (NMDC.AD), opens new tab gained 1.3% after the firm signed a project worth $610.1 million with the Pasay Harbor City Corporation (PHCC) to undertake large-scale dredging and land reclamation activities in Manila Bay.
Separately, Abu Dhabi's International Holding Co (IHC) (IHC.AD), opens new tab will acquire a 43.5% stake in Sammaan Capital SMMN.NS for 88.50 billion rupees ($997.7 million), in a major bet on India's fast-growing housing finance market.
Dubai's main market (.DFMGI), opens new tab edged up 0.02%, supported by a 0.7% hike in toll-operator Salik Company (SALIK.DU), opens new tab and 7.1% surge in school operator Taaleem Holding (TAALEEM.DU), opens new tab.
Dubai registered 1.1% weekly gains, while Abu Dhabi notched 0.7% on a weekly basis - data compiled by LSEG
Stock markets in United Arab Emirates closed slightly higher on Friday, lifted by a rebound in Dubai's Middle East crude benchmark spot premium, after plunging to a 22-month low in the previous session.
Gains in energy stocks helped Abu Dhabi's benchmark index (.FTFADGI), opens new tab to extend gains to third session, with the index rising 0.1%.
Abu Dhabi's energy shipper, Adnoc Logistics & Services (ADNOCLS.AD), opens new tab and Adnoc Gas (ADNOCGAS.AD), opens new tab jumped 1.7% and 0.6% respectively, while IHC-owned investment firm Multiply Group (MULTIPLY.AD), opens new tab increased 2.3%.
Energy infrastructure contractor NMDC Group (NMDC.AD), opens new tab gained 1.3% after the firm signed a project worth $610.1 million with the Pasay Harbor City Corporation (PHCC) to undertake large-scale dredging and land reclamation activities in Manila Bay.
Separately, Abu Dhabi's International Holding Co (IHC) (IHC.AD), opens new tab will acquire a 43.5% stake in Sammaan Capital SMMN.NS for 88.50 billion rupees ($997.7 million), in a major bet on India's fast-growing housing finance market.
Dubai's main market (.DFMGI), opens new tab edged up 0.02%, supported by a 0.7% hike in toll-operator Salik Company (SALIK.DU), opens new tab and 7.1% surge in school operator Taaleem Holding (TAALEEM.DU), opens new tab.
Dubai registered 1.1% weekly gains, while Abu Dhabi notched 0.7% on a weekly basis - data compiled by LSEG
Subscribe to:
Comments (Atom)