By Mike Turner
21 Jan 2021
Groupe Bruxelles Lambert, the Belgian investment holding company, found a warm response from the bond market on Thursday, despite the potential distractions of a European Central Bank meeting being held on the same day.
GBL, bringing Thursday’s highest rated corporate deal at A1/A+, put its €500m no-grow 10 year (January 2031) on screens at 80bp over mid-swaps.
“Demand looks like it got going in the book well before the ECB meeting,” said a London banker off the deal. The banker said the ECB’s meeting,
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Groupe Bruxelles Lambert (GBL) has signed a definitive agreement to acquire a majority stake in Canyon Bicycles.
Founder Roman Arnold will remain the chairman of the advisory board and reinvest a significant part of his proceeds alongside GBL. As part of the transaction, significant minority shareholder TSG Consumer Partners will fully exit its stake.
“We’ve become a global, digital champion through steady success,” said Arnold. “Through technology, global expansion and sporting success, we have accomplished a lot. Now is the right time to go further on the offensive, to take advantage of all the opportunities – and there are many. That’s why I’m very pleased to partner with GBL, who have convinced my team and me with their passion for our business, years of experience and long-term focus.”