British private equity giant soars on back of unexpected retail powerhouse [Yahoo! Finance]
TESCO PLC S/ADR (TSCDY)
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Source: Yahoo! Finance
Action's rapid growth and profitability propelled 3i's total return to £3.8bn ($4.76bn), a 23% increase, and boosted its net asset value per share significantly. Action, in which 3i holds a majority stake, emerged as the key driver of the group's performance. The discount chain's net sales surged by 28% year-on-year to £9.72bn, with operating earnings surging even higher at 34%. 3i valued its stake in Action at £14.2bn, reflecting the retailer's dominant position. This success also translated into a windfall for 3i staff, with a £735m payout linked to Action's performance. While Action's success is a boon for 3i, it also exposes the business to a degree of concentration risk. The retailer now accounts for a significant portion (72%) of 3i's entire portfolio. Despite the wider slowdown in private equity dealmaking due to rising interest rates, 3i has remained cautious, focusing on reinvesting in existing holdings and refinancing debt at favourable terms. Action, though
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News
- Tesco CEO more than doubles his pay to $12.6 million as Britain's largest grocer hits long-term targets [Fortune]Fortune
- Tesco CEO's pay doubles to £10m amidst soaring profits and staff concerns [Yahoo! Finance]Yahoo! Finance
- Tesco CEO's annual pay package more than doubles to £10-million [Globe and Mail, The (Toronto, Canada)]Globe and Mail, The
- Tesco's 10 million pound man - CEO's annual pay package doubles [Yahoo! Finance]Yahoo! Finance
- Tesco's 10 million pound man - CEO's annual pay package doubles [Reuters]Reuters