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Sonae sells insurance company British Ardonagh and raises $ 100 million – Banking & Finance

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Sonae sells insurance company British Ardonagh and raises $ 100 million - Banking & Finance

Sonae and Brazilian IPLF Holding, which jointly control MDS, have signed an agreement to sell 100% of this risk and insurance advisory group to The Ardonaugh Group, the UK’s largest independent brokerage group, according to a statement sent to the newsroom this Thursday, December. 23rd.

In a statement published on the website of the Portuguese Commission for the Securities Market (CMVM), the group led by Claudia Azevedo says that “the transaction involves the sale of 50% of the share capital of the MDS group for about 100 million euros. and should bring Sonya a capital gain of about 74 million. “

Maya’s group guarantees that this transaction “will not affect Sonae’s consolidated revenues or consolidated EBITDA.”

The current MDS leadership and leadership team, led by José Manuel Dias da Fonseca since 2000, “will remain fully operational with new resources and capital, and will continue to pursue organic and inorganic growth plans with clear benefits for its core ‘stakeholders’ “, – emphasize the sellers and buyers of the group with Portuguese DNA.

This operation, which “demonstrates the value of this greenfield asset at Sonae, allows MDS to take an important strategic step in the direction it is moving in to strengthen its national and international presence in insurance and risk advisory services. … “they guarantee.

The Ardonagh group of companies, which employs about 8 thousand people in more than 100 offices, is one of the twenty largest insurance brokerage companies in the world with revenues exceeding $ 1.5 billion (more than $ 1.3 billion). Euro).

Its subsidiary Ardonagh Global Partners will remain the sole shareholder of the MDS group following the completion of the announced deal – which is subject to routine regulatory approvals – and predicts it could happen “in the first half of 2022.”

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Sonae: “Attractive deal that enhances shareholder value creation”

“Following a long and successful partnership, Sonae and IPLF Holding have negotiated the terms of this deal with The Ardonagh Group, which will enable MDS and its experienced management team to further accelerate their growth and presence by partnering with a leading insurance company. a broker in Europe with a long track record and experience in the sector, ”says an official source for Sonae.

“This transaction is entirely part of Sonae’s proactive portfolio management strategy as it is an attractive transaction that increases shareholder value creation,” says the same maiato group manager.

For José Manuel Dias da Fonseca, this operation represents an exceptional opportunity: “After considering all the alternatives, we have identified within Ardonagh and his leadership team the perfect fit with our vision and commitment to growth. Join an independent group with a culture and a global community. Ardonagh scale. With access to the resources and capital of our new shareholder, we believe that we can accelerate the MDS Group’s organic and inorganic growth plans, ”emphasizes the company’s CEO.

Des O’Connor, CEO of Ardonagh Global Partners, after praising “Jose Manuel and his entire team,” who “has earned a global reputation for customer service, innovation and professionalism, providing first-class service to his clients for over 30 years. “, Ensures that” the MDS Group will continue to accompany the growth of the markets in which it operates, namely Portugal, Spain, Brazil and Africa. ”

“The MDS Group is exceptionally well positioned to continue to support its clients in managing risk in an ever-changing world and, at the same time, bring in other ‘brokers’ who share this strategic and cultural alignment,” says O’Connor.

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Sonae and IPLF Holding advised Bank of America as financial advisor, law firm Morais Leitão, Galvão Teles, Soares da Silva & Associados, SP, RL and EY on financial and tax due diligence.

World insurance from Porto

In 1984, Sonae established MDS – Sociedade Mediadora de Seguros, a captive brokerage company to manage domestic insurance. But it wasn’t until the turn of the century that Sonae’s insurance “arm” turned to the market and began to expand internationally. Then, in less than ten years, he will invest about 70 million euros in acquisitions.

The big leap forward came in 2002 when 45% of Lazam, the third largest Brazilian “broker” and one of the largest in Latin America, was acquired. Seven years later, Suzano (from IPLF Holding) buys 49.9% of MDS, SGPS – Sonae receives 47 million euros in cash and MDS retains 100% of Lazam.

The company, headed by José Manuel Diaz da Fonseca, meanwhile acquired 32.12% of British global giant Cooper Gay Swett & Crawford for 35 million euros – the largest operation of the Portuguese company in the insurance sector overseas. In 2013, Sonae cashed out € 12 million through a partial sale of its stake, dropping its position in the then largest independent broker in the world to 9.72%.

Earlier in 2005, MDS achieved leadership in the sector in Portugal after acquiring Unibroker and Becim from the Amorim group.

Last year, he founded Brokerslink in Porto, which began as an informal network of four independent brokers and has grown to become one of the largest global brokers and risk advisory organizations, with operations in over 120 countries and around 21,000 professionals.

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In 2007, MDS was finally transformed into a Portuguese-Brazilian group, with Suzano’s share reaching 50%, and control of the insurance group was split from Sonae.

Keeping pace with the shopping accelerator, MDS has already made three purchases this year – two in Brazil (QHConsult and Tovese) and one in Angola (Média Mais).

Market leader in Portugal and one of the largest players in Brazil and Angola, MDS also has direct presence in Mozambique, Spain, Malta and Switzerland.

The MDS Group is also active in the flexible management of benefits and benefits through 838 Soluções e Ben’s (Brazil) and Flexben (Portugal).

As a result of significant organic growth, as well as aggressive acquisitions, both in Portugal and abroad, MDS has ranked among the world’s leading insurance brokers, becoming the only Portuguese-Iberian group among the world’s 250 largest insurance brokerage firms. , according to a recent rating published by the international consulting company Insuramor.

MDS is ranked 141st in the world rankings for 2020 with an estimated revenue of $ 79.4 million (€ 70.4 million), reflecting its performance in various markets where it has a global presence.

According to Sonae’s statement this Thursday, the MDS group “recorded a turnover of 75 million euros in the 12 months to June 2021, managing over 500 million euros in premiums.”

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Economy

The company creates a revolutionary battery with a power reserve of 1000 km

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CATL: Empresa cria bateria revolucionária com 1000 km de autonomia

Battery electrical problem? The electric vehicle segment has grown significantly and one can clearly see the evolution of the entire ecosystem, especially in terms of autonomy and charging points. However, vehicle autonomy continues to be one of the areas of strong research and there are simply impressive solutions that show that we are on the right track.

Recently, a new battery has been introduced that guarantees 1000 km of battery life and can be charged up to 80% in just 10 minutes.

The Qilin battery has an energy density of 255 Wh/kg.

The Chinese giant CATL has introduced a fantastic new product for the electric segment. This is a battery that guarantees 1000 km of battery life and is able to charge up to 80% in just 10 minutes, isn't it fantastic? according to the channel insidersThe next generation battery will be more efficient and energy intensive and will hit the market as early as next year.

The battery, called Qilin, has an energy density of 255 Wh/kg. CATL said it will supply BMW with state-of-the-art cylindrical batteries from 2025, guaranteeing high performance for a new family of electric vehicles manufactured by the German company.

CATL: The company creates a revolutionary battery with a range of 1000 km

Despite all the innovations, CATL is going through hard times. In the first quarter of 2022, due to the increase in the cost of raw materials, profit fell by 24%. In May, the company said it expects better results in the second quarter by adjusting its pricing tables.

It should be noted that CATL sold the equivalent of 41.4 GWh of batteries in the first 4 months of the year alone, double that of LG Energy Solution, which sold "only" 20 GWh.

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Economy

Miners and companies leave the cryptocurrency market en masse because it does not bring profit

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Mineração de criptomoedas

As we have been reporting over the past few weeks, the cryptocurrency segment is going through a less fortunate phase, with the valuation of currencies plummeting, leaving investors wary.

In this sense, this reality has several implications, including the fact that miners and companies operating in the sector are leaving the cryptocurrency market en masse as their mining is no longer profitable.


Miners and companies say goodbye to the cryptocurrency market

The cryptocurrency market is going through hard times and in particular, bitcoin, the most popular digital currency in the world, fell below $20,000 last Saturday (18), showing lowest value since December 2020. Not at the time of this writingthis cryptocurrency is worth $21,347.03.

So we are now seeing some of the repercussions and reactions to this fall in digital currencies. Recently, for example, we reported that we witnessed video card wholesale used for cryptocurrency mining.

And the latest news goes even further and indicates that, including due to the increase in the price of electricity, miners and companies investing in the cryptocurrency segment are now massively leaving that same market, since it has ceased to be profitable.

As you can see from the chart above, the TWh energy consumption related to Bitcoin had an interesting increase between mid-2021 and early 2022. But after some stable time, the same consumption has fallen sharply in past times.

At a peak of around 200 TWh, this consumption was the same as that spent by entire countries such as Argentina. Another interesting comparison is that this same consumption is equal to the amount of electricity consumed by all data centers around the world in a year.

But at the moment, even large companies that are betting on the practice of mining digital currencies are leaving this sector because they believe that it is currently a big problem when they cannot make a profit and bear the daily costs.

In addition, the energy consumption associated with Ethereum ends up having the same characteristics. As you can see in the chart above, there was a significant increase in January, which slowed down in recent weeks and then fell sharply.

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Economy

Prices have risen and uncertainty about the future advises saving. Find out how and where

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Prices have risen and uncertainty about the future advises saving.  Find out how and where

CNN Portugal spoke to an economist to see if the country should brace for a recession and put together some savings tips that could help mitigate the effects of a possible protracted economic crisis.

With a war in Ukraine with no end in sight, the times ahead will be challenging. Inflation continues to rise, while fuel, housing and raw materials lag behind. More and more important, though more difficult, is conservation.

Is a recession coming? According to Ricardo Ferras, professor of economics at the University of Lusofon and ISEG researcher, it is too early to talk about this scenario. “We know that the most recent forecasts from international organizations point to a slowdown in the Portuguese economy over the next few quarters. But, at least for now, they don’t see the country going into recession.”

“However, there is a huge unpredictability in the world, so any macroeconomic scenario has a high degree of uncertainty. and investments,” he added.

According to the economist, “a protracted economic downturn will certainly be synonymous with deep destruction of wealth. If household consumption and corporate investment collapse, there will be bankruptcies and layoffs.”

Since the beginning of the year, everything has risen in price and revenues do not keep up with this growth. According to a report by Ricardo Ferras, “Food and drink rose 7.6%” and combined “housing, water, electricity, gas and other fuel prices rose 7.7%.” Only fuel increased by “an astronomical 20%”. And all this within five months.

To try and alleviate these difficult times ahead, CNN Portugal also spoke to Natalia Nunez of Deco’s financial protection team. Despite the difficulties, there are exercises that can be done daily and that can save tens of euros at the end of the month.

From housing, fuel and grocery shopping, here are some of the specialist’s recommendations.

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Public transport or own car?

  • follow public transport user, the main advice is to find the pass that best suits your needs if you are not a Unified Social Pass user. “Sometimes there are municipalities that do some kind of discount for people over 65 or for young people, and people don’t know about it,” recalls Deko;
  • If you live relatively close to work, you can always choose to walk or bike;
  • If you really need to use own car, since there is no public transportation that gives the answer, decide to share the car with other people, whether they are colleagues or friends who work in the same place or in the same area. So you can split the cost of fuel or tolls;
  • Before fill the car, always try to compare prices at different gas stations and choose the one that offers the most affordable prices. O website of the Directorate General of Energy and Prices can help you in this search;
  • Avoid using the car for short distances that can be covered on foot;
  • try to have one economical driving: Avoid aggressive driving, try to maintain a constant speed and do not always accelerate and brake. Keep engine RPM as low as possible by using higher gears to keep RPM low.

Prepare for a trip to the supermarket

According to Natalia Nunez, it is “important for families to know how much they spend on food every month” in order to be able to set savings goals. After this analysis, here are the most practical tips:

  • Make a list before you go shopping. And maybe it’s not a good idea to do it in your head. It’s best to look in your pantry and write down what you really need so you don’t buy items that you end up having to spend or use;
  • Make a meal plan it can also help to create an even more stringent shopping list because you end up only buying what you know you’re going to eat;
  • Set a budget. Do not shop without setting a limit on the amount you are willing or able to spend. According to Natalia Nunez, “it’s important to shop for a while” in order to “be able to see and compare all the prices.” Don’t forget that the cheapest prices are not always at eye level on the shelves, they can be higher or lower;
  • Don’t be tempted by promotions. It is important to have an idea of ​​the original price of the non-promotion product in order to know if advertising is really paying off, even if they are promotions packages;
  • Still in the field of promotions you should be aware of product expiration. This is because it may be useful to take, for example, two detergents, but this does not apply to yogurts. If the deadline is too short, “we run the risk of spending the money”;
  • Don’t go to the supermarket hungry. This is one of the factors that tends to induce the consumer to buy more than he really needs.
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Try to cook as much food as possible at home, trying to avoid food waste.

Is it time to reevaluate your mortgage?

Natalia Nunez reminds us that the most important thing in this area is “to look at the level of our efforts”. providing home loan should not exceed 35% of net profit. “This is the golden rule,” he explains.

If your mortgage payment is about 45% of your monthly net income, you should try to understand if your conditions match those of the market. If this is not the case, you should call the institution where you have a mortgage and try to renegotiate the terms.

You should also check if the spread matches the values ​​that are practiced in the market. As? Running some simulations on banks websites or on Banco de Portugal banking customer portal. These simulators can be used by anyone and are a “good source of condition checking”.

You should also check the amount of insurance associated with your home loan. When applying for a mortgage loan, an agreement is also concluded with an insurance company and, as a rule, people forget to check whether these values ​​are still being adjusted. The rule is the same as for the spread, simulate or contact insurance intermediaries.

What charges do you pay to the bank?

If you have a single bank account that always has a cost associated with it, namely maintenance costs, consider requesting that this account be converted to a minimum banking account. According to Decaux, this is a way to “reduce costs”;

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You may have already wondered if it makes sense to have a savings account. Natalia Nunez believes that she does this only if “it’s not very expensive.” To do this, “we need to seek and negotiate.” However, a savings account remains the most efficient way to save some money.

If you do not have a savings account, you should not do two things: keep the accumulated money in a checking account, that is, in the account that you use every day; or even keep money in an envelope at home.

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