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Is Saudi Arabia’s spending spree over?
One yacht tragedy development to start: Italian authorities believe the chances are “minimal” that UK tech entrepreneur Mike Lynch and five other passengers missing after a luxury yacht capsized off the coast of Sicily are still alive. Welcome to Due Diligence, your briefing on dealmaking, private equity and corporate finance. This article is an on-site version of the newsletter. Premium subscribers can sign up here to get the newsletter delivered every Tuesday to Friday. Standard subscribers can upgrade to Premium here , or explore all FT newsletters. Get in touch with us anytime: [email protected] In today’s newsletter: The Public Investment Fund’s global pullback Hilco Global aims to become a merchant bank Bronfman gatecrashes Paramount-Skydance deal Saudi wealth fund’s easy money era comes to an endThe pace of spending and dealmaking that accompanied Crown Prince Mohammed bin Salman ’s rise to power made Saudi Arabia a magnet for financiers and dealmakers. But it was never going to be sustainable, and at some point the kingdom was going to have to take stock of how it was deploying its petrodollars. The moment has arrived , bankers say, as Riyadh manages falling oil revenues due to production cuts and softer prices, while at the same time facing huge financial commitments to meet Prince Mohammed’s highly ambitious domestic goals. Much of the spending over the past decade has been led by the Public Investment Fund , the $925bn sovereign wealth fund that Prince Mohammed, or MBS, tasked with developing a swath of megaprojects in the kingdom and building up its overseas exposure. But this year, the pace of international deals has slowed. The focus has instead shifted inwards, with the message to fund managers being that if you want new money, you have to be prepared to reinvest in the kingdom. It doesn’t mean the world’s top oil exporter is going to stop spending: MBS has big ambitions in AI, and the PIF has incubated a plethora of new companies, including airline Riyadh Air, that will need to splash the cash to meet their goals. Riyadh also wants to expand its mining portfolio and develop manufacturing. And the kingdom has a series of international events to prepare for, including the Asian Winter Games in 2029 and the 2034 Fifa football World Cup — it was the sole bidder for the latter. But it does mean, for now at least, the PIF, which has the daunting task of financing and developing the domestic projects, is likely to be more strategic on where and how it spends. Don’t expect another headline- grabbing deal similar to the $45bn the PIF pumped into SoftBank ’s Vision Fund eight years ago. The reality is the state investment funds across the oil-rich Gulf are being more selective as they mature and focus on sectors they deem strategic. But of course, the PIF’s strategy can always change on the whims of one man — its chair, MBS. Hilco Global’s merchant bank ambitionsFor nearly four decades Hilco Global has built a name for itself in the world of bankruptcies and distressed investing. The Chicago-based firm is the one to call if a company needs help valuing assets or liquidating its stuff. Now, it’s looking beyond that work, to a future as a merchant bank. Jeffrey Hecktman , the company’s 70-year-old founder, has built a billion-dollar fortune by trafficking in unwanted pillows at Bed Bath & Beyond , obsolete baking pans from Twinkies maker Hostess , and even a polluted Bethlehem Steel mill. As Hilco pivots to this new era, Hecktman plans to capitalise on the mountains of data he’s amassed through America’s most infamous corporate train wrecks, DD’s Amelia Pollard and Sujeet Indap report. While the company has already dabbled in underwriting and investing, it now wants to make those banking services the centrepiece of its business . To do that, Hecktman is trying to secure a new infusion of capital, potentially by selling a stake in the firm. He’s spent the past few months travelling the world, including to New York and London, as he courts potential investors. (Executives like to think of the company as what Goldman Sachs was 60-odd years ago.) He’s not alone in this endeavour. The firm made two star hires in the past year, bringing on David Kurtz , formerly a luminary at Lazard , and Jamie Sprayregen , who helped build Kirkland & Ellis into a bankruptcy powerhouse, to help usher the company into its merchant bank era. Hilco’s ambitions are timely. There’s been a surge in recent years of private credit and asset-backed finance, a multitrillion-dollar industry that requires valuation of underlying collateral. Edgar Bronfman gatecrashes Paramount dealWhat do a crypto bro, a Gulf sheikh who owns an investment firm and the grandson of a Kazakh autocrat all have in common? They’re teaming up to go after Paramount Global . Last month, the media company behind classics like The Godfather and Titanic had agreed a merger with Skydance Media , the film studio founded by billionaire David Ellison . The race to acquire Paramount over the past several months has felt like a never-ending saga. When the group finally agreed a deal with Ellison’s firm in July, exhausted advisers and bankers sighed with relief. But at the eleventh hour, another bid emerged: that of the former Warner Music chief executive Edgar Bronfman Jr . He has raised $5.5bn for a last-minute Paramount offer, gatecrashing the previous deal with Skydance, DD’s James-Fontanella Khan and Eric Platt, and the FT’s Anna Nicolaou report. His initial bid of $4.3bn on Monday night came just before the 45-day “go shop” period ended — when Paramount could consider other offers. It’s an eclectic group behind Bronfman. He has secured a commitment from Fortress , which is majority owned by Abu Dhabi’s Mubadala investment arm. And there are other backers including BC Partners Credit , film producer Steven Paul , crypto entrepreneur Brock Pierce and Nurali Aliyev , the tech investor and grandson of the autocratic former ruler of Kazakhstan. Bronfman’s initial bid values National Amusements — the family holding company that has controlled Paramount for three decades — at $2.4bn including debt. The bid also matches Skydance’s planned $1.5bn injection into Paramount, and would pay Ellison’s company $400mn to terminate its existing deal. While the initial offer lacks clarity on how it would benefit Paramount’s non-voting shareholders, Bronfman plans to improve the bid in the coming days — likely to sweeten the deal for them. Which will Paramount choose? Citadel has hired Atte Lahtiranta as head of core engineering, according to a spokesperson. He was most recently the chief technology officer at Goldman Sachs and will begin his new post early next year. Latham & Watkins has hired Leen Zaza as a partner in Riyadh, where she will work with the firm’s M&A and private equity practice. She previously worked for Khoshaim & Associates . Rothschild & Co has closed its Miami office after opening it last year with Eric Hirschfield , who led the base, retiring, Bloomberg reports. Smart readsRegulatory hurdles The Canadian conglomerate Couche-Tard has submitted a bid for 7-Eleven’s owner, but US antitrust hurdles are likely to be steep, the FT writes. Brokerage turmoil Investment firm B Riley’s stock collapsed after it was ensnared in a federal investigation. Its founder is trying to stop the bleeding , Bloomberg reports. Tips galore Some Americans think tips in the US have gotten out of hand . But the system itself might be broken, the FT’s Brooke Masters writes. News round-upBT suffers blow as Sky opts for CityFibre’s network in broadband deal (FT) Qatar Airways signals appetite for more deals after Airlink investment (FT) ‘People are walking away’: UK windfall tax hits North Sea oil investment (FT) Tiger Cub Goel closes $11bn firm, citing health issues (Bloomberg) Jonathan Bloomber: missing City executive who was key witness in Mike Lynch trial (FT) Wells Fargo to sell most of its CRE loan servicing business to Trimont (Bloomberg) Alaska Air, Hawaiian Airlines clear key antitrust hurdle (WSJ) Due Diligence is written by Arash Massoudi , Ivan Levingston , Ortenca Aliaj , and Robert Smith in London, James Fontanella-Khan , Sujeet Indap , Eric Platt , Antoine Gara , Amelia Pollard and Maria Heeter in New York, Kaye Wiggins in Hong Kong, George Hammond and Tabby Kinder in San Francisco, and Javier Espinoza in Brussels. Please send feedback to [email protected] Recommended newsletters for youFull Disclosure — Keeping you up to date with the biggest international legal news, from the courts to law enforcement and the business of law. Sign up here Unhedged — Robert Armstrong dissects the most important market trends and discusses how Wall Street’s best minds respond to them. Sign up here Promoted ContentFollow the topics in this article.
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A narrow waterline distinguishes a SWATH ship from a conventional catamaran A SWATH ship resembles a conventional catamaran.The twin hulls (blue) remain completely submerged. A small waterplane area twin hull, better known by the acronym SWATH, is a catamaran design that minimizes hull cross section area at the sea's surface. Minimizing the ship's volume near the surface area of the sea, where ...
SWATH stands for Small Waterplane Area Twin Hull, a concept that reduces the vessel's exposure to the waves and provides a smooth ride in rough seas. Learn how Abeking & Rasmussen and Reymond Langton Design create SWATH superyachts with huge interiors, technical spaces and toys storage.
Thanks to the fuel-cell propulsion system, FC SWATH 75 will have zero-emission capability, to sail in ECA areas in a fully green configuration - an approach aimed at highly demanding-future oriented owners. FC SWATH 75 - 75 M ULTIMATE ITALIAN ULTRA TECH FUEL-CELLS YACHT. Watch on.
The 80′ SWATH pilot boats can safely put pilots on and off ships in seas to 20 feet. The first SWATH yacht was designed and built for a trailblazing, experienced yachtsman so he could take his family and friends around the world in complete comfort and without the effect of seasickness. Silver Cloud has been around the world twice with owners ...
Silver Cloud is a private yacht owned by Alexander Dreyfoos.It is a 134 ft SWATH (Small-Waterplane-Area Twin Hull) vessel, built by Abeking & Rasmussen in Lemwerder, Germany, in 2008.It is believed to be the first yacht employing the SWATH technology. [1]The SWATH technology was until 2008 primarily used only in pilot tenders, and military and research vessels.
The NURJA is not your ordinary catamaran yacht. She is designed as a Small Waterplane Area Twin Hull (SWATH), a cutting-edge concept that ensures a smooth sailing experience even in rough seas. The SWATH design reduces the yacht's waterline area, minimizing the effects of waves and providing a more stable and comfortable ride for passengers.
This is a 155m SWATH yacht built predominantly in steel with the use of aluminium in the upper superstructure. With a maximum speed of 15 knots she transports her 70 crew and 16 guests using diesel electric propulsion. The design theme called for a unique yacht that reflected the style and sophistication of the principality and centres around ...
A SWATH yacht is a superyacht with two torpedo-shaped hulls that reduce the effect of waves and increase stability. Learn about the features, design and amenities of this 63.4 metre long SWATH yacht by Abeking & Rasmussen and Reymond Langton Design.
The SWATH provides a sensationally stable platform for her guests' transport and dinner cruises (… without bolted tables and sliding glasses!). In addition to her great stability and spectacular looks, the new SWATH explorer yacht boasts 63,40 metres (208 feet), has a beam of 24,5 metres (80 feet) and a draft of 6 metres (19,50 feet).
SILVER CLOUD IS A SWATH YACHT, a design that incorporates two sub-merged submarine-like tubes connected by narrow struts to the yacht structure, which is above the waterline. Until now the design had been used primarily on commercial vessels. The SWATH, or Small Waterplane Area Twin Hulls, has its roots in the late 1800s.
What is SWATH? SWATH stands for "Small Waterplane Area Twin Hull" and means that the ship is supported by two torpedo-shaped buoyancy bodies located under the water surface. This results in wave decoupling, which reduces rolling and heeling by up to 90%. Even in heavy seas the yacht lies calmly in the water. In a nutshell, this means that you ...
About SWATH. SWATH is a mature technology used by the military and for deep-sea research ships. Up to the present moment, it has not been available in a private pleasure yacht configuration. Switching from Hydrofoil wave piercing Catamaran mode to SWATH mode is very simple. In SWATH mode our newly shaped hulls are now underwater lowering the ...
The buoyancy of a SWATH ship is provided by two submarine hulls connected to the upper platform by twin narrow struts from each of the submarine hulls, as shown in the image below. The cross-sectional area at the sea surface is approximately 1/6 th that of a comparable size yacht and thus only a minimum part of the ship is exposed to the ...
Unmatched Stability and Power: 1999 Eastern Ship Building Swath 120 with Allison 501KF Turbines. ** ENGINES OUT OF BOAT**. Listing MLS by Yachtr.com. Explore this 1999 Eastern Swath for sale. STILLWATER RIVER is located in Amelia, view photos, yacht description, priced at $550,001.
The yacht Nurja, by contast, has a grey paint job, two different tones between her hulls and superstructure. Additionally, Nurja has an elongated upper deck, which likely will serve as an alfresco entertainment area. It doubles as a tender-stowage area, too. In fact, a covered tender sits aft on this deck as tugboats move the yacht into position.
#SWATH #Yacht #NURJA 40,5m x 17,8m for #service at #Abeking and #Rasmussen #shipyard SWATH Yacht NURJA former SilverCloud arrived today (29.01.2021) at Abeki...
the Solarpowered CAT. SICAT 80. the new E-vantgarde. more information. the Solar SWATH. SISWATH 78. more information. Your questions. our answers.
SWATH YACHTS introduces Stability 66 Ultra light three hulls in one design HYDROFOIL / WAVE PIERCING / SWATH Mode, with an unparalleled level of fuel efficiency, comfort and stability. Our three hulls in one design is a combination of advanced ultra silent solar powered, military technology and luxury. ...
Find Eastern Swath boats for sale in your area & across the world on YachtWorld. Offering the best selection of Eastern boats to choose from. ... WORLDWIDE YACHT SALES | Amelia, Louisiana. Request Info; Sponsored Boats | related to your search. 2024 Yamaha Boats 195 FSH Sport. US$40,899. Performance East Inc | Goldsboro, North Carolina.
A Small Waterplane Area Twin Hull, better known by the acronym SWATH, is a twin-hull ship design that minimizes hull cross section area at the sea's surface. Minimizing the boats volume near the surface area of the sea, where wave energy is located, maximizes a vessel's stability, even in high seas and at high speeds. The bulk of the ...
The Khanty-Mansiysk Autonomous Area (KhMAO) was established in 1930. Its name comes from two main northern indigenous peoples - the Khanty and the Mansi. From 1944 it was legally part of the Tyumen Region, but in 1993 the Area received autonomy and became a full-fledged territorial entity of the Russian Federation.
Orange storms alerts are in place for a swath of Italy, including Calabria and Puglia, but also further north along the Adriatic coast. ... Yacht Insurer OMAC Is Hull Carrier for Yacht Sunk Off ...
Voucher holders cover a wide swath of New Yorkers and include many families, said Gregorio. ... Inside the $40M yacht that capsized, leaving 6 dead — including tech mogul — and 1 still missing
The largest cities of Khanty-Mansi Autonomous Okrug - Yugra are Surgut (396,000), Nizhnevartovsk (280,800), Nefteyugansk (128,700), Khanty-Mansiysk (106,000), Kogalym (69,200), Nyagan (58,500). Today, only about 32,000 people are representatives of indigenous peoples: Khanty, Mansi and Nenets. Half of them live in the traditional way.
According to Irina Pudova, a local resident and the author of a collection of legends called Yugra: It's My land, the first thing to do in Khanty-Mansiysk is to see the local mammoths. Seven ...
Khanty-Mansi Autonomous Okrug — Yugra [a], commonly shortened to Khantia-Mansia, is a federal subject of Russia (an autonomous okrug of Tyumen Oblast).It has a population of 1,532,243 as of the 2010 Census. [4] Its administrative center is located at Khanty-Mansiysk.. The peoples native to the region are the Khanty and the Mansi, known collectively as Ob-Ugric peoples, but today the two ...
International Star Class Yacht Racing Ass'n v. Tommy Hilfiger U.S.A., Inc., 146 F.3d 66, 70 (2d Cir. 1998). That is particularly so on a Rule ... other "people com[ing] to a swath of Midtown, Manhattan to attack luxury stores"; and "vicious," "purposeful" attacks on police officers. Press Conference Tr. 11. Thus, to "ensure ...
Thunderstorms are forecast across the Mediterranean from Corfu to Sicily, where a luxury yacht sank off the coast on Monday after being struck by a waterspout, a form of tornado.. Orange storms ...
Much of the spending over the past decade has been led by the Public Investment Fund, the $925bn sovereign wealth fund that Prince Mohammed, or MBS, tasked with developing a swath of megaprojects ...