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  • 📈 LSE Eyes €20bn Verisure Lifeline

📈 LSE Eyes €20bn Verisure Lifeline

January 13, 2025

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This is Cliff Equity, the UK’s business newsletter that keeps you informed on what’s important in tech, business and finance in less than 5 minutes

In today’s stories:

  • LSE Eyes €20bn Verisure Lifeline

  • Apple’s Billion-Pound Courtroom Showdown Begins

  • Reeves to China: Trade, Talk, Tension

The summary: Verisure’s colossal IPO could be just the boost the London Stock Exchange needs to shake off its slump and prove it’s still a heavyweight in the global market ring.

The details:

  • Verisure's IPO Prep: Verisure, the domestic security systems titan, is gearing up for a €20bn+ IPO, with the London Stock Exchange sharpening its claws for the battle, though Amsterdam, Stockholm, and Zurich are also in the running.

  • Timing & Strategy: The flotation isn't imminent—think 12 to 18 months—while Verisure's lucrative subscription model under CEO Austin Lally continues to secure homes and hefty profits.

  • LSE's Jittery Year: With just £778m raised from a mere eight IPOs, 2024 has been a dry spell for the LSE, further shaken by big players like Shein and Ashtead eyeing greener pastures in New York.

  • Valuation & History: Verisure's IPO could hit €30bn, including debt. H&F has been at the helm since 2015, steering the ship from its Securitas Direct days to its current tech-savvy, security juggernaut status.

Why it matters: Verisure’s mega IPO could breathe new life into London's struggling stock scene, especially after a year drier than a British summer BBQ. With big names like Ashtead and Flutter bolting to New York, the LSE desperately needs a win to keep its chin up. If Verisure chooses London, it might just signal that the old city's still got some fight left in it.

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The summary: Apple’s UK trial could be the first crack in Big Tech’s fortress, promising a fairer app economy and setting the stage for more consumer-friendly digital practices.

The details:

  • Apple faces its day in court on today, the first Big Tech titan to grapple with a UK class action over "excessive and unlawful" App Store fees.

  • The billion-pound case, representing nearly 20 million users, accuses Apple of stifling competition by forcing its own payment system and pocketing a hefty 30% commission.

  • Fronted by Dr. Rachael Kent and law firm Hausfeld, the claim could cost Apple up to £1.5 billion if found guilty of raking in "unlawfully excessive" profits.

  • As Apple dismisses the lawsuit as "meritless," the tech world watches keenly, with looming billion-pound trials against Google and Meta set to follow.

Why it matters: Apple’s showdown in the UK courts signals a seismic shift in holding tech giants accountable for their business practices. If Apple’s fee fiesta is deemed unlawful, it could pave the way for similar claims against other Big Tech players, potentially reshaping the digital marketplace. For consumers and developers alike, this could mean a break from the iron grip of app store monopolies and a more competitive, fairer playing field.

The summary: Reeves is off to China, striking deals worth £600m while juggling soaring borrowing costs and a cheeky chorus of critics back home, all in the name of boosting Britain’s global clout!

The details:

  • Chancellor's Chinese Adventure: Rachel Reeves jets off to Beijing, aiming to forge a £600m deal over five years, despite UK borrowing costs soaring to a 16-year high. Critics claim she’s dodging fiscal woes back home.

  • Economic Tightrope: Reeves assures she’s sticking to her fiscal guns, balancing day-to-day spending with tax receipts, even as borrowing costs climb and the pound stumbles below $1.22.

  • Strategic Tango: Amid talks with China’s Vice-Premier, Reeves pushes for deeper ties in trade, finance, and climate, while navigating tricky discussions on Hong Kong, Russia, and industrial policy.

  • Political Backlash: Tories and Lib Dems cry foul, questioning the timing and clarity of Reeves' visit. Meanwhile, economic analysts warn of the precarious balance between engaging China and maintaining fiscal credibility.

Why it matters: Reeves' China escapade highlights the delicate dance between bolstering trade ties and managing the UK's shaky finances, all while borrowing costs climb like a greased pole. The political sparring underscores the tightrope act of appearing strong on the global stage while critics cry foul at home. Ultimately, it’s a high-stakes game where economic diplomacy meets domestic fiscal discipline, with the pound playing the reluctant understudy.