Electric Business

Old Mutual has announced that its retail investment business, Old Mutual Wealth, is to acquire Quilter Cheviot. The £585m deal means Old Mutual Wealth will have £92bn of funds under management. Quilter Cheviot is a provider of personalised investment management services.

The pump manufacturer and international engineering services company Weir has acquired the Chinese company Trio for £138m. Trio designs and manufactures a range of products for the aggregates and minerals markets. The deal will enable Weir to offer a more complete range of products and services to existing mining clients.

Heathrow Airport Holdings has sold three airports to a consortium led by Ferrovial and Macquarie. The £1bn deal involves the world’s busiest commercial heliport, Aberdeen International Airport, Scotland’s largest charter hub, Glasgow Airport, and Southampton Airport. The deal means Heathrow Airport Holdings will focus solely on operating one airport.

Qualcomm, manufacturer of the Snapdragon processor used in market leading smartphones such as the HTC One (M8) and Sony Xperia Z3, has acquired CSR. Established in 1999, CSR specialises in Bluetooth and wireless technologies. The £1.6bn acquisition will enable Qualcomm to increase its range of products, channels and customers.

The TV production companies Endemol, Shine and CORE are to merge, following an agreement between 21st Century Fox and Apollo Global Management. Endemol, responsible for shows such as Big Brother and Deal Or No Deal, was acquired by Apollo in 2012. Shine, the production company behind Masterchef, was taken over by 21st Century Fox in 2011. CORE produces American TV shows such as American Idol and So You Think You Can Dance.

Amazon is to create 1,000 new permanent roles at its UK fulfilment centres. There are currently 6,000 permanent employees in Amazon fulfilment and customer service centres in the UK. Following previous criticism of the quality of jobs it offers and of the working conditions in its fulfilment centres, Amazon says that its employees ‘now work four ten-hour shifts per week meaning they benefit from three days off every week. Fewer visits to work saves associates both time and money on a weekly basis.’ It also says that permanent employees start on an average of £7.39 per hour and earn up to £8.90

Betcom, a developer of gaming software for the UK pub market, has been acquired by the German company Gauselmann. Betcom will work closely with Gauselmann’s UK subsidiary, Blueprint Gaming.

The rate of inflation fell to 1.2% in the year to September, down from 1.5% in August. The Office for National Statistics suggests that supermarket competition, the impact of a strong pound on the prices of imported goods, and falls in crude oil and petrol prices could be factors in the fall in the rate of the Consumer Price Index. The Government’s target rate for inflation is 2% - inflation below the target of 2% is judged to be just as bad as inflation above the target.The figures suggest a rise in interest rates in the UK is unlikely in the short term.

The American medical device manufacturer Steris is to acquire Synergy Health for £1.2bn. Established in 1991, Synergy provides infection prevention, patient hygiene and surgical care products, as well as decontamination, sterilisation and laboratory services.

Ontario Teachers' Pension Plan (OTPP) is now the sole owner of Bristol Airport, the ninth-largest in the UK, following its acquisition of Macquarie European Infrastructure Fund’s 50% share. OTPP bought its initial 50% share in the airport in 2009.