Convatec to acquire Triad Life Sciences, Capita sells Trustmarque IT services business

London pre-open

The FTSE 100 was being called to open just 1.2 points higher ahead of the bell after closing out the previous session 1.13% stronger at 7,554.31.

Stocks to watch

Medical solutions firm Convatec has agreed to acquire US-focussed medical device company Triad Life Sciences in a deal worth as much as $275.0m.

Convatec said on Friday that the transaction, which was expected to close during the first quarter, represented an entry into the "large and rapidly growing" wound biologics segment - currently estimated to be worth around $1.8bn per year globally.

Capita has sold its Trustmarque IT services business to One Equity Partners for £111.0m as part of its £700.0m disposals programme.

The FTSE 250-listed firm said on Friday that after taking into account cash-like and debt-like items, it expects to receive net proceeds of around £115.0m at completion, while an additional £3.0m will be receivable "contingent on certain future events".

Newspaper round-up

Denise Coates, head of gambling empire Bet365, was Britain's biggest taxpayer last year, according to the Sunday Times Tax List. The Coates family paid an estimated £481.7m, topping the annual ranking of billionaires' tax payments for the third consecutive year. While the family’s tax payment was down from £573.0m in 2020, it was still almost £200.0m more that paid by hedge fund manager Chris Rokos in second-place with a £300.0m payment to the exchequer. - Guardian

Businesses have urged Rishi Sunak to delay the rise in national insurance contributions to give them more time to recover from the impact of Covid restrictions. 59% of 750 businesses surveyed by the British Chambers of Commerce believe that the chancellor and the government did not adequately assess the impact of Plan B measures on companies. - The Times

One of the Conservative Party's most senior backbenchers has joined calls for Rishi Sunak to delay his National Insurance raid, as a string of businesses warned the £13.0bn tax increase will force them to put up prices. Mel Stride, chairman of the Treasury Select Committee, said "the stars have aligned" to give the Chancellor fiscal breathing space to postpone the hike, which threatens to compound a cost of living crisis faced by millions of households. - Telegraph

Investors in Greencore, the sandwich-maker that supplies UK retailers including Marks & Spencer, narrowly failed on Thursday to block plans to pay out hundreds of thousands of pounds in executive bonuses, after outrage at the company's failure to refund any of the near-£30.0m it received in government support during the pandemic. At the firm's annual general meeting, 46% of investors joined a rebellion against the Dublin-based company's scheme to reward directors with bonus shares. - Guardian

The unprecedented £117.0m payday for Jupiter Asset Management and two of its star stockpickers for running a listed investment fund was partly due to a higher-than-normal valuation placed on Klarna. Chrysalis Investments used a less conservative methodology to value Klarna than other shareholders in the "buy now, pay later" credit business, estimating that it had rocketed in value from £93.5m in September 2020 to £387.0m in September 2021. - The Times

US close

Wall Street's main indices reversed earlier gains to close weaker on Thursday, following the outcome of the Federal Reserve's two-day policy meeting and the publication of a number of data points earlier in the session.

At the close, the Dow Jones Industrial Average was down 0.02% at 34,160.78, while the S&P 500 lost 0.54% to 4,326.51 and the Nasdaq Composite saw out the session 1.4% weaker at 13,352.78.