Latest news with #CVC
Sky News
3 days ago
- Business
- Sky News
CVC Capital backs £500m Jersey bid for Manx Telecom
An infrastructure investor owned by the private equity giant CVC Capital Partners is in talks to back a £500m takeover of Manx Telecom in a deal that unites the Crown Dependencies' communications providers. Sky News has learnt that CVC DIF is being lined up to help finance a takeover of Manx Telecom by JT Group, which owns Jersey Telecom. A deal could be agreed within a matter of weeks, according to telecoms industry sources. CVC DIF's involvement in the prospective deal comes seven months after JT Group was reported to have held an earlier set of talks aimed at taking control of Manx Telecom. The Isle of Man's principal telecoms and broadband service provider is owned by Basalt Infrastructure Partners following a deal struck in 2019. Founded in 1888, Jersey Telecom is owned by the island's government. It claims to have been the world's first telecoms company to offer 100% fibre-to-the-home and businesses for every broadband user. The precise details of its financing partnership with CVC DIF were unclear on Wednesday. A spokesman for CVC, whose private equity investments include Six Nations rugby and the insurance company Domestic & General, declined to comment.
Bloomberg
3 days ago
- Business
- Bloomberg
CVC, Therme Set Up €1 Billion Venture for Spa Resort Investments
CVC Capital Partners Plc and Therme Group are setting up a joint venture to invest in developing spa resorts as the private equity firm looks to expand in consumer-focused industries. The new venture, Therme Horizon, was created in a deal worth more than €1 billion ($1.2 billion), according to a statement reviewed by Bloomberg News. The deal is expected to close in the second half of this year, subject to regulatory approvals.
Axios
12-06-2025
- Business
- Axios
Nashville Convention and Visitors Corp. campaign preaches tourism "respect"
The Nashville Convention and Visitors Corp. launched an ad campaign in recent days promoting "respect and responsibility" among tourists and locals. Why it matters: Tourism is big business for Nashville. But pretty much everyone who lives here knows it can have a downside, from noisy partiers at the short-term rental next door to packed pedal taverns causing traffic jams during the evening commute. Problems have been especially pervasive in the honky-tonk district, which has seen high-profile incidents of tourists being harmed. By the numbers: According to preliminary numbers, 16.9 million visitors generated $11.1 billion in spending last year. Friction point: City leaders have wrestled with ways to balance the obvious economic benefits of tourism with residents' quality-of-life concerns. The Metro Council introduced regulations on short-term rentals in residential neighborhoods. They've also worked to reign in party buses, driving hot tubs and other forms of transportainment. Driving the news: The CVC's campaign is called "destination stewardship." It encourages visitors, but also locals, to "respect yourself, others and our city." The campaign also includes an ad to "keep Nashville beautiful." Pole banners featuring the messaging have been installed along Lower Broadway and on some digital billboards downtown. What she's saying:"This campaign is a reminder that we all have a role to play in protecting the city we love," CVC president and CEO Deana Ivey said in a statement. "By being mindful of our actions and showing care for our surroundings, we help ensure Nashville remains a beautiful, welcoming, and safe place for everyone to enjoy." Flashback: The CVC launched a similar campaign last year called "Push Pause," which reminded people to take proactive measures to protect their safety. That was one of multiple safety efforts that emerged following the death of college student Riley Strain in early 2024, Strain went missing after a night of partying. His body was later found in the Cumberland River.
Hindustan Times
10-06-2025
- Politics
- Hindustan Times
Sisodia skips ACB summons citing ‘prior commitments'
Senior Aam Aadmi Party (AAP) leader and former Delhi deputy chief minister Manish Sisodia on Monday skipped a summons issued by the Delhi government's anti-corruption branch (ACB) in connection with alleged irregularities in the construction of classrooms in government schools. He cited prior commitments and sought a fresh date, officials said. A senior ACB officer said Sisodia informed the agency via email that he could not appear due to a prescheduled engagement. 'We will issuing fresh summons to Manish Sisodia on Tuesday with a new date, which can either be Friday this week, or Monday next week,' said an ACB official asking not to be named. The questioning gains significance after former PWD minister Satyendar Jain, interrogated by the ACB on Friday, reportedly shifted responsibility to the education department—then headed by Sisodia—for several decisions made during implementation of the project. The project, aimed at expanding classroom capacity in government-run schools, has come under scrutiny over alleged inflated costs, procedural lapses, and post-tender cost escalations. 'Jain was asked 28 key questions. He could give satisfactory responses to only six. For the rest, he either evaded answers or blamed the education department and the Arvind Kejriwal-led cabinet. Based on those responses, we will question Sisodia. If needed, both will be called in together for cross-examination,' the officer said. The case, registered on April 30, involves alleged financial and procedural irregularities in the construction of over 12,700 semi-permanent classrooms during the previous AAP government's tenure. The probe was initiated following multiple complaints, including from BJP leaders. According to the ACB, the average cost of construction per classroom was ₹24.86 lakh—nearly five times the estimated market rate of ₹5 lakh. Officials said the use of semi-permanent structures (SPS), which typically have a 30-year lifespan, lacked financial justification, especially when compared to reinforced concrete buildings with a 75-year lifespan. Joint commissioner of police and ACB chief Madhur Verma said contracts originally worth ₹860 crore were escalated to ₹2,892 crore, with ₹205 crore attributed to 'richer specifications'—a term used to describe unexplained and non-transparent upgrades. 'The cost per square foot for SPS classrooms was ₹2,292—comparable to that of permanent model schools,' he said. The agency also flagged the appointment of consultants and architects without following due procedure, in violation of Central Vigilance Commission (CVC) and CPWD norms. Work worth ₹42.5 crore was carried out in five schools without inviting fresh tenders. A critical report by the CVC's Chief Technical Examiner (CTE), issued in February 2020, highlighting violations and cost inflations due to post-award alterations, was reportedly withheld for nearly three years. Records of the expenditure finance committee for 2015–16 noted that the project was to be completed by June 2016 within the sanctioned budget, with no provision for cost escalation. However, significant delays and deviations were later recorded. The ACB summons to Sisodia stated: 'Allegations have been levelled against several then-government functionaries, including you by name, in the case FIR. Accordingly, your presence is required for examination, including recording of your statement and clarification on certain material facts relevant to the investigation… You are also directed to submit a written submission, along with any supporting documents pertaining to the matter. Non-compliance with this notice may attract legal proceedings against you as per law.' The FIR, registered under Section 13(1) of the Prevention of Corruption Act and IPC Sections 409 (criminal breach of trust) and 120-B (criminal conspiracy), names both Sisodia and Jain, among others. 'With approval under Section 17-A of the Prevention of Corruption Act from the competent authority, the ACB has registered FIR No. 31/2025. A detailed investigation is now underway to establish the role and culpability of the two former ministers, as well as government officials and contractors involved in the project,' Verma said.
The Hindu
04-06-2025
- Business
- The Hindu
Manish Sisodia, Satyendar Jain summoned over ₹2,000 crore 'scam' in classroom construction
The Delhi Government's Anti-Corruption Branch (ACB) has summoned AAP leaders Manish Sisodia and Satyendar Jain over alleged graft in the construction of classrooms in government schools, an official said on Wednesday. Mr. Jain has been asked to appear before the ACB on June 6, while Mr. Sisodia has been summoned for questioning on June 9, he said. The summons come after the ACB registered an FIR on April 30 based on allegations of financial irregularities to the tune of ₹2,000 crore in the construction of over 12,000 classrooms or semi-permanent structures in Delhi Government schools. Officials said Mr. Sisodia, who held the finance and education portfolios of the previous AAP Government in the national capital, and Mr. Jain, then in charge of the public works department and other ministries, are being questioned in connection with alleged lapses flagged by the Central Vigilance Commission (CVC). 'The CVC's Chief Technical Examiner's report pointed out multiple anomalies in the project. The report was allegedly not acted upon for nearly three years,' Joint Commissioner of Police (ACB) Madhur Verma said. The FIR was registered after obtaining approval under Section 17-A of the Prevention of Corruption Act from the competent authority, Mr. Verma added. In 2019, BJP leaders Kapil Mishra, Harish Khurana and Neelkant Bakshi had filed a complaint with the ACB, alleging serious financial irregularities in the construction of classrooms across three zones of Delhi. According to the complaint, the average cost per classroom was pegged at ₹24.86 lakh — significantly higher than the estimated ₹5 lakh cost for similar structures. An investigation is currently underway, and further action will be taken based on findings from the ongoing inquiry, officials said.
