Tate & Lyle to be Acquired by Ingredion (£2.7bn Price Tag)

Legendary sugar producer Tate & Lyle is to be acquired by Ingredion.

Tate & Lyle's revenue in 2026 was £2bn; with adjusted EBITDA at £415m; giving an adjusted EBITDA margin of 20% (better than Ingredion's at 17.5%). Part of their strategy is targeting Asia for growth.

The name Ingredion was given in 2012 as the new identity of the then "Corn Products International" focused on corn-refining.

HawkEye 360 Seeks IPO under ticker HAWK

2015-Herndon-founded satellite data firm HawkEye has now 30 satellites in orbit harvesting data for radio frequency (RF) signals intelligence. 

"Adjusted" EBITDA of just under $25m on a revenue number of almost $118m gives them a 21% adjusted EBITDA margin in FY2025. Revenue growth in FY25 was 74%.

HawkEye "democratises" RF signals intelligence data, previously the domain of state actors.  This is one category of satellite data; others include optical data (photographs) and thermal imaging data.

RF signals are emitted from a multitude of sources including mobile devices, jammers, beacons, drones and missile systems. HawkEye captures, geolocates and classifies signals from orbit. 

In December 2025, they acquired Signal Analysis Incorporated, a signal processing defence specialist.

There are a few direct competitors, with firms like Vantor and Satellogic specializing in optical, and Hydrosat and SatVus specializing in thermal data.  France based Unseenlabs (founded 2015) maintains a nanosatellite constellation using RF emissions to locate vessels at sea, which have disabled their AIS transponders - and hence is focused more exclusively on the maritime space.

Pinault's Kering in 1.2 billion (dual tranche) euro bond issue as Q1 Revenues Fall 15%

French conglomerate Kering, which owns the brands Gucci, Balenciaga, Bottega Veneta, Alexander McQueen and Saint Laurent, reported that group revenue fell 15.4% in Q1 2020 as a result of the coronavirus pandemic.

Kering exited the retail industry and focused on luxury goods under Pinault's leadership. Kering evolved out of PPR (Pinault-Printemps-Redoute). Pinault is a graduate of France's HEC.

It is issuing a dual tranche bond, each tranche amounting to 600m euros, the first maturing in three years (0.25% coupon), the next in eight years (0.75% coupon). The proceeds will, in part, be used to extend the average maturity of their debt.  The conglo's long term debt is A-rated.

Chairman and Chief Executive, Francois-Henri Pinault, stressed renewed focus on business continuity, adapting cost base and preserving cash position as top priorities. He also expressed his belief in his brands' abilities to "blend long-term vision with near-term imperatives".

Key financial metrics for Kering include Revenues (15.9 billion euro in 2019), EBITDA (6bn euros), EBITDA margin, as % of revenue (37.9% 2019, 37.3% 2018), recurring operating margin (30% 2019).