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FTSE 250 movers: ContourGlobal surges on deal news; TI Fluid in the red
(Sharecast News) - London's FTSE 250 was up 0.5% at 20,014.56 in afternoon trade on Tuesday. Power generation firm ContourGlobal surged after agreeing to be bought by private equity group KKR for £1.75bn. Under the terms of the deal, KKR will pay 263.6p per share in cash, which is a premium of 36% to the closing share price on Monday.
KKR said the company's existing business provides a compelling platform for significant future organic and inorganic value-accretive growth, driven by the changing nature of the energy industry as a result of decarbonisation targets.
Bulmers and Magners owner C&C Group fizzed higher after saying it swung to a full-year profit as Covid restrictions eased.
In the year to 28 February, the company swung to an operating profit of €47.9m from a loss of €63.6m the year before, with revenues up 88% at €1.44bn. C&C said its performance was driven by 207.8% growth in on-trade net revenue amid fewer trading restrictions in the year.
Wizz Air was also trading up after the budget airline announced plans to set up a Maltese subsidiary.
On the downside, TI Fluid Systems slumped as it reported a decline in first-quarter revenues and volumes, pointing to supply chain disruptions.
FTSE 250 - Risers
Contour Global (GLO) 256.50p 32.63% Trustpilot Group (TRST) 117.00p 5.41% C&C Group (CDI) (CCR) 214.80p 4.78% Centrica (CNA) 83.58p 4.71% Tullow Oil (TLW) 56.05p 4.38% Network International Holdings (NETW) 218.20p 4.30% Petershill Partners (PHLL) 231.00p 4.05% Wizz Air Holdings (WIZZ) 3,071.00p 4.03% Trainline (TRN) 299.70p 3.81% Dr. Martens (DOCS) 206.20p 3.67%
FTSE 250 - Fallers
TI Fluid Systems (TIFS) 156.20p -16.91% Baltic Classifieds Group (BCG) 139.20p -6.20% Chrysalis Investments Limited NPV (CHRY) 131.00p -4.93% Tritax Eurobox (GBP) (EBOX) 93.50p -3.71% Mediclinic International (MDC) 350.80p -2.66% Biffa (BIFF) 309.00p -2.22% JPMorgan Japanese Inv Trust (JFJ) 452.50p -2.06% Petrofac Ltd. (PFC) 154.00p -1.79% HICL Infrastructure (HICL) 176.40p -1.67% Marks & Spencer Group (MKS) 141.90p -1.66%
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