FB Roundup: Mohsin and Zuber Issa, Mackenzie Scott, Gordon Moore
Issa brothers explore £8 billion takeover of Subway fast-food chain
Mohsin and Zuber Issa, the billionaire brothers who own a majority stake in UK supermarket giant Asda, are exploring an £8 billion takeover of the American fast food chain Subway.
Having bought Asda for £6.8 billion in February, 2021, the brothers have been eager to grow their portfolio with the purchase of Co-op’s petrol stations for up to £600 million among their recent acquisitions. Now, the siblings’ EG Group has its sights set on the global Subway brand, having already franchised the sandwich firm in some of its 6,300-plus petrol stations around the world.
“EG Group have felt for a while that Subway treated them the same way as other franchise partners and their massive growth hadn't been appreciated,” said a source to The Sun newspaper. “So what better way to show who's boss than owning them?”
Starting out with a single petrol station in Bury, Greater Manchester, in 2001, the Issas have grown their global empire to include brands such as Euro Garages, Cooplands Bakery and Leon, as well as KFC's biggest franchise and a close working relationship with the likes of UK bakery chain Greggs, Starbucks, Krispy Kreme and Cinnabon, with more than 6,600 sites and 50,000 employees around the world.
Bain Capital, TPG and Goldman Sach's Asset Management arm have also reportedly expressed interest in buying Subway after the family-owned chain announced it was exploring a sale, which is now being overseen by JP Morgan.
Founded by Peter Buck and Fred DeLuca when the former loaned the latter $1,000 to start a sandwich shop - Pete's Super Submarines - to help fund his way through college, Subway went on to outstrip all other restaurant chains, with approximately 37,000 locations around the world.
MacKenzie Scott launches $250 million ‘open call’ for non-profits in need of funding
Billionaire philanthropist MacKenzie Scott has issued an ‘open call’ for community-focused non-profits to apply for funding through her organisation, Yield Giving.
Scott, who has a net worth of $25 billion (according to Forbes) owing to a 4% stake in Amazon which was founded by her ex-husband Jeff Bezos, plans to make unrestricted $1 million donations to 250 selected non-profits, which she calls a “New pathway to support organisations making positive change in their communities.”
“Teams on the front lines of challenges have insights no one else can offer,” said Scott of the process which invites non-profits with annual operating budgets larger than $1 million but less than $5 million for at least two of the past five years. “So, there are three big headlines here in my heart: Community change-makers can nominate themselves. Community change-makers get feedback from their peers. Community change-makers have a powerful role in funding decisions.”
This ‘open call’ marks the first-time non-profits can apply to Scott for funding, with her team hitherto identifying and approaching organisations directly.
“This open call is designed to empower and strengthen communities across the United States that are often overlooked,” said Cecilia Conrad, chief executive of Lever For Change, an affiliate of the John D. and Catherine T. MacArthur Foundation, to The National.
“We are looking for organisations that are making a meaningful difference in people’s lives. The awards will recognise teams that demonstrate the potential to make progress toward reducing disparities in health, education, economic outcomes and other critical issues.”
Having undertaken to give away most of her estimated personal wealth through the Giving Pledge, Scott has given more than $14 billion in unrestricted funds to 1,600 non-profit organisations (with many causes focusing on LGBTQ+ and racial equality, democracy, climate change and people affected by the economic impact of the COVID-19 pandemic).
Tributes paid to Intel co-founder Gordon Moore
Gordon Moore, the pioneer of microchip technology and co-founder of Intel Corp – the company responsible for including “Intel Inside” processors in more than 80% of the world's personal computers – has died at the age of 94 surrounded by his family at his home in Hawaii.
Having described himself as an “Accidental entrepreneur” after co-creating the world's largest microchip manufacturer with Robert Noyce, Moore was credited with predicting a steep rise in computing power due to huge technological leaps (which later became known as ‘Moore's Law’).
“Gordon Moore defined the technology industry through his insight and vision,” said Intel CEO Pat Gelsinger. “He was instrumental in revealing the power of transistors and inspired technologists and entrepreneurs across the decades.
“We at Intel remain inspired by Moore’s Law and intend to pursue it until the periodic table is exhausted. Gordon’s vision lives on as our true north as we use the power of technology to improve the lives of every person on Earth.”
Originating in a 1965 article, Moore's Law was updated every two years and “Helped push Intel and rival microchip-makers to aggressively target their research and development resources to make sure that came true.”
“Integrated circuits will lead to such wonders as home computers - or at least terminals connected to a central computer - automatic controls for automobiles, and personal portable communications equipment,” said Moore in the original article.
“I was very fortunate to get into the semiconductor industry in its infancy,” said Moore in a 2005 interview. “And I had an opportunity to grow from the time where we couldn't make a single silicon transistor to the time where we put 1.7 billion of them on one chip. It has been a phenomenal ride.”
Moore, who had a personal net worth of $7.2 billion (according to Forbes), is survived by his wife of 72 years, Betty, two sons and four grandchildren.
