Daily Review

 

 

Euromoney Institutional Investor, the global business information and events group, acquired 100% of the equity of The Deal, comprising BoardEx and The Deal, from its parent company, TheStreet.

 

The Deal is a trusted source of data, news, and intelligence on mergers and acquisitions, activist investing, private equity and restructuring. Its digital subscription product is one of the market-leading brands in deal-driven knowledge across the US. Its data, particularly on the individuals involved in a transaction, provide further depth to the relationship mapping output of the BoardEx platform.

 

The combined products have a consistent track record of growth in revenue and EBITDA over recent years, and this trend is expected to continue. In the twelve months to 30 September 2018, The Deal's unaudited revenue was $25m. Revenues are derived predominantly from selling subscriptions which have high renewal rates.

 

FTI Consulting acted as PR advisor.

 

Publicly traded Inside Secure SA is acquiring fellow digital-security company Verimatrix Inc. in a roughly $152m deal backed by private-equity firm One Equity Partners.

 

Inside Secure, of Aix-en-Provence, France, in a news release said the combined business would have generated $119m of pro forma adjusted revenue and $21.5m of EBITDA in 2017.

 

Tom Munro, Verimatrix CEO: "This transaction allows a great combination of technologies and expertise, bringing two well-respected market players together. It's exciting to create a company with such a clear focus, a global presence, and a depth of expertise in the applications of security and analytics across critical market segments."

 

 

 

AION Capital Partners, the joint venture between global PE fund Apollo Global Management and domestic fund ICICI Venture, is acquiring InterGlobe Technologies, a leading IT & back-office arm of travel major InterGlobe Enterprises, for $230m. IGT provides services in the entire spectrum of travel, transportation and hospitality domain globally.  IGT is expected to post revenue of $150m with an EBITDA margin of 18% in FY19. 

 

Moelis and Avendus are the advisers in the transaction.

 

Mallinckrodt plans to spin off its specialty generics business to shareholders by the second half of 2019 but said it was still open to a sale of the unit.

 

Mallinckrodt is facing several lawsuits that have alleged that the company contributed to the opioid addiction epidemic through its marketing and promotion practices.

 

Like other generics makers, the company is also struggling with falling prices for such drugs.

 

 

Leading essential network services company Service Stream Limited announced it has entered into a binding agreement to acquire Comdain Infrastructure , a provider of engineering and asset management services to the gas and water utility sectors in the eastern Australian states, for $162m.

 

Comdain Infrastructure is a market leading provider of integrated asset lifecycle services to Australia’s utility asset owners and operators.

 

"The combination of Service Stream’s and Comdain Infrastructure’s capabilities will allow the business to provide our utility clients with a comprehensive and compelling asset life-cycle value proposition.” Leigh Mackender, Service Stream Managing Director.

 

 

Dairy giant Fonterra Co-Operative Group downgraded its forecast milk payment to farmers and said it was looking to sell its ice cream business, as the New Zealand-based firm reels from its first ever financial loss.

 

The 2018 financial year loss had prompted Fonterra to undertake a review of its assets, which the company said could lead to the sale of New Zealand ice cream brand Tip Top.

 

Fonterra is being advised by FNZC.

 

 

Chairman of Hopewell Holdings offered to take the Hong Kong-based property and infrastructure group private for HK$21.26bn ($2.7bn), sending its stock surging as much as 32%.

 

The deal, offered by Chairman Gordon Wu and affiliates, will allow shareholders to exit their investment amid increased market uncertainty, Hopewell said, underlining the volatility that Asian stocks are facing due to trade tension between China and the United States.

 

“Given the continued low liquidity of the shares, it is difficult for the scheme shareholders to execute on-market disposals efficiently without adversely affecting the market price of the shares.” Hopewell representatives.

 

 

Indonesian ride-hailing unicorn, Go-Jek, has commitments of close to $2bn for its latest investment round at a valuation of nearly $10bn.

 

 

Mindtree's largest investor V.G. Siddharthais is looking to sell his stake in the Bengaluru-based software services company. KKR has evinced interest in buying a large stake in Mindtree.

 

Mindtree is in talks with several large potential investment firms, including KKR.

 

“We have several marquee financial investors who, over a long period, have helped build Mindtree into a highly valued institution. As with all financial investors, they have the prerogative to monetise their stake based on their individual priorities. As Mindtree, we are not privy to the plans of these investors and hence cannot offer any comments on it.” Krishnakumar Mindtree Chairman.