Atlantis acquired SIMEC GHR for £125m ($160m). The Acquisition represents a further step towards the transformation of Atlantis into a diversified energy company of scale owning a broad spectrum of sustainable energy assets.
"The management team at SIMEC GHR are world renowned for their mini-hydro development, construction, operations and maintenance capabilities. They have built a unique portfolio of operating assets in the UK that cannot be replicated due to recent changes in legislation. Not only will this acquisition have a positive cash flow positive impact on our group in the first year and deliver generation diversification, it validates the Atlantis relationship with our strategic shareholder, SIMEC, and it gives us access to one of the most accomplished and respected hydro development teams in the UK. Our combined goal is to now support the SIMEC GHR management to continue to replicate this success in other jurisdictions worldwide where we believe we can deliver superior risk-adjusted returns for our shareholders. This is yet another material step towards establishing Atlantis as a leading independent power generator in the UK." Tim Cornelius, SIMEC Atlantis Energy CEO.
Simec Atlantis Energy was advised by Evercore, FTI Consulting, and Cantor Fitzgerald Europe.
Elbit Systems acquired IMI Systems from the Israeli Government for $495m.
Israeli defense contractor completed a $495m deal to buy state-owned rival IMI Systems. Elbit paid $495m for IMI, with an additional payment of $27m contingent on IMI meeting agreed performance goals.
"The synergy between the capabilities of the two companies and the global positioning of Elbit Systems will enable us to offer an enhanced portfolio and to realize the potential of the technologies of IMI in the international arena, making this acquisition significant to our long-term growth strategy." Bezhalel Machlis, Elbit Systems President & CEO.
Bank of Cyprus completed sale of its wholly owned subsidiary bank in the UK, Bank of Cyprus UK and its subsidiary Bank of Cyprus Financial Services, to Cynergy Capital following the receipt of the necessary regulatory approvals from the Prudential Regulation Authority and the European Central Bank.
The decision to sell the UK Group is in line with the Group's strategy of delivering value for shareholders and focusing principally on supporting the growing Cypriot economy.
The sale consideration amounted to £107m ($137m) comprising of £103m ($132m) base consideration plus a purchase price adjustment of £4m ($5m). Half of the base consideration together with the purchase price adjustment was received upon completion and the remaining half is deferred over 24 months, without any performance conditions attached.
Bank of Cyprus UK was advised by HSBC and Norton Rose Fulbright. Cynergy Capital was advised by PwC and Eversheds.
Restaurant Group's shareholders question acquisition of Wagamama. (FS)
Shareholders are divided on the Restaurant Group’s proposed takeover of rival chain Wagamama. Investors are worried about the level of debt taken on by private equity-owned restaurant chain Wagamama.
Columbia Threadneedle Investments, which owns 7.7% of Restaurant Group, said it cannot support the proposal because of the high valuation and the economic backdrop.
If the transaction did not proceed, Restaurant Group would be liable to pay a break fee of £6m ($8m) to Wagamama’s current owners.
Wagamama is being advised by Goldman Sachs. The Restaurant Group is being advised by JP Morgan, Numis Securities, RBC Capital Markets, and MHP Communications.
BDO and Moore Stephens merger will create the 5th biggest accountancy firm in the UK.
BDO is set to become the UK’s fifth-largest accounting firm after its partners approved a merger with a smaller rival, Moore Stephens.
The merger will mean BDO’s UK workforce will increase by about a quarter to 5,000, while partner headcount will also rise 25% to 250.
The deal means the combined firms’ annual revenues are likely to be around £560m ($720m).
The deal will be closely watched by regulators and audit market critics who fear that competition in the industry has been stifled by the largest four players: EY, KPMG, Deloitte and PwC.
Virgin Atlantic may acquire Flybe.
British regional airline is in talks for a possible sale to Virgin Atlantic Airways, as it grapples with falling demand, higher fuel costs, and a weak British pound.
Virgin Atlantic said it was reviewing options for Flybe, including a possible offer for the London-listed company. The options also include an enhanced commercial arrangement, Virgin said, adding that it already has a trading and codeshare relationship with Flybe.
Flybe, which flies 76 aircraft, has a market capitalization of about £21m ($27m).
Virgin is being advised by Rothschild & Co. Flybe is being advised by Evercore, Numis, and Liberum.
Kuehne+Nagel is looking to acquire Panalpina.
Swiss logistics group is ready to talk with Panalpina about a potential takeover of its smaller rival. Kuehne+Nagel is actively pursuing deals within the fragmented logistics industry that bring new technology, access to markets and customer segments, and synergies that add additional volume.
Kuehne+Nagel had sales of $18.7bn last year, while smaller Panalpina’s revenue hit $5.5bn.
Union National Bank hired JP Morgan to advise on its merger with ADCB.
Abu Dhabi lender Union National Bank hired JP Morgan to advise on its merger talks with Abu Dhabi Commercial Bank.
The merger, which will also involve unlisted Al Hilal Bank, would be the latest consolidation among state-owned companies in the United Arab Emirates’ capital.
Abu Dhabi Commercial Bank is being advised by Barclays.
EmergeVest consolidated its logistics businesses to create EV Cargo.
Private equity investor consolidated ownership of six of the UK’s leading logistics companies to create EV Cargo, one of the UK’s largest providers of transport, logistics and freight forwarding services and logistics technology, and a global supply chain company operating in more than 120 countries.
With £850m ($1.1bn) of revenue annually, EV Cargo is now the largest privately-owned logistics business in the UK.
“EV Cargo will continue our existing strategy of delivering mission-critical supply chain services powered by people, technology, innovation and sustainability. By working closer together and creating additional capabilities, we will provide new and existing customers with access to a wider range of leading-edge integrated solutions.” Heath Zarin, EmergeVest Founder and CEO.
Logitech in talks to acquire Plantronics for $2.2bn.
Swiss manufacturer of keyboards and webcams is in discussions to acquire Plantronics, a US maker of Bluetooth earpieces and gaming headsets.
The deal would be by far Logitech’s largest acquisition and would illustrate the company’s push to diversify its business. It would come as Logitech and Plantronics seek to keep down manufacturing costs following the introduction of tariffs on imports from China into the United States.
It is said that Logitech offered more than $2.2bn to acquire Plantronics. Plantronics has a market capitalization of about $2bn.
A10 Networks is exploring a potential sale.
US technology company whose software and hardware help keep networks and data centers secure is exploring options that include a potential sale of the company.
The move comes four years after A10 became publicly traded. The company’s shares have dropped more than 60% since then amid strong competition from large rivals, such as F5 Networks and Citrix Systems.
A10’s sale deliberations are at an early stage, and there is no certainty that a deal will be reached.
A10 has a market capitalization of about $500m.
