KKR, an investment company, has completed the acquisition of Corel, software provider, from Vector, a private equity company. Financial terms were not disclosed.
“Corel has differentiated itself by offering an impressive portfolio of essential tools and services for connected knowledge workers – across devices, operating systems, and a range of fast-growing industries. KKR looks forward to working together with management to drive continued growth across its existing platforms while leveraging the team’s extensive experience in M&A to deliver a new chapter of innovation and growth on a global scale.” John Park, KKR Member.
Corel was advised by Sidley Austin. KKR was advised by Deloitte and Kirkland & Ellis. Vector Capital was advised by UBS and Sidley Austin.
NGL Energy Partners, the energy business has completed its acquisition of Mesquite Disposals, water disposal company for $893m.
“The closing of our Mesquite transaction creates the largest water disposal system in the Delaware Basin with permitted capacity exceeding 2m barrels per day, but more importantly, the redundancy required by our customers. The combined system provides multiple transportation, disposal and recycling options throughout Lea and Eddy Counties that allows NGL to deliver on its commitments. The Mesquite family will work alongside NGL, operating these assets while expanding the business with additional facilities and contracts.” Mike Krimbill, NGL’s CEO.
NGL was advised by Barclays and Winston & Strawn and Sard Verbinnen. Mesquite Disposal was advised by Kirkland & Ellis.
Dish Network and T-Mobile US, telecommunication companies are nearing a deal with the US Department of Justice on an agreement that would push Dish as a new US wireless competitor, Reuters reported.
Dish will be able to use a Sprint/T-Mobile network for six or seven years before building its own network. The DoJ wants Deutsche Telekom, which owns more than 60% of T-Mobile, to give Dish unlimited access to its network. The DoJ had earlier said it wanted Sprint Corp and T-Mobile to sell off assets including some wireless spectrum before agreeing to approve their $26bn merger.
Capital and Cyprium Investment Partners, investment companies have completed the acquisition of Uniloy, a blow molding machine owner. Financial terms were not disclosed.
“Osgood is excited to have this opportunity to work with the Uniloy management team led by Brian. I know Uniloy will deliver world-class service and solutions for all our customers’ blow molding needs.” Joseph S. Levy, Osgood Capital’s President.
Cyprium Investment Partners was advised by Dechert.
EIG Global Energy and FS Energy and Power Fund, energy companies has invested in NGL Energy Partners, an energy business with four primary businesses: water solutions, crude oil logistics, NGL logistics and refined products/renewables. Financial terms were not disclosed.
“We expect the acquisition of the Mesquite assets, together with NGL’s existing footprint in the Northern Delaware basin, to provide NGL with unmatched scale and capabilities that will facilitate best-in-class execution for its customers. NGL’s system is strategically located in the core of the Delaware basin and is well-positioned to capture significant volume growth as produced water levels continue to rise alongside rapidly growing oil production. We look forward to working with the NGL team towards this next phase of growth for the Partnership and its stakeholders.” Brian Boland, EIG Global Energy Managing Director and Co-head.
EIG and FSEP was advised by Kirkland & Ellis. NGL was advised by Hunton Andrews Kurth and Paul Hastings.
Synthomer, a United Kingdom-based specialty chemical company has agreed to acquire OMNOVA Solutions, a global manufacturer of emulsion polymers, specialty chemicals, and functional and decorative surfaces for $824m.
"OMNOVA complements Synthomer culturally, geographically and by market, while Synthomer's financial position provides for a very strong combined company that will be well positioned to accelerate growth. This transaction presents increased opportunities for the business and its employees to leverage the combined scale, grow more quickly and profitably, and enhance product innovation in ways that will benefit customers and employees." Anne Noonan, OMNOVA Chief Executive Officer.
OMNOVA was advised by Morgan Stanley and Jones Day.
The Unite Group, a student accommodation owner has agreed to acquire Liberty Living, a student accommodation owner from Canada Pension Plan Investment Board, a state owned pension fund sponsor. Financial terms were not disclosed.
“Through this transaction, we are able to continue our investment in the student housing sector within the UK across a broader, more diverse and stable portfolio and with additional development exposure, which fits well within our global real estate strategy. We look forward to working with Unite Students in combining these two excellent businesses to continue to provide affordable, high-quality student accommodation across the UK, and maintain strategic relationships with educational institutions.” Thomas Jackson, CPPIB Managing Director.
Imperial Dade, a leading distributor of disposable food service and janitorial supplies, has agreed to acquire The Paper Company, a family owned and operated wholesale distribution business serving. Financial terms were not disclosed.
The investment will enable Imperial Dade to expand its West Coast presence into the Southern California market.
“The Paper Company’s commitment to its customers and partners, along with its family operated culture, makes the business a great addition to the Imperial Dade platform. We are excited to expand our national footprint by entering the California market and look forward to working together with The Paper Company team to further grow the business.” Robert Tillis, Imperial Dade CEO.
BayCom, the holding company for United Business Bank, a banking services providers, has agreed to acquire TIG Bancorp, the holding company for First State Bank of Colorado, a banking services providers, for $39m.
“I am confident that the merger will result in a continuation of the friendly and professional services that our valued customers have grown accustomed to and will be of great benefit to our communities.” Gary Webb, TIG Chairman of the Board.
Kustom US, one of the leading property restoration companies in North America, has agreed to acquire Patriot Restoration, a Michigan-based, turn-key, property restoration services provider. Financial terms were not disclosed.
"The acquisition of Patriot will help us build upon our already successful presence in the North Central Region and allow us to better serve our local and national clients with property in the Michigan market." Andrew Zavodney, Kustom Chairman and CEO.
Meridian Adhesives Group acquired PolyCom Industries and its affiliate Eco Dispersions, a manufacturer of industrial adhesives and coatings. Financial terms were not disclosed.
Arsenal Capital created Meridian in 2018 as its platform in the global adhesives and sealants sector, focusing on high-value adhesives technologies. Polycom represents Meridian's fifth acquisition since its start in 2018. Today, Meridian's portfolio includes high-performance specialty epoxy, polyurethane, hot melt and hybrid adhesives for the electronics, medical, flooring and infrastructure markets.
“Polycom is an innovator in adhesives technologies that address the evolving environmental trends in using reclaimed materials. We look forward to partnering with Polycom’s employees to support their growth opportunities.” Roy Seroussi, an Investment Partner at Arsenal.
Kyocera Document Solutions has acquired Huon IT, an Australian-based provider of ICT services including IT infrastructure design and maintenance. Financial terms were not disclosed.
Huon IT has 30 years of experience in offering ICT services while maintaining high customer satisfaction. In conjunction with Huon's ICT services, Kyocera also plans to offer its ECM solutions, which automates and streamlines workflows, thus becoming capable of providing comprehensive, thorough document solutions to its customers. Based on this, the company will strengthen its comprehensive services, not only including MDS and ICT services but also ECM solutions, and aim to grow its business as the Kyocera Document Solutions Group.
BioUrja Trading, a leading energy commodity trading and supply company has agreed to acquire the refined products and ethanol trading and supply business and related assets of Center Oil Company, the nation's leading wholesale suppliers of gasoline, diesel and ethanol. Financial terms were not disclosed.
"With the acquisition of Center Oil, we will substantially expand our commodity trading and supply platform by adding refined products like gasoline and diesel, while also expanding our already strong ethanol business. The acquisition will diversify our geographic footprint and deepen our customer base. We are very excited to have Center Oil as part of our family. This is a transformational deal for us and we are ready to move up to the next weight class in the energy sector." Amit Bhandari, BioUrja Chairman and CEO.
Milacron, a plastic equipment manufacturer has completed its acquisition of Uniloy, a leading blow molding machine and mold manufacturer in the global plastics processing industry. Financial terms were not disclosed.
“Uniloy will continue to provide the same high-performance machinery, technical expertise, and aftermarket support that our customers expect and demand. Uniloy will focus on innovation, customer solutions, and being a great place to work. After all, our employees are our most important asset as we grow and develop. I have great confidence that the leadership team in place at Uniloy will allow the organization to grow and succeed.” Brian Marston, Uniloy CEO.
LiveRamp®, the trusted platform that makes data accessible and meaningful, has completed the acquisition of Data Plus Math, a media measurement company that works with brands, agencies, cable operators, streaming TV services, and networks to tie cross-screen ad exposure with real-world outcomes. Financial terms were not disclosed.
“Today’s announcement represents a historic step in LiveRamp’s evolution toward providing the industry with a better way to plan, buy and measure television. I’m pleased to welcome Data Plus Math to the LiveRamp family. Together, we are unlocking the power of data-driven TV for the entire ecosystem.” Scott Howe, LiveRamp CEO.
Iteris, the global leader in applied informatics for transportation and agriculture, has closed its $11m acquisition of Albeck Gerken, a privately held traffic operations engineering services provider.
“We are excited to complete this transaction and move forward with the process of integrating Albeck Gerken into the Iteris family. Albeck Gerken’s highly respected team of traffic operations engineering and consulting experts will join an equally respected team of experts in planning, signal operation, and intelligent transportation systems (ITS) design, integration and data analytics. The combined teams will provide unparalleled capabilities to improve safety and mobility for road users in Florida, the Midwest and Mid-Atlantic.” Ramin Massoumi, Iteris senior vice president and general manager.
UGI to buy some assets of Columbia Midstream for $1.28bn.
Energy distributor UGI said it would buy some assets of Columbia Midstream Group from pipeline operator TC Energy for about $1.28bn to expand its midstream business.
The Pennsylvania-based company said in a statement that it expected the deal to be neutral to earnings per share in the 2020 fiscal year and accretive from the following year.
Columbia Midstream Group, which operates in the Appalachian Basin, owns four natural gas gathering systems, an interest in a company with gathering, processing, and liquids assets, and a pipeline that runs through western Pennsylvania, eastern Ohio, and northern West Virginia.
Jet Suppliers go on merger spree trying to keep up with Boeing and Airbus output.
Airbus and Boeing’s record output of jetliners is spurring a blistering pace of mergers among aerospace suppliers as companies seek growth to keep up with demand, Bloomberg reported.
The market for deals, which reached an all-time high of $120bn last year, is “extremely robust,” Michael Richter, head of aerospace and defense, said in an interview. As an indication of the high level of interest, he said he met more than 40 prospective buyers and sellers at last month’s Paris Air Show.
Disney investor thinks the company should buy game-maker Activision.
Activision Blizzard's declining share price over the past several months has some speculating the video-game company could be a takeover target.
Gerber Kawasaki’s Nick Licouris thinks Walt Disney should be the buyer. The Santa Monica, California-based investor, sees potential benefits between Activision’s growing esports business and Disney’s TV networks. He also sees an opportunity for Disney to leverage its film and TV characters.
Indigenous group set to propose Trans Mountain stake purchase.
A Canadian indigenous organization is set to submit its bid for a stake in Trans Mountain, the oil-sands pipeline that was bought by Prime Minister Justin Trudeau‘s government amid fierce opposition to its expansion.
Project Reconciliation, headed by former Thunderchild First Nation Chief Delbert Wapass, will probably make a formal offer next week, Stephen Mason, managing director.
TPG raises about $14bn for a buyout, health-care funds. (FS)
Private equity firm TPG has raised almost $14bn for its eighth flagship buyout fund and a supplementary health-care pool as investors pour money into the industry.
The firm’s latest flagship buyout fund, TPG Partners VIII, brought in about $11.2bn and is fully subscribed. A health-care fund, TPG Healthcare Partners, raised another $2.6bn, a filing showed. That pool will invest alongside the leading fund in health-care deals.
Walmart discussed selling clothing brands Bonobos and Modcloth.
Walmart has discussed the potential sale of its unprofitable clothing brands Bonobos and Modcloth with buyers, Reuters reported.
The world’s largest retailer bought a bunch of clothing brands including Bonobos and Modcloth in 2017 and Eloquii last year to appeal to younger shoppers in its effort to compete with Amazon.
All three businesses are unprofitable, and the decision to sell the brands comes after Walmart was “unable to turn around the company’s economics” in the near term.
Brazil's Petrobras begins non-binding phase for onshore oilfield sale. (FS)
Brazilian state-run oil firm Petroleo Brasileiro has begun the non-binding phase for the sale of its Polo Reconcavo onshore oil and gas cluster in the northeastern state of Bahia.
During this phase of the process, interested parties are to make non-binding offers for the cluster, which is composed of 14 oilfields. Polo Reconcavo had an average production of 2.8k barrels per day of oil and 588k cubic meters of gas in 2018, the company said.
RoundTable Healthcare Partners closes the fifth private equity fund totaling $700m. (FS)
RoundTable Healthcare Partners, an operating-oriented private equity firm focused exclusively on the healthcare industry, has closed its fifth equity fund at $700m in capital commitments.
RoundTable's long-standing strategy has been to utilize the firm's extensive healthcare operating and transaction expertise to improve the growth and profitability of its portfolio companies to enhance their value and generate attractive investment returns. The firm focuses its investments on family companies, owner/founders, management teams, and corporate partners who have confidence in RoundTable's ability to add value beyond capital.
CBRE, a commercial real estate services and investment firm, intends to acquire Telford Homes, a leading developer of multifamily residential properties in London for $337m.
The acquisition represents a strategic expansion of CBRE’s highly successful Trammell Crow Company real estate development business, which has achieved robust earnings growth over the past five years, while producing very strong returns for its capital partners.
“Telford gives us a compelling opportunity to build on the success of Trammell Crow Company. The UK is in the early stages of a secular shift toward institutionally owned urban rental housing, similar to what we have seen in the US over the last two decades. Telford is well positioned to lead this trend, and their more than 300 talented professionals operating in London are a great addition to our company.” Bob Sulentic, CBRE president and chief executive officer.
Telford Homes was advised by Rothschild & Co, Reed Smith and Buchanan. CBRE was advised by JP Morgan Cazenove, Simpson Thatcher & Bartlett and Brunswick Group.
Highlander Partners, a leading middle market private investment firm based in Dallas, Texas, has agreed to acquire a majority stake in the Ares Group, the leading private provider of interventional cardiology procedures in Romania. Financial terms were not disclosed.
“We believe that together with our new partners we will be strongly prepared to bring the business to the next level and expand our services to the entire country, while continuing to innovate in the field of endovascular medicine in Romania. Given the Highlander team’s extensive medical services investment expertise, we are convinced that we will have both a strong financial and strategic partner.” Oren Iancovici, Ares CEO and Founder.
EnPro Industries, a leading manufacturer of engineered industrial products, has agreed to acquire The Aseptic Group, a privately-held company which distributes, designs and manufactures aseptic fluid transfer products for the pharmaceutical and biopharmaceutical industries. Financial terms were not disclosed.
“The Aseptic Group’s focus is highly complementary with Garlock’s strategic market vision. With expert product design knowledge, world-class manufacturing, and supply chain integrity, The Aseptic Group platform is highly leverageable as we continue to build our global capabilities. This addition will allow us to further expand our product offering and deliver value-added solutions to further support our customers in these demanding and highly regulated industries.” Mike Faulkner, Garlock president.
Affidea, a healthcare company has agreed to acquire UAB Medicinos Paslaugų Grupė, a leading private healthcare service provider in Lithuania from LitCapital, a dedicated private equity growth investor in the Baltics. Financial terms were not disclosed.
„During a short period of more than three years MPG demonstrated impressive growth. Investments in the newest equipment, renovation of existing clinics and opening of modern new ones allowed to significantly improve service level and customer satisfaction. Now the company is ready for its new chapter and further growth with a support from international player" Šarūnas Šiugžda, LitCapital Founder and Managing Partner.
Affidea was advised by WALLESS. LitCapital was advised by Swedbank and TGS Baltic.
Connect Managed Services and G3 Comms announce the merger a market-leading Customer Experience (CX) and Unified Communications (UC) providers backed by Apiary Capital, a private equity company. Financial terms were not disclosed.
“Our objective is to create a highly scalable and focussed business that can support the needs of a far greater and more diverse customer base, located within both the UK and abroad. The merger of G3 and Connect brings together two businesses with highly complementary capabilities which will enable our combined clients to derive significant benefits from the newly acquired skills provided by the enlarged team, together with the ability to offer an extended portfolio of specialist and proven products and services." Alex Tupman, Connect Managed Services CEO.
Phoenix Private Equity, a private equity company has agreed to invest in 1000heads, a leading provider of social media-led data & insights, strategic consultancy and creative services to large corporates. Financial terms were not disclosed.
“The 1000heads team has delivered great things over the last few years, growing rapidly, winning new accounts and continuing to build trusted relationships with some of the best brands on the planet. The partnership with Phoenix is going to help us support our continued growth with investment in infrastructure, operations and footprint.” Mike Davison, 1000heads CEO.
Primary Capital Partners, a leading provider of private equity finance has agreed to acquire ASL Group, a managed-office services suppliers. Financial terms were not disclosed.
The buyout will allow ASL to further acquire businesses, expand its reach and enhance its service for customers.
“This is an important and significant milestone for ASL that will enable us to continue to grow our business both organically and acquisitively in the market. Having acquired 10 businesses in the last 10 years, we look forward to the new opportunities that the investment will bring as we continue to drive better business performance for our customers.” Mark Garius, ASL Managing Director.
Arkéa Capital, Bpifrance and Macif, investment companies have agreed to invest €75m ($85m) in SRS, nursing homes owner.
"Benefiting from its historical know-how as an institutional operator as well as sophisticated investor expertise developed alongside renowned financial investors, SRS is positioning itself as a catalyst for growth with the aim of contributing to the development of its investments and create sustainable value." Sandrine Avelange, SRS President.
Silva International Investments and MP Management announce merger, model and talent agencies. Financial terms were not disclosed.
“Select merging with MP Management to become a Top 5 global agency business is a fantastic development, and we will continue to invest in the growth of the network.” Marco Auletta, Silva International Investments Chief Executive Office.
INVL Baltic Sea Growth Fund, the largest private equity investment fund in the Baltic States, has agreed to acquire Montuotojas, Lithuanian metal processing and industrial construction company. Financial terms were not disclosed.
“The current senior team at Montuotojas is proud to have given between 30 to 40 years of service to this great company and are happy that generational change will allow the company to become even stronger. We have chosen one of the strongest investors in the Baltic region and are very confident that INVL Baltic Sea Growth Fund will be able to actively support the company as it expands into new geographies and strengthens its current position” Alfonsas Jaras, Montuotojas CEO.
Serafin Group, a leading supplier of polyester filaments, has agreed to acquire RCR Industrial Flooring, an industrial flooring services provider. Financial terms were not disclosed.
“We are excited about the addition of RCR to our Group. Driven by its entrepreneurial management team, RCR has positioned itself as the partner of choice for industrial flooring solutions on a global scale. We are very much looking forward to further facilitate the development of RCR together with Emilio and his team.” Philipp Haindl, Serafin founding partner.
Sulzer, pumping solutions, completes acquisition of Alba Power, a leading independent service provider for aeroderivative gas turbines in Aberdeen. Financial terms were not disclosed.
Through this acquisition, Sulzer diversifies its gas turbine service business into distributed power and offshore as well as marine applications where there are sizable, active markets and numerous cross-selling synergies with its existing pump, motor, generator and turbo service customers.
“Alba Power strongly complements our existing service offering in gas turbines globally, diversifying our gas turbine service portfolio both into smaller gas turbines and distributed power. Alba will benefit from our global sales and service center footprint and technical expertise required for servicing heavy industrial gas turbines. They have an outstanding reputation with their customers and we are very happy to welcome them to the Sulzer team”. Daniel Bischofberger, Sulzer President.
ACCIONA, a Spanish conglomerate group dedicated to the development and management of infrastructure and renewable energy, announced a takeover 49.9% bid in Mostostal Warszawa, industrial facilities manufacturer for PLN34m.
If the takeover bid is successful, ACCIONA plans to delist Mostostal Warszawa from the stock market in order to simplify the group's structure. The company is currently listed on the Warsaw Stock Exchange.
Instalco, a plumbing company has agreed to acquire Pohjanmaan Taloteknikka Oy, a heating and plumbing company. Financial terms were not disclosed.
With this acquisition, Instalco has expanded its scope of operations to northern Finland.
“The acquisition of Pohjanmaan marks the first step in our geographic expansion in Finland beyond Helsinki and Tammerfors. Pohjanmaan is a stable heating & plumbing company with mature leadership that will remain with the company to continue growing and developing the business.” Robin Boheman, Instalco Business Area Manager.
Angeloni Group, one of the leading companies in Europe in the production and marketing of high-tech carbon fiber composite fabrics, was acquired by the Orca Développement group, owned by the French fund IDI and by Andera Partners. Financial terms were not disclosed.
Angeloni Group directly and indirectly serves the automotive luxury sector (supercars, luxury cars and electric cars) (Ferrari, Lamborghini, Maserati, Pagani, McLaren, BMW, Tesla, etc.), the sport & leisure sector and the aerospace sector, with over 50% of turnover achieved abroad.
DIF Infrastructure V, SL Capital Infrastructure II, and Local Pensions Partnership Investments, investment funds have agreed to acquire Elenia Lampö Oy from Elenia Oy, heating companies. Financial terms were not disclosed.
Autohaus Schade and Autohaus Max Schultz, auto dealers, have agreed to acquire Senger-Kraft Automobile and Senger-Kraft, both leading Mercedes-Benz dealers in Central Germany from The Senger Group and Neils & Kraft, two leading German car dealership groups. Financial terms were not disclosed.
MVGM, Dutch-based property manager has agreed to acquire JLL’s Continental European property management business, a property managing unit, from JLL, an international real estate professional services firm. Financial terms were not disclosed.
“This sale to, and alliance partnership with, MVGM gives our specialist property management teams across Continental Europe opportunities to grow and thrive in future. The alliance partnership with MVGM ensures that clients continue to receive best-in-class property management services and enables us to continue to provide access to a range of real estate services across Continental Europe, including property management through our trusted partner. We look forward to working together with MVGM as we develop and service a mutual client base.” Guy Grainger, JLL EMEA CEO.
The Access Group, a cloud-based platform owner has agreed to acquire Safety Media, the UK’s market leader in Health & Safety e-learning and risk management & compliance workflow solutions. Financial terms were not disclosed.
“By enhancing a company’s ability to incorporate digital learning, risk management and compliance into the same platform that their people use every day to do their job, we believe that uptake will increase and monitoring adherence and completion will become simpler and even more cost effective.” Chris Bayne, Access CEO.
Brookfield Renewable Partners, renewable power assets owner and KKR, a private equity firm have agreed to form a 50/50 joint venture for X-Elio, fotovoltanics producer. Financial terms were not disclosed.
“This is a unique opportunity to invest in a high-quality portfolio of operating assets including a near-term pipeline of construction assets with an experienced management team, integrated development platform and best-in-class contracting capabilities. This investment allows us to grow our solar capabilities to include global solar development and offers another meaningful growth lever for our business.” Sachin Shah, Brookfield Renewable CEO.
GFT Technologies, it services provider, has agreed to acquire AXOOM, a digital platform owner. Financial terms were not disclosed.
“The acquisition of the AXOOM team is part of our investment strategy for the expansion of industry expertise, whilst the development partnership with TRUMPF will pave the way for a faster and broader expansion of our industry offering. This drive, by the way, will be spearheaded from GFT’s core location in Germany.” Marika Lulay, GFT Technologies CEO.
The technology company Continental has reached an agreement with Merlett Group, based in Daverio, Italy, on the purchase of its flexible hose business. Financial terms were not disclosed.
With this acquisition, Continental is expanding its material expertise beyond rubber, particularly with regard to high-performance thermoplastics technologies and solutions. “Smart hose solutions will help Continental’s customers and industrial operators improve their production efficiency and economic effectiveness. Thermoplastic know-how is key to doing so. That is why we are expanding our technological portfolio by acquiring Merlett Group" Andreas Gerstenberger, head of Continental’s Industrial Fluid Solutions business unit.
Edwin James Group, a leading engineering services business operating across the UK, has acquired Peak42, a leader in control and automation technology services. Financial terms were not disclosed.
Peak42 employs 50 engineers and has offices in Warrington, Reading, Newcastle and Chesterfield. The business provides engineering consultancy services, performance management solutions and system integration services within the manufacturing and utilities industries.
“This is a positive milestone for the growth of our business and thanks to its impressive reputation, Edwin James Group is well-placed to help us achieve our goals and reach our potential. This acquisition marks a new and exciting chapter at Peak42 and we are looking forward to working as part of the group.” Michael Thomas, Peak42 Director.
Blackstone nears $1.1bn sale of center Parcs Resorts. (FS)
Blackstone Group is in exclusive talks to sell a portfolio of Center Parcs Europe holiday resorts to German real-estate company Aroundtown, Bloomberg reported.
Aroundtown has agreed to pay about €1bn ($1.1bn) for the seven properties, which are operated by Pierre & Vacances. Eastdil Secured is advising on the deal.
Mediaset is open to a ProSieben merger but says Europe plan comes first. (FS)
Italian broadcaster Mediaset kept its door open to a possible merger with German equity partner ProSieben but said the Italian group’s plan to create a pan-European media alliance took priority.
Mediaset Chief Executive Pier Silvio Berlusconi told reporters his priority was to finalize the company’s recently unveiled plan to use a new Dutch holding company, MediaforEurope as a platform to develop the pan-European alliance.
Abu Dhabi Commercial Bank to cut about 2k jobs after the merger. (FS)
Abu Dhabi Commercial Bank, which completed a three-way merger earlier this year, may cut about 2k jobs as the lenders integrate operations, Bloomberg reported.
The state-controlled bank started the job cuts once it began combining with Union National Bank PJSC and Al Hilal Bank PJSC. It will complete the process in the next few months.
CapitaLand to merge Ascott Reit, Ascendas unit to form Asia-Pac's largest hospitality trust.
South Africa's Afrimat pulls takeover bid for Universal Coal.
South African open pit mining firm Afrimat has withdrawn its offer to buy Australian-listed Universal Coal, given the size and complexity of the transaction.
Afrimat bid for Universal, a company with operations in South Africa, for 40 Australian cents ($0.28) per share as part of its diversification strategy.
At that time Universal, which also supplies coal to state-owned power utility Eskom, had also received a revised takeover offer from a consortium led by South African entity Ata Resources, with a cash consideration lifted to 36 cents from an earlier offer of 35 cents.
Deutsche Bank held talks with Citi, BNP on shedding a chunk of the equities business. (FS)
Deutsche Bank has held talks with Citigroup, BNP Paribas, and others over the possible sale of parts of its equities business, the Wall Street Journal reported.
Deutsche Chief Executive Officer Christian Sewing said in May that he planned to make cutbacks to the bank’s investment banking and trading operations to appease investors unhappy about its underperformance. Shares in the German lender hit a record low last month.
Salzburg hotelier Georg Imlauer acquires his sixth hotel. (FS) (Real Estate)
Hotel am Mirabellplatz was acquired by famous hotelier Georg Imlauer. "It was not a bargain, it was a reasonable price for this location," describes Georg Imlauer the purchase price, which he has put down for the Hotel am Mirabellplatz with its 70 rooms.
The seller, the Kleindienst family, runs two more hotels in Vienna. These would be expanded, the family wanted to focus on the market in Vienna and was very happy to be able to give their Salzburg hotel in the hands of a hotelier family.
ECi Software Solutions, a leader in cloud-based business management solutions, has agreed to acquire Pacsoft, a leading provider of inventory management and point of sale software solutions for hardware retail and trade businesses worldwide and with a significant presence in the Australian, New Zealand, and Pacific Islands markets. Financial terms were not disclosed.
“Pacsoft’s customers face many of the same challenges that ECi’s core customer base does, so we understand what they are up against and need to effectively grow their businesses. By expanding the customer base, augmenting the product portfolio and extending our geographical footprint, we can bring additional value to all of the businesses we serve. Today marks the latest, but certainly not the last, opportunity for ECi to grow by seeking out innovative and valuable business solutions in the markets we serve.” Ron Books, ECi CEO.
Ascott Residence Trust and Ascendas Hospitality Trust, real estate trusts, announce merger. Financial terms were not d
“The Combination is a win-win for both Ascott Reit’s and A-HTRUST’s unitholders.The combined entity will have a higher proportion of stable income derived from master leases; well balanced by growth income derived from management contracts. With access to a larger capital base and a higher debt headroom of about S$1.0bn, we will have greater financial flexibility to seek more accretive acquisitions and value enhancements. The combined entity can then be strategically positioned to potentially enjoy a positive re-rating of the unit price and gain a wider investor base, which would be beneficial to all our unitholders.” Bob Tan, Ascott Residence Trust Management Chairman.
BCD Travel, a travel management company has agreed to acquire Hitachi Travel Bureau, a travel management company. Financial terms were not disclosed.
“This investment is the result of careful, long-term planning and also a reflection of our commitment to Asia Pacific. As the majority stakeholder in our Japan venture with our trusted partner Hitachi Travel Bureau, we look forward to enhancing our product and service offerings for both global and local clients in this key market.” Greg O’Neil, BCD’s president of Asia Pacific.
Eurofins Consumer Products Testing, an international group of laboratories has agreed to acquire AQM, a textile producer. Financial terms were not disclosed.
This acquisition provides a relevant, comprehensive range of product inspections and factory audit services in EMEA and Asia, significantly contributing to Eurofins’ continued growth plans and expansion into new fields and adjacent markets.
"As a result of this operation, Eurofins strengthens its position as a leading company in the Textile and Leather sector, now offering the widest service portfolios covering the Global Supply Chain of retailers, brand owners and manufacturers." Stéphane Barrau, Eurofins VP.
Malaysia Ministry of Finance has offered to acquire 20% of SPRINT Holdings, a banking services provider, from Perangsang Selangor, an investment holding company for RM2bn ($483m).
“The proposed acquisition of SPRINT by MOF is undoubtedly a positive corporate development for Perangsang Selangor. Monetising the non-core asset will position us a step closer to moving in the intended direction and ensuring the strategic business alignment at the Group level. This will further streamline our effort in growing the core businesses, allowing us to focus on a tighter scope of activities, consistent with our business aspiration and future business direction.” Ahmad Fariz Hassan, Perangsang Selangor’s Managing Director.
Mitsui, JOGMEC may get more Japanese partners to Arctic LNG-2.
A consortium of Japanese companies Mitsui and Japan Oil, Gas and Metals National Corporation (JOGMEC) can attract more Japanese companies to a $27bn Arctic LNG-2 liquefied natural gas project of Russia’s Novatek.
Mitsui and JOGMEC are already an owner of 10% in Arctic LNG-2. Consortium recently talked with Mitsubishi Corp about joining the consortium.
“In the next nine months Mitsui and JOGMEC can attract several companies from the top of Japanese businesses as of today. I mean several companies, not just Mitsubishi. We’ve agreed that we’ll approve any company, while they do the talking…We are not directly looking into offers from the other companies, we re-send them to Mitsui. They are to make a decision on a coordinated list of companies on their own,” Leonid Mikhelson, Novatek CEO.
Australia's Woolworths to offload drinks, pubs units amid slot machine pressure.
Australia’s biggest supermarket chain Woolworths Group said it would combine and spin off its drinks and pubs units to focus on its core business, cutting back its contentious involvement in poker-machine gambling.
The demerger would give investors exposure to a standalone listed operator of 1.5k liquor stores and 327 pubs worth about A$10bn ($7bn) while reducing family-focused Woolworths’ reliance on slot machine revenue.
“A significant proportion of the world’s funds under management that would invest in this stock is concerned about its ownership of hotels and poker machines,” David Walker, large companies portfolio manager at Clime Asset Management.
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