DEPA, the natural gas supply company of Greece, completed acquisition of a 49% stake in Attiki Gas Supply, a domestic gas supplier and distributor, from Shell for €150m ($174m). The deal was initially announced on July 13.
The deal is a part of Greece’s post-bailout commitment to eliminate potential conflicts of interest between DEPA and domestic gas suppliers to help unbundle gas supply from distribution and boost competition.
DEPA was advised by Rothschild.
Restaurant Group shareholders approve £559 Wagamama takeover. (FS)
The Restaurant Group achieved approval for its controversial £559 ($717m) takeover of the Wagamama chain, despite significant opposition from shareholders, 61% of shareholders voted in favour of the deal. Major Restaurant Group investors including Columbia Threadneedle and US activists GrizzlyRock Capital and Vivaldi Asset Management have publicly voiced opposition to the acquisition in recent weeks.
Restaurant acquired Wagamama from Hutton Collins Partners and Duke Street on October 30.
The target was advised by Goldman Sachs. JP Morgan, Numis Securities, RBC Capital Markets and MHP Communications advised the Restaurant Group. RBC also provided debt financing. Goldman Sachs and Latham & Watkins advised the sellers.
Experian and ClearScore merger raises suspicions among UK regulators.
British antitrust authorities said credit data company Experian Plc's takeover of rival ClearScore could reduce competition in the industry, stifling product development and hurting customers. Experian said it would engage with authorities to address concerns ahead of the publication of the CMA's final report early in the new year. The statutory deadline for the final report is March 11, 2019.
The CMA had said in July that it would open a more in-depth probe into the acquisition after Experian chose not to offer proposals to address concerns from the regulator. The watchdog had found that Experian and ClearScore were the two top credit-checking firms in the UK and compete against each other.
Talks between Uber and Deliveroo stagnate.
Uber’s bid to buy Deliveroo was impeded as the two sides ended up “miles apart” on the issue of valuation of the British food delivery company, the Financial Times reported. According to the report, Uber’s valuation of Deliveroo is less than $2bn, while Deliveroo sets its value around $4bn.
It was first reported in September that Uber had kicked off talks to buy Deliveroo as it is one of the main rivals of its food delivery service, Uber Eats.
Unilever leads the bidding process for GSK's Indian Horlicks business.
Unilever emerged as the leading bidder in a tight contest for GlaxoSmithKline’s Indian Horlicks nutrition business. Unilever is competing against fellow European consumer giant Nestle. One source said Unilever had been given “preferential treatment” to complete the deal but did not have exclusivity in negotiations, so it was possible GSK might re-open talks with Nestle.
The acquisition would strengthen Unilever’s position in India, an emerging market whose growing population and rising wealth make it attractive in the long term for companies trying to offset weak growth in Western markets. The business which is being sold is valued at around $4bn.
Refinitiv plans to cut 2,000 jobs after Blackstone’s takeover. (FS)
Refinitiv, the financial data and trading company will lay off 2,000 workers to strip out $650m of costs in a bid to reshape and compete better with rival Bloomberg amid growing demand for data from banks and fund managers. Refinitiv was the subject of the biggest leveraged buyout since the financial crisis when Blackstone paid Thomson Reuters $17bn for a 55% stake in its financial and risk business in January.
Around 2,000 employees are being cut from the global business, including those in corporate functions such as accounting and human resources.
Eaton Corp closing in on $300m Ulusoy Elektrik acquisition.
US-listed power management company Eaton Corporation is in advanced talks to buy Turkey’s Ulusoy Elektrik for around $300m. The transaction would see Eaton acquire more than 80% of the switchgear maker from members of the founding Ulusoy family, and launch a tender offer to minority shareholders for the remaining stake.
The deal is expected to be signed in the coming days and follows several months of negotiations.
