THE DEFINITIVE SOURCE FOR INVESTMENT PROMOTION EXECUTIVES
23-28 OCTOBER 2017
it & BPM i FOOD I HEALTHCARE i TEXTILES i INFRASTRUCTURE i ENGINEERING i tourism
Saputo Inc. to acquire Murray Goulburn for US$ 1 billion
sbe signs 10 global hospitality deals in Americas & Middle East
Cisco to acquire BroadSoft for US$ 1.9 billion
Stryker to acquire French spinal implant maker Vexim
Electrolux acquires Continental brand in Latin America
Global Infrastructure Partners acquires Equis Energy for US$ 5 billion
EIB approves US$ 5.5 billion for 30 projects across Europe
Read article on globalfdi.net
Equis Pte. Ltd, (Equis) and Global Infrastructure Partners (GIP) announced the execution of binding documentation for the sale of 100% of Equis Energy for USD5.0 billion (including assumed liabilities of USD1.3bn) in cash to GIP and co‐investors. The transaction is subject to customary regulatory approvals and is expected to close in the first quarter of 2018.
Headquartered in Singapore, Equis Energy is the largest renewable energy independent power producer (IPP) in the Asia‐Pacific region, with over 180 assets comprising 11,135MW in operation, construction and development across Australia, Japan, India, Indonesia, the Philippines and Thailand.
The transaction is the largest renewable energy generation acquisition in history and positions GIP as a dominant renewable energy developer in the key OECD growth markets of Australia and Japan, as well as across India and South‐East Asia.
David Russell, CEO of Equis and Chairman of Equis Energy said, “The investment by GIP and its partners is exciting news for the development of renewable energy in the Asia‐Pacific. GIP has a strong track record of managing and growing utility‐scale infrastructure businesses, and the combination of experience and knowledge across GIP and the existing management team will allow Equis Energy to continue expanding competitively across its target markets.”
Global Infrastructure Partners acquires Equis Energy for US$ 5 billion
Hess agreement to sell its oil and gas interests in Norway for $2 billion
Hess Corporation, announced several additional steps in the continued execution of its strategic plan to further focus the company’s portfolio and allocate capital to higher return assets:
An agreement to sell its oil and gas interests in Norway for total proceeds of $2 billion
Commencement of a process to sell its interests in Denmark
Implementation of a cost reduction program expected to deliver annual cost savings of more than $150 million starting in 2019
“With the continued success of our asset sale program, we are focusing our portfolio on higher return assets and reducing our breakeven oil price,” CEO John Hess said. “Proceeds from these asset sales, along with cash on the balance sheet, will prefund development of our world class investment opportunity in offshore Guyana, where we have participated in one of the world’s largest oil discoveries of the past decade – positioning our company to deliver more than a decade of cash generative growth and significant value for our shareholders.”
The sale of its interests in Norway combined with the company’s previously announced divestitures of its enhanced oil recovery assets in the Permian Basin and interests in Equatorial Guinea have captured approximately $3.25 billion in cash proceeds year to date. These reshaping moves including the planned sale of interests in Denmark will also extinguish approximately $3.2 billion in future abandonment liabilities. In addition, with a portion of these cash proceeds, we expect to reduce Hess Corporation debt by $500 million in 2018. Together with the planned $150 million annual cost reduction program, these actions are expected to reduce cash unit production costs by approximately 30 percent – to less than $10 per BOE – by 2020.
Sale of Interests in Norway, Sales Process in Denmark
Hess has entered into an agreement to sell its subsidiary Hess Norge, which owns interests in the Valhall and Hod fields in Norway, to Aker BP ASA for total proceeds of $2 billion, effective January 1, 2017. The Valhall and Hod fields produced an average of 26,000 barrels of oil equivalent per day net to Hess over the first six months of 2017. Hess holds a 64.05 percent interest in Valhall and a 62.5 percent interest in Hod. The sale is subject to customary conditions for completion, including approval by the Ministry of Oil and Energy, Ministry of Finance and relevant competition clearance and is expected to be completed by year end 2017.
GIC invest in Japan Renewable Energy Corporation
GIC Private Limited, (“GIC”), Singapore’s sovereign wealth fund, and Japan Renewable Energy Corporation (“JRE”; headquartered in Minato Ward, Tokyo; Kazuhiro Takeuchi, CEO) announced the entry of an affiliate of GIC, as a corporate partner in GS Renewable Holdings GK, the parent company of JRE. This is GIC’s first investment in Japan’s infrastructure and renewable energy sector.
JRE, founded in August 2012, develops, constructs and operates renewable energy power plants. These include solar, wind and biomass energy power plants located across Japan. JRE currently operates 34 power plants with a total capacity of approximately 210MW, with approximately 170MW of new plants under construction.
Kazuhiro Takeuchi, CEO of JRE, commented: “We sincerely welcome GIC, which is a worldrenowned sovereign wealth fund. We see GIC’s investment as testament to the potential of Japanese renewable energy market and JRE’s growth strategy. We will take this opportunity to accelerate expansion of our business and to become the industry leader.”
ADB Boosting Renewable Energy in Sri Lanka with 100 MW Wind Park
The Asian Development Bank’s (ADB) Board of Directors has approved a loan of $200 million with sovereign guarantee for Ceylon Electricity Board to develop Sri Lanka’s first 100-megawatt wind park.
“The new Wind Power Generation Project will not only provide access to a clean and reliable power supply in Sri Lanka, but also create an environment for further wind power development through future public-private partnerships,” said Mukhtor Khamudkhanov, an ADB Principal Energy Specialist. “Diversifying the country’s power generation through clean, renewable energy sources will improve the country’s energy security and environment.”
Sri Lanka boosted its national electrification from 29% in 1990 to more than 99% in 2016. Yet the power sector continues to struggle to meet the growing demand for an affordable and reliable electricity supply.
With the share of thermal (coal and oil-fired) power still accounting for two-thirds of power generation in 2016, there is an urgent need to develop clean energy sources such as wind and solar energy, reduce losses in the system, and boost energy efficiency.
While the remaining third of total generated power in 2016 was from renewable sources, most of this was accounted for by large hydropower facilities. Only about 8% comes from nonconventional renewable energy sources such as mini hydro, wind, solar, and biomass. The country’s goal is to increase the share of these nonconventional renewable energy sources to about 20% of the total generated power by 2020.
Besides the wind farm, to be constructed on Mannar Island in Northern Province, the project will provide the associated infrastructure, such as internal cabling and access roads, energy dispatch control center, and reactors to manage voltage levels.
H.B. Fuller has acquired Royal Adhesives & Sealants for $1.5 billion
BoostingH.B. Fuller’s problem- solving potential, the company announces it has finalized its acquisition of Royal Adhesives & Sealants for $1.575 billion. Few people realize the impact of adhesives. They are everywhere, making virtually any durable or consumer product better. Adhesives have the potential to make the world a better place, and H.B. Fuller is tapping adhesives in unique ways to improve a range of global issues.
H.B. Fuller, combined with Royal, deepens its expertise in specialty and high-value applications used in a range of sectors, including electronics, hygiene, medical, transportation, clean energy, construction, and more.
“We are passionate about being the best adhesives provider in the world, and we’ve been investing significantly over the last decade to make it a reality,” said H.B. Fuller CEO Jim Owens. “With complementary adhesives expertise from Royal, we’re able to make an even bigger impact on improving people’s lives. Our customers will benefit from a broader portfolio and expanded development and production capabilities. We’ll be a more capable and dynamic company with additional opportunities for the thousands of dedicated H.B. Fuller and Royal employees around the world. And, the acquisition accelerates our business strategy and positions us to exceed our 2020 targets.”
Elliott Management will acquire Gigamon
for $1.6 billion
Gigamon Inc., the industry leader in traffic visibility solutions, and Elliott Management ("Elliott"), a leading multi-strategy private investment firm, announced that they have entered into a definitive agreement under which Elliott will acquire Gigamon for $38.50 per share in cash, for a total value of approximately $1.6 billion. Upon completion of the transaction, Gigamon will become a privately held company. Elliott's investment is being led by its private equity affiliate, Evergreen Coast Capital ("Evergreen").
Under the terms of the agreement, Gigamon shareholders will receive $38.50 in cash for each share of Gigamon common stock held. The purchase price represents a premium of approximately 21% to the Company's unaffected closing price on April 28, 2017, the day following the Company's release of its first quarter 2017 financial results and the date on which Elliot became required to file a Schedule 13D with respect to its ownership interest in Gigamon. The agreement was unanimously approved by the Gigamon Board of Directors.
"We are pleased to announce this transaction, which delivers immediate cash value to our shareholders upon closing at a premium to our unaffected stock price," said Paul Hooper, Chief Executive Officer of Gigamon. "The Gigamon Board, with the assistance of independent financial and legal advisors, conducted a thorough review of options to enhance shareholder value and unanimously concluded that entering into this agreement with Elliott represents the best way to maximize value. We remain committed to our mission-critical role and to the success of our customers, employees and partners. Elliott and Evergreen have deep technology experience and share our long-term vision for next-generation traffic visibility across on-premises, cloud and hybrid infrastructure."
"As the leading provider of visibility solutions that enable enterprises to guard against network and data breaches, Gigamon has a strong track record of innovation and delivering customer value that makes it a compelling investment," said Jesse Cohn, Partner at Elliott. "In partnership with Evergreen Coast Capital, our private equity affiliate, this is a landmark transaction in our long history of investing in leading enterprise technology businesses. We look forward to working with the management team and employees of Gigamon to build on the Company's leadership and extend its global relationships with customers and partners."
BASF inaugurates enzyme-based production plant in Nanjing, China
BASF celebrated the opening of a new state-of-the-art production plant for biocatalyzed acrylamide at its site in Nanjing Chemical Industrial Park, Nanjing, China.
With this investment in its wholly-owned BioACM plant in Nanjing, BASF is strengthening its production set-up for reliable and high-quality supply of poly acrylamide to customers in Asia Pacific, especially in China. The plant has a capacity of more than 50,000 tons of biocatalyzed acrylamide per year.
Acrylamide is used in the production of water-soluble flocculation aids that make wastewater treatment and papermaking, as well as mineral processing and enhanced oil recovery, more efficient and less resource-intensive. This new plant further strengthens BASF’s position in the region and will help expand cost-competitive supply to meet the growing demand of these water-intensive industries.
BASF has been producing biocatalyzed acrylamide in Suffolk, USA, since 2014 and started operations at its European BioACM plant in Bradford, England, in 2016. With this successful start-up in China, BASF now has three state-of-the-art production facilities located in key markets worldwide.
“The completion of the BioACM plant in Nanjing is an important milestone.
The construction of a new polyacrylamide production line is currently underway and is expected to go on stream in 2018. With investments into upstream and downstream plants, we continue to strengthen our position as a leading partner for the paper and water treatment industries,” explained Andreas Tuerk, Senior Vice President Paper and Water Chemicals from BASF.
Bosch expands Partnership with Avaya
Avaya Private Cloud Services to provide communications solutions to 160,000 employees worldwide in five-year, $60 million agreement
Bosch Group, a leading global supplier of technology and services, announced the expansion of its partnership with Avaya to help support Bosch’s digital transformation strategy across its global operations. Avaya Private Cloud Services (APCS) has signed a $60 million agreement with Bosch to provide a range of business communications solutions to 160,000 Bosch associates worldwide.
The five-year deal builds on Avaya’s existing relationship with Bosch and is part of the group’s wider “Next Generation Workplace” project, designed to further support a globally connected and agile workforce.
Avaya will provide a range of private cloud-based voice, contact center and collaboration services, helping Bosch’s central IT department to roll out standardized solutions to all Bosch group companies worldwide. Avaya’s infrastructure integration solution will also provide enterprise-class assured voice services to Bosch users where they are interfacing through the Skype for Business desktop client.
Bosch operates in four business sectors: Mobility Solutions, Industrial Technology, Consumer Goods, and Energy and Building Technology. As a leading Internet of Things (IoT) company, Bosch offers solutions for smart homes, smart cities, connected mobility, and connected manufacturing, delivering innovations for a connected life.
Digital disruption in the post and parcel industry will see robots and driverless vehicles delivering the mail, augmented reality creating efficiencies in delivery and Artificial Intelligence (AI) making it easier to connect customers to products and services, according to new research from Accenture.
The report, The New Delivery Paradigm, examined delivery and purchasing trends, business practices and analysis of 25 postal organizations and delivery companies conducting business across the Americas, Europe and Asia-Pacific.
One of the key findings: Investments in advanced digital technologies could help generate more than $500 million of value annually for an average post and parcel organization. The right digital strategy also could unlock the potential of 22nd century and last-mile delivery systems and remain relevant in an industry facing not only declining mail volumes but also increased competition for hyper local delivery and a rapidly changing last-mile landscape to fight for growing parcel volumes.
Being digital would mean transforming core operations to enable digital transformation and grow profitability and could include AI, smart collectors, digital warehouses, connected vehicles, connected lockers, augmented workforce and robotic process automation, said Brody Buhler, who leads Accenture’s global post and parcel practice.
“In an era when customers are always connected and are becoming accustomed to a digital customer experience, high-performing posts and parcel organizations need to embrace digital more fully unlock the dynamic potential in advanced technologies to drive every aspect of the business,” Buhler continued.
AI, Robotics and Augmented Reality Technologies are Shaping the Future of Posts and Delivery Companies: Accenture
itelligence AG, an international full-service provider of SAP solutions, announced its strategic decision to collaborate with Amazon Web Services (AWS) in its global operations with the aim of bringing customers solutions to migrate, implement, monitor, manage and optimize workloads running on the SAP HANA® platform, SAP Hybris® Commerce and SAP S/4HANA® on AWS.
The joint itelligence and AWS solutions include complete migrations of SAP S/4HANA and other SAP solutions to AWS and fully managed services by itelligence on AWS. As a starting point and for special scenarios, proofs of concepts on any SAP solution with AWS services are available.
Norbert Rotter, President and CEO of itelligence AG and NTT DATA Business Solutions: “Companies are being challenged to take the lead when it comes to digitalizing their business and are looking for reliable methods to migrate their workloads running in SAP software to public and hybrid cloud solutions. Our focus on SAP software, including SAP S/4HANA migrations and managed cloud solutions, along with our work with AWS, supports faster deployments to the cloud and helps accelerate customers’ digital transformations.”
The solutions will enable clients to seamlessly integrate AWS services into their strategy for running SAP software and run end-to-end managed services for SAP S/4HANA on AWS. For web-focused eCommerce platforms like SAP Hybris Commerce, itelligence and AWS provide a joint solution with increased flexibility. Options of packaged proofs of concepts and smooth switching between itelligence and AWS enable customers to quickly see their future state and to free up valuable resources to focus on innovation.
Lars Janitz, Executive Vice President, Head of Global Managed Services at itelligence AG: “With the ever-increasing relevance of SAP S/4HANA in both public and hybrid cloud solutions, our clients are expecting secure, hybrid, hyperscale solutions. This exciting collaboration between itelligence and AWS joins hyperscale cloud capabilities and expertise in SAP S/4HANA. itelligence brings full end-to-end managed services for SAP S/4HANA on AWS.”
itelligence announces collaboration with Amazon Web Services for cloud solutions
Equinix expands in Washington, D.C. with New Data Center
Equinix Inc., the global interconnection and data center company, announced the opening of its newest International Business Exchange™ (IBX®) data center at its Ashburn campus in Virginia. Named DC12, the $98.5M facility supports the growing demand for interconnection capacity to enable enterprises and government agencies to address new opportunities in the digital economy. The first phase of DC12 will add 1,500 cabinets and more than 57,800 gross square feet of data center space, and provides campus cross-connectivity. At full build, the facility will provide capacity for approximately 3,000 cabinets. With the addition of DC12, Equinix now operates 14 IBX data centers in the Washington, D.C. area.
The Ashburn campus is a major communications gateway to Europe and the largest internet peering point in North America. The DC12 IBX data center offers access to a dense mix of top global networks, cloud service providers, digital content companies and social media platforms, offering enterprise and government agency customers the ability to interconnect with partners and customers to quickly and efficiently exchange critical operational data.
Since its founding, Equinix has invested nearly $1 billion to build and expand its presence in the Washington, D.C. metro area, which is the world's largest concentration of data centers. Equinix has purchased four additional parcels of land spanning 34.5 acres for future expansion as needed.
The addition of DC12, which features a flexible data center layout, provides capacity to meet the growing need for interconnection, multi-cloud deployments, and connectivity to network and content services. It is part of the Equinix Ashburn campus in Northern Virginia, one of the most network-dense Equinix locations worldwide and a strategic communications hub for the eastern United States. Customers can choose from a broad range of network services from more than 200 providers as well as the leading cloud platforms including AWS, Microsoft Azure, Google Cloud Platform, Oracle Cloud and others through the Equinix Cloud Exchange™ and direct connect services.
In addition to its Washington, D.C. area data centers, Equinix also operates a data center campus in Culpeper, VA, that was acquired earlier this year from Verizon. Strategically located 60 miles from Washington, D.C., the Culpeper campus is another ideal location for government agencies seeking interconnection to key partners within one of the most secure and technologically sophisticated data center campuses in the eastern U.S. Designed to meet the highest government standards, these IBX data centers accelerate Equinix relationships in the government sector, complementing the Ashburn campus and strengthening Equinix as a platform of choice for government services and service providers.
The Global Interconnection Index, a market study published recently by Equinix, found the U.S. to be the largest and most advanced region for private traffic exchange, with the Ashburn area hosting the largest concentration of network participants and becoming a hotbed for most of the world's internet traffic. The Washington, D.C. metro area also represents one of the four largest interconnection metros in North America, and is forecasted to see Interconnection Bandwidth growth of 39% annually, to 323 Tbps by 2020.
Equinix has a long-term goal of using 100 percent clean and renewable energy for its global platform, and continues to make advancements in the way it designs, builds and operates data centers with high energy-efficiency standards. The design elements for DC12 represent the green standard for all future Equinix IBX data center builds. DC12 will be a LEED Gold Certified building. It is expected to meet the strict water reduction standards, and will feature state-of-the-art indirect evaporative cooling (IDEC) technology which dramatically reduces water use.
Cisco, and BroadSoft, announced a definitive agreement for Cisco to acquire publicly-held BroadSoft, Inc., headquartered in Gaithersburg, MD. Pursuant to the agreement, Cisco will pay $55 per share, in cash, in exchange for each share of BroadSoft, or an aggregate purchase price of approximately $1.9 billion net of cash, assuming fully diluted shares including conversion of debt. The acquisition has been approved by the board of directors of each company.
More and more businesses expect fully featured voice and contact center solutions with the ability to deploy them on premises or in the cloud. By combining BroadSoft's open interface and standards-based cloud voice and contact center solutions delivered via Service Provider partners, with Cisco's leading meetings, hardware and services portfolio, the combined company will offer best-of-breed solutions for businesses of all sizes and deliver a full suite of collaboration capabilities to power the future of work.
The acquisition of BroadSoft reinforces Cisco's commitment to Unified Communications and enhances its ability to address the millions of aging TDM lines poised to transition to IP technology and cloud native solutions over the coming years.
"Cisco recently marked a significant milestone with our 200th acquisition. Acquisitions continue to be a core part of our innovation strategy and over the past two years have helped Cisco accelerate or enter areas such as IoT, application intelligence, AI, hyperconvergence and SD-WAN," said Rob Salvagno, vice president of Cisco Corporate Development. "With the addition of BroadSoft, we expect to accelerate the pace of innovation across our entire collaboration portfolio."
Cisco to acquire BroadSoft for US$ 1.9 billion
First Data to acquire BluePay for $760 million
First Data Corporation, a global leader in commerce-enabling technology and solutions, announced that it has entered into a definitive stock purchase agreement for First Data to acquire BluePay Holdings, Inc. (“BluePay”) from current owners, including TA Associates and BluePay management, for $760 million in cash, subject to adjustments. The transaction is expected to be modestly accretive in the first full year post-closing, before expected synergies.
BluePay, a provider of technology- enabled payment processing for merchants in the U.S. and Canada, is one of First Data’s largest distribution partners with a strong focus on software-enabled payments and Card-Not-Present transactions. BluePay processes approximately $19 billion of annual volume for more than 77,000 merchants and is integrated into more than 450 software platforms. The company has software integration solutions that complement those offered through First Data’s CardConnect business.
“BluePay is a long-standing First Data distribution partner with an excellent track record of innovation and growth. We are pleased to add BluePay’s unique capabilities and its talented team to the First Data family,” said First Data Chairman and CEO, Frank Bisignano. “We believe BluePay’s best-in-class integrated Card-Not-Present solutions, combined with CardConnect’s cutting-edge ISV product suite acquired earlier this year, clearly sets First Data apart from the competition in the high growth integrated payments space.”
“This is an exciting day for BluePay as this transaction presents a great opportunity to join an outstanding global organization like First Data,” said BluePay Executive Chairman, John Rante.
Electrolux acquires Continental brand in
Electrolux announced that the Brazilian court administering the bankruptcy of Mabe Brazil has accepted a BRL 70 million (SEK 178 million) bid to acquire the intellectual property assets of the estate. Electrolux will consequently take over the rights to the Continental brand of home appliances.
Continental is a well-known, traditional brand, with a long history of supplying cooking, cooling and laundry products to Brazilian families.
SUPERVALU to Acquire Associated Grocers of Florida
SUPERVALU INC., and Associated Grocers of Florida, Inc. announced that they have entered into a definitive merger agreement for SUPERVALU to acquire Associated Grocers in a transaction valued at approximately $180 million.
This transaction provides
SUPERVALU with the ability to expand its operations into a new part of Florida as well as provides new opportunities to bring SUPERVALU's products and services to Associated Grocers' diverse customer base in South Florida, the Caribbean, and other international markets. Additionally, as part of the pending transaction, SUPERVALU has reached a long-term supply agreement with Associated Grocers' largest customer that will go into effect upon the closing of the transaction.
"Associated Grocers represents a great opportunity for us to further expand our wholesale business into another important region," said Mark Gross, SUPERVALU's President and Chief Executive Officer. "We believe SUPERVALU is uniquely positioned to be the supplier of choice across the grocery industry and this acquisition is another example of how we're delivering on our growth strategy."
Gross continued, "Christopher Miller and his talented team have done outstanding work to build and support a dynamic and diverse retailer base. We're looking forward to welcoming the strengths and talents of the Associated Grocers team to SUPERVALU and working together so that, once the transaction is complete, we can bring the benefits of our combined scale and expertise to their customers to help them better compete in the evolving grocery industry."
Conagra Brands, Inc., announced that it has completed the acquisition of Angie's Artisan Treats, LLC, the maker of Angie's BOOMCHICKAPOP ready-to-eat popcorn, from TPG Growth, the middle market and growth equity platform of alternative asset firm TPG, for $250 million.
The Angie's BOOMCHICKAPOP brand was founded by husband and wife entrepreneurs Dan and Angie Bastian, who will continue to actively support the business as part of Conagra Brands. The brand features more than a dozen varieties of ready-to-eat popcorn and is available nationwide in natural food, grocery, club, drug and mass retail outlets. Angie's BOOMCHICKAPOP has a presence in the U.S., Canada, South Korea, Peru, the Caribbean and Mexico.
Conagra Brands completes acquisition of Angie's Artisan Treats, LLC
Orkla acquires Norwegian Ingredients Supplier Arne B. Corneliussen
Through its wholly-owned subsidiary Idun Industri AS, Orkla Food Ingredients has signed an agreement to purchase 100% of the shares in Arne B. Corneliussen AS ("Arne B. Corneliussen"), a leading manufacturer and supplier to the Norwegian food industry.
The company's product portfolio consists of spices, marinades, flavourings, starter cultures and other functional ingredients, in addition to packaging solutions. Its customer market is Norwegian food manufacturers with the Norwegian meat industry as main segment.
Orkla Food Ingredients is the leading bakery ingredients player in the Nordic region, supplying products such as margarine and butter blends, yeast, bread and cake improvers and mixes, marzipan and ice cream ingredients. In acquiring Arne B. Corneliussen, the business area will expand its product range and customer base in Norway.
"This acquisition gives us access to a new growth platform in the food industry. The purchase of Arne B. Corneliussen also offers potential for synergies with our existing ingredients operations in Norway, in the form of a more strategic focus on the out-of-home sector as well as savings in areas such as purchasing and distribution," says Pål Eikeland, Orkla EVP and CEO of Orkla Food Ingredients.
Arne B. Corneliussen, established in 1949, has been owned since 1995 by DAT-Schaub A/S, a subsidiary of Danish Crown.
"We have had nothing but good experiences during our period as owners of Arne B. Corneliussen, but the time has now come to concentrate our operations. We think that a Norwegian owner will be positive for the company, and we look forward to continuing the close collaboration between DAT-Schaub and Arne B. Corneliussen,"says Jan Roelsgaard, CEO of DAT-Schaub.
Saputo Inc. to acquire the business of Murray Goulburn for US$ 1 billion
Saputo Inc., announces that it has entered into an agreement to acquire the business of Murray Goulburn Co-Operative Co. Limited ("Murray Goulburn" or "MG"), based in Australia.
The purchase price for the transaction is CDN$1.29 billion (A$1.31 billion) on a debt-free basis and will be financed through a newly committed bank loan. The transaction, which is unanimously recommended by the Murray Goulburn Board of Directors in the absence of a superior proposal, is subject to the approval of MG shareholders and customary conditions (including foreign investment approval and clearance by the Australian Competition and Consumer Commission) and subject to an Independent Expert concluding that the transaction is in the best interest of MG shareholders. The transaction is expected to close in the first half of calendar year 2018.
MG produces a full range of high-quality dairy foods, including drinking milk, milk powder, cheese, butter and dairy beverages, as well as a range of ingredient and nutritional products, such as infant formula. MG supplies the retail and foodservice industries globally with its flagship Devondale, Liddells and Murray Goulburn Ingredients brands. Murray Goulburn has approximately 2,300 employees and operates eleven manufacturing facilities across Australia and China.
For the twelve-month period ended on June 30, 2017, MG had revenues of approximately CDN$2.5 billion (A$2.5 billion) and earnings before interest, taxes, depreciation, amortization, milk supply support package forgiveness, rationalisation costs, write-downs and non-recurring costs ("adjusted EBITDA") of approximately CDN$78 million (A$79 million).
The acquisition of Murray Goulburn will add to and complement the activities of Saputo's Dairy Division (Australia). By acquiring a well-established industry player, the Company reinforces its commitment to strengthen its presence in the Australian market. Saputo intends to continue to invest in its Australian platform and contribute to the ongoing development of its domestic and international business.
Grupo Lala, S.A.B. de C.V., is pleased to announce that it has completed the acquisition of 99.9% of the shares of the Brazilian dairy company Vigor Alimentos, S.A. ("Vigor"), and the 50% of the shares of Itambé Alimentos, S.A. ("Itambé"), also a Brazilian dairy company, for an implied value of R$ 5,025 million.
Following the relevant event published on September 21st, the Cooperativa Central dos Produtores Rurais de Minas Gerais Ltda ("CCPR") is expected to exercise its right of first refusal to acquire 50% of the remaining Itambé shares, belonging to Vigor, so the net implied value of the Transaction would be R$ 4,325 million.
The Transaction was financed with a bridge loan for $25,229 million pesos with the banks JP Morgan, BBVA Bancomer and Santander; the refinancing of the bridge loan will be through long-term debt and possible bond issue.
Founded in 1917, Vigor has a consolidated infrastructure of over 3,900 employees, 3 milk collection centers, 9 production facilities and 19 distribution centers reaching 47,000 points of sale, with a strong presence in the states of Sao Paulo, Minas Gerais and Rio de Janeiro.
Grupo Lala concludes acquisition of
McCain Foods expands its potato processing facility in, New Brunswick
McCain Foods (Canada) has officially opened its new $65M state-of-the-art potato specialty production line, expanding the company’s flagship potato processing facility in Florenceville-Bristol, New Brunswick.
The new 35,000 square foot McCain Foods potato specialty production line addition represents the largest capacity expansion investment in Canada in nearly 10 years. The investment is reflective of the continued growth of the North American frozen potato and potato specialty segments in both the retail and food service businesses.
“During our 60th year of business, investment in the Florenceville- Bristol facility is a testament to the importance the community holds as the birthplace of McCain Foods,” added DeLapp. “In addition to the more than 40 new jobs created, the construction build stimulated economic activity within the region, and an additional demand of 4,000 acres of potatoes is to be supplied to the facility by New Brunswick potato farmers.”
A strong, sustainable Canadian business Since the company was founded in 1957, McCain’s leadership in the Canadian frozen potato market segment across all retail, food service and quick service restaurants (QSR) channels is undisputed.
All of McCain’s potato products are made from 100% real potatoes grown on farms close to our facilities, which are spread across the country in New Brunswick, Manitoba, and Alberta.
The African Development Bank (AfDB) has developed a new initiative called the Technologies for African Agricultural Transformation (TAAT) initiative – a knowledge- and innovation-based response to the recognized need to scaling up proven technologies across Africa.
Already, 25 African countries have written letters to the AfDB confirming their interest and readiness to participate in TAAT, and help transform their agriculture.
It will support AfDB’s Feed Africa Strategy for the continent to eliminate the current massive importation of food and transform its economies by targeting agriculture as a major source of economic diversification and wealth, as well as a powerful engine for job creation.
The initiative will implement 655 carefully considered actions that should result in almost 513 million tons of additional food production and lift nearly 250 million Africans out of poverty by 2025.
TAAT will execute bold plans to contribute to a rapid agricultural transformation across Africa through raising agricultural productivity along eight Priority Intervention Areas (PIAs).
The commodities value chains to benefit from this initiative are rice, cassava, pearl millet, sorghum, groundnut, cowpea, livestock, maize, soya bean, yam, cocoa, coffee, cashew, oil palm, horticulture, beans, wheat and fish.
“TAAT was born out of this major consultation and brings together global players in agriculture, the Consultative Group on International Agricultural Research, the World Bank, the Food and Agriculture Organization of the United Nations, the International Fund for Agricultural Development, World Food Programme, Bill and Melinda Gates Foundation, Alliance for a Green Revolution in Africa, Rockefeller Foundation and national and regional agricultural research systems, ” said AfDB President, Akinwumi Adesina, at a TAAT side event at the 2017 World Food Prize in Des Moines, Iowa.
Adesina explained that TAAT would help break down decades of national boundary-focused seed release systems. Seed companies will have regional business investments, not just national ones, he said. “That will be revolutionary and will open up regional seed industries and markets.”
AfDB’s agricultural transformation strategy to guarantee 513 million tons of additional food production
Stryker Corporation, announced that it has acquired control of VEXIM, a French medical device company listed on the Euronext Growth stock exchange in France.
VEXIM, headquartered in Balma, France, specializes in the development and sale of vertebral compression fracture (VCF) solutions. The company’s flagship product is the SpineJack® system, a mechanical expandable VCF implant for fracture reduction and stabilization. The VEXIM portfolio is highly complementary to the Interventional Spine (IVS) business of Stryker’s Instruments division whose key products include an extensive and innovative portfolio for vertebral augmentation, vertebroplasty and radiofrequency ablation procedures, along with a diagnostic tool and decompression treatment advances for contained disc herniations. VEXIM had sales of €18.5M in 2016 which was 33% growth over 2015 revenue.
VEXIM has a direct sales force in Europe with sales in France, Germany, Spain, and Italy and an international distribution network in selected countries in Eastern Europe, Middle East, Latin America and Asia. The SpineJack product will be sold in the US upon receiving 510(k) clearance. VEXIM anticipates filing for clearance in 2018.
Stryker indirectly acquired securities held by certain VEXIM shareholders (Truffle Capital, Bpifrance Participations and Kreaxi) and managers (Vincent Gardès and José Da Gloria) of VEXIM representing in the aggregate 50.7 % of the share capital and 50.3 % of the voting rights of the company, and 37.1 % of the outstanding BSAAR warrants. Stryker paid EUR 20.00 per share and EUR 3.91 per BSAAR warrant. This price represents an aggregated equity value of VEXIM on a fully diluted basis of approximately EUR 183 million, which corresponds to an enterprise value of approximately EUR 162 million.
In accordance with French tender offer laws and regulations, Stryker will file a simplified cash public offer to purchase all remaining VEXIM shares and BSAAR warrants (the “Offer”). The Offer will be filed on October 25, 2017 with the French stock market authority (the "AMF"), at the same prices per share and per BSAAR warrant as the prices paid for the controlling blocks, and will be subject to the AMF’s clearance. If Stryker owns at least 95% of the share capital, voting rights and fully-diluted shares of VEXIM at the closing of the Offer, it intends to squeeze out the remaining non-tendered shares and BSAAR warrants to own 100% of VEXIM and delist the company.
Stryker to acquire VEXIM
Bracket acquires mProve Health Inc.
Bracket,a leading clinical trial technology and specialty services provider, announced the strategic acquisition of mProve Health Inc. (mProve), a leading provider of mobile technologies for life science companies. The acquisition centers on both companies' support of tech-enabled clinical trials that improve patient engagement through the use of "Bring Your Own Device" mobile tools in clinical trials.
Early-to-market with Electronic Clinical Outcomes Assessments (eCOA) and the first Randomization and Trial Supply Management (RTSM) mobile application, Bracket is at the forefront of digitization in clinical trials. Bracket helps biopharmaceutical sponsors and CROs increase the power of their data and identified a need to bring greater accuracy through technology.
Included in mProve's suite of regulatory compliant mHealth solutions is mPulse, an Electronic Patient-Reported Outcomes (ePRO) platform for enabling data collection via standalone native mobile apps or SMS text. Other apps will enable communication with doctors and provide reminders and education.
In a recent report by KNect365, 94% of clinical trials professionals surveyed are looking to increase the utilization of mHealth, surpassing big data (86%) and cloud technology for EMRs (84%). These findings, among others, indicate mHealth technology as one of the most powerful opportunities in clinical trials. While mainstream eCOA providers are challenged to retrofit their systems to support emerging mHealth technologies and the BYOD movement, Bracket is now positioned for success with native mHealth capability.
"This acquisition is an opportunity to bring the shared visions of mProve and Bracket into focus," said Jeff Lee, CEO of mProve. "Both organizations center on improving patient engagement and driving adoption of the mHealth to do so. Together, we are well situated for a future of tech-enabled clinical trials."
The European Investment Bank has agreed to provide EUR 100 million to finance construction of the new Amphia Hospital in Breda. Amphia is one of the most advanced clinical hospitals in the Netherlands and the new hospital will strengthen healthcare for the North Brabant province.
This is the first Dutch hospital to be financed by the EIB under the Investment Plan for Europe. During the formal ceremony in Breda finance agreements were also signed with BNG, Rabobank and ING.
Construction of the new Amphia Hospital is one of the most significant capital investments in the country. The EIB is providing a low-interest rate and 27 year long-term loan. The new support for Amphia and backing for investment in the new hospital follows detailed due diligence and examination of technical and financial proposals.
"Long-term investment is vital for modern health care in the Netherlands, which will have to care for an aging population using the latest technology. The EIB is pleased that to finance the new Amphia hospital, together with three leading Dutch banks. The loan signed today follows EIB support for hospital investment in Amsterdam, Maastricht, Tilburg, Rotterdam and Deventer in recent years," said Pim van Ballekom, Vice President of the European Investment Bank.
EIB confirms US$ 117 million support for new Amphia hospital in Breda under Juncker Plan
IHG to debut Holiday Inn in Laos capital
IHG's Kenneth Macpherson with Doan Quoc Huy, Vice President BIM Group at the Holiday Inn & Suites Vientiane signing ceremony
InterContinental Hotels Group, one of the world’s leading hotel companies, has signed a management agreement with BIM Group to develop the first Holiday Inn hotel in Vientiane, Laos. This will be IHG’s third project with BIM Group, who also owns Crowne Plaza Vientiane and the upcoming InterContinental Phu Quoc Long Beach Resort & Residences.
Set to open in 2019, the 250-room Holiday Inn & Suites Vientiane, which includes 50 long-stay suites, will be part of a mixed-use development consisting of the existing Crowne Plaza Vientiane, office towers and a retail mall. Located within the vicinity of the city centre, the new-build hotel will be less than three kilometres away from the airport, promising an easy commute to the hotel and convenient access to embassies, government offices, banks and corporate offices in the city.
With a selection of lifestyle offerings within and around the mixed-use complex, leisure travellers will be able to enjoy shopping and dining options at their doorstep, take a short stroll to the downtown core, or explore key tourist attractions located nearby, such as the Lao National Museum, night market and Mekong River.
Holiday Inn & Suites Vientiane will be equipped with versatile function spaces for meetings and events, including a large ballroom capable of seating more than 1,000 people - banquet style. This is in addition to a business centre, outdoor swimming pool, gym, and two dining establishments. The hotel will also provide the Holiday Inn brand’s signature offerings such as the Kids Stay and Eat Free® programme, where kids under the age of 12 can stay and dine for free – making it ideal for family, leisure and business travellers alike.
sbe signs 10 global hospitality deals in North America, Latin America, and Middle East
sbe, the leading lifestyle hospitality company that develops, manages and operates award-winning international hospitality brands, has confirmed another 10 deals to bring its hotels, residences, and restaurants to new territories in Latin America and the Middle East, through a mix of management and licensing agreements. Building on its already robust pipeline, the company stands to double its global hotel footprint by 2021. Additionally, an estimated 24 restaurants and lounges are going to be part of the new and existing hotel pipeline, further emphasizing the company's stance on offering a 360-degree experience for guests.
Sam Nazarian, Founder and CEO of sbe, said: "sbe is further expanding our global footprint across our entire portfolio – from luxury hotels and residences to fast casual dining. With these 10 new deals, we are enhancing our already extensive pipeline and enjoying a period of unprecedented growth. Our pipeline demonstrates the versatility and strength of our brands on a global scale, and we look forward to continuing to develop our brands both domestically and internationally."
Licensing and management deals have been signed for sbe's flagship SLS brand with plans to open in Mexico, Qatar, Uruguay and Argentina.
Adding to its Middle Eastern pipeline, sbe is working with its partner from Mondrian Doha, Al Hamla Real Estate Investments LLC, to introduce the SLS brand to The Pearl development in Doha, Qatar. The SLS Doha will comprise a 200 key managed hotel, 100 key residences, 50 serviced apartments and three restaurants. It is slated to open in 2020.
In Latin America, sbe will manage SLS Mexico City Pedregal, a 150 key hotel with 150 key branded residences located in the upmarket Pedregal area of Mexico City. The agreement with IDU, Mexico City's largest residential developer, will see the ground-up build open in 2021.
Additionally, sbe has approved projects with approximately 300 keys for developing SLS Punta del Este Residences in Uruguay.
SLS Pilar Residences will also open in 2020 – a 173 key residential project in Pilar, Buenos Aires, Argentina with BARZA.
Marriott Internationalis on track to open 16 new resorts in Asia Pacific across seven brands in 10 countries and territories this year, giving travelers more choices when booking holidays, business events or special occasions. Marriott currently has 130 upper-upscale and luxury resorts in the Asia Pacific region in countries including China, Malaysia, Vietnam and Thailand.
The new hotels range from tranquil resorts such as the beachfront Weligama Bay Marriott Resort & Spa, which is the company’s first hotel in Sri Lanka, to The Ritz-Carlton Haikou, which presents travelers with a new experience as Ritz-Carlton’s first golf resort in China.
“This is an exciting year for Marriott International in the Asia Pacific region as we deliver innovative, new ways to cater to today’s and tomorrow’s travelers,” said Peggy Fang Roe, Chief Sales and Marketing Officer for Asia Pacific. “Our new openings demonstrate our promise to be where our guests want to be and provide them with everything they need to relax, recharge or celebrate a special milestone.”
These new properties will benefit from growing demand from Chinese travelers, who today are the world’s No. 1 source of outbound travelers. China National Tourism Administration estimates China’s travelers will take 700 million trips over the next five years. As incomes rise, China’s middle class is looking for higher quality products and travel experiences – such as stays at Marriott’s newest resorts. Earlier this year, Marriott launched a joint venture with Alibaba to help capture this growth by redefining their travel experience.
“Marriott International is proud to offer picture-perfect paradises for every occasion,” said Paul Foskey, Chief Development Officer, Marriott International Asia Pacific. “We continue to cater to its ever-expanding customer base by introducing new brands, exciting destinations and unique experiences to its resorts portfolio.”
Marriott International expands its Resort portfolio across the Asia Pacific Region
Hyatt Hotels Corporation, announced that a Hyatt affiliate has entered into a franchise agreement with HR Group for a Hyatt House hotel in Frankfurt, Germany. Expected to open in late 2019, the hotel will be owned by benchmark. REAL Estate Development GmbH and will be leased and managed by HR Group. Hyatt House Frankfurt/Eschborn will mark the second Hyatt House and third select service hotel for Hyatt in Germany, an important step towards increasing Hyatt’s portfolio throughout the country.
The Hyatt House brand is rooted in extensive consumer insights indicating that guests seek stylish, comfortable, seamless experiences that accommodate their lifestyles and familiar routines. To embody this, the brand offers casual hospitality and purposeful service in a smartly designed, high-tech and contemporary environment.
“We are delighted to announce plans for the second Hyatt House hotel in Germany,” said Guido Fredrich, Hyatt’s regional vice president acquisitions and development for Europe. “We continue to grow the Hyatt House brand thoughtfully in key markets around the world, and we believe Hyatt House Frankfurt/Eschborn will provide an exciting new hotel experience for guests visiting Frankfurt, one of Germany’s most important hotel markets.”
The new Hyatt House hotel will be located in Frankfurt Eschborn, a well-established business area on Frankfurt’s Ring Road, known to be the city’s international financial and economic center. The hotel’s immediate surrounding area is currently home to numerous high-profile corporations. Eschborn benefits from a great infrastructure with easy access to the main highways, convenient connections into Frankfurt city center and Frankfurt airport. It also offers a range of local amenities such as shopping facilities, restaurants, and recreation areas.
Hyatt announces plans for Hyatt House Frankfurt/ Eschborn
Robert Redford's Sundance opens New Store in Alpharetta, GA
Sundance, a premier lifestyle retailer of women's and men's apparel, footwear, jewelry, accessories, art, and home décor, is excited to announce the opening of its first store in the Southeast in Alpharetta, GA. .
Avalon is located outside of Atlanta, GA, an exciting area experiencing tremendous growth in both industry and culture. As Sundance's first store located in the Southeast, CEO Matey Erdos describes, "We are thrilled to be joining this art-forward community. The Sundance heritage is one of celebrating artistic passion and independent spirit, and we are pleased to be bringing this heritage to the Southeast with our newest store. There is an obvious fit for the Sundance brand through our mutual appreciation for, and recognition of, new forms of creative expression."
Erdos continues, "The Avalon store allows our customers a unique experience, one we are privileged to provide. The design of the store is artisan inspired, bringing the distinctive Sundance lifestyle to the culturally rich area. We are confident our loyal customers will make it a great success."
"We're thrilled to welcome the first Sundance store in Georgiaright here at Avalon," said Carla Cox, director of marketing at Avalon. "We pride ourselves on our collection of best-in-class retailers, and Sundance is a truly wonderful addition to our growing community. We can't wait for guests to have an exciting new shopping experience to enjoy as they stroll down Avalon Boulevard, and the ability to take home pieces from Sundance you can't find anywhere else."
With a historical commitment to artisans, Sundance will donate a portion of the proceeds from the Grand Opening Weekend to the Spruill Center for the Arts, an Atlanta-based organization committed to fostering understanding and appreciation of the visual arts. Erdos remarks, "We support the mission and work of the Spruill Center for the Arts, as we too believe every one deserves an opportunity for art education. Being exposed to this education empowers the great artists of the future."
LCM Partners acquires a Spanish loan portfolio of US$ 6.9 billion
LCM Partners, a leading European alternative investment manager, announced that it has acquired a large portfolio of Spanish loans, profitable and unprofitable consumer and SME loans from Aiqon Capital Group, an Asian investor out of the market. This agreement sees how LCM buys approximately € 6 billion of assets, consisting of 400,000 individual loans, making it the largest NPLs secondary purchase in Spain to date.
"The secondary market in NPLs is growing significantly, with this portfolio being our seventh such purchase this year. This agreement has been the largest investment in Spain to date, which we understand is a record for the local market.
At LCM Partners we are seeing a remarkable increase in the number of secondary portfolios reaching the market through our European network. The predictability and the experienced nature of these portfolios make them an excellent investment for our limited partners. As the NPL market continues to evolve and mature, we expect this trend to continue to grow and become an increasingly important component of our investor return. "
Paul Burdell , CEO, LCM Partners.
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LCM Partners is a leading European alternative investments, which specializes in buying consumer loans and credit portfolios of SMEs manager. Offering unparalleled experience in investing and managing loan portfolios, LCM has acquired more than 2,500 transactions covering profitable, semi-profitable and unprofitable loans. LCM's Gross Book Value of managed assets is now more than € 25 billion.
Intra-ASEAN trade could exceed US$ 375 billion
In November, South East Asia will be at the front of the global economic stage, when both the Asia-Pacific Economic Cooperation (APEC) and the Association of South East Asian Nations (ASEAN) meet. With South East Asia defying the trend of slowing world trade, PwC analysis finds that intra-regional export volumes in the ASEAN are on pace to hit US$375 billion by 2025.
The most recent edition of Global Economy Watch shows that intra-ASEAN export volumes are increasing at roughly 1.5% each year, in nominal terms. PwC’s analysis shows the region is well suited to export expansion due to its strong and consistent output growth and its vast working age population. PwC economists do not expect the expansion to be uniform, as some of the less-developed ASEAN economies and those more specialised in services exports are better positioned to grow their export volumes.
The ASEAN Economic Community’s (AEC) Blueprint 2025 outlines a strategy to achieve a “deeply integrated and highly cohesive” economy, a single market allowing the free movement of goods and people. But with the region’s cultural, linguistic and political diversity, any integration needs to be highly customised, identifying and utilising common interests to achieve fuller integration.
“In the 50 years since its formation, the ASEAN has facilitated several free trade agreements that have helped the region become increasingly integrated, as they work towards the free movement of goods and skilled labour,” said Barret Kupelian, Senior Economist with PwC. “If ASEAN policymakers can fully implement Blueprint 2025, the removal of barriers to further integration could see ASEAN become an even more significant global market.”
The board of the European Investment Bank approved a total of EUR 4.7 billion of new financing for 30 projects across Europe and around the world at its meeting in Luxembourg, including EUR 530 million for natural disaster recovery in Italy.
Reconstruction efforts will follow 40 different extreme weather events in 16 Italian regions over the last three years. This will help to finance urban reconstruction, including housing and public buildings, as well as financing to small companies and agricultural businesses impacted by recent natural disasters.
Other approved operations included backing for road and rail transport, renewable energy and electricity interconnectors, industrial innovation, healthcare, education and off-grid solar energy.
“We continue to observe an investment drought in the European economy hurting the future competitiveness of the continent, and market gaps in long-term financing opportunities available,” said Werner Hoyer, President of the European Investment Bank. “The new projects approved today continue EIB’s contribution towards filling those gaps, to supporting sustainable investment across Europe and around the world. But we also stand ready to help regions to get back on their feet when natural disasters strike, as today’s financing package for Italy shows.”
Investment Plan for Europe
Financing for eleven projects approved by the EIB board will be backed by the Investment Plan for Europe and support overall investment totaling EUR 1.6 billion in fifteen EU countries.
Improving urban, regional and national transport
A total of EUR 1.8 billion of new financing was approved for 8 new rail and road transport projects. This includes support for rail and road network modernisation in Poland, new trams in the Rhine-Neckar conurbation and new intercity rolling stock for use on routes between Paris and the Normandy coast.
New financing for congested urban roads in Tunisia was also approved, supporting construction of 8 new road junctions in the city of Sfax.
EIB approves US$ 5.5 billion investment for 30 projects across Europe
APEC accelerates E-Vehicle transition with Standards Alignment
APEC member economies are shifting the transition to electric vehicles into overdrive, jointly redeveloping their regulatory regimes to accommodate the impending surge of new models to hit Asia-Pacific auto markets.
Officials are working with the auto sector to introduce common standards among APEC economies that address e-vehicles’ unique safety, design and performance requirements and preempt mismatches between operating frameworks in the region.
This includes bridging potential regulatory divides such as variations in battery and charging parameters, emergency rescue protocols and data protection rules to maximize the compatibility of e-vehicles across Asia-Pacific auto markets and promote trade within the sector.
“Electric vehicles are the way of the future for the auto industry,” said Pham Anh Tuan, Chair of the APEC Automotive Dialogue. “APEC is aligning e-vehicle standards to smooth the transition from an internal combustion-centric world and drive sustainable growth,” added Pham, who is also Deputy Director General of Heavy Industry at Viet Nam’s Ministry of Industry and Trade.
The move is guided by an APEC Electric Vehicles Roadmap set in motion by the region’s Leaders in Beijing and stands to lower e-vehicle manufacturing costs, and improve their affordability and convenience for consumers. Boosting the market viability of e-vehicles, it will in turn better position the growing number of automakers expanding production of them to take advantage.
Harmonizing e-vehicle requirements in line with the APEC roadmap will further open new economic opportunities for parts suppliers and services businesses, including e-vehicle taxi and car-sharing schemes that are now being launched in places like Guangzhou, Houston, Singapore and Yokohama.
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