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13 -18 November 2017
Wyndham announces deal to add 46 Hotels to portfolio
Hisense purchases Toshiba Television business
Boeing to sell 300 planes worth US$ 37 billion to China
Vodafone & Idea sell telecom tower assets to ATC for US$ 1.2 billion
Volkswagen will invest US$ 660 million in Pacheco, Argentina
Boeing, and China Aviation Suppliers Holding Company (CASC) signed an agreement for 300 airplanes during a ceremony in Beijing. It was part of the United States trade mission to China, and was signed by Kevin McAllister, Boeing Commercial Airplanes president and CEO, in the presence of US President Donald Trump and China President Xi Jinping.
The agreement includes orders and commitments for 300 Boeing single-aisle and twin-aisle airplanes. The airplanes are valued at more than $37 billion at list prices.
"China is a valued customer and key partner, and we're proud that Boeing airplanes will be a part of its fleet growth for years to come," said McAllister. "Boeing and China have a strong history of working together based on great mutual respect, and these orders build on that foundation."
Read article on globalfdi.net
Florida governor provides FDOT with $10.8 billion in recommended
FY 2017-2018 budget
Governor Rick Scott announced the Florida Department of Transportation (FDOT) will receive a historic $10.8 billion in the recommended FY 2018-2019 Securing Florida’s Future budget to keep Florida’s transportation and infrastructure system the best in the nation.
Governor Scott said, “Transportation infrastructure plays an important role in helping support our booming economy, growing population and record numbers of visitors. By making historic investments in Florida’s transportation system for the past five years, we have solidified Florida as a national leader and a global destination for trade. I am proud to announce that the Securing Florida’s Future budget will continue this success with a $10.8 billion investment in our roads, bridges, airports and seaports, which will make sure our state remains prepared for future growth and job creation.”
The Governor’s FY 2018-2019 transportation budget makes the following investments:
$1 billion to expand transportation system capacity, which includes adding 269 new lane miles
$186.1 million for safety initiatives
$171.6 million in seaport infrastructure improvements
$359.0 million for aviation improvements
$167.7 million for scheduled repair of 63 bridges and replacement of 18 bridges
$1 billion for maintenance and operation
$568 million for public transit development grants
$151.3 million for bike and pedestrian trails of which $26.7 million is for SUN Trail.
Florida Department of Transportation Secretary Mike Dew said, “Governor Scott’s record transportation budget continues to give Florida the best infrastructure in the nation. The additional transportation investment increases our state’s economic activity, creates jobs and gets our residents to their work and back to their families safely and efficiently.”
The Governor’s Securing Florida’s Future budget makes the following transportation investments:
Air Products signs Agreement with Yankuang Group for $3.5 Billion Coal-to-Syngas Production Facility in China
Agreement Signed in the Presence of President Trump and President Xi During the U.S. Department of Commerce’s Trade Mission to China
In the presence of Donald J. Trump, President of the United States of America, and Xi Jinping, President of the People’s Republic of China, Seifi Ghasemi, Air Products’ (NYSE:APD) Chairman, President and Chief Executive Officer, and Li Xiyong, Chairman of Yankuang Group Co., Ltd., signed an agreement for a $3.5 billion coal-to-syngas production facility to be built in Yulin City, Shaanxi Province, China. The agreement was signed in the Great Hall of the People as part of the Trade Mission to China led by the U.S. Department of Commerce.
Under the agreement, Air Products and Shaanxi Future Energy Group Co., Ltd. (“SFEC”), a subsidiary of Yankuang Group, intend to form an Air Products majority-controlled joint venture company which would build, own and operate an air separation, gasification and syngas clean-up system to supply the SFEC site. The air separation units are expected to produce approximately 40,000 tons-per-day (TPD) of oxygen to support the production of about 2.5 million nm3/hour of syngas. SFEC would supply coal, steam and power and receive syngas under a long-term, onsite contract.
Air Products currently supplies SFEC’s Phase 1 project in Yulin with 12,000 TPD of oxygen. The addition of Phase 2 would make this complex one of the largest coal to fuel and chemicals facilities in China, with SFEC Phase 2 producing four million tons-per-year of liquid fuels and downstream chemicals.
The parties are committed to finalizing the agreements as soon as possible, with the overall project expected onstream in 2021.
SL Green Realty Corp., New York City's largest commercial property owner, announced that it has entered into a contract to sell a 43% interest in 1515 Broadway to affiliates of Allianz Real Estate, the real estate investment and asset manager within the Allianz Group. The transaction values the 1.86 million-square-foot, Class-A Times Square office building at $1.950 billion, or $1,045 per square foot. Approximately 70% of the transaction is expected to close on November 30, 2017. The balance of the transaction is scheduled to close in the first quarter of 2018.
SL Green's Co-Chief Investment Officer, Isaac Zion, commented "1515 Broadway has been an extraordinary investment for SL Green and we are delighted to collaborate with our new joint venture partner, Allianz, in one of New York City's truly special buildings." He continued, "We look forward to a long-term, mutually beneficial relationship with Allianz on 1515 Broadway and to future investment opportunities together."
SL Green's President, Andrew Mathias, added "This transaction speaks to the continued strong interest from overseas investors in New York City office assets as well as the strength of the Times Square office and retail market."
Allianz Real Estate of America's Chief Executive Officer, Christoph Donner, added "Allianz's investment in 1515 Broadway represents a unique and exciting opportunity to partner with SL Green and add an attractive trophy asset, with significant upside in the coming years, to our growing portfolio in New York City".
SL Green purchased 1515 Broadway as part of a joint venture in 2002 and acquired full control of the building in 2011. In 2012, following a comprehensive redevelopment of the property that included the re-positioning of all retail space, a new lobby, new elevators, revitalized building systems along with new state-of-the-art signage, Viacom signed a long-term lease renewal and will occupy the building's office space through 2031.
1515 Broadway is located in the heart of the "bow tie" of New York's Times Square between 44thand 45th street. The 57-story building is currently 98% leased and is home to retail tenants Skechers, Swatch, Oakley, Kiko Milano, and Line Friends along with the Minskoff Theater, one of the city's largest live performance theaters and host to The Lion King - the highest grossing show on Broadway.
SL Green to sell 43% stake in 1515 Broadway to Allianz Real Estate for $1.9 billion
Saudi Aramco signs agreements for oil and gas megaprojects worth nearly US$ 4.5 billion
Saudi Aramco signed agreements with several oil and gas service contractors for oil and gas megaprojects designed to enhance the company’s energy sustainability, diversify the economy, expand gas production, and localize domestic content. The agreements are valued at nearly $4.5 billion in total.
Eight agreements were signed, including three agreements with Madrid-based Técnicas Reunidas under the Gas Compression Program in the Southern Area. The project will improve and sustain gas production from Haradh and Hawiyah fields for the next 20 years by bringing an additional 1 billion standard cubic feet per day (scfd).
The Hawiyah Gas Plant (HGP) Expansion Project will provide additional gas processing facilities to process raw sweet gas, to efficiently meet the Kingdom's energy demand.
The contract will be awarded to the Italian firm SNAMPROGETTI (Saipem). Other agreements signed today cover theFree Flow Pipeline Contract for Haradh and Hawiyah (with China Petroleum Pipelines
Company);engineering and project management services for the Zuluf Field Development Program (with Jacobs Engineering Inc.); the Pipeline and Trunk line Project of Safaniyah Field (with Abu Dhabi-based National Petroleum Construction Company (NPCC); and the Slipover Platforms and Electrical Distribution Platform Project in Safaniyah Field (with McDermott Middle East).
Saudi Aramco President and CEO Amin H. Nasser said: “These agreements we signed are part of our natural gas expansion, as we add about 1 billion standard cubic feet per day (scfd). This reflects our commitment to introducing new supplies of clean-burning natural gas. These new supplies will help reduce domestic reliance on liquid fuels for power generation, enable increased liquids exports, provide feedstock to petrochemical industries, and reduce carbon emissions.”
ET Energy to build 61 MWp Solar Project for UiTM in Malaysia
ET Energy, one of the world's largest clean energy developers and operators, announced that the company, along with its partner Northwest Electric Power Design Institute Co ., Ltd. ("NWEPDI") of China Power Engineering Consulting Group, has signed a turnkey EPC contract with UiTM Solar Power Sdn. Bhd., A leading local developer of solar photovoltaic energy. Under the agreement, the three companies pledged to build a 61 MWp photovoltaic plant in Malaysia.
More than 220,000 photovoltaic modules will be installed on the 110-hectare site in Gambang, Kuantan Municipality, Pahang State. The project was selected in the first round of tendering for large-scale photovoltaic projects, and the PV plant is expected to be connected to the grid by the end of 2018. Green energy generated by the photovoltaic power plant will supply more than 80,000 homes with electricity.
As a turnkey energy solutions provider, ET Energy will work with NWEPDI to provide a one-stop service encompassing engineering, procurement, construction, operations and maintenance. Given the expertise and experience of each party in the implementation and operation of international projects, this project raises great expectations that it should be completed within the allotted time and provide excellent performance. .
"We are proud to offer one-stop service to one of Malaysia's largest photovoltaic plants," said Dennis She, CEO of ET Energy. "ET Energy has been supporting this project since last June, and our service and expertise have been essential to gain the trust of the project developer. I am confident that this project will be completed on time and in accordance with the specifications required by our client. We are committed to bringing more profitable and sustainable photovoltaic assets to Malaysia and our international customers. "
Hisense purchases Toshiba Television Business
Hisense Electric Co., Ltd, a publicly listed subsidiary of Hisense Group, announced the purchase of Toshiba TV production, brand, R&D & operation service on November 14, 2017.
With its 142-year rich history, Toshiba has a leading display technology in Japan with the brand ranked highly international global technology brand list's.
Hisense will purchase 95% stock shares of Toshiba Visual Solutions Corporation ("TVS"), a wholly owned subsidiary of Toshiba Corporation for 12.9 billion Japanese Yen with Toshiba retaining 5% stock holding. Hisense will obtain the TVS businesses including production, research and development, and sales functions as well as license to use the Toshiba brand for a period of 40 years for visual solution partners operating in Europe, South East Asia and other markets.
TVS primarily operates in TV and variety of ancillary products, including commercial and advertisement display products. The TVS purchase also secures two factories in Japan and hundreds of talented Toshiba R&D employees as well as a significant IP portfolio relating to TV technology business patents for image quality and acoustics.
Mr. Liu Hongxin, the CEO of Hisense Group, said that Hisense would optimize TVS's resources on R&D, supply chain or global sales channels, cooperate with and support each other in display technology, provide competitive content operation services for smart TVs for the global market and accomplish fast growth in Japanese market.
According to the IHS, sales of Toshiba TV ranked No.3 in Japanese market in 2016 with the Hisense TV market share in Japan the highest among all non-Japanese brands. Collectively both brands' cumulative market share reaches over 20% after the transaction. Hisense's TV business in 2016 ranked third in the world (IHS) and has held NO.1 market share in China for 13 consecutive years.
Volkswagen, is investing some €560 million over the next five years in the production of a new SUV in Pacheco, Argentina. From 2020, the plant will deliver the new model built in Argentina to the entire South American continent. The new vehicle project will create some 2,500 jobs. Volkswagen is thus bringing further momentum to its South America strategy.
"We are laying the foundations for the brand's growth on international markets with Volkswagen's Transform 2025+ strategy. South America and Argentina play an important role in this regard. Key elements of the growth strategy are the biggest model offensive in the history of the brand and the systematic regionalization of our business. We will be underpinning our positioning at the top of the volume segments and winning further market share with new models from Volkswagen tailored to the wishes of customers in the markets", Dr. Herbert Diess, CEO of the Volkswagen brand, said during a meeting with the President of Argentina, Mauricio Macri, and the CEO of the Volkswagen South America Region, Pablo Di Si, in Pacheco.
Under its Transform 2025+ future strategy, Volkswagen is taking measures to successfully realign business on world markets. The brand is increasingly delegating responsibilities previously controlled centrally from Wolfsburg to the regions. Going forward, the regions will hold full responsibility for the entire scope of business activities – right through to decisions relating to the model range. In addition to South America, responsibilities have also been delegated to the regions of North America, China and the Sub-Saharan area of Africa.
The new vehicle project in Argentina is a further milestone in what is to date the Volkswagen brand's largest product offensive in the South America region. The design, size and equipment of the SUV planned for 2020 and based on MQB technology are targeted to appeal to a broad customer base on the South American continent – and thus bring further momentum to the brand's South America strategy.
The modernization measures under the investment plans will optimize the manufacturing process and thus enhance both quality and sustainability in production. This is the ideal preparation for start of production at the Pacheco plant in 2020.
Volkswagen will invest US$ 660 million in Pacheco, Argentina
Gulf Air, CFM sign a $1.9 billion LEAP-1A engine & services deal
Gulf Air and CFM International signed an agreement for the purchase of 58 LEAP-1A engines to power 17 Airbus A321neo and 12 A320neo aircraft, as well as an additional seven spare engines to support fleet operations. The engine order is valued at approximately $1.9 billion U.S. at list price, including a long-term service agreement. The aircraft order was announced in January 2016.
To support its fleet, the airline has signed a 10-year Rate Per Flight Hour (RPFH) agreement. Throughout the term of the agreement, CFM guarantees maintenance costs for all of Gulf Air’s LEAP-1A engines on a dollar per engine flight hour basis.
Gulf Air has been a CFM customer since 1992 and currently operates a fleet of 16 Airbus A320ceo aircraft powered by CFM56-5B engines. Going forward, the airline will welcome 17 new Airbus A321neo and 12 A320neo aircraft, along with 10 Boeing wide-body aircraft due to begin delivery in early 2018. Gulf Air’s incoming fleet will facilitate the long-term expansion capabilities for the airline’s future network requirement. The modern fleet will herald a new era for Gulf Air as it continues to enhance its product and service offering.
Marking the announcement, Gulf Air Deputy Chief Executive Officer, Captain Waleed Abdulhameed Al Alalawi, said: “CFM International are a key and long-standing partner for Gulf Air, with whom the airline has worked closely for over two decades. Our selection of this engine for our incoming Airbus aircraft is significant, reflecting the reliability and expertise afforded by CFM products. This is integral to our ongoing strategic development and I am pleased to call CFM International Gulf Air’s partner of choice as we move ahead with our long-term plans to shape the future trajectory of our carrier.”
Vivo and Qualcomm signed a MoU worth
4 billion U.S. dollars
Vivo,a leading young brand in the global mobile phone market, and one of Qualcomm's key partners, has signed a memorandum of understanding worth 4 billion U.S. dollars with Qualcomm. The signing of this memorandum of understanding signifies Vivo and Qualcomm's technical partnership and patent sharing, and will ensure Vivo's leading position in mobile-related technologies.
To cater to the needs of more than two hundred million users, Vivo is committed to providing innovative and cutting-edge technologies in mobile photography, gaming, smart power saving and many other aspects in collaboration with Qualcomm's optimized platforms.
With the advent of 5G, Vivo understands the importance of human-computer interaction and has planned a series of collaborative initiatives to accelerate the formulation of 5G standards. In terms of the 5G SoC (System on Chip), Vivo will also share its many years of consumer market experience with Qualcomm to provide consumers with a better and more customized user experience.
Vivo is also working with Qualcomm on research and development in the biometrics space. At MWC Shanghai this July, Vivo unveiled the Vivo Under Display fingerprint scanning solution based on Qualcomm fingerprint sensors and drew the industry's spotlight. Vivo will continue to work with Qualcomm on other core technologies, particularly 3D facial identification, palm prints, fingerprints, iris scanning and other biometric technologies, to improve the ease-of-use and security of mobile phone biometrics.
Iron Mountain Incorporated, the global leader in storage and information management services, announced it has entered into an agreement to acquire the China records and information management operations of Santa Fe Group A/S, a leading provider of services for international mobility and relocation. The acquisition includes five facilities in four locations in China – Beijing, Shanghai, Dalian, and Guangzhou – serving 700 customers, with storage volumes that include one million cubic feet of records and 51,000 data protection assets, expanding the company’s current operational footprint to 11 facilities in China. The transaction is expected to close later this year.
Established in 1980, Santa Fe has grown to become the leading global mobility services company with operations on six continents providing global, regional or local solutions, including commercial services for office moving, records management, furniture, fixtures and equipment, and specialty art and other special project shipping and exhibition services.
The acquisition expands upon Iron Mountain’s prior acquisition of Santa Fe’s operations in 10 European and Asian regions that closed in 2016 and earlier in 2017. Iron Mountain’s footprint in Asia now includes a network of 16 facilities in mainland China and an additional 36 facilities across Hong Kong, Macau, Taiwan, Singapore, Malaysia, Thailand, South Korea, the Philippines and Indonesia, serving the storage and information management needs of more than 8,600 customers with services for records information management, data storage, document imaging and secure destruction.
Iron Mountain enters into agreement to expand its presence in China
Banyan Software Inc announces acquisition of Medicat LLC
Banyan Software,a Boston-based company focused on acquiring, building and growing great enterprise software businesses, is pleased to announce the acquisition of Atlanta-based Medicat LLC, the leading provider of healthcare information technology and services to college and university student health clinics.
Medicat is the #1 patient health management system in the college health market with over 425 education clients serving 3.5 million students across 47 states and 3 countries. Medicat's fully-integrated single-database suite of products includes practice management with billing, Electronic Health Records, online patient portal, student self check-in, integrated text messaging, immunization compliance management, sports medicine, and counseling.
"Banyan offers Medicat a great long-term home" says Stacy Kottman, former CEO of Medicat. "Since 2005, we have built an outstanding team committed to serving our clients. We are confident that Banyan will continue this legacy while maintaining our company culture and product innovation."
"We were excited about Medicat's position as the clear market leader in the industry, based on the deep sense of partnership formed with their client community" says David Berkal, founder of Banyan Software, who is now CEO of Medicat. "I look forward to working with the entire Medicat team in continuing the mission to deliver the 'Best Product, Superb Implementation and Unsurpassed Support'."
Tánaiste and Minister for Business, Enterprise and Innovation Frances Fitzgerald TD and IDA Ireland welcomed the announcement that IBM will create up to 150 new, highly skilled digital roles over the next two years in a new IBM Digital Delivery Centre in Dublin.
The new IBM Digital Delivery Centre will provide clients with leading design and implementation skills across a range of digital technologies including AI, data insights, machine learning, Internet of Things (IoT) and cloud. The Centre will create new digital roles for apprentices, graduates, postgraduates and experienced professionals at all levels.
Welcoming the new investment by IBM, An Tánaiste and Minister for Business, Enterprise and innovation, Frances Fitzgerald TD, said “this latest investment by IBM builds on what has been a long and fruitful relationship between the company and Ireland. IBM is a great example of a company embracing constant innovation, adaption and moving up the value chain, as technology changes. These new, high quality, jobs will be a further boost to the company’s activities here in Ireland and drive its very strong position in the Irish ICT sector.”
IBM will open new Digital Delivery Centre in Dublin
Vodafone India & Idea to sell its telecom tower assets to ATC for $1.2 billion
Vodafone India and Idea Cellular Limited (“Idea”)1 have separately agreed to sell their respective standalone tower businesses in India to ATC Telecom Infrastructure Private Limited (“ATC TIPL”, formerly Viom)2 for an aggregate enterprise value of INR78.5 billion (US$1.2 billion).
The standalone tower businesses of Vodafone India and Idea are pan-Indian passive telecommunication infrastructure businesses, comprising a combined portfolio of approximately 20,000 towers with a combined tenancy ratio of 1.65x as at 30 June 2017.
Idea will sell its entire stake in ICISL and Vodafone India will sell a business undertaking to ATC TIPL.
Both Vodafone India and Idea as customers, and ATC TIPL as a mobile network infrastructure provider, have agreed to treat each other as long-term preferred partners, subject to existing arrangements. The parties will work together to further the expansion of high speed mobile networks in India.
After Vodafone India and Idea have completed their merger, ~6,300 co-located tenancies of the two operators on the combined standalone tower businesses will collapse into single tenancies over a period of two years without the payment of exit penalties4.
This transaction follows the Vodafone India / Idea merger announcement of 20 March 2017 whereby the parties announced their intention to sell their individual standalone tower businesses to strengthen the balance sheet of the combined business.
In the event that the completion of the sale of the standalone tower businesses precedes the completion of the proposed merger of Vodafone India and Idea, Vodafone India will receive INR38.5 billion (US$592 million) and Idea will receive INR40.0 billion (US$615 million)5. The receipt of these proceeds prior to completion was anticipated and provided for in the merger agreement and hence would not affect the agreed terms of the Vodafone India and Idea merger, including the amount of debt which Vodafone will contribute to the combined company at completion6.
Completion of the transaction is subject to customary closing conditions and receipt of necessary regulatory approvals, and is expected to take place during the first half of calendar year 2018.
Merit Medical signs purchase agreement with BD for divestment assets
Merit Medical Systems, Inc., a leading manufacturer and marketer of proprietary disposable devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy, announced that it has signed an asset purchase agreement with BD (Becton, Dickinson and Company) to acquire certain assets which BD proposes to sell in connection with its proposed acquisition of C.R. Bard, Inc. (Bard). Merit’s proposed asset acquisition is subject to the closing of BD’s proposed acquisition of Bard as well as other usual and customary closing conditions.
The assets to be acquired are soft tissue core needle biopsy products currently sold by BD under the trade names of Achieve™ Programmable Automatic Biopsy System, Temno™ Biopsy System and Tru-Cut™ Biopsy Needles. Merit understands these products are currently sold worldwide through a combination of a direct sales force and distribution partners.
Additionally, Merit proposes to acquire the Aspira® Pleural Effusion Drainage Kits and the Aspira® Peritoneal Drainage System currently marketed by Bard. Merit understands these products are currently sold primarily in the United States.
The purchase price for the product lines and related assets to be acquired is $100 million, subject to adjustment for fluctuations in the value of transferred inventory. Merit intends to finance the acquisition at closing through borrowings which are currently available under its revolving credit facility. After giving effect to the proposed transaction, Merit anticipates its debt to adjusted EBITDA (as calculated in accordance with the terms of Merit’s existing credit agreement) will increase from approximately 2.20 to approximately 2.70.
This transaction is expected to create value for Merit’s shareholders and to be accretive to both GAAP and non-GAAP earnings in 2018, including the anticipated impact of incremental interest expense associated with financing the transaction. Merit’s management expects the acquisition to provide incremental annual revenues in the range of $42-48 million, adjusted gross margins for the subject product lines in the range of 60–70%, and, over a period of six to twelve months, to be accretive by 50–120 basis points to Merit’s adjusted gross margins. The transaction is also expected to expand operating margins and increase cash flow. Merit’s management expects the acquisition to provide $0.10–$0.19 in adjusted non-GAAP earnings per share accretion ($0.01 to $0.08 in GAAP earnings per share accretion) in fiscal year 2018.
Cardinal Health, announced that it has signed a definitive agreement to sell its Cardinal Health China business to Shanghai Pharmaceuticals Holding Co., Ltd. ("Shanghai Pharma") for $1.2 billion. The transaction is expected to close by the end of Cardinal Health's fiscal year, subject to closing conditions and regulatory clearances.
The sale includes Cardinal Health's pharmaceutical and medical products distribution business in China. Cardinal Health expects that employees, infrastructure and various systems and processes that support this business will move to Shanghai Pharma upon closing of the transaction. The divestiture does not include Cardinal Health's remaining businesses in China, including Cordis, its recently acquired Patient Recovery business, its medical sourcing team or other functions.
"It has been an honor to serve the people of China through our distribution business for the past seven years," said George Barrett, chairman and CEO of Cardinal Health. "We recognize that significant scale is required to be a market leader in China and with that in mind, we are delighted to announce that Shanghai Pharma has agreed to purchase our distribution business in China. We are very proud of the work that our colleagues have done and their accomplishments have allowed us to build a business that is now poised for further growth under its new owners. On behalf of all of us at Cardinal Health, I want to thank the team for their continued commitment, hard work and dedication to our customers and the patients they serve."
Mr. Zhou Jun, chairman of Shanghai Pharma, said, "Amid the national healthcare reform, the acquisition of the Cardinal Health China business will further strengthen our leadership in the distribution and retail pharmacy network, and expedite our transformation to become a modern global healthcare provider. This will also facilitate the growth of our pharmaceutical manufacturing business, enabling us to play a significant role in the Government's 'Healthy China' initiative."
Cardinal Health sell its China business to Shanghai Pharma
for $1.2 billion
Grupo Biotoscana acquires Laboratorio DOSA
GBT-Grupo Biotoscana, a leading biopharmaceutical company in Latin America, announced the acquisition of Laboratorio DOSA S.A., a specialty pharmaceutical manufacturer based in Argentina. The transaction continues to advance GBT’s strategic agenda and expands GBT’s scope into the promising area of severe lung diseases. The bulk of DOSA’s products treat severe pulmonary pathologies including idiopathic pulmonary fibrosis and cystic fibrosis and it has additional portfolios in oncology, hematology and HIV. Laboratorio DOSA posted revenues of ARS 326M (aprox. BRL 61M) in 2016, up from ARS 228M (aprox. BRL 42M) in 2015.
The operation was closed at a price of USD 29.9M. (approx. BRL 100M), of which USD 20.7M were paid in cash, USD 5M were deposited in an escrow account which will be freed in 2022 and USD 4.2M which will be paid in annual payments along the following 4 years.
"The combination with GBT will help DOSA reach a number of key countries where the companies’ products have significant potential" said Carlos Estevez, Chief Executive Officer of DOSA. "We will also have the opportunity to introduce GBT and DOSA products to each other’s markets and customers."
Ctrip and Western Australia signed a Cooperation Agreement to Boost Tourism
Ctrip has formally signed a strategic cooperation agreement with Tourism Western Australia. Witnessed by the Premier of Western Australia, the Hon Mark McGowan, and the Minister of Tourism for Western Australia, the Hon Paul Papalia, this agreement marks the start of a partnership aimed at connecting Chinese travelers to an emerging destination: Western Australia.
As the largest state in the world, Western Australia's historical and natural sites have been attracting visitors from all over the world. Chinese tourist numbers are seeing a 6.9% growth year on year and a three-year average growth rate of 11.2%. Ctrip's data confirmed that spending power is also on the rise. Chinese tourists spent 7.9% more than last year with a three-year average growth rate of 13.3%.
Tourism Western Australia attaches great importance to bilateral cooperation and is seeking to strengthen collaboration and dialogue with partners in the Greater China region. By maximizing investment, it is hoped that by 2020, Chinese visitors would reach the 100,000 mark. This would bring 500 million AUD for the state.
The future growth of tourism in Western Australia remains positive. Ctrip's Destination Marketing General Manager Jenna Qian said, "Compared with more popular destinations, Western Australia is gradually becoming a new hot spot for Chinese tourists. Travel products and destination information are especially popular among young Ctrip users."
Hilton, announced the opening of its newest hotel, the dual-branded Hilton Garden Inn Phoenix-Tempe ASU Research Park and Home2 Suites by Hilton Phoenix-Tempe ASU Research Park, bringing a total of 228 new rooms to the Arizona State University area. Located near the state's largest and most populous city, Hilton Garden Inn and Home2 Suites by Hilton Phoenix-Tempe ASU Research Park caters to the rising number of overnight visitors traveling to central Arizona annually*.
Developed and owned by RB-WW Tempe LLC and managed by Widewaters Tempe Hotel Management Company, LLC, Hilton Garden Inn and Home2 Suites by Hilton Phoenix-Tempe ASU Research Park are both located at 7200 S. Price Road off Loop 101 and offer guests convenient access to restaurants, baseball spring training facilities, golf courses and entertainment attractions. The dual-build hotel is located across the street from the 320-acre ASU Research Park, which hosts headquarters for leading companies, including GoDaddy.com and Shutterfly. Chandler Fashion Center, Mill Avenue District, Sea Life Arizona Aquarium, LEGOLAND® Discovery Center Arizona and the Phoenix Zoo are also nearby. Guests can enjoy additional perks, such as a complimentary shuttle service within a five-mile radius of the property and over 5,000 square feet of flexible meeting space.
The dual-brand concept creates enhanced and larger communal areas benefiting all travelers. The hotel has two distinct lobbies and will share access to an outdoor pool, fire pit and barbeque grill area, as well as a state-of-the-art fitness center. Guests will have access to TRES Tempe, a high volume trendy dining concept offering a fresh and vibrant casual dining experience housed in a separate building on property. TRES Tempe will offer a modern interpretation of the Mediterranean and the Southwest, blending flavors and traditions found in the cuisines of these regions.
Hilton Opens New Dual-Brand Property in Tempe
Hyatt Hotels Corporation, announced the opening of Andaz Singapore, the first Andaz hotel to open in Southeast Asia. Andaz Singapore furthers the brand’s mission to create inspiring, indigenous experiences that immerse guests in the local culture of each unique destination. The hotel marks the seventeenth property for the brand and joins other Andaz hotels in global gateway cities and top resort destinations around the world.
Located at the heart of cultural crossroads, where Kampong Glam, Little India and the Bras Basah Bugis arts and entertainment hub meet, the locally inspired boutique hotel draws inspiration from its lively surroundings – intimate alleyways filled with shop houses in vibrant colours and textures – and weaves this ambience into the hotel to offer guests fresh perspectives of the city. The hotel is a short 20-minute drive from Changi Airport and only a five-minute drive to Singapore’s Central Business District.
“We are extremely excited to open Andaz Singapore and to bring the inspirational and creative Andaz brand to Southeast Asia,” said General Manager Olivier Lenoir. “By bringing in the local spirit of our surrounding neighborhoods and offering new perspectives, Andaz Singapore aims to inspire a sense of discovery.”
Locally Inspired Design
Andaz Singapore opens in DUO, a striking pair of concave skyscrapers, 186 and 170 metres high, clad in a latticework of hexagonal windows. Designed by multi-award-winning German architect Ole Scheeren, renowned for his works with the China Central Television Headquarters in Beijing and Prada Epicenters in New York and Los Angeles, DUO is the largest integrated development in the Ophir-Rochor district and comprises of residences, retail spaces, offices and the new Andaz Singapore hotel. DUO is directly connected to Bugis MRT station via underground pedestrian walkways, providing easy access to all corners of the city.
Andaz Singapore, in collaboration with famed interior designer Andre Fu of AFSO, envisioned the hotel as a contemporary lifestyle destination, which embraces Singapore’s urban spirit. Fu observed the hotel’s dynamic location and its neighborhood to create a multi-layered alleyway and incorporated subtle, locally inspired techniques, decorative details, furniture, art and fabric into the hotel’s design.
Andaz Singapore, the first Andaz hotel to open in Southeast Asia.
Wyndham Hotel Group has announced a deal with American Hotel Income Properties REIT Inc. for the conversion of 44 existing hotels throughout the United States into brands such as Wyndham's Baymont Inn & Suites, Travelodge, and Super 8. In addition to this, the new deal would also see AHIP acquire two new hotels that will then join Wyndham's portfolio, making for a total of 46 new properties to join the hospitality giant's existing 7,834 hotels located throughout the globe. There are currently 85 other projects in Wyndham's hospitality pipeline, which will yield the total of 679,145 rooms once they are completed, according to information from the TOPHOTELCONSTRUCTION database .
The new 46 properties out of the REIT deal will be located entirely in the United States, where Wyndham already has a strong presence consisting of midscale and economic hotel options in booming hospitality markets such as Nashvilleand Kansas City, as well as some lesser known cities such as Jefferson City, Mo.; Lincoln, Neb.; and Buffalo, N.Y. The 44 existing hotels included in this agreement will break down like this: 14 will join Wyndham's Baymont Inn & Suites brand, 28 will join its Travelodge brand, and two will join its Super 8 brand. In regards to the two new properties being acquired as part of this landmark deal, one has recently been converted to the Days Inn brand while the other is going to be rebranded under a different Wyndham brand in the near future. Also, these hotels will continued to be managed by ONE Lodging Management Inc., which is AHIP's exclusive hotel manager.
So far, 2017 has been a busy year for Wyndham Hotel Group in terms of acquisitions, with last month seeing the company acquire AmericInn, which for those who don't know is a midscale brand that has 200 hotels, largely spread throughout the American Midwest. Year to date, Wyndham has added nearly 200 hotels to its overall North American portfolio, much of it falling into the asset light strategy designation. This is a trend that seems likely to continue as the calendar turns to 2018 and the years beyond. Wyndham's future project pipeline for the United States includes close to 700 hotels that have a total of 63,000 rooms for guests.
453-room Crowne Plaza Fiji Wailoaloa Beach marks the debut of the brand in the heart of the South Pacific
InterContinental Hotels Group (IHG®), one of the world’s leading hotel companies, has signed a management agreement with Quantum Hi-Tech Group Limited to develop the largest hotel in Fiji, Crowne PlazaFiji Wailoaloa Beach.
Opening in 2020, the new 453-room Crowne Plaza Fiji Wailoaloa Beach will boast tranquil ocean views and feature direct access to the beach. The Crowne Plaza Fiji Wailoaloa Beach is located just a short ten-minute drive from Fiji’s main airport, Nadi International Airport.
With its prime beachfront location, leisure travellers will be able to unwind while enjoying unparalleled sunset views from one of the island’s finest beaches, right at their doorstep. Guests can also choose to relax and dine at any of the five restaurant and bar offerings at the resort, including a pool bar and a beach club. The resort will also feature one of the largest conference centres in Fiji, a fully-equipped 24-hour fitness centre, two swimming pools and a Kid’s Club among other exclusive resort facilities.
Rajit Sukumaran, Chief Development Officer, Asia, Middle East and Africa (AMEA), IHG said:“As the most popular travel destination in the South Pacific, the islands of Fiji accounts for close to 40 percent of travel to the South Pacific, a figure that continues to grow annually. In 2017 alone, Fiji recorded an increase of 7.8 percent in the number of international travellers visiting the country. This strong growth potential represents a key opportunity for us to introduce the Crowne Plaza brand to Fiji.”
IHG to introduce the largest hotel in Fiji with its first Crowne Plaza Resort
Frutarom acquires the UK flavors company Flavours & Essences
Frutarom Industries Ltd, one of the world's 10 largest companies in the field of flavors and natural specialty fine ingredients, continues its momentum of acquisitions and the implementation of its rapid and profitable growth strategy by announcing that it has signed an agreement for the purchase of 100% of the shares of the UK company Flavours and Essences (UK) Ltd. (“F&E”) for approximately US$ 19.5 million and a mechanism for future consideration based on F&E’s future business performance over the period of three years from the purchase date. The transaction was completed upon signing and financed through bank debt.
According to F&E management reports, its sales turnover for the 12 months ending in July 2017 totaled approx. US$ 17.4 million and it registered an average annual rate of growth for the past five years of over 20%.
F&E, which was founded in 1998, engages in the development, production and marketing of flavors and natural colors. F&E operates a production site and R&D center in Blackburn, England, employs 41 people, and has a broad customer base in Europe, particularly in the UK and Ireland. F&E’s activity is synergetic with Frutarom’s activity in the field of flavors, activity which has grown in recent years by rates considerably higher than the market rate of growth, as well as with Frutarom’s developing activity in the field of natural food colors.
F&E’s founding owners and managers will continue contributing from their rich experience towards continued rapid and profitable growth of the activity.
Ori Yehudai, President and CEO of Frutarom Group, said: "This is another acquisition of activity in Frutarom’s core field which will enable us to offer our customers a wider portfolio of solutions. This acquisition is further reinforcement for our growing activity in the UK where Frutarom holds a leading position in flavors. Frutarom will drive at exploiting to the utmost the cross selling opportunities inherent in this acquisition and will work towards expanding the product portfolio to F&E’s existing customer base. In addition, Frutarom will take measures to achieve maximum commercial and operational efficiency from merging F&E’s activity with its own activity in the UK.”
PepsiCo opens Food and Beverage R&D center in Shanghai
PepsiCo, Inc., announced the opening of a new food and beverage innovation center in Shanghai, China. The state-of-the-art facility, which is PepsiCo's largest research and development center outside of North America, will serve as a hub of new product, packaging and equipment innovation for PepsiCo's businesses throughout Asia.
The new facility is equipped with an advanced culinary center and test kitchens focused on developing and tailoring PepsiCo food and beverage brands for distinct, locally relevant taste preferences throughout the region.
In addition, the facility will house a pilot manufacturing plant that will allow researchers to quickly test new product ideas and support efforts to significantly accelerate the pace of PepsiCo's innovation in China and other growing Asian markets.
It is one of PepsiCo's most integrated food and beverage R&D centers anywhere in the world, a combination that is designed to unlock new opportunities for breakthrough innovation across the company's diverse portfolio of complementary brands and enable greater speed and efficiency throughout the entire R&D process. The new Shanghai facility will also work collaboratively with other PepsiCo R&D locations around the world to share insights and best practices.
"Innovation has always fueled PepsiCo's growth engine and enabled us to build a portfolio of great-tasting, convenient food and beverage brands that are loved by consumers around the globe," said Saad Abdul-Latif, CEO, PepsiCo Asia, Middle East & Africa. "The Shanghai facility is a game-changer for our business that we expect will fast forward our innovation throughout the entire region."
"PepsiCo continues to build global research and development capabilities that are differentiating our brands in the marketplace and driving attractive new growth opportunities," said Mehmood Khan, executive vice president and chief scientific officer, PepsiCo. "This center will play an important role in our global R&D network by bringing cutting edge technology and innovation to our businesses in China and throughout Asia Pacific and partnering with other PepsiCo locations to achieve new breakthroughs in other parts of the world."
Peet's Coffee Makes Debut in China
Peet's Coffee, The Original Craft Coffee, announced the grand opening of its first-ever international location with the debut of a Shanghai, China flagship coffeebar. Situated at 9 Donghu Lu, the 3,900-square foot coffeebar will operate an in-house roastery that will maintain the company's high-quality standards while ensuring that the freshest beans are made available to Chinese consumers.
The new coffeebar also marks the formation of Peet's Coffee China, an independently-run joint venture formed by Peet's Coffee and Hillhouse Capital and led by Vivian Zhang, CEO, Peet's China. Peet's also announced the addition to its China Board of Directors of Shawn Conway, Chief Operating Officer at Peet's Coffee, Sam Su, an Operating Partner at Hillhouse and the former Chairman and CEO of Yum China, and David Rhee, a Hillhouse Partner, along with executives from the Peet's Coffee team.
"Entering China underscores how Peet's has grown systematically since going private in 2012 as the company has delivered consistent, double-digit growth while evolving its omni-channel model comprised of several super premium brands, product formats, and geographies," said Shawn Conway. "Expanding internationally is a natural progression of our United States success and Peet's recognizes that China is a fast-growing market with a flourishing base of coffee lovers seeking distinctive experiences. We are very excited by China's coffee market momentum and for the opportunity to cater to their young consumers eager to discover exceptionally fresh, hand-roasted coffee."
"We are excited to bring Peet's wonderful tradition of premium craft coffees to China," said Lei Zhang, Chairman and CEO of Hillhouse Capital. "We believe Chinese consumers deserve the highest quality products and Peet's offers this in the form of some of the best coffee in the world."
Ajinomoto Co., Inc. (“Ajinomoto Co.”) has acquired an equity position in U.S. medical foods company Cambrooke Therapeutics, Inc. (“Cambrooke”) through Ajinomoto North America, Inc. (“AJINA”) for approximately USD 64 million, and made it a wholly owned subsidiary.
Founded in 2000, Cambrooke develops and manufactures medical foods for patients with amino acid metabolism disorders and other customers. It also makes products such as medical foods for patients with intractable epilepsy and low-protein foods for patients with kidney and liver diseases, and is rolling out its product lineup outside the United States in Europe and elsewhere. Cambrooke uses original ingredients to develop products that are superior to competing products in taste and digestibility, and has achieved a high rate of growth exceeding 20% annually for the past three years.
The market for medical foods in the United States is the largest in the world at USD 1,750 million in 2016, with a solid compound annual growth rate (CAGR) of approximately 10%. The category of foods for patients with metabolic disorders accounts for about 40% of this market at USD 660 million (approximately JPY 75.0 billion) and is growing at an annual rate of 10% (2017; Ajinomoto Co. estimate). Patients with metabolic disorders are unable to ingest regular foods and must eat only specified medical foods on a daily basis, but the palatability and lack of variety of these foods have been major issues.
For years, Ajinomoto Co. has sold amino acids into the medical foods market as ingredients. With this acquisition, Ajinomoto Co. will make a full-scale entry into that market. By applying its scientific knowledge of amino acids’ nutritional and physiological functions, “deliciousness technologies” and food application technologies to Cambrooke’s operations, Ajinomoto Co. will offer enhanced foods to patients with metabolic disorders. In addition, by adding to the disease areas covered and using its sales channels outside Japan to strengthen Cambrooke’s overseas rollout, Ajinomoto Co. aims to expand its share of the global market for medical foods for patients with amino acid metabolism disorders to 20%, with sales of approximately USD 90 million (approximately JPY 10 billion) by 2027.
Ajinomoto Co. acquires Cambrooke Therapeutics, Inc
The secured transactions law and collateral registry make it easier for small businesses that do not have access to traditional collateral, like land or real estate, to take out a loan and grow their business using moveable collateral, such as equipment, machinery, inventory, and other types of moveable property to access finance.
The World Bank Group is also working with the Bank of Zambia to strengthen the credit reporting system. Zambia scored an eight – the maximum score - on the depth of credit information index in this year’s report. Increasing the coverage of the adult population will allow for robust credit information tools to support lending decisions.
The World Bank Group’s Doing Business 2018 report was released this week and lists Zambia in second place in this year’s Getting Credit category – just after New Zealand. To improve access to credit, Zambia partnered with the World Bank Group to modernize the country’s financial infrastructure, including creating a modern secured transactions law and establishing an online collateral registry.
World Bank Group Helps Zambia Reach #2 on Doing Business 2018’s Getting Credit
The Board of the African Development Bank Group has approved a loan of €71.56 million to support the implementation of ‘Digital Tunisia 2020’ National Strategic Plan. The Tunisian government is contributing €63.4 million, bringing the total cost of the project to €134.96 million.
The project is national and all-encompassing. The ‘Digital Tunisia 2020’ National Strategic Plan (PNS) will be executed between 2018 and 2021. The project will strengthen public services through the use of digital platforms, on a grand scale and includes, notably, the implementation of online administrative services, sectoral information services, a digital ID system, and a data exchange platform.
AfDB approves $84 million loan for radical upgrade of Tunisia’s digital capability
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