Unilever to sell its Spreads business to KKR for US$ 8.9 bn
Penn National Gaming to acquire Pinnacle Ent. for US$ 2.8 bn
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Oracle buys Aconex Limited for US$ 1.2 bn
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Impax announces sale of its Taiwan Manufacturing Facility
Ola to acquire Foodpanda’s India business from Delivery Hero Group
THE DEFINITIVE SOURCE FOR INVESTMENT PROMOTION EXECUTIVES
Hampton by Hilton closes year with 16 New Hotels to Portfolio
18 - 23 December 2017
India RE investments get USD 400 mn boost from EIB & YES BANK
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Unilever to sell its Spreads business to KKR for $8.9 bn
Unilever,one of the world’s leading suppliers of Personal Care, Home Care and Food and Refreshment products, has received a binding offer from KKR to purchase its global Spreads business for €6.825 billion on a cash-free, debt-free basis. Paul Polman, CEO of Unilever said “In April of this year we set out our 2020 programme to accelerate sustainable value creation. After a long history in Unilever we decided that the future of the Spreads business would lie outside the Group. The announcement marks a further step in reshaping and sharpening our portfolio for long term growth. The consideration recognises the market leading brands and the improved momentum we have achieved. I am confident that under KKR’s ownership, the Spreads business with its iconic brands will be able to fulfil its full potential as well as societal responsibilities.” Johannes Huth, Head of KKR EMEA said: “The strength of the portfolio of consumer brands in Spreads provides a firm foundation for future growth. We look forward to deploying our global network and operational expertise to support the business’s growth ambitions, while continuing to follow Unilever’s responsible sourcing policies, including working towards the goal of sourcing 100 per cent sustainable palm oil by 2019.” The investment is being funded by both the European and N. American private equity funds of KKR.
Penn National Gaming, Inc., and Pinnacle Entertainment, Inc. announced that they have entered into a definitive agreement under which Penn National will acquire Pinnacle in a cash and stock transaction valued at approximately $2.8 billion. The transaction has been approved by the boards of directors of both companies and is expected to close in the second half of 2018. Pinnacle owns and operates 16 gaming and entertainment facilities in 11 jurisdictions across the United States. Following the acquisition of Pinnacle and the planned divestiture of four of its properties to Boyd Gaming Corporation (as described below), Penn National will have significantly greater operational and geographic diversity and operate a combined 41 properties in 20 jurisdictions throughout North America. The transaction is expected to generate $100 million in annual run-rate cost synergies following integration and is anticipated to be immediately accretive to free cash flow in the first year. Pro form a for the divestitures and synergies, the acquisition reflects a multiple of 6.6x LTM EBITDA. Timothy J. Wil mott, Chief Executive Officer of Penn National Gaming, commented, “By combining our highly complementary portfolios and similar operating philosophies, we will be able to leverage the strengths of both our companies and create an unparalleled experience for our regional gaming customers, while generating significant value for our shareholders and business partners.” Mr. Wil mott continued, “The combined company will benefit from enhanced scale, additional growth opportunities and best-in-class operations, creating a more efficient integrated gaming company. Going forward, we will have the financial and operational flexibility to further execute on our strategic objectives, while maintaining our track record of industry-leading profit margins and generating significant cash flow to reduce leverage over time. We look forward to welcoming Pinnacle’s talented employees to our team and to further enhancing our status as North America’s leading regional gaming operator.”
Penn National Gaming to acquire Pinnacle Entertainment for $2.8 billion
IK Investment Partners, a leading Pan-European private equity firm, is pleased to announce that the IK VIII Fund (“the Fund”) has reached an agreement with Mentha Capital and the founders to acquire Optimum Group (“Optimum” or “the Group”), a European printing and labelling company. Financial terms of the transaction are not disclosed and the completion of the transaction is subject to regulatory approvals. Optimum Group is a printer of self-adhesive labels, banding and shrink sleeves, primarily serving the food and retail market. The Group operates through five printing facilities, of which four in the Netherlands and one in Belgium. Optimum is active in the faster-growing segments within the Benelux labelling market, which is estimated to be worth approximately €700 million. In particular, the Group focuses on the food labelling market, which has grown by over 5% year-on-year. Optimum has a broad offering but is looking to expand its technological capabilities, such as inkjet technology, and end-market coverage in the food, beverage, chemicals, pharmaceutical and logistics sectors. Bart de Boer, CEO of Optimum, said: “Label printers such as Optimum are well-positioned in the value chain to benefit from underlying volume growth drivers. With the support of IK, we will be able to invest in new digital technologies to print smaller batches more efficiently, enhancing our service offering. We will also be able to reach new customers through our international expansion and will further develop and expand our current product portfolio. Given service quality has always been our key priority and many of our core customers have worked with us for over 10 years, our partnership with IK will enable us to better serve our loyal customer base and continuously offer them new products.”
IK Investment Partners invests in Optimum Group
Yam Pro Energy from Israel signed an MOU with TATA Group, to build a wave energy power station in Ghana
Yam Pro Energy from Israel signed an MOU with Shapoorji Pallonji Group, the owners of the TATA Group, to build a wave energy power station in Ghana. To be completed in the upcoming three years at a scope of 150 MW generation ($180,000,000). The initial phase will be 10 MW and expanding thereafter. The partnership will be between Yam Pro, a local partner and SP with the responsibility to raise the finances. Zeev Peretz and Laser Rothshtein, the joint CEO's of Yam Pro, have released a joint statement: "We are very excited afer reaching such a substantial milestone as one of the largest EPC companies in the world is giving confidence in our technology and company and are willing to start a cooperation in Ghana. We are hoping this will be a start of a global cooperation with SP that we can together revolutionize the energy market around the world."
The lighting and electronics expert HELLA reinforces its presence in the USA. The automotive supplier will open a new administrative and technical center in Northville, Michigan, at the beginning of 2019. The new, modernized facility will be at least 115,000 square-feet and will address the company's continued growth as well as provide flexibility to adapt to dynamic marketplace shifts in the coming years. Official groundbreaking was in November 2017. HELLA's U.S. headquarters and technical center will replace its existing U.S. headquarters in Plymouth Townshipapproximately three miles away. Within the next two years, the number of employees there is expected to expand from currently 350 to approximately 400. The focus of activities is on developing electronics products and lighting technology solutions. The location also houses company functions, such as purchasing, sales, information management as well as finance and controlling for the North American region. "With the new location, we will create an important foundation for further pursuing our growth path in the North American market," says Steve Lietaert, President of HELLA Corporate Center USA. "We will have more space for required additional resources while also being able to further optimize the work environment for our employees." The new location will implement a flexible and open office concept with modern office equipment, project rooms, meeting areas, lounge and cafeteria sections as well as fitness activities for employees. To bring the project to fruition, HELLA has partnered with Michigan-based REDICO as the developer, Biddison Architecture + Design and Amson Development.
HELLA further expanding presence in USA
Renewable energy investment across India gets USD 400 million boost from EIB & YES BANK
Expansion of renewable energy power generation across India will be supported by a new USD 400 million joint initiative backed by the European Investment Bank and YES BANK, India’s 5th largest private sector bank. YES BANK will manage the new co-financing programme for construction of new solar power plants and wind farms across the country. The new USD 400 million private sector renewable energy financing programme was announced in New Delhi by Donal Cannon, Head of the European Investment Bank Representation to South Asia and Arun Agrawal, Group President, International Banking, YES BANK. It will be supported by USD 200 million from the European Investment Bank, alongside financing from YES BANK, project promoters and other financial institutions. The 15 year USD 200 million EIB loan was approved by the EIB Board of Directors on 12th December and financial details of the new initiative are expected to be finalised in the coming weeks. The new financing programme will streamline financing for a range of renewable energy projects being built and operated by leading Indian corporations and private sector developers. Eligible solar projects have already been identified in the states of Rajasthan, Telangana, Maharashtra and Karnataka and additional wind and solar projects are currently being examined. “India and the European Union are committed to the Paris Agreement and tackling climate change. This new USD 400 million initiative demonstrates the shared vision and commitment of both the European Investment Bank and Yes Bank to increasing renewable energy power generation across India. This new financing programme will make a significant contribution to harnessing wind power and solar energy to produce green energy, create thousands of jobs during construction and strengthen technical and financial skills for the renewable energy sector to expand.” said Andrew McDowell, European Investment Bank Vice President. “The new cooperation between YES BANK and the European Investment Bank, demonstrates another milestone in our leadership as India’s pre-eminent ‘Green Bank’. The highly successful transaction showcases continued trust and enthusiasm of Global multilaterals and Finance Institutions in partnering with YES BANK. With this transaction we remain well on track to achieve our commitment to finance 5,000 MW of RE made at the 1st RE-INVEST Summit in Feb 2015 and is also synchronous with our COP 21 commitment of mobilizing USD 5 Bn for Climate Finance by 2020.” said Mr. Rana Kapoor, Managing Director & CEO, YES BANK.
Lightsource and BP join forces to drive growth in solar power development worldwide
Lightsource and BP, announced that they have agreed to form a strategic partnership, bringing Lightsource’s solar development and management expertise together with BP’s global scale, relationships and trading capabilities to drive further growth across the world. BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors. Nick Boyle, Group CEO and founder of Lightsource, said: “We founded Lightsource to lead the solar revolution and chose to partner with BP because, like us, their ambition is to build and grow this company for the long-term. Not only does this partnership make strategic sense, but our combined forces will be part of accelerating the low-carbon transition. Solar power is the fastest growing source of new energy and we are excited to be at the forefront of this development.” Global installed solar generating capacity more than tripled in the past four years and grew by over 30% in 2016 alone, according to BP’s Statistical Review of World Energy. BP’s Energy Outlook analysis sees solar as likely to generate around a third of the world’s total renewable power and up to 10% of total global power by 2035. Lightsource is a global leader in the development, acquisition and long-term management of large-scale solar projects and smart energy solutions worldwide. It has grown in just seven years to become Europe’s largest developer and operator of utility-scale solar projects. The company has commissioned 1.3 GW of solar capacity to date and manages approximately 2GW of capacity under long-term operations and maintenance contracts - the equivalent of powering over half a million homes through clean energy.
Iliad, has agreed to acquire, for c.€320 million, a 31.6% minority interest in eir – Ireland’s incumbent telecom operator – alongside NJJ (Xavier Niel’s private holding company), with Iliad and NJJ investing on the same terms. eir’s existing shareholders, Anchorage Capital Group, L.L.C. and Davidson Kempner Capital Management LP, will retain an interest in the company, both through a 35.5% equity stake and a non-recourse loan instrument. Its minority stake in eir forms the basis of a strategic partnership with a leading telecom operator, with a possibility of ultimately taking over control of the company thanks to a call option granted to Iliad by NJJ. This call option is exercisable in 2024 and would enable Iliad to acquire 80% of NJJ’s stake in eir (i.e. 26.3% of eir’s capital) at a 12.5% discount to fair market value, as determined by an independent valuation expert. If Iliad decides to exercise this option it will fully reap the benefits of geographic diversification in a dynamic market with profitable growth opportunities. eir: an incumbent operator with high quality infrastructure and a profitable business model eir has the largest fiber access network in Ireland, with a fully integrated fixed and mobile network. It provides a comprehensive range of mobile, phone, TV and broadband services to B2C, B2B and wholesale customers. It is the leader in fixed broadband, with a 32% market share, and is the leading operator in the fixed wholesale market. In addition, it has a challenger positioning in the mobile market with an 18% market share. eir’s revenue for the year ended June 30, 2017 amounted to €1.3 billion and its adjusted EBITDA1 was €520 million. A first-class asset at an acquisition multiple of c.6.5x EV/18e EBITDA – with strong value creation potential and a call option allowing to take control in 2024 In the medium term through this investment, Iliad expects to generate a dividend stream and yield a double-digit return on equity. A indirect stake of 31.6% allowing Iliad to retain its strong balance sheet structure and its financial and operational agility
Iliad to acquire 31.6% interest in eir
MONARQUES GOLD CORP, is pleased to announce that it has entered into an agreement with Agnico Eagle Mines Limited to acquire the McKenzie Break and Swanson properties (see our new property map covering close to 300 km2), which both host gold deposits near Monarques’ wholly-owned Beacon and Camflo mills. The terms of the agreement are described at the end of this press release. “This is an excellent transaction for Monarques, as it could significantly increase the resource available for processing at our Beacon mill,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarques. “The previous owners made significant investments on these properties, including building ramps to access the two deposits. Furthermore, both deposits have the benefit of lying close to surface. The next step for Monarques will be to confirm the historical estimate of the two deposits in line with NI 43-101 and explore the options for extracting those resources. We will also try to determine the potential for increasing the resources of the deposits, as most of the drilling done on the properties was at a shallow depth.” McKenzie Break Property The McKenzie Break property hosts a high-grade gold deposit that lies just 40 kilometres north of the Beacon mill and 25 kilometres north of Val-d'Or, Quebec. It consists of nine mineral claims covering a total area of 336.3 hectares, and is accessible year-round via Route 397 and a gravel road. The property is also about nine kilometres south of the rail link between Barraute and Senneterre. The property has surface and underground infrastructure, including a ramp providing access to the deposit, 80 metres below surface. The McKenzie Break deposit has a historical estimate of 813,871 tonnes grading an average 6.63 g/t Au for a total of approximately 173,500 ounces of gold (source: Technical report on the McKenzie Break property, Claude P. Larouche, July 15, 2007). This historical estimate was realized by Placer Dome in 1991 and was calculated using the polygonal method and all the data collected from the green and orange zones and a cut-off grade of 1.70 g/t Au. Close to 60% of those ounces are located in the green zone, which grades an average of 8.49 g/t Au. In 1994, following the drilling of 67 additional holes in high-grade areas identified by Placer Dome’s mineral inventory, Western Quebec Mines performed a new resource estimate for two of the six lenses interpreted. Both lenses were drilled on a tight grid (30 x 30 metres) to optimize the resource estimate. This new calculation, based on the polygonal method and using a cut-off grade of 3,5 g/t Au, shows a historical estimate of 161,348 tonnes grading 10.86 g/t Au, or approximately 56,300 ounces of gold, classified as indicated, and 24,695 tonnes grading 5.23 g/t Au, or approximately 4,200 ounces of gold, classified as inferred (Mannard, 1994). These estimates are not supported by an official technical report. A Monarques qualified person has not performed sufficient work to classify these historical estimates as current mineral resources as defined by NI 43-101, and the Corporation therefore does not consider them as current mineral resources. Although the historical estimates may not be reliable, the Corporation nevertheless believes that they provide an indication of the property’s potential and are relevant for any future exploration program. In order for the historical estimates to become current resources, the Corporation must carry out new drilling on the property, and issue a new mineral resource estimate pursuant to NI 43-101. A total of 37,750 metres of diamond drilling coming from 258 holes was carried out on the property. Drilling was concentrated on the green and orange zones. Most of the holes were shallow, with an average length of 150 metres per hole.The mineralization consists of multiple narrow veins, some of which are high-grade with a nugget effect.
Monarques Gold acquires Agnico Eagle's McKenzie Break and Swanson Properties
ADB loan to help Modernize Power Generation in Uzbekistan
The Asian Development Bank’s, Board of Directors has approved a $450 million loan to help install between 850 to 950 megawatts (MW) in additional generation capacity in the Talimarjan thermal power plant (TPP) using combined cycle technology, which will help improve power generation efficiency and energy security in Uzbekistan. “Modernizing Uzbekistan’s energy sector and power generation facilities are central to the economy and development of the country,” said Seung Duck Kim, Energy Specialist at ADB’s Central and West Asia Department. “ADB’s assistance will help Uzbekistan meet its growing energy needs and enhance the sustainability of the energy sector.” Uzbekistan’s energy sector currently contributes around 10% of the country’s gross domestic product and about 25% of its total exports. However, the country’s electricity supply-demand gap is widening and is expected to reach around 14,600 gigawatt-hours by 2020. The project will help expand Talimarjan TPP’s capacity through the installation of additional combined cycle gas turbine (CCGT) units with combined heat and power facilities. The addition will increase the aggregate capacity of Talimarjan TPP to approximately 2,600 MW and improve its thermal efficiency from 48% to 52%. The financing is a continuation of ADB’s previous support to Uzbekistan’s energy sector, following the 900 MW CCGT expansion at Talimarjan TPP commissioned in August 2017. The project will also boost efforts to realize the government’s ambitious program, called Vision 2030, to transition Uzbekistan to an industrialized and upper middle-income country by 2030. Energy sector modernization and reforms are the centerpieces of this vision. The project will also enhance support to electricity sector reforms. ADB approval includes administration of a $2 million technical assistance grant provided by the Japan Fund for Poverty Reduction to enhance financial sustainability of Uzbekenergo, the state-owned electricity utility, and strengthen power sector planning and tariff studies.
Equinix, Inc., the global interconnection and data center company, announced that it has entered into an agreement with Ontario Teachers' Pension Plan to acquire all of the equity interests in the Metronode group of companies, an Australian data center business, in an all-cash transaction for A$1.035 billion, or approximately US$792 million. Metronode is a leading data center provider operating facilities throughout Australia, housing mission-critical internet and communications infrastructure for some of Australia's largest corporations, government agencies, telecommunications and IT service providers. Metronode generated approximately A$60 million, or approximately US$46 million, of revenues in the 12 months ending September 30, 2017, with a margin profile accretive to the Equinix Asia-Pacific business. The acquisition agreement was signed on December 15, 2017, and the transaction is expected to close in the first half of 2018, subject to some closing conditions including regulatory approval. The acquisition of Metronode will further strengthen the leadership position of Equinix in the Asia-Pacific region and support its ongoing global expansion. As a result of the transaction, Equinix will expand its national footprint by adding 10 data centers, strengthening its position in Sydney and Melbourne, and adding a presence in Perth, Canberra, Adelaide and Brisbane, four new metros to the Equinix global platform. This will bring the company's total International Business Exchange™ (IBX®) data center footprint in Australia to 15 data centers, further extending its global ecosystem coverage and enabling customers to deploy their infrastructure, applications and services closer to the edge.
Equinix expands in Australia with the acquisition of Metronode
Oracle buys Aconex Limited for US$ 1.2 billion
Oracle, announced that it has entered into an agreement with Aconex Limited, a leading cloud-based solution that manages team collaboration for construction projects, for A$7.80 per share in cash. The transaction is valued at approximately US$1.2 billion, net of Aconex cash. The Aconex project collaboration solution digitally connects owners, builders and other teams, providing complete visibility and management of data, documents and costs across all stages of a construction project lifecycle. Aconex has been used in over $1 trillion in projects across 70,000 user organizations in over 70 countries. The Oracle Construction and Engineering Cloud already offers customers the industry’s most advanced solutions for planning, scheduling and delivering large-scale projects. Together, Oracle and Aconex will provide an end-to-end offering for project management and delivery that enables customers to effectively plan, build, and operate construction projects. “Delivering projects on time and on budget are the highest strategic imperatives for any construction and engineering organization,” said Mike Sicilia, SVP and GM, Construction and Engineering Global Business Unit, Oracle. “With the addition of Aconex, we significantly advance our vision of offering the most comprehensive cloud-based project management solution for this $14 trillion industry.”
Tencent Holdings Limited, JD.com, Inc., and Vipshop Holdings Limited (jointly announced that Tencent, a leading provider of internet value-added services in China, and JD.com, China’s largest retailer, have entered into definitive agreements with Vipshop, a leading online discount retailer for brands in China, such that Tencent and JD.com will invest an aggregate amount of approximately US$863 million in cash in Vipshop at the closing of the transaction. Tencent Holdings Limited (“Tencent”) (00700.HK), JD.com, Inc. (“JD.com”) (NASDAQ:JD), and Vipshop Holdings Limited (“Vipshop”) (NYSE:VIPS), today jointly announced that Tencent, a leading provider of internet value-added services in China, and JD.com, China’s largest retailer, have entered into definitive agreements with Vipshop, a leading online discount retailer for brands in China, such that Tencent and JD.com will invest an aggregate amount of approximately US$863 million in cash in Vipshop at the closing of the transaction. The transaction is expected to close in the near future, subject to customary closing conditions. Upon the closing, Tencent and JD.com will beneficially own, taking into account any existing holding, approximately 7% and 5.5%, respectively, of Vipshop’s total issued shares. The Class A ordinary shares issued to Tencent and JD.com will be subject to a two-year lock up restriction. Tencent and JD.com will have the right to appoint a director and an observer, respectively, to Vipshop’s board of directors during the two-year lockup period. After the end of the lock-up period, for so long as Tencent and JD.com hold approximately 12% and 8%, respectively, of Vipshop’s total issued shares, or otherwise by mutual agreement with Vipshop, they will maintain director and board observer rights. Concurrently with the entry of the share subscription agreement, Tencent and JD.com have entered into business cooperation agreements with Vipshop, effective upon closing, establishing a cooperative relationship among Tencent, JD.com and Vipshop. Under these agreements, Tencent will grant Vipshop an entry on the interface of Weixin Wallet enabling Vipshop to utilize traffic from Tencent’s Weixin platform, and JD.com will grant Vipshop entries on both the main page of JD.com’s mobile application and the main page of its Weixin Discovery shopping entry, and will assist Vipshop in achieving certain GMV targets through JD.com’s platform. “I am truly delighted about Vipshop's new strategic cooperation relationships with Tencent and JD.com,” said Mr. Eric Ya Shen, Vipshop’s Co-founder, Chairman of the Board of Directors and Chief Executive Officer. “This undoubtedly is an important event for Vipshop as well as China's e-commerce and internet industries. We, together with Tencent and JD.com, will leverage our respective strengths to form a strategic cooperative alliance aiming to achieve a deep, win-win cooperation and to benefit internet users and consumers. We will develop a holistic cooperation with Tencent on the Weixin platform and expand our strategic alliance with Tencent into more and broader areas. We will explore win-win opportunities in multiple areas with JD.com, including establishing a strategic alliance in collaboration with brand suppliers, and an on-line traffic alliance. We will continue to operate as an independent e-commerce platform and further deepen and enhance our leading e-commerce capabilities in fashion (including apparel, shoes, bags and accessories) and cosmetics categories as well as our strong female user base, thereby offering higher value and better user experience to our customers.”
Tencent, JD.com and Vipshop announce equity investment and Business Cooperation
Accenture to acquire Irish Creative agency Rothco
Accenture, has entered into an agreement to acquire Rothco, a full-service creative agency. Located in Dublin, Rothco will boost Accenture Ireland’s creative capabilities and those of Accenture Interactive as an experience agency in Europe. The acquisition is subject to regulatory approval by the relevant authorities and other customary closing conditions. Financial terms of the transaction were not disclosed. Rothco is an international award-winning creative agency. It strategically plans, designs and produces powerful communications campaigns across Europe for iconic brands. Founded in 1995, Rothco now consists of more than 150 strategic, creative, technology, design, project management and production professionals. The agreement to acquire Rothco is the latest demonstration of Accenture’s continued investment in innovation, and its commitment to growing its creative talent in Ireland. It follows the official February (2017) opening of The Dock, Accenture’s global multi-disciplinary research and incubation hub, and the Fjord Dublin studio. The additional capabilities in Ireland will complement and expand Accenture Interactive’s presence in the UK and Ireland, and strengthen its creative capabilities, which can be extended for the whole of Europe. Accenture Interactive plans to scale Rothco’s creative and brand marketing capabilities internationally. Anatoly Roytman, Accenture Interactive’s Europe, Africa and Latin America lead, commented: “We are proud of the culture of cultures at Accenture Interactive, which has helped establish us as an experience agency. We bring together creative, business consulting and technology excellence, which is a powerful proposition for our clients. Clients are looking to create human-centered brand experiences by connecting every interaction they have with their customers. Bringing Rothco into Accenture Interactive will extend our ability to accomplish this and create the greatest experiences on the planet.”
Impax announces sale of Taiwan Manufacturing Facility
Impax Laboratories, Inc., announced that it has entered into a definitive agreement to sell its manufacturing facility in Taiwan to Bora Pharmaceuticals Co, Ltd. This sale supports Impax's operational and cost improvement plans to streamline operations and reduce costs. Under the terms of the agreement, Bora will purchase all of the issued share capital in Impax Taiwan and certain loans outstanding between Impax and Impax Taiwan for a total purchase price of $18.5 million. As a result of the sale, Impax expects to record a pre-tax impairment charge of approximately $70.0 to $80.0 million in the fourth quarter of this year. "This agreement accelerates the benefits we expect to receive as part of our cost improvement program and allows us to achieve a full run rate of cost savings across all program initiatives by the end of 2018, one year ahead of schedule," said Paul Bisaro, President and CEO of Impax. "I am also pleased that the agreement may provide continued employment opportunities for our colleagues in Taiwan. I want to thank employees for their commitment to preparing a successful transition." Impax has also signed a supply agreement with Bora, effective upon closing of the transaction, to contract the manufacture and supply of certain of Impax's marketed and development products currently manufactured by Impax Taiwan. Additionally, Bora will have the rights to market and sell Impax's branded Parkinson's drug Rytary® (approved as Numient® outside the U.S.) in Taiwan. The transaction is anticipated to close in the first quarter of 2018, subject to customary closing conditions. "I am confident that this transaction creates value for both companies," continued Bisaro. "Through this agreement, Impax gains a high-quality contract manufacturing partner with expertise in manufacturing for multinational pharmaceutical companies. The deal also aligns nicely with Bora's international growth and expansion plans."
SGX Main board-listed Rowsley Ltd., entered into a binding Acquisition Agreement with Mr. Lim Eng Hock to acquire 100% of Sasteria Pte Ltd the owner of Thomson Medical Pte Ltd (“Thomson Medical”) and the controlling shareholder of TMC Life Sciences Berhad. Under the agreement, Rowsley will acquirea 100% stake in Thomson Medical, Singapore’s largest private provider of healthcare services for women and children anda 70.36% stake in TMCLS, a Bursa Malaysia-listed healthcare company with a multi-disciplinary tertiary hospitaland leading provider of in-vitro fertilisation (“IVF”) services in Malaysia. Rowsley also intends to change its name to Thomson Medical Group Limited1. “Post-acquisition, Rowsley will be one of the largest SGX-listed healthcare players. Both Thomson Medical and TMCLS are well-positioned in their respective markets and the purchase of Sasteria gives us an opportunity to participate inafast-growingsector.The changing demographics in Southeast Asia suggest that private healthcare is poised fora sharp acceleration in growth,” said Ng Ser Miang, Chairman, Rowsley. The Purchase Consideration of S$1.6 billion for Sasteria will be satisfied through 21.3 billionnew Rowsley shares at the issue priceof S$0.075 per share.Rowsley will also acquire 597,319,140 TMCLS Warrants in cash, each at a price equal to the volume-weighted average price of TMCLS Warrants traded on Bursa Malaysia,for the one-month period immediately preceding the date falling four market days prior to the date of the Extraordinary General Meeting (“EGM”) to be convened. The total consideration was arrived at on a willing-buyer willing-sellerbasis and taking into account amongst others the profitability of Thomson Medical, TMCLS, their growth potential and synergies with Rowsley’sVantage Bay Healthcare City development. Both Thomson Medical and TMCLS have plans to capitaliseon the increasing demand for healthcare services in the region. Thomson Medical willcontinue to growbeyond its current core obstetrics and gynaecology services into an integrated country-wide healthcare network by expanding its current service offerings and opening more new specialist clinics In Malaysia, TMCLS hasplans to makeits tertiary hospital (“Tropicana Medical Centre”) at Kota Damansara one of the largest integrated healthcare campuses in the Klang Valleyby tripling its current bed capacity. When the new expansion wingis completed and fully operational, the hospital will have a capacity of up to 600 beds, offering comprehensive tertiary healthcare services.
Rowsley Ltd. will acquire Thomson Medical
The Hershey Company, and Amplify Snack Brands, Inc., announced that they have entered into a definitive agreement under which Hershey will acquire all outstanding shares of Amplify for $12.00 per share in cash. "The acquisition of Amplify and its product portfolio is an important step in our journey to becoming an innovative snacking powerhouse as together it will enable us to bring scale and category management capabilities to a key sub-segment of the warehouse snack aisle," said Michele Buck, The Hershey Company President and Chief Executive Officer. "Hershey's snack mix and meat snacks products, combined with Amplify's Skinny Pop, Tyrrells, Oatmega, Paqui and other international brands, will allow us to capture more consumer snacking occasions by creating a broader portfolio of brands." "Since Amplify's inception in 2014, our company's goal has been to bring transparency to our products, and clean ingredients and great tasting snacks to consumers," said Tom Ennis, Amplify Snack Brands, Inc. President and Chief Executive Officer. "This transaction is a continuation of our mission as Hershey also believes in bringing to consumers great-tasting snacks made with the best ingredients possible. Hershey is a great cultural partner for Amplify and I'm excited for our team who will have access to Hershey's marketing and go-to-market resources to take our brands to the next level." This strategic acquisition is expected to be accretive to Hershey's financial targets given the growth trajectory and margin structure of Amplify's key products. Amplify's brands compete in many attractive food categories that are capitalizing on fast-growing trends in snacking with a focus on better-for-you products that deliver clean, simple and transparent ingredients as well as unique flavors and forms. Additionally, this combination brings customers a known brand building partner that invests in category management solutions to drive higher levels of conversion and velocity at retail. Under the terms of the agreement between Hershey and Amplify, Hershey has agreed to acquire all of the outstanding shares of Amplify Snack Brands, Inc. for $12.00 per share, in a transaction structured as a tender offer followed by a merger, valued at approximately $1.6 billion, including net debt and including a make-whole payment of $76 million related to the Tax Receivable Agreement ("TRA"). The acquisition is not expected to affect the previously announced full year 2017 outlooks provided in Hershey's and Amplify's third quarter earnings release and conference calls.
Hershey will acquire all outstanding shares of Amplify for $1.6 billion
Olam International and Mitr Phol Group announce JV in Indonesia
Olam International Limited, a leading agribusiness operating across the value chain in 70 countries, and Mitr Phol Sugar Corporation (Mitr Phol), the world’s fourth largest and Asia’s largest sugar producer, jointly announced a strategic partnership to capitalise on the attractive growth opportunities for sugar milling and refining in Indonesia. Mitr Phol will invest US$100.0 million for a 50.0% stake in Olam’s wholly-owned subsidiary Far East Agri (Far East), which operates a sugar refinery in Indonesia, PT Dharmapala Usaha Sukses (PT DUS) in Cilacap, Central Java. Olam will retain the remaining 50.0% stake in Far East. Joe Kenny, Managing Director and CEO for Sugar & Dairy, Olam International, explained the rationale for this partnership: “Our potential expansion into sugar milling will transform our overall participation in Indonesia’s sugar industry, which offers attractive investment and return opportunities due to its growing demand and persistent supply deficit. Mitr Phol is a natural partner given our shared vision and complementary strengths. Their strong sugar milling expertise coupled with our farm gate, sourcing and manufacturing capabilities will enable us to cater to the growing demand for sugar in Indonesia.” Under the new agreement, Far East will explore the development of a green-field sugar milling facility in East Java. Upon completion in 2020, the sugar mill will source 1.2 million metric tonnes of cane from farmers. Krisda Monthienvichienchai, CEO & President of Mitr Phol, said: “We are excited to begin our Indonesian journey by partnering with an established player like Olam. Our shared belief in the country’s potential and in creating long-term value will underpin our growth strategy there. We look forward to playing a meaningful role in helping Indonesia become selfsufficient in sugar production by working closely with each other, the authorities, farmers and all stakeholders.”
Jack in the Box Inc., announced that it has entered into a definitive agreement to sell Qdoba Restaurant Corporation (“Qdoba”), a wholly owned subsidiary of the Company which operates and franchises more than 700 QDOBA MEXICAN EATS® restaurants, to certain funds managed by affiliates of Apollo Global Management, LLC (together with its consolidated subsidiaries. Under the terms of the agreement, the Apollo funds will purchase Qdoba for approximately $305 million in cash, subject to customary closing conditions and adjustments. The transaction is expected to close by April 2018. The Company expects to use the net cash proceeds after tax and transaction costs to retire outstanding debt under its term loan, as required by the terms of its credit facility. “At the time the Company acquired Qdoba in 2003, it had 85 locations in 16 states, with $65 million in system-wide sales. Over the past 14 years, net units have grown at a compound annual growth rate of 16 percent. Today, Qdoba is the second largest fast-casual Mexican food brand in the U.S., with more than 700 locations in 47 states, the District of Columbia and Canada, and system-wide sales of more than $820 million in fiscal 2017. "Keith Guilbault, Qdoba Brand President, has assembled a talented and experienced management team, and we wish them, the franchisees and all of the brand employees continued success." Apollo Senior Partner Lance Milken said, “We are extremely excited to be acquiring Qdoba and look forward to working with the management team, employees and franchisees to continue building the Qdoba brand. We are firmly committed to Qdoba’s continued growth as a leading fast-casual restaurant operator.”
Jack in the Box Inc. agreement to Sell Qdoba Restaurant Corporation
Dmk Group and Arla Foods sign Mozzarella Contract Manufacturing Agreement
Arla Foods, and German dairy company DMK Group (“DMK”) have signed a third-party manufacturing contract that will see DMK produce 35.000 tons of mozzarella cheese for Arla per year at its Nordhackstedt site in northern Germany. As part of the agreement, DMK will rebuild its Nordhackstedt site to become fully focused on mozzarella production. This will increase the supply of whey for the two companies’ joint venture ArNoCo, which produces whey protein and lactose at a neighbouring site and at Arla’s site Denmark Protein in western Denmark. Today DMK’s cheese site in Nordhackstedt has a capacity of approx. 70,000 tons, of which half is dedicated to mozzarella cheese. DMK will invest 15 mEUR to focus the entire capacity on mozzarella cheese by late 2018, after which they will initiate third party manufacturing for Arla. Arla will supply 300-350 million kilos of milk for the production annually and will pay DMK to produce 35,000 tons of mozzarella cheese each year. A win-win scenario The two dairy companies collectively own the joint venture ArNoCo, which was established in 2011 at the Nordhackstedt site and since 2015 a state-of-the-art whey processing facility has been up and running. As the mozzarella production at Nordhackstedt will increase, the site’s supply of whey for ArNoCo will go up as well. “We are very pleased to sign this important manufacturing agreement that secures access to profitable raw material for our joint venture production at ArNoCo. It will also expand Arla’s strategic mozzarella business and our own production of whey protein ingredients as we continue to add even more value to our farmer-owners’ milk,” says Peder Tuborgh, CEO of Arla Foods.
Conagra Brands agreement to acquire Sandwich Bros. of Wisconsin Business
Conagra Brands, Inc., announced that it has entered into a definitive agreement to acquire the Sandwich Bros. of Wisconsin business, which produces frozen breakfast and entrée flat bread sandwiches. The transaction is expected to close in early 2018, subject to customary closing conditions, including the receipt of regulatory approvals. "Adding the Sandwich Bros. business to our portfolio is another step in Conagra Brands' ongoing work to accelerate growth," said Sean Connolly, president and chief executive officer of Conagra Brands. "This acquisition will bring Conagra unique capabilities and expertise within the frozen hand held category, which we look forward to leveraging for further growth and extension into additional Conagra brands." Sandwich Bros. flat bread pocket sandwiches offer consumers on-the-go convenience and are filled with proteins such as 100% Angus beef, chicken raised without antibiotics, all natural sausage and real Wisconsin cheese. The family-owned business has seen rapid growth with approximately $60 million in net sales for the twelve months ending November 2017. "We are extremely proud of what our team has accomplished in a few short years, and look forward to helping Conagra accelerate the growth of Sandwich Bros. products," said Salem Kashou, President of the Sandwich Bros. business and second-generation family member. "We are very pleased with Conagra's shared enthusiasm of Sandwich Bros. and know they have the resources and expertise to continue our legacy. Our incredible growth over the past five years is attributed to the contributions from our loyal employees, business partners and consumers. For that, my brother John and I express our sincerest gratitude," added George Kashou, founder and co-owner of the business.
India’s most popular mobility platform, announced its partnership with Germany based Delivery Hero Group (“Delivery Hero”), the leading global online food ordering and delivery marketplace. This deal includes the transfer of Foodpanda’s India business to Ola in an acquisition deal in exchange for Ola stock. This collaboration between India’s largest online platform and a global leader in online food delivery, unlocks the power of a partnership, that will help Foodpanda India grow as the most preferred online food delivery service in the country. Foodpanda India will benefit from Ola’s scale and efficiencies as a platform, also having leveraged learnings from Delivery Hero’s global best practices. Ola and Delivery Hero will continue to collaborate on building the online food delivery ecosystem in India. Ola has also committed to invest $200mn into the Foodpanda India business, by far the largest such fund infusion in India’s online food ordering and delivery industry thus far. Saurabh Kochhar, who was the CEO of Foodpanda India until recently has decided to move on to pursue other opportunities. Pranay Jivrajka, Founding Partner at Ola, has been appointed as interim CEO of this business unit, supported by the existing leadership team at Foodpanda India. Bhavish Aggarwal, Co-founder and CEO at Ola, said, “I’m excited about our partnership with Delivery Hero as we team up to take Foodpanda India to the next level. As one of India’s pioneers in the food delivery space, Foodpanda has come to be a very efficient and profit focused business over the last couple of years. Our commitment to invest $200mn in Foodpanda India will help the business be focused on growth by creating value for customers and partners. With Delivery Hero’s global leadership and Ola’s platform capabilities with unique local insights, this partnership is born out of strength.
Hampton by Hilton closes year with the addition of 16 New Hotels to Portfolio
Hampton by Hilton, Hilton's, upper-midscale brand, will ring in the New Year with the addition of 16 new hotels that opened in November and December*. The new locations - joining a portfolio of more than 2,300 properties globally - include Hampton Inn & Suites by Hilton West Melbourne-Palm Bay Road, Hampton Inn & Suites by Hilton Leavenworth and Hampton Inn & Suites by Hilton San Antonio Lackland AFB SeaWorld, offering travelers high-quality accommodations during the holiday season and beyond. "Hampton by Hilton strengthened its position in the upper midscale segment this year, as the brand deepened its commitment to growth, innovation and thoughtful service," says Shruti Gandhi Buckley, global head, Hampton by Hilton. "Loyal guests choose Hampton for their real travel needs because of our industry-leading conveniences like Digital Key, which is featured at more than 1,000 Hampton properties, as well as our signature breakfast, together with our commitment to exceptional customer service." Spotlight Property Openings: Several properties in noteworthy destinations were welcomed to the portfolio in November and December including: Hampton Inn & Suites by Hilton West Melbourne-Palm Bay Road: Conveniently located in the heart of Florida's Space Coast, guests can visit John F. Kennedy Space Center, Brevard Zoo and Melbourne's relaxing beaches or splash around in the hotel's sparkling pool. Golf enthusiasts can improve their swing at neighboring golf courses like Duran Golf Club, Palm Garden and Crane Creek Golf Reserve. Hampton Inn & Suites by Hilton Leavenworth: Situated in the Cascade Mountains in the state of Washington, guests can stroll along nearby Front Street amongst the unique Bavarian-style buildings. Restaurants throughout the area also offer German cuisine. For those looking to embrace the holidays, Leavenworth's famous Nutcracker Museum displays thousands of nutcrackers, some dating back centuries. Guests can also enjoy hiking in the Wenatchee National Forest or take in fresh mountain air from the hot tub on the property's outdoor patio. Hampton Inn & Suites by Hilton San Antonio Lackland AFB SeaWorld: The property is a short drive away from one of Texas's most famous tourist attractions, The Alamo, in addition to San Antonio's renowned River Walk and Sea World, ideal for a day of family fun. Suites provide families the extra space and amenities they need including a wet bar area with a microwave and mini-fridge, and living area complete with a sofa bed. Hampton by Hilton adds the following U.S. properties: Northeast Region: Hampton Inn & Suites by Hilton Baltimore/Aberdeen and Hampton Inn & Suites by Hilton Warrington Southern Region: Hampton Inn & Suites by Hilton Franklin Berry Farms Midwest Region: Hampton Inn by Hilton Livonia Detroit, Hampton Inn & Suites by Hilton Pryor, Hampton Inn & Suites by Hilton Menomonie-UW Stout, Hampton Inn by Hilton Vincennes, and Hampton Inn & Suites by Hilton St. Paul Oakdale/Woodbury West Coast Region: Hampton Inn by Hilton Long Beach Airport Additionally, the brand expanded its global presence with the following new openings: Hampton by Hilton Rome East, the first Hampton by Hilton hotel in Italy; Hampton by Hilton Santo Domingo Airport in The Dominican Republic; and Hampton by Hilton Changsha Liuyang and Hampton by Hilton Changsha Xingsha in China. Looking into 2018 and beyond, Hampton by Hilton has more than 530 properties in the pipeline, driving its worldwide expansion. Whether traveling to visit family for the holidays or turning a business trip into an impromptu escape, Hampton by Hilton's offerings make for a seamless travel experience with spacious rooms and added-value amenities. Every guest will enjoy the brand's signature free, hot breakfast; On the RunTM breakfast bags; and free Wi-Fi in every room. Digital key access is also available at select properties. Hampton by Hilton also continues to lead the pack in terms of guest experience, with each Hampton by Hilton hotel offering complete satisfaction with the 100% Hampton Guarantee.
Radisson Blu opens new Hotel in Beirut
Radisson Blu, the iconic hotel brand driven by innovation and design, is proud to announce the opening of its second hotel in Beirut, Lebanon. The 127-room Radisson Blu Hotel, Beirut opened its doors in Verdun, one of the capital’s most prestigious and fashionable shopping and residential districts. Radisson Blu is part of the Carlson Rezidor Hotel Group, with 74 hotels and 18,000+ rooms in operation and under development across the Middle East. Tim Cordon, Area Senior Vice President, Middle East, Turkey and Africa, Carlson Rezidor Hotel Group, said: “We are delighted to open our second Radisson Blu hotel in Beirut, one of the region’s most vibrant capital cities, and one with a rich history. The country’s tourism industry has flourished in the last few years and we are confident that the appeal of Beirut’s cultural heritage and energizing spirit will continue to attract tourists from the regional and international markets. The hotel has a prime location in the city’s Verdun district, and the exclusive address perfectly complements the upper upscale positioning of the Radisson Blu brand.” As one of the most prestigious residential areas in Beirut, the Verdun district hosts many of the world’s luxury fashion brands, stylish bars, cafes, upscale restaurants and various local and international diplomatic missions. Radisson Blu is located in Dunes Center, just 3.5km away from Beirut–Rafic Hariri International Airport. The hotel is also situated opposite the newly opened ABC Verdun Mall, the country’s largest mall development. Rue Hamra, with its charming café culture, is a short walk from the hotel while the city’s famous corniche Ramlet El and Beirut’s historical downtown district are just a 10-minute drive away. Radisson Blu Hotel, Beirut Verdun offers a range of guest rooms and suites with a modern and stylish design, and many rooms with views of the vibrant Verdun Main Street. All rooms include free high-speed wireless internet. Guests will have complimentary access to a new fitness gym located in the Dunes Center which is set to open later this month. Dining options at the hotel include the Cook House restaurant, which provides a modern, international experience and overlooks Verdun Main Street. Guests can enjoy a selection of ‘à la carte’ dishes, served daily, or start the day with the Radisson Blu Super Breakfast. Shogun is a pan-Asian restaurant within the hotel complex and is set to open in mid-December 2017.
IHG collaborates with SKS Group to debut Holiday Inn in Johor Bahru, Malaysia
InterContinental Hotels Group, one of the world’s leading hotel companies, has signed a management agreement with SKS Hotel Residences and Resorts Sdn. Bhd., a member of SKS Group, to debut the Holiday Inn brand in the capital of Johor, Malaysia, with the new 318-room Holiday Inn Johor Bahru City Centre. With its flagship location in the city’s downtown core just 30 kilometres away from the Senai International Airport, the hotel will offer convenient access to international travellers, while visitors from neighbouring Singapore will appreciate the excellent pedestrian connectivity to the Customs, Immigration and Quarantine Complex (CIQ), as well as its strategic proximity to the upcoming Singapore-Johor Bahru Rapid Transit System (RTS) linking Johor Bahru to Woodlands in Singapore. Holiday Inn Johor Bahru City Centre will be part of the Komtar JBCC mixed-use development comprising retail and commercial office spaces. Situated a stone’s throw away from two of Johor Bahru’s most popular malls – Komtar JBCC and Johor Bahru City Square – leisure guests can look forward to a variety of shopping, dining and entertainment options at their doorstep or a quick stroll away, including the Angry Birds Activity Park located at the mall situated underneath the hotel. The hotel will also be connected to the Persada Johor International Convention Centre via the Persada Link Bridge covered skywalk, enabling corporate and MICE (Meetings, Incentives, Conferencing, Exhibitions) delegates to commute easily to the convention centre and downtown offices. As one of the first hotels in Johor Bahru to offer internationally branded mid-scale accommodation, Holiday Inn Johor Bahru City Centre will be equipped with six meeting rooms, a business centre, as well as an outdoor pool and gym for guests to enjoy their downtime. It will also feature an all-day dining restaurant and a lounge offering the Holiday Inn brand’s signature Kids Stay and Eat FreeTM programme, where kids under the age of 12 can stay and dine for free – making it an ideal accommodation choice for family, leisure and business travellers alike.
Carlson Rezidor Hotel Group opens two new hotels In Dubai
Carlson Rezidor Hotel Group, one of the most dynamic hotel groups in the world, is proud to announce the opening of two new hotels in Dubai, United Arab Emirates: Radisson Blu Hotel Apartments Dubai Silicon Oasis and Park Inn by Radisson Dubai Motor City. Tim Cordon, Area Senior Vice President, Middle East, Turkey and Africa, Carlson Rezidor Hotel Groupsaid: “2017 has been a momentous year for the Group with 20 hotel openings across the Middle East, Turkey and Africa. We are further delighted to close the year with two exciting new hotel openings in Dubai, a key global gateway city and one of the world’s top travel destinations. Dubai’s tourism sector continues to grow in line with its Tourism Vision to attract 20 million visitors per year by 2020, and Carlson Rezidor is privileged to be playing a leading role in the hospitality sector. We are further pleased to grow the presence of both our iconic Radisson Blu and our colorful Park Inn by Radisson brands in the serviced apartment and midmarket hotel segments.” Radisson Blu, the stylish hotel brand driven by innovation and design has launched its new serviced hotel apartments in the free zone and technology business hub of Dubai Silicon Oasis on December 19. The Radisson Blu Hotel Apartments features upper upscale accommodation, with a choice of 229 stylishly designed studios and one or two bedroom apartments, including full kitchen facilities, free high-speed internet and the majority of apartments with balconies. The hotel apartments are conveniently situated next to the offices of international corporations based in Dubai Silicon Oasis and just 1km from Dubai Academic City, which hosts over 30 Universities. Burj Khalifa, also known as the world’s tallest building and Dubai Mall are just a 20-minute drive away. The Larder’ restaurant is the hotel’s restaurant serving an international menu for lunch and dinner and with a variety of healthy options on the Radisson Blu Super Breakfast menu. TheLounge café provides the perfect place to relax or to have casual meetings. The meeting and events space features three flexible meeting rooms, hosting up to 45 delegates. All meeting rooms offer natural daylight for a productive meeting atmosphere, separate buffet area, and modern meeting facilities.
Radisson Blu shows growth in Latin America with a second hotel opening in Chile
Radisson Blu, one of the world’s leading brands driven by innovation and design, announced the opening of Radisson Blu Acqua Hotel & Spa Concon. Formerly Radisson Acqua Hotel & Spa Concon, the hotel recently completed a $2.5 million renovation giving a new and refreshed look to the guest rooms, terrace, restaurant and spa. “We are very proud of the continued expansion of Radisson Blu in key destinations across Latin America,” said Frances Gonzalez, vice president of Operations for Carlson Rezidor Hotel Group in Latin America. “Our momentum in Chile shows our commitment to increasing our brand’s footprint and this is an exciting addition to our international portfolio of upper-upscale hotels.” The hotel features 66 guest rooms and suites with stunning ocean views and an array of upscale amenities. Guests can enjoy a swim in the outdoor pool or access the beach right outside the hotel’s doors. Free Wi-Fi, along with an onsite fitness center and business center are also available. Find ultimate relaxation at Acqua Spa, which offers massages, face and body treatments and thalassotherapy. Alternative therapies including reiki and stone massages are offered, along with an indoor seawater pool. The hotel’s dining option, Acqua Restaurant, features a menu with fresh, local seafood. Guests can sip on handcrafted cocktails at the recently updated terrace bar, which has a chic design overlooking the South Pacific Ocean. Room service is also available for guests who want to savor their meal in the comfort of their own room. The hotel serves as an excellent location to host meetings and events. Three meeting rooms are available that can accommodate up to 80 people. The hotel offers planning assistance, onsite catering and audiovisual equipment to ensure each event is a success. The rooftop terrace can also provide the perfect backdrop to capture a photo of a special event with its panoramic view of Concón. “We are thrilled to open our doors as a Radisson Blu,” said Christian Bernales, the hotel’s general manager. “Our hotel’s beautiful renovation features the brand’s iconic and sophisticated style, along with its enhanced service culture as our staff of hospitality professionals have undergone extensive training in the Yes I Can!SM service philosophy.”
L Catterton to Partner with Ganni to Continue Building the Danish Fashion Brand on a Global Scale
L Catterton, the largest and most global consumer-focused private equity firm in the world, announced a definitive agreement to make a strategic investment in Ganni, one of Scandinavia's most successful advanced contemporary fashion brands. Founded in Copenhagen, Denmark in 2000, Ganni is a leading advanced contemporary fashion brand offering differentiated women's ready-to-wear clothing. Ganni is one of the fastest growing brands in the global apparel space and has established an international presence through its owned stores and more than 400 premium retailers in 20 countries including Denmark, Norway, Sweden, the UK, Germany and the US. The brand has significant digital exposure and a unique style endorsed by key fashion opinion leaders and embraced by a quickly growing base of loyal customers. Nicolaj Reffstrup, Ganni's CEO, said: "Partnering with L Catterton is a hugely exciting opportunity for us to further build on the solid foundations that were laid since 2009. This comes exactly at the right time for Ganni and will drive us forward in the next few years as we'll get access to the knowledge and network of both L Catterton and LVMH. Ganni attracted a lot of interest from various investment firms, but we chose L Catterton as we felt we share the same vision for the brand. We firmly believe that L Catterton will strengthen our business with their unparalleled expertise in brand building and their deep understanding of how a global fashion brand operates." Eduardo Velasco, Partner of L Catterton, said: "We are thrilled to partner with Ganni and its outstanding management team. With its distinctive fashion style and its sound digital strategy, Ganni is ideally positioned to continue its impressive international growth story."
World Bank Group announced $2.5 billion for Economic and Social Development of Niger
During the December 13-14 meeting of the Consultative Group for Niger in Paris, the World Bank Group announced a record pledge of $2.5 billion for Niger. These funds will help Niger implement its Economic and Social Development Plan (PDES 2017-2021), whose main objectives are to strengthen human capital, transform rural areas, improve governance, and promote peace, security, and sustainable environmental management, with a view to reducing extreme poverty and fostering inclusive growth. “Niger has all the advantages it needs to stimulate its economy and improve the living conditions of its people, especially women and youth who are the country’s greatest assets,” said Soukeyna Kane, World Bank Country Director for Niger, Mali, Chad, and Guinea. The figure announced by the World Bank Group represents double the commitment amount under its current partnership with Niger. The new World Bank partnership framework with Niger, which is still being developed, seeks to provide a better education and more career opportunities for women and girls. In addition, it will raise resources for the poorest and most vulnerable regions to prevent them from tipping into fragility.
18-23 December 2017
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