12-17 FEBRUARY 2018
it & BPM i FOOD I HEALTHCARE i TEXTILES i INFRASTRUCTURE i ENGINEERING i tourism
THE DEFINITIVE SOURCE FOR INVESTMENT PROMOTION EXECUTIVES
Equinix to acquire Infomart Dallas for US$ 800 mn
Aero-engine centre of excellence opens in Telangana, India
World Bank’s commitment to Iraq reaches US$ 4.7 billion
General Dynamics to acquire CSRA for US$ 9.6 billion
Intercityhotel to make its brand debut in Switzerland
Roche to acquire Flatiron Health for US$ 1.9 billion
Wyndham Worldwide sells European vacation rental business to Platinum Equity for US$ 1.3 billion
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Kemper Corporation, and Infinity Property and Casualty Corporation, announced that they have entered into a definitive merger agreement under which Kemper will acquire Infinity in a cash and stock transaction valued at approximately $1.4 billion.
Infinity is a provider of auto insurance focused on serving the specialty, nonstandard segment. With approximately 2,300 employees, 10,600 independent agents and $1.4 billion in 2017 direct written premiums, Infinity is one of the largest nonstandard auto insurers in the country.
“This compelling transaction combines two well-known brands with complementary strengths and cultures to form a leader in nonstandard auto insurance, and enhances Kemper’s overall growth opportunities, diversification, financial strength, and ability to serve policyholders,” said Joseph P. Lacher, Jr., Kemper’s President and Chief Executive Officer. “We look forward to welcoming the Infinity team to the Kemper family and working together to deliver greater choice to our policyholders through an expanded product offering and deeper relationships with our agent networks, while generating strong returns for our shareholders.”
Glen N. Godwin, Infinity Chief Executive Officer, added, “Together, our two companies have a terrific strategic and cultural fit. As part of a larger company, Infinity will have access to the capabilities and resources necessary to drive accelerated growth and better serve our policyholders and partner agents. In addition, Infinity shareholders will benefit from immediate and certain value for their shares as well as the opportunity to participate in the significant upside potential of the combined company.”
Kemper to acquire Infinity in US$ 1.4 billion transaction
Oracle opens new Digital Hub in Singapore
Small and Medium Businesses (SMBs) in Singapore can now further reap the benefits of cloud technologies with the opening of Oracle’s new Digital Hub in Singapore. Aimed at nurturing SMBs with the cloud solutions and resources they need for innovation and growth, this new facility in Singapore reflects Oracle’s strong commitment to better serving the SMB market, which is at the heart of Singapore’s economic growth.
The new hub, located in Mapletree Business City, will house Oracle’s digital sales team and focus on helping mid-size organisations transition to the cloud efficiently. Abuzz with the creative energy of a start-up, the team will provide timely, personalised and effective support to customers, using the latest collaboration tools, techniques and technologies to transform the buying experience.
François Lançon, senior vice president, Oracle Japan and Asia Pacific, said: “Singapore is a hot-bed of SMBs and digital transformation; they make up 99 per cent of companies in Singapore and contribute nearly half to Singapore’s gross domestic product (GDP).Increasingly we’re seeing more and more SMBs exploring the use of digital technologies to grow their business, and effectively compete with larger enterprises. As an expert in cloud technologies, Oracle believes in the incredible transformation potential it brings to small businesses, enabling them to do things they have never been able to do before, at an affordable price. With the launch of the Digital Hub in Singapore, we hope to empower SMBs to transform their businesses and be on a fully connected cloud – one that can help them streamline business processes, gain access to an easy-to-use platform for innovation, and digitise their customer experience.”
Customers who want to buy entirely online can utilise the click-to-buy Oracle Accelerated Buying Experience. In addition to the simplified buying experience, Oracle’s Digital Hubs will provide a complete suite of cloud applications, platform, and infrastructure services as both standalone services and as bundles. The range of choice empowers small businesses to select solutions that directly address their goals or issues.
Oracle announced that it has signed an agreement to acquire Zenedge, which helps secure critical IT systems deployed via cloud, on-premise or hybrid hosting environments.
Customers leverage Zenedge’s Web Application Firewall (WAF) and Distributed Denial of Service (DDoS) mitigation products to secure their applications, networks, databases and APIs from malicious Internet traffic. Powered by artificial intelligence (AI), Zenedge’s products and 24/7 virtual Security Operations Center (SOC) defend over 800,000 web properties and networks globally.
Oracle delivers a comprehensive set of subscription-based cloud infrastructure services that enables businesses to run any workload in an enterprise-grade cloud managed, hosted and supported by Oracle. Zenedge expands Oracle Cloud Infrastructure and Oracle’s Domain Name System (DNS) capabilities, adding innovative application and network protection that augments existing Oracle security services and partnerships. Together, Oracle and Zenedge will allow enterprises to adopt cloud services without compromising performance, cost, control or security through an expanded Oracle Cloud Infrastructure platform.
“Customers demand enterprise -grade infrastructure to run their critical business systems in the cloud,” said Don Johnson, Senior Vice President of Product Development, Oracle. “Oracle Cloud Infrastructure as a Service delivers leading cloud services to address those needs. The combination with Zenedge equips Oracle Cloud Infrastructure with integrated, next-generation network and infrastructure security, to address modern security threats.”
Oracle Buys Zenedge
General Dynamics to acquire CSRA for US$ 9.6 billion
General Dynamics, and CSRA, announced that they have entered into a definitive agreement under which General Dynamics will acquire all outstanding shares of CSRA for $40.75 in cash. The transaction is valued at $9.6 billion, including the assumption of $2.8 billion in CSRA debt.
“The acquisition of CSRA represents a significant strategic step in expanding the capabilities and customer base of GDIT,” said Phebe Novakovic, chairman and chief executive officer of General Dynamics. “CSRA’s management team has created an outstanding provider of innovative, next-generation IT solutions with industry-leading margins. We see substantial opportunities to provide cost-effective IT solutions and services to the Department of Defense, the intelligence community and federal civilian agencies. The combination enables GDIT to grow revenue and profits at an accelerated rate. It will allow us to deliver even more innovative, leading-edge solutions to our customers.”
Larry Prior, chief executive officer and president of CSRA, said, “Our combination with General Dynamics represents an excellent outcome for CSRA’s stockholders, employees and customers. It builds on strong shared values, culture and a passion for serving our customers’ missions. We believe that this combination creates a clear, differentiated leader in the Federal IT sector, with a full spectrum of enterprise IT capabilities, including unique depth in Next-Gen offerings in conjunction with our commercial IT alliance partners.”
General Dynamics expects the transaction to be accretive to GAAP earnings per share and to free cash flow per share in 2019, and expects to generate estimated annual pre-tax cost savings of approximately 2 percent of the combined company’s revenue by 2020. We are committed to maintaining our strong credit ratings and using our robust cash flow for reduction of debt from the transaction, continuation of our dividend policy and the flexible deployment of capital, including ongoing investment in the business.
LogMeIn, Inc., announced that it has entered into a definitive agreement to acquire Jive Communications, a leading provider of cloud-based phone systems and Unified Communications services and one of the fastest growing players in the Unified Communications-as-a-Service (UCaaS) space. Upon closing, the deal will accelerate LogMeIn’s overall Unified Communications and Collaboration (UCC) strategy and bolster LogMeIn’s popular collaboration portfolio, bringing together LogMeIn’s market-leading offerings like GoToMeeting, GoToWebinar, OpenVoice, and join.me with Jive’s innovative and award-winning UC products. The deal is expected to close during the second quarter of 2018, subject to certain regulatory approvals and customary closing conditions.
With one of the world’s most widely recognized collaboration portfolios, LogMeIn is a leader in web conferencing and web events. The LogMeIn collaboration portfolio, alone, serves 25 million users, seven million meetings, and over 900 million conferencing minutes every month.
Headquartered in Orem, Utah, Jive Communications is a privately held, venture-backed company with offices in the U.S., Canada and Latin America. With over 20,000 customers worldwide, a growth rate exceeding its peers in the high-growth UCaaS market, and an industry best net promoter score (NPS), Jive is widely recognized for its innovative technology, elegant and intuitive user experience, simple, scalable delivery model, and best-in-class customer service.
“Jive’s success in UCaaS is a testament to its modern cloud-based platform, its deliberate focus on customer satisfaction, and its renowned culture of innovation. We believe the combination of Jive’s award-winning voice, video, contact center and mobile applications with our leading collaboration products, GoToMeeting and join.me, will give LogMeIn one of the best and most comprehensive UCC offerings in the market,” said Bill Wagner, President and CEO of LogMeIn. “The result is a deal that will accelerate our overall growth, set a new standard in the UCC market, and provide us with a foundation upon which we’ll build the next generation of LogMeIn’s UCC portfolio.”
LogMeIn, Inc. agreement to acquire Jive Communications
Equinix, Inc., the global interconnection and data center company, announced it has entered into a definitive agreement to acquire the Infomart Dallas, including its operations and tenants, from ASB Real Estate Investments, in an $800 million debt and cash transaction.
The acquisition of this landmark facility and tenants will further strengthen the Equinix global platform. The Infomart is one of the largest interconnection hubs in the U.S. and is currently home to four of eight Equinix Dallas International Business Exchange™ (IBX®) data centers (DA1, DA2, DA3 and DA6), which combined, support approximately 3,500 built out cabinets.
As a result of this transaction, Equinix will increase the number of its owned assets by four, increasing recurring revenue from owned assets to more than 45 percent. The acquisition will also secure the ability to further expand in the Dallas market with future development, and is expected to expand the important role Equinix plays in helping companies evolve from traditional businesses to digital businesses by globally interconnecting with the people, locations, cloud services and data that are critical to their operations.
The transaction is expected to close by mid-2018, subject to the satisfaction of customary closing conditions. As part of the deal, approximately 50 Infomart employees and contractors, primarily in the operations functions of the acquired facility, will become Equinix employees or contractors.
The 1.6 million gross- square-foot Infomart includes multiple diverse fiber entry points, and provides significant expansion opportunities to Equinix through the existing underdeveloped capacity (approximately 11MW of power), as well as the potential to develop additional capacity (approximately 40MW of power) on land adjacent to the Infomart building. It currently has approximately 45 tenants, including networks, colocation providers, office tenants and Equinix. Today, Equinix is the largest tenant accounting for approximately 40 percent of the lease revenues from the facilities.
The Infomart building generated approximately $50 million of revenues in 2017, of which approximately $20 million was attributed to rent and maintenance recoveries from Equinix. Equinix expects this transaction to be AFFO per share breakeven one year from closing. Additionally, there is sizable AFFO upside from the future development of the acquired land parcel that is adjacent to the Infomart Dallas building.
The Dallas metro represents one of the largest enterprise and colocation markets in the Americas and the eight Equinix IBX data centers house more than 100 network service providers—more than any other data center provider in the Dallas metro area.
The Equinix Dallas IBX data centers offer access to Equinix Cloud Exchange™ Fabric (ECX Fabric), an on-demand platform that enables Equinix customers to discover and dynamically connect to any other customer across any Equinix location globally. Offered through an easy-to-use portal and a single connection to the Equinix platform, ECX Fabric offers access to more than 1,000 of the world's largest enterprises, cloud service providers (including Alibaba Cloud, Amazon Web Services, Google Cloud Platform, IBM Cloud, Microsoft Azure and Oracle Cloud) and SaaS providers (including Salesforce, SAP and ServiceNow, among others). By reaching their entire digital ecosystem through a single private and secure connection, companies can rapidly scale their digital business operations globally. Customers can also locate their data close to the edge of their network, increasing performance by keeping data near consumption points.
The financial terms of the deal include cash consideration of $31 million combined with $750 million in senior unsecured notes issued to ASB at various maturities over 36 months after the closing date. The notes will be valued at approximately $769 million when adjusted to reflect the current trading value of Equinix currently outstanding bonds.
ASB Real Estate Investments owns Infomart Data Centers on behalf of its Allegiance Real Estate Fund, a $7.4 billion core vehicle, which invests nationally in institutional-quality real estate. Equinix was advised on the transaction by Citi, J.P. Morgan and Davis Polk & Wardwell LLP.
Equinix to acquire the Infomart Dallas in
US$ 800 million deal
GE and Tata group, India’s leading global enterprise, held the ground-breaking ceremony for a world class Structural Center of Excellence (COE) focused on aero-engine components. The ceremony was held in the presence of Shri K. T. Rama Rao, Honourable Cabinet Minister for IT E&C, MAUD, Industries and Commerce, Mines & Geology, Public Enterprises and NRI Affairs, Government of Telangana, and other dignitaries from the State government. The manufacturing facility will be located in Adibatla, Hyderabad.
The COE will incorporate latest technologies from GE and best manufacturing practices to deliver complex high precision aero-engine components to the world’s fastest-selling jet engine, the CFM LEAP engine. This is part of the strategic partnership signed in November 2017 between GE Aviation and Tata Advanced Systems Limited (TASL) to join forces for manufacturing, assembling, integration and testing of aircraft components.
“Tata group’s partnership with GE will boost the domestic manufacturing expertise, and enhance the capabilities of the group in the global aerospace industry. We look forward to developing a resilient ecosystem through this collaboration that will help both companies to strengthen manufacturing expertise in the country,” said Banmali Agrawala, President, Infrastructure and Defence & Aerospace, Tata Sons. “This investment will create highly skilled jobs and develop a high-end supply chain that will offer a globally competitive manufacturing ecosystem in India.”
“Both GE and Tata have a long and distinguished history of delivering on commitments to help customers solve some of their toughest challenges. The collaboration between the two companies will deliver results for India’s aerospace and defence industry which will be unmatched”, said Vishal Wanchoo, President and CEO for GE South Asia. “Through our technology centres in Bengaluru and Hyderabad, GE has developed high-tech research capabilities in India. Combining GE’s R&D capability with state of the art manufacturing within Tata’s new facility in Hyderabad is a significant step forward in building indigenous capability for the Indian aerospace industry."
The agreement for manufacturing of LEAP components and establishment of TASL as a COE provides the opportunity for TASL to expand into other GE product lines in both commercial and military engines in the future. GE military engines have a strong history in India. GE currently provides the jet engines and marine gas turbines for many Indian military applications including the Air Force Light Combat Aircraft-Tejas Mk 1, Indian Navy P-8I aircraft, and P-17 Shivalik class frigates. Several military programs under development that include the Light Combat Aircraft-Tejas Mk 2, P-17A & P-71 ships, and the AH-64 attack helicopters will be powered by GE engines.
GE and Tata celebrate the ground-breaking of a world class Aero-engine Centre of Excellence in Telangana, India
Swiss pharma company Roche will acquire Flatiron Health for US$ 1.9 billion
Roche,and Flatiron Health, Inc. announced that the two partners have signed a definitive agreement under which Roche will acquire all shares of Flatiron Health, following on from an existing equity stake of 12.6%. The transaction is expected to close in the first half of 2018.
Flatiron Health, a privately held healthcare technology and services company headquartered in New York City, US, is a market leader in oncology-specific electronic health record (EHR) software, as well as the curation and development of real-world evidence for cancer research. With its large network of community oncology practices and academic medical centers across the US, Flatiron Health has created a technology platform designed to learn from the experience of every patient.
Daniel O’Day, CEO Roche Pharmaceuticals said, “This is an important step in our personalised healthcare strategy for Roche, as we believe that regulatory-grade real-world evidence is a key ingredient to accelerate the development of, and access to, new cancer treatments. As a leading technology company in oncology, Flatiron Health is best positioned to provide the technology and data analytics infrastructure needed not only for Roche, but for oncology research and development efforts across the entire industry. A key principle of this is to preserve Flatiron’s autonomy and their ability to continue providing their services to all existing and future partners.”
Flatiron Health has worked with industry leaders and regulators to develop new approaches for how real-world evidence may be used in regulatory decision making, including the design and validation of novel endpoints. By working closely with its network of community practices and academic medical centers, Flatiron has also developed a suite of software products that uniquely positions the company to advance the use of real-world evidence at the point of care.
Nat Turner, Flatiron Health Co-Founder and CEO said, “Roche has been a tremendous partner to us over the past two years and shares our vision for building a learning healthcare platform in oncology ultimately designed to improve the lives of cancer patients. This important milestone will allow us to increase our investments in our provider-facing technology and services platform, as well as our evidence-generation platform, which will remain available to the entire healthcare industry.”
Charles River Laboratories to acquire MPI Research
for US$ 800 million
Charles River Laboratories International, Inc. announced that it has entered into a definitive agreement to acquire MPI Research for approximately $800 million in cash, subject to customary closing adjustments.
MPI is a premier non-clinical contract research organization (CRO) providing comprehensive testing services to biopharmaceutical and medical device companies worldwide. Acquiring MPI will enhance Charles River’s position as a leading global early-stage CRO by strengthening its ability to partner with clients across the drug discovery and development continuum.
James C. Foster, Chairman and Chief Executive Officer of Charles River Laboratories, commented, “In addition to meeting our disciplined acquisition criteria, MPI is an exceptional strategic fit for Charles River because it incorporates the key attributes we require in an acquisition: access to growing end markets, high-quality services, scientific expertise, and complementary capabilities. MPI’S one-million-square-foot, single-site facility in Michigan will provide needed capacity to meet current and future demand.”
Allergan to acquire Elastagen
Elastagen Pty Ltd, a clinical stage company developing medical device products based on recombinant tropoelastin, announced that it has entered into a definitive agreement under which Allergan plc, a leading global biopharmaceutical company, has agreed to acquire Elastagen for an upfront payment of US$95M plus contingent, commercial payments.”
Elastagen’s revolutionary technology is based on recombinant human tropoelastin, the precursor of elastin which is a key component of youthful skin. Elastagen’s tropoelastin is identical to that present in human tissue, and has many potential clinical applications, including treatment for acne scars, stretch marks, aesthetic skin repair and surgical wound repair.
“Our Juvederm collection of fillers has sales of over $1 billion globally and is one of the fastest growing parts of our Aesthetics business,” said Bill Meury, Chief Commercial Officer at Allergan. “This acquisition and the development of a next generation of injectables based on this technology will ensure Allergan offers innovative filler products for years to come.”
Robert Daniels, Elastagen CEO, noted: “Partnering with Allergan, a leader in medical aesthetics, is incredibly exciting. I thank the Elastagen team for their hard work and dedication in developing our innovative tropoelastin product pipeline and look forward to working with Allergan to take these products to market.”
Commenting on the transaction, Elastagen’s founding scientist Prof Anthony Weiss added: “Our technology has come a long way from the lab bench at the University of Sydney towards developing products for patients around the world. I thank my team at the University of Sydney and greatly look forward to seeing our science commercialized by Allergan.”
Mallinckrodt plc, a leading global specialty pharmaceutical company, announced it has closed the acquisition of Sucampo Pharmaceuticals, Inc., a global biopharmaceutical company, including its commercial and development assets.
"We are pleased to complete our acquisition of Sucampo, bringing near-term net sales and earnings accretion while bolstering our pipeline," said Mark Trudeau, Chief Executive Officer and President of Mallinckrodt. "We are also pleased to welcome members of the Sucampo team into Mallinckrodt, and look forward to continuing their strong efforts to bring much-needed therapies to patients suffering from rare diseases. This is an important next step towards our vision of becoming an innovation-driven specialty pharmaceutical growth company focused on improving outcomes for patients with severe and critical conditions."
The tender offer by a subsidiary of Mallinckrodt plc for all of the outstanding shares of Sucampo Class A common stock expired as scheduled at 8:00 a.m. (Eastern) on February 13, 2018. More than 50% of Sucampo shares were validly tendered into and not validly withdrawn from the tender offer, according to the depositary for the tender offer. As a result, the minimum tender condition was satisfied, and Mallinckrodt and its subsidiary have accepted for payment and will promptly pay for all shares that were validly tendered and not validly withdrawn.
Following its acceptance of the shares tendered in the tender offer, pursuant to Section 251(h) of the Delaware General Corporation Law, the Mallinckrodt subsidiary merged with and into Sucampo without a vote of Sucampo's other stockholders. As a result of the completed merger, Sucampo became an indirect, wholly owned subsidiary of Mallinckrodt. In connection with the merger, all Sucampo shares not validly tendered into the tender offer (subject to certain exceptions) have been cancelled and converted into the right to receive $18.00 per share, which is the same price per share offered in the tender offer. As a result of the acquisition, Sucampo shares have ceased to be traded on NASDAQ.
Mallinckrodt completes acquisition Of Sucampo Pharmaceuticals, Inc.
MSD is to develop a new biotechnology facility in Dublin
Minister for Business, Enterprise and Innovation Heather Humphreys TD and IDA Ireland welcomed the announcement that MSD is to develop a new biotechnology facility in Dublin, with the expected creation of up to 350 new jobs.
Known as MSD Biotech, Dublin, the facility will be constructed on an existing MSD-owned property, the site of its former facility in Swords, Co. Dublin.
Commenting on the announcement, the Minister for Business, Enterprise and Innovation, Heather Humphreys TD said "this investment by MSD is a great vote of confidence in Ireland. MSD has been a tremendous success story in this country with plants located in several centres, providing valuable employment. This new, cutting edge, Biotechnology facility will be a tremendous asset to our Pharma industry and will deepen the great partnership between the company and Ireland.”
Martin Shanahan, CEO, IDA Ireland congratulated the company on winning this mandate for Ireland. “MSD’s decision to develop a new biotechnology facility in Dublin, with the expected creation of up to 350 new jobs greatly strengthens Ireland’s position as a global destination for manufacturing excellence in biopharmaceuticals. This announcement underpins MSD’s commitment to Ireland and follows the company’s announcement in May last year that it will create 330 new jobs and invest €280 million in its manufacturing facilities in Carlow and Cork.”
Phoenix Tower International acquires 215 telecom tower sites from Digicel
Phoenix Tower International, through its subsidiary Phoenix Tower FWI, SAS, announces that it has completed its transaction with Digicel French West Indies Guyana ("Digicel") for acquire the property and management rights related to 215 telecommunications tower sites from Digicel. This latest transaction consolidates PTI's position as the leading pylon company in the Caribbean. The terms of the transaction remain confidential between the parties.
"PTI is excited to continue its close collaboration with Digicel and has been uniquely positioned to execute this transaction given its existing presence in the Dominican Republic and Puerto Rico.The French West Indies have all the characteristics of an infrastructure market without Healthy lead with multiple telecom operators that have significant needs in network investment spending and a stable regulatory environment, "said Dagan Kasavana, President and CEO of Phoenix Tower International.
He added, "PTI looks forward to continuing to work with Digicel and other operators on their network developments across the Caribbean where PTI is well positioned to make investments in the coming years." Because of our investment strategy With our flexible and robust operating platform, we are able to effectively partner with multinational mobile operators in a truly unique way, and this transaction further demonstrates PTI's commitment to helping our customers achieve their goals. "
Commenting on the transaction, Digicel Group CEO Colm Delves said, "We are very pleased to partner with PTI on this transaction in the French West Indies, having done the same in El Salvador . development of this strong partnership already established between Digicel and PTI.
Danone announces a new phase in its partnership with Yakult, thus strengthening their longterm strategic collaboration in probiotics, while optimizing its capital allocation. Intensified collaboration to promote and develop probiotics activities.
Intensified collaboration to promote and develop probiotics activities
Danone announces that it has signed an amended Memorandum of Understanding with Yakult Honsha Co, Ltd. (“Yakult”), a global leader in probiotic beverages, headquartered and listed in Japan. Building on a formal collaboration existing since 2004, the companies are confirming their commitment to a long-term strategic relationship and shared vision to promote probiotics as part of a balanced diet
Danone and Yakult will intensify their joint efforts to promote probiotics through the jointly created Global Probiotics Council. The parties also intend to expand the Ishoku Dogen program which aims at deepening the understanding of the link between diet and health.
From a commercial perspective, the partners will study the feasibility of new collaboration projects such as the distribution of Yakult’s products by Danone in European markets where the brand is not currently engaged in substantial business, with Spain as an initial test market.
Reduced stake in Yakult in line with capital allocation priorities In accordance with its continued focus on disciplined capital allocation, Danone announces in parallel its intention to sell part of its 21.29% stake in Yakult.
The intended divestiture will be carried out through a market transaction launched today by Yakult and expected to settle in March. Yakult has also announced today a JPY 36 billion share buyback program in which Danone will participate.
Danone enters in a strategic partnership with Yakult
Lesaffre acquires Alltech’s yeast extract facility in Serbia
As part of its ongoing expansion strategy in nutrition and health, Lesaffre has acquired Alltech’s yeast extract facility in Serbia. The transaction is in line with Alltech’s continued focus on its core business in animal and crop nutrition.
Lesaffre has important strategic development objectives in nutrition and health which are backed by 165 years of expertise and experience in yeast and fermentation products. This operation will strengthen our leading position in the growing yeast extract market.
“On the yeast extracts and its derivatives market, Lesaffre is recognised as a reliable partner with expertise in producing tailor-made solutions,” said Antoine Baule, CEO Lesaffre. “This acquisition will strengthen our presence in this market. In fact, now with eight facilities established around the world (Western and Eastern Europe, China, United States, Brazil), we are all the more committed to meeting our customer specific needs globally.”
The Serbian facility, located in Senta, will now be called Biospringer RS, and will continue to produce baker’s yeast for the Serbian market as well as yeast extracts for food and animal feed industries. It was essential for Alltech to secure the long-term future of the Serbian facility and the members of staff employed.
“Alltech is pleased to sell this facility to a family group recognised internationally for its professionalism and the quality of its products and services,” said Alric Blake, CEO Alltech. “The future of the facility was fundamental in our negotiations.
We are convinced that Lesaffre will take this company even further forwards thanks to its expertise in fermentation and fermentation derivatives. It is the perfect company to acquire and drive the business for future growth. Alltech meanwhile will continue to focus on its core activities following unprecedented growth in recent years.”
The deal will be executed based on a conditional investment agreement with the intention to strengthen the market position of the merged company and their brands on the Polish as well as the international markets.
- Our mission is to be a valuable partner for our customers and the consumers. We do that by providing them with products in premium quality, that meet their expectations and needs and comply with the ongoing changes in dietary trends. The acquisition of Gzella Meat Group is another step to meet these objectives and it will enlarge the potential growth of the Sokolow Group remarkably, says Boguslaw Miszczuk, the President of the Management Board of Sokolow S.A.
The Gzella Meat Group was founded more than 33 years ago in Osie, where the main plant of the group is still situated. Due to its innovative production technologies Gzella is considered as one of the most modern meat processing factories in Europe with a capacity of more than 6,000 tons a month.
The group employs around 1,000 people and runs its own logistics facilities and a network of nearly 250 stores operating under the ‘Delikatesy Mięsne Gzella’ brand. They are mainly located in northern and central Poland.
When we decided to sell the Gzella Meat Group, we started looking for an investor with an established market position and a good reputation, which could bring Gzella the best possibilities to maintain and develop the current activities. Being a part of Sokolow means we will have the best possibilities to strengthen our market position, through continuously improvements of the Gzella profile and an even wider range of premium products, says Miroslaw Gzella, founder and main shareholder of the Gzella Meat Group.
Sokolow - a part of the Danish Crown Group - is the most recognizable brand in the meat industry in Poland. For years it has been the pioneer of bold changes and raising standards, which has been appreciated through awards like, ‘Favorite Polish Brand 2017’, numerous medals for its products, and prestigious title as ‘Solid Employer of the Year 2017’.
Going forward the Sokolow products will be offered to costumers and consumers through the distribution channels of the Gzella Meat Group. At the same time the range of Gzella products will gain access to the wide distribution network of Sokolow S.A., which consists of 39 distribution centers and 51 Sokolow stores.
Gzella becomes a part of Sokolow
Boliden expands in Finland
Boliden has decided to expand the Kevitsa copper-nickel mine and Harjavalta copper-nickel smelter. In total, EUR 125 m will be invested until 2020.
“A few years ago we decided to invest in the copper production at Harjavalta and revise our nickel strategy. The Kevitsa copper-nickel mine was acquired in 2016 and is now Harjavalta’s most important concentrate supplier. This investment decision should be viewed as part of the development of Boliden’s overall operations in Finland,” says Lennart Evrell, President & CEO.
Boliden invests EUR 80 m in increasing production at Kevitsa from 7.5 to 9.5 Mtonnes per year from 2021. The investment includes a new autogenous mill and peripheral equipment, and a new mill building. The investments will be commenced in 2018 and full production will be achieved in the first quarter of 2021.
“Now that the integration of Kevitsa has been completed, it’s time to take the next step. We have substantial Mineral Resources and high grades, but the concentrator’s grinding capacity is limiting production. Today’s decision is an important step towards maximising the value of Kevitsa,” says Mikael Staffas, President Boliden Mines.
Boliden invests EUR 45 m in Harjavalta and Pori in order to increase copper cathode production from 135,000 tonnes to 170,000 tonnes per year. The investments addresses bottlenecks at the Harjavalta smelter as well as an expansion of the Pori copper refinery. Boliden expects to achieve the new capacity in Q1 2020. The copper cathode refining capacity is below that of anode production, and approximately 15,000 tonnes of anode copper is currently being sold externally. Today’s investment will enable Harjavalta to refine all of its anode copper in-house.
Intercityhotel to make its brand debut in Switzerland
IntercityHotel is continuing its course of international expansion. Following the recent signing of an agreement for the IntercityHotel Riyadh Malaz in Saudi Arabia, the brand is now also planning to strengthen its presence in Europe further. A lease agreement has been concluded for the IntercityHotel Zurich Airport with Patrizier Beteiligungs AG, which will act as investor and developer, and more joint projects are in the pipeline. This will be the first hotel to operate under the IntercityHotel brand in Switzerland and is scheduled to open in 2020.
The new IntercityHotel Zurich Airport will have around 250 rooms. It will also offer a restaurant, a bar and conference facilities that will extend over an area of just over 450 square metres. Guests will enjoy the use of a health and beauty spa and gym, and the project includes plans for 150 parking spaces. Interior design will be by the Italian architect Matteo Thun in accordance with the brand’s latest design generation.
As far as transport links are concerned, the IntercityHotel Zurich Airport is extremely conveniently positioned at Rümlang Station right next to the airport grounds. From this location, Zurich International Airport can be accessed in only ten minutes, and the city centre is also just 15 minutes away. Zurich has around 400,000 inhabitants. It is the largest city in Switzerland and acts as the most important transport hub in the country for rail and air travel.
Joachim Marusczyk, Managing Director of IntercityHotel GmbH, commented on this latest hotel to open under the brand. “The IntercityHotel Zurich Airport represents our brand debut in Switzerland and will also enable us to enhance our presence at major airport locations. We are delighted to have acquired such a reliable partner for this project in the form of Patrizier Beteiligungs AG.”
IHG continues expansion in Saudi Arabia with opening of Crowne Plaza Riyadh
InterContinental Hotels Group, one of the world’s leading hotel companies, has announced the opening of Crowne Plaza Riyadh – RDC Hotel and Convention Center. The newly opened hotel will be the 7th operating IHG hotel in Riyadh and the 31st in the Kingdom of Saudi Arabia. Having a strong foothold in Saudi Arabia since 1975, this brand-new opening further strengthens IHG’s footprint in the country.
The 326-room hotel is strategically located in the Al Ra’idah Digital City (RDC), a mixed use district that is expected to accommodate over 20,000 employees and up to 10,000 residents. RDC is now welcoming multinationals, technology companies, government agencies, and many of the new ventures which are participating in the National Transformation Project 2020. Additionally, Crowne Plaza Riyadh – RDC Hotel is in close proximity to the new financial district, the Riyadh CBD, King Saud University, Diplomatic Quarter and lies within 25 minutes of King Khalid International Airport, making it an ideal choice for business travelers.
The Crowne Plaza Riyadh – RDC Hotel and Convention Center offers a comprehensive range of facilities to meet the needs of corporate and MICE guests travelling to and within the Kingdom. The hotel features over 12000 m2 of exhibition and conference space including a three-level circular conference center, a ballroom, large pre-function areas and 12 daylight meeting rooms equipped with modern digital technology. During their downtime, guests can enjoy the hotel’s large outdoor swimming pool or re-energise with a game of tennis at the outdoor court. For a restorative experience, the health club offers a range of relaxing treatments to help guests unwind after a long day. An on-site business center is open 24 hours a day and is equipped with the latest technology to keep guests connected to their business and their families back home.
Crowne Plaza Riyadh – RDC Hotel and Convention Center also boasts a variety of restaurants and a range of dining experiences including an all-day restaurant serving breakfast, lunch and dinner that seats more than 500 guests. Guests can also indulge in Japanese or Brazilian cuisine, prepared by world-class chefs at the hotel’s specialty restaurants or enjoy canapés and beverages at The Lobby Café or Indoor Tea Garden.
This hotel and the overall master development are perfectly suited to cater to this demand. The IHG brand has built an excellent reputation in the Kingdom and we are proud to add the Crowne Plaza – RDC Hotel and Convention Center to our growing portfolio in the Middle East region.”
Rosewood Phnom Penh opens in the heart of
Rosewood Phnom Penh opens, nestled in the iconic 39-story Vattanac Capital Tower prominently located in the central cultural and business district along Preah Monivong Boulevard. At 188 meters high, atop the tallest building in the Cambodian capital, the hotel boasts breathtaking 360°views of the city and offers leisure and business travelers to the city a stately vantage point to witness the revival of what is already considered one of the most charming capitals in Southeast Asia. Specially created introductory experiences offer varied ways for guests to experience the dynamism of Phnom Penh.
"With its rich history and dynamic future, 'The Pearl of Asia' is an ideal place to expand the Rosewood Hotels & Resorts brand and this debut represents an important milestone in our global growth," says Sonia Cheng, chief executive officer of Rosewood Hotel Group. "With the ever-increasing desire for authentic travel experiences amongst affluent explorers, Rosewood Phnom Penh satisfies this urge while also giving us the opportunity to raise our flag in one of Asia's most fascinating cities."
"Phnom Penh fuses the majesty of the past with the pulse of the present and the promise of the future," says hotel Managing Director Daniel Grau. "At Rosewood Phnom Penh, we blend traditional refinement with contemporary sophistication to express Rosewood's A Sense of Place® philosophy."
Designed by Melbourne's BAR Studio, with two restaurants created by Tokyo-based Bond Design Studio, the interior of the ultra-luxury hotel aims to capture the essence of the country with a blend of Khmer architectural aspects, the country's French colonial heritage and Cambodian craft techniques, all embraced by a subtle classic-meets-contemporary style.
For travelers experiencing the vibe of Phnom Penh, Rosewood Phnom Penh is the ideal base to become immersed into the vigor of the city. The iconic landmarks of The Royal Palace, National Museum, Central Market, Wat Phnom, the art street, riverside and the central business district are all conveniently located nearby.
The hotel's residential-style guestrooms are among the largest in Phnom Penh, with a total of 175 rooms including 37 suites. Their design includes large, round, window-facing tables that double as dining or work spaces, inviting guests to soak in vistas of the city skyline and tranquil Tonle Sap and Mekong Rivers. Guestrooms at Rosewood Phnom Penh start from a spacious 50-square-meter Executive Room to the signature Norodom House at 225 square meters.
Wyndham Worldwide to sell its European vacation rental business to Platinum Equity for US$ 1.3 billion
Wyndham Worldwide Corporation, announced that it has entered into a definitive agreement for the sale of its European vacation rental business to Platinum Equity for approximately $1.3 billion.
In conjunction with the sale, the European vacation rental business has entered into a 20-year agreement under which it will pay a royalty fee of 1% of net revenue to Wyndham’s hotel business for the right to use the by Wyndham Vacation Rentals endorser brand. The European vacation rentals operations will also participate as a redemption partner in the award-winning Wyndham Rewards® loyalty program.
Wyndham’s industry-leading European vacation rental business is the largest manager of holiday rentals in Europe, with more than 110,000 units in over 600 destinations in more than 25 countries. The business operates more than two dozen local brands, including cottages.com, James Villa Holidays, Landal GreenParks, Novasol and Hoseasons. It generates approximately $750 million in annual revenue and approximately $130 million of EBITDA (earnings before interest, taxes, depreciation and amortization), including allocated costs.
Wyndham Worldwide originally announced its intent to explore strategic alternatives for its European rental brands in August 2017, in conjunction with the Company’s announcement of the planned separation of its hotel business from its vacation ownership and timeshare exchange businesses. The transaction is expected to close in the second quarter of 2018, subject to customary closing conditions including works council consultation.
We conducted a rigorous strategic review process that generated strong interest from multiple parties, and we were pleased to find the right buyer. We are confident that as part of Platinum Equity’s portfolio, these businesses will have a bright future and will provide significant opportunities for their associates and business partners.”
ADB Partners with EBL to support development of Bangladesh's Textile, Garment Sectors
The Asian Development Bank, signed an agreement with Eastern Bank Ltd (EBL) for a $20 million loan to support the development of Bangladesh’s textile and garment sectors—two of the country’s most important growth contributors—and help fill the financing gap in the local financial market.
The agreement was signed by Christine Engstrom, Director for ADB’s Private Sector Financial Institutions Division, and Ali Reza Iftekhar, Managing Director and CEO of EBL, at a ceremony in Dhaka. Top officials from both institutions were also in attendance including Manmohan Parkash, ADB Country Director for Bangladesh, and Ali Reza Iftekhar Hassan O. Rashid, EBL’s Additional Managing Director.
“The textile and garment sectors are essential parts of the Bangladesh economy, raising incomes for large numbers of workers, particularly women,” said Ms. Engstrom. “We are confident that our partnership with Eastern Bank, a trusted financial institution in Bangladesh, will contribute to the development of the textile and garment sectors in the country.”
Bangladesh is currently the second largest exporter of textiles and garments, accounting for about 15% of the country’s gross domestic product and employing over 4 million workers, 85% of whom are women. However, making the industry a safe place to work in is essential in order for it to maintain its position as a main driver of economic growth.
The loan will be used to finance socially and environmentally sustainable projects in Bangladesh’s textile and garment sectors. Specifically, the assistance will finance the construction or expansion of textile and garment factories that meet the high structural, fire, and electrical safety standards required. This, in turn, will enhance health and safety standards of the sector. It will also help develop Bangladesh’s local financial sector through Eastern Bank’s expanded lending portfolio.
At the event, Mr. Iftekhar reiterated the decade long relationship of EBL with ADB as development partners and conveyed his gratitude for all the support that ADB is rendering for the development of Bangladesh’s financial sector. He also assured that EBL will widen its support for the growth and development of Bangladesh’s textile and garment sectors.
Mad Engine LLC, a leading full-service apparel company, formally announced that it has completed its acquisition of Mighty Fine Inc. This was the fourth acquisition for the company last year, proving that continual growth and expansion is possible in a challenging retail climate.
The company acquired Xtreme Worldwide Inc (its Canadian affiliate) in February, Lifted Research Group (LRG) in March and NEFF Headwear in May of this year. Danish Gajiani, CEO of Mad Engine, explains "This acquisition comes at a critical time as the retail landscape is constantly changing, and customers are expecting impeccable design and execution capabilities from their suppliers. Joining forces with Mighty Fine also allows Mad Engine to contend in the Juniors apparel space– an incredibly quick-turn and competitive arena." It is with Mighty Fine's design expertise that Mad Engine is now one of the most well-rounded and innovative players in this market.
Although Mighty Fine will continue to operate as a separate division, it will work to completely integrate into Mad Engine's robust back-end infrastructure before the end of this year.
Patty Timsawat (co-founder of Mighty Fine) will join the Mad Engine team to focus on business development while Guy Brand and Stacy Brand (co-founders of Mighty Fine) will branch off independently to pursue other opportunities.
"Mighty Fine has been following the amazing success that Mad Engine and their leadership team have built over the past few years, including the recent acquisitions of Neff and LRG. We are thrilled and honored to have Mighty Fine be a part of the Mad Engine vision to align and grow upon the 20-year foundation that Mighty Fine has established with our creative DNA, solid relationships, and following in the market," says Guy Brand.
Mad Engine would like to specially thank Buchalter, Moss Adams and Wells Fargo for their assistance in this acquisition and their continued support to the company.
Apparel Company Mad Engine acquires Mighty Fine
ADB, FSM Launch Renewable Energy Facilities in Yap, Micronesia
The Asian Development Bank (ADB) and the Government of the Federated States of Micronesia (FSM) inaugurated renewable energy facilities in Yap that will strengthen energy reliability and security in the sparsely populated and remote island group of the FSM.
FSM President Peter Christian, Yap State Governor Tony Ganngiyan, Deputy Director General of ADB’s Pacific Department James Lynch, and other development partners participated in the ribbon cutting and power commissioning ceremony. President Christian also gave a keynote speech at the event.
Approved in 2013, the Yap Renewable Energy Development Project, funded by two ADB loans totaling $9 million, supported the construction of a wind farm capable of withstanding typhoons near Colonia, Yap’s only urban center. Grid-connected solar panels were also installed on about five government buildings across the island and new fuel-efficient diesel generators replaced aging ones.
“The project helps the state of Yap achieve a renewable energy future by reducing dependency on imported diesel through the expansion of renewable power generation,” said Mr. Lynch.
The wind farm is expected to generate about 11% of the current delivered electricity supply in Yap, while the solar facilities will produce about 6%. Fuel savings from the more efficient generators will also reduce diesel consumption by about 11.5% from current levels. In total, the project will allow renewable energy sources to replace about 17% of electricity currently generated by diesel generators.
The World Bank Group and the Government of Iraq signed two projects totaling US$510 million to help the Iraqi people by improving living conditions, enhancing water supplies, and creating jobs. The two projects along with the ongoing US$750 million Emergency Operation for Development program and other planned commitments, will increase the World Bank’s total commitment to Iraq to US$4.7 billion, compared to US$600 million four years ago.
World Bank’s commitment to Iraq reaches US$ 4.7 billion
Iraqi Prime Minister Haider Al-Abadi and World Bank Group President Jim Yong Kim attended the signing ceremony for the two projects, which took place on the sidelines of the Iraq Reconstruction Conference hosted by the State of Kuwait.
The increased Bank commitment will help support immediate restoration of education and health services, rebuilding important roads and bridges, and rehabilitation of electricity and water systems. The ongoing emergency reconstruction projects have already created thousands of jobs for Iraqis and the new projects are expected to create millions more.
The World Bank approved an International Development Association (IDA)* Credit and an IDA Scale Up Facility Credit in the total amount of $486 million equivalent for rehabilitation and upgrading of electricity transmission substations and lines.
The investments under the Nigeria Electricity Transmission Project will increase the power transfer capacity of the transmission network and enable distribution companies supply consumers with additional power. Together with other investments and policy measures, the project will contribute to ensuring adequate and reliable electricity supply that is necessary for Nigeria’s continued economic development. It will also support private sector participation, capacity development and better governance in Transmission Company of Nigeria and sector institutions.
“The Federal Government is committed to addressing the challenges in the public-owned transmission network and the financing being provided by the World Bank under the Nigeria Electricity Transmission Project power sector underlines this commitment. The Federal Government anticipates that private sector financing in the privately-owned segments of the value-chain will complement the government’s efforts in bringing better quality service to citizens,” said H.E. Babatunde Fashola, SAN, Minister for Power, Works and Housing.
This project is part of the Power Sector Recovery Program (PSRP) by the Federal Government, which is a comprehensive package of policy, legal, regulatory, operational and financial interventions that will restore the financial viability of power sector. The measures that will be implemented through 2021 are aimed at improving transparency and service delivery and re-establishing investor confidence in the sector.
“The Nigeria Electricity Transmission Project will help address key bottlenecks in the transmission network and improve access to affordable and reliable electricity service to citizens,” said Rachid Benmessaoud, the World Bank Country Director for Nigeria.
Nigeria: World Bank approves US$ 486 million to improve Nigeria Electricity Transmission Network and Infrastructure
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