Tech Mahindra to develop AI & Blockchain solutions in Canada
Hyatt announces US$ 1 billion sale of three-property portfolio
Spectrum Brands Holdings and HRG Group merge in a US$ 10 billion deal
26 FEBRUARY - 03 MARCH 2018
it & BPM i FOOD I HEALTHCARE i TEXTILES i INFRASTRUCTURE i ENGINEERING i tourism
ADM & Cargill to launch Soybean joint venture in Egypt
Andhra Pradesh (India) to become a global investment destination by 2050 Chandrababu Naidu, CM, Andhra Pradesh
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BAIC Motor and Daimler to invest $1.8 billion for Mercedes-Benz plant at Beijing
Microsoft and Sunseap sign agreement on largest-ever solar project in Singapore
IPAWEEK
734 MoUs of US$ 66 bn signed at Partnership Summit 2018, India
The Partnership Summit 2018 concluded with major commitments from marquee investors. 734 MOUs were signed with an investment potential of USD 66 bn and indicative employment of 1.1 mn. The Partnership Summit is an annual investment extravaganza and the state has witnessed participation of 4250 delegates from over 50 countries. Marquee Names that have signed MoUs Infrastructure Reliance-BP , Adani Ports and SEZ, Lulu Shopping Mall Private Limited, PVV Infra, Ace Urban Group Energy Greenko Energy, ReNew Power Ventures Pvt. Ltd., Axis Energy Ventures India Private Limited, Ecoren Energy India Limited, Solar Energy Corporation of India, Energy Efficient Systems (EES) Industries Pidilite, SB (Soft Bank), Grasim, International Renewable Energy Pte Ltd , Singapore Automotive Sun Mobility, JBM Group, Mytrah Mobility, ANI Technologies (OLA) Tourism Essel, Mahindra Holidays, LEPL, High Sea Naval Architects Aerospace and Defense Aerospace Ventures AG (Switzerland), Destiny Wings Aero Solutions, VEM Technologies, Caneus International, 3f advanced systems Textiles Toray Industries, Page Industries, Jyothirmaye Textiles, Kandukuri Shirts, Unnava Spinners Private Limited Food Processing International Flavours and Fragrances Pvt Ltd, Indus Coffee Private Limited, Smart Foodz Limited, Amway, North Coastal Mega Food Park Health Apollo Hospitals, HSCC, Molbio Diagnostics, Cura Healthcare P Ltd IT & Electronics Reliance Industries Limited (for Digital infrastructure and citizen services), Google
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Andhra Pradesh (India) to become a global investment destination by 2050
Chandrababu Naidu, CM, Andhra Pradesh
Spectrum Brands Holdings to combine with HRG Group in a US$ 10 billion deal
Spectrum Brands Holdings, Inc., a global consumer products company offering a portfolio of leading brands providing superior value to consumers and customers every day, and HRG Group, Inc., a holding company with shares of Spectrum Brands as its principal holding, announced that they have entered into a definitive merger agreement pursuant to which Spectrum Brandswill combine with HRG. As a result, HRG’s shareholders will effectively hold HRG’s interests in Spectrum Brands directly following the combination. The transaction has been unanimously recommended by the Special Committee of independent directors of the Spectrum Brands Board of Directors (the “Special Committee”), and was also approved by the Spectrum Brands and HRG boards. Under the terms of the agreement, immediately prior to closing, HRG will effect a reverse stock split such that HRG shareholders receive in the aggregate a number of shares of the combined company equal to the number of shares of Spectrum Brandscurrently held by HRG, subject to certain adjustments to account for HRG’s net debt and transaction costs as well as a $200 millionupward adjustment. The $200 million upward adjustment takes into account that the combination transforms Spectrum Brands into an independent public company with no controlling shareholder and a widely held shareholder base as well as certain favorable tax attributes of HRG. Upon closing, Spectrum Brands shareholders will receive one newly issued share of the combined company for each share of Spectrum Brands that they owned prior to the combination. The transaction is expected to be tax free to Spectrum Brands and Spectrum Brands shareholders, and to HRG and HRG shareholders. “We are pleased to have reached this mutually-beneficial agreement with HRG,” said Terry Polistina, Chairman of the Special Committee of Spectrum Brands. “Under this new ownership structure, Spectrum Brands will be an independent company with a widely distributed shareholder base and improved governance structure. We believe this transaction will deliver substantial value to all Spectrum Brands shareholders, including the company’s minority shareholders, and we look forward to the current Spectrum Brands’ management team advancing our growth and success."
Seeing further growth potential in the Chinese automotive market, Daimler and BAIC announced plans to further expand local production for the Mercedes-Benz brand at their joint venture, Beijing Benz Automotive Co. Ltd. (BBAC). Through an investment totaling over 11.9 billion RMB (about 1.5 billion euros) by Daimler and BAIC, BBAC will prepare to operate another production location for high-quality premium vehicles, in addition to its established local production hub in Beijing’s Yizhuang industrial park. As part of the investment, a BAIC production facility located in the capital city’s Shunyi district will be transferred to BBAC, and modified to facilitate complementary production capacities for Mercedes-Benz cars. Furthermore, both partners will invest into new product localization at the future second Beijing-based Mercedes-Benz production facility. Together with BAIC, Daimler continues developing BBAC into one of the most pioneering manufacturing hubs in Daimler’s global production network. The expansion of localization announced will allow Daimler to respond to increasing market demand with local models tailored to Chinese customers’ needs, including electric products from Mercedes-Benz’s EQ brand. Daimler is dedicated to furthering New Energy Vehicle (NEV) development in China, already the largest NEV market globally, as part of the company’s “Made in China, for China” commitment. This deepening of the cooperation between Daimler and BAIC further demonstrates the strengths of combining “Industry 4.0” and “ Made in China 2025”. By using smart manufacturing and increased digitalization, these efforts will help to further accelerate the manufacturing upgrade in China’s automotive sector. Mercedes-Benz’s unified global standards govern all production from BBAC. Production at the Shunyi facility will also follow the quality standards and processes, extending along the entire supply chain. As a full-fledged production facility, it will include a body shop, paint shop, press shop, as well as assembly lines. “In 2017, Mercedes-Benz Cars has set the seventh production record in a row, also thanks to our strong growth in China. Globally, our plants run at full capacity, which is why we need further production facilities around the globe,” said Markus Schäfer, Member of the Divisional Board of Mercedes-Benz Cars, Production and Supply Chain. “BBAC is an integral part of our global production network of Mercedes-Benz Cars. With the new production location and our battery production planned in Beijing, we are progressing well with our electric initiative.” China last year was once again Mercedes-Benz’s largest single market, with local production of around 430,000 units accounting for over 70% of total local sales. This allowed BBAC to become the largest Mercedes-Benz passenger car production plant worldwide in terms of output in 2017, driven by the outstanding market demand for premium cars of the three-pointed star. Employing over 11,000 staff, BBAC’s portfolio includes the C-Class, E-Class, GLA, and GLC vehicles. In 2017, Daimler and BAIC announced a joint investment of five billion RMB (about 655 million euro) for Battery Electric Vehicles and battery localization at BBAC as part of the electric initiative. The first model from Mercedes-Benz’s EQ brand, the EQC SUV, is scheduled to roll-off production lines by 2019.
LCI Industries, a supplier of components for the leading original equipment manufacturers ("OEMs") of recreational vehicles ("RVs") and adjacent industries, and the related aftermarkets of those industries, announced that its wholly-owned subsidiary, Lippert Components Manufacturing, Inc., has acquired substantially all of the business assets of Hehr International Inc. ("Hehr"). Headquartered in Los Angeles, California, Hehr manufactures windows as well as tempered and laminated glass for the RV, transit, specialty vehicle, and other adjacent industries. Hehr, which operates out of five U.S. locations, achieved sales of approximately $55 million for the twelve months ended December 2017. "We are excited to add Hehr's business and employees to our growing portfolio of window and glass solutions for the RV and specialty vehicle markets," said LCI's CEO Jason Lippert. "Hehr represents many characteristics we look for in acquisitions: great teams, great products with diversified markets, and a great opportunity for growth." The Hehr team will remain with LCI to lead the acquired business under the direction of Josh Roan, Vice President of Operations. LCI President Scott Mereness added, "Hehr's geographic diversification allows us to better serve our customers. Additionally, their customer base is a great mix of various industries that we know or are targeting for growth. Hehr is another highly strategic LCI investment. We expect to leverage our purchasing, sales, distribution, and administrative capabilities to improve the profitability of this business, and we expect this acquisition to be immediately accretive to LCI's earnings."
Lippert Components acquires window and glass business Of Hehr International Inc.
Vivo announced its partnership with China Mobile on the "China Mobile 5G Device Forerunner Initiative" at the GTI Summit 2018 at Mobile World Congress. Combining the efforts of industry players including Vivo, the program will accelerate the development of next generation 5G devices. The program aims to launch the first batch of 5G pre-commercial devices for scale-up trial application showcase, plus establish support for the development of 5G devices, chipsets and component supply chains. Shi Yujian, Senior Vice President and Chief Technology Officer of Vivo attended the summit and joined discussions on the latest R&D of 5G devices with industry leaders from other partner companies. The "China Mobile 5G Device Forerunner Initiative" led by China Mobile brings together more than 20 of the industry's most influential and capable chipset manufacturers, component manufacturers and end- solution providers, forming a strong industry ecosystem for 5G development. 5G networks will deliver higher speeds, lower latency and more bandwidth than ever. As applications of these key features in mobile communications broaden, 5G devices will take on different forms. While AR/VR and wearables continue to evolve, the 5G smartphone will continue to be the core platform for mobile users with its unmatched user base size. Vivo believes the 5G smartphone will act as a hub for Smart Sensors, Smart Control and Smart Services. Smartphones will detect and analyze user behavior, form a control center for the Internet of Things and deliver personalized AI-enabled services.
Vivo partners with China Mobile on "China Mobile 5G Device Forerunner Initiative"
Tech Mahindra, a leading provider of digital transformation, consulting and business reengineering services and solutions announced a strategic investment in Canada. An investment of CAD 100 million dollars is planned over next 5 years to establish a new ‘Center of Excellence’ (COE) in Canada. The announcement comes as the Prime Minister of Canada, The Right Honorable Justin Trudeau visits India to promote enhanced bilateral collaboration between Canada and India. This strategic initiative will focus on major technologies such as Artificial Intelligence and Blockchain, which are driving innovation across industries and will cater to the exponentially growing need for AI and Blockchain application especially in the ‘Fintech’ and ‘Smart Cities’ spaces. It will pave the way for Canadians and Indians to access cutting-edge technology, while creating a niche talent pool and job opportunities in next-gen technology areas. Tech Mahindra’s expanded Canadian presence will help foster stronger connections with the Canadian innovation ecosystem, both in the business community and in academia. Canada is a natural choice for the COEs given its innovation culture, ready and skilled talent pool and vision of the connected future. Digital and AI technologies are also strategic to the Govt. of Canada and form key superclusters in the overall all economic landscape. Center of Excellence – ‘AI & Blockchain’ – TorontoThis COE based out of Toronto will work on major technologies such as AI and Blockchain to lead the innovation curve globally with focus on areas like ‘Fintech’ and ‘Smart Cities’ Partnership with Academia & Start- UpsCOE will focus on jointly developing cutting-edge business solutions in Digital Technologies in close collaboration with the leading academic institutes, innovators and accelerators in the start-up ecosystem like the Vector Institute. Innovation is key to Canada’s innovation and skills plan, working to make Canada a world-leading center for innovation, creating better and well-paying jobs, and helping strengthen and grow the middle class.
eBay to acquire Giosis’ Japan Business
eBay Inc., a global commerce leader, will expand its presence in Japan with the acquisition of Giosis’ Japan business, including the Qoo10.jp platform. eBay currently is an investor in Giosis Pte. Ltd., which runs a number of localized marketplaces in Asia, including Giosis’ Japan business. As part of the transaction, eBay will relinquish its investment in Giosis’ non-Japanese businesses. Additional terms of the deal are not being disclosed. “The acquisition of Giosis’ Japan business significantly expands eBay’s footprint in Japan, one of the largest e-commerce markets in the world. Building on the strength of the Qoo10.jp platform, we will be able to offer Japanese consumers more inventory from around the world,” said Devin Wenig, President and CEO of eBay Inc. “With the Qoo10.jp platform, we also will be able to serve a new and growing user base as well as broaden our presence in a dynamic, underpenetrated market with strong e-commerce potential and high mobile adoption.” eBay made an initial investment in Giosis Pte. Ltd. in 2010. Since then, Giosis has established dynamic marketplace businesses across Asia. With today’s acquisition, eBay will build on Giosis’ progress in Japan, enhancing the domestic customer experience and providing approximately two million Japanese buyers currently using the Qoo10.jp platform with a well-curated selection of merchandise sourced both locally and from across the globe. eBay’s Japan business, including Giosis’ Japan business, will report into Jooman Park, Senior Vice President of eBay’s Asia Pacific region.
Thailand and World Bank to collaborate on promotion of digital economy
Thailand’s Digital Economy Promotion Agency (DEPA) and the World Bank agreed to jointly undertake activities that will promote awareness of the Internet of Things (IoT) in Thailand and adopt digital transformation in public and private sectors. The announcement was made during a seminar attended by more than 150 representatives from the Thai government, international organizations, businesses, NGOs and the media, to launch the recent World Bank report, The Internet of Things: The New Government-to-Business Platform. “Internet of Things plays a key role in our daily lives. Recognizing the importance of IoT in creating digital innovation that will boost productivity and improve individual lives, the Ministry of Digital Economy and Society (MDES) has endeavored to promote the development of the IoT in Thailand through various initiatives, said H.E. Dr. Pichet Durongkaveroj, Minister, MDES. DEPA, an operating arm of the MDES, aims to promote the development of digital industry and innovation as well as the adoption of digital technology in all sectors in Thailand. It is entrusted to establish the IoT Institute which will help create a healthy IoT ecosystem in the country. Through this seminar, the Institute marks its first step in promoting the development and adoption of this exciting technology. IoT refers to a digital system involving connected devices that gather data through sensors, transmit it over networks, and generate analytics; in some cases, adapting behavior and responses based on local conditions. Examples of IoT are Global Positioning System (GPS) devices that track and provide real-time transit updates; sensors mounted on lampposts that measure and share pollution data; and smart thermostats, which adjust home temperatures based on people’s routine, helping cut heating and cooling bills.
Alteryx, Inc., revolutionizing business through data science and analytics, completes the acquisition of master distributor, Alteryx ANZ in Sydney, Australia. Alteryx continues to expand the footprint of its end-to-end data science and analytics platform and enterprises around the globe are requiring more local sales and marketing presence, in-market platform support and thought leadership in the region. This acquisition will allow Alteryx to build on the success of the more than 100 current Alteryx customers in the region including companies like Amaysim, Commonwealth Bank, NBN, Australia Post and Telstra. Alteryx intends to expand the team with additional sales, channel, support and technical resources to address the growing market. According to IDC, more than 40% of organizations in Australia and New Zealand have already invested in big data and analytics deployments and will increase their investments in 20181. Alteryx ANZ has acted as the exclusive master distributor in Australia and New Zealand since 2015, helping to establish Alteryx as a leader in the self-service data science and analytics market while helping organizations develop a data and analytics culture necessary for success in digital transformation. "We're already helping customers in the region break down data barriers and get to business-changing insights faster than ever before," said JJ Phillips, Regional Country Manager at Alteryx. "In our efforts to turn analytics up to eleven across ANZ, we intend to continue to work closely with our amazing partners — including MIP, RXP Services Limited, Tridant, Billigence, Acquum Consulting, FIRN Analytics, Webranz — while strengthening our local sales, support and market presence."
Alteryx expands by acquiring Alteryx ANZ in Australia
Park Place Technologies acquires Axentel Technologies
Park Place Technologies announced that it has completed an acquisition of Axentel Technologies’ businesses in Singapore, Malaysia, Hong Kong and the Philippines. Park Place Technologies has also signed an agreement to complete the acquisition of the Axentel Technologies Thailand business in the second quarter of 2018. Axentel Technologies is a Singapore-based, premier provider of IT lifecycle solutions with service offerings throughout Southeast Asia. With a desire to continue its growth momentum, the acquisition of Axentel Technologies follows Park Place Technologies’ six acquisitions announced over the past 18 months. The Axentel Technologies acquisition allows Park Place Technologies to significantly enhance its ability to service customers in Singapore, Malaysia, Hong Kong, Thailand, Cambodia, the Philippines and throughout Southeast Asia. As the companies integrate operations, Park Place Technologies’ and Axentel Technologies’ global customer bases will immediately benefit from superior levels of service delivery, enhanced flexibility and value-driven maintenance solutions. Since 2005, Axentel Technologies has served as a successful leader in maintenance services providing more than 200 customers with unparalleled sourcing expertise. Specializing in legacy enterprise system support, Axentel Technologies has enabled its customers to extend the operational lifespan of IT assets and significantly optimize capital expenditures when there is an operational need to upgrade. Axentel Technologies has 28 service locations worldwide and has positioned itself at the forefront of the maintenance industry, enabling customers to save and reinvest capital reserved for IT back into their core business operations.
Sumitomo Corporation (Head Office: Chuo-ku, Tokyo; Representative Director, President and Chief Executive Officer: Kuniharu Nakamura) has partnered with the Krishna Group (Location: Haryana State, India; Representative: Ashok Kapur; hereinafter, “Krishna Group”) to establish the Indian business company Krisumi Corporation Private Limited (hereinafter, “Krisumi”) and join in the Krisumi City Project (hereinafter, “the Project”), a condominium development project being pursued by the Krishna Group in the northern Indian city of Gurugram in Haryana State. The Project will be the first condominium development/sales project in India featuring participation by a Japanese company. The Project plan is to construct approximately 5,000 housing units as well as commercial facilities and office buildings over a total of eight phases on a site of about 26 hectares, making it one of the largest development projects in Gurugram. The intended construction site is located about 30 kilometers southwest of central New Delhi and about 18 kilometers southwest of Indira Gandhi International Airport, and lies adjacent to National Highway 8 (NH8), the main highway connecting New Delhi and Gurugram. Sumitomo Corporation will be participating in Phase 1 of this project via Krisumi, constructing two condominiums (35-story towers with a total of 433 housing units) on a site of approximately 2.1 hectares, and will be considering projects from Phase 2 onward together with the Krishna Group. India’s rapid economic development of recent years has driven an expansion in its middle class, and housing demand is expected to rise still higher in future. Gurugram is a newly emerging city located in the Delhi capital area that is seeing new office buildings and high-rise condominiums going up one after the other as foreign corporations and major IT companies have congregated locally.
Sumitomo Corporation has partnered with Krishna Group in India
Honeywell and EQUATE agreement to enhance productivity of petrochemical plants In Kuwait
Honeywell, and EQUATE Petrochemical Company, a global producer of petrochemicals, announced the signing of a memorandum of understanding (MOU) to further the development of innovative technologies to support operations at EQUATE's industrial complexes. EQUATE is currently the owner and single-operator of several fully integrated world-class petrochemical complexes in Kuwait, North America and Europe. The company is Kuwait's first international petrochemical joint venture and the world's second-largest producer of ethylene glycol (EG). As part of the MOU, EQUATE will test newly released Honeywell technologies, including the latest additions to the Honeywell Connected Plant portfolio, as well as assess EQUATE's requirements and new ideas at Honeywell facilities. The companies will join efforts to analyze EQUATE's needs and create added value through increased productivity and reduced downtime, setting a new standard for the petrochemical industry in the region. Honeywell has had a presence in Kuwait for more than 53 years and is the leading automation provider in the country that has about 9% of the world's oil reserves and is among the world's top ten oil exporters. Honeywell has successfully delivered more than 2,000 projects in Kuwait and services 50 sites daily.
Microsoft Corp. announced a new agreement with Sunseap Group that marks Microsoft's first clean energy deal in Asia and will create the single-largest solar energy portfolio in Singapore to date. This 60 megawatt-peak (MWp) solar portfolio will span hundreds of rooftops across the nation. This is the largest rooftop solar project in Singapore and the first rooftop solar portfolio in the country focused on serving datacenter energy consumption. The investment in local solar energy builds on decades of Microsoft investment in Singapore and throughout the APAC region. Since it began operations in Singapore in 1990, Microsoft has sought to create local opportunity, growth and impact and supports the government's efforts to make Singapore a smart, green and liveable city. Singapore is also home to Microsoft datacenter services that deliver Microsoft Azure, Office 365 and numerous other cloud services for customers. Through a 20-year agreement, Microsoft will purchase 100 percent of the renewable energy attributes exported to the grid. This landmark agreement also marks progress for Singapore in the renewables sector.
ADB, India sign $84 Million loan to improve Urban Services in 2 Bihar Towns
The Asian Development Bank, and the Government of India signed a $84 million loan that will finance water supply improvements and expansion in Bhagalpur and Gaya towns in the state of Bihar. The tranche 2 loan is part of the $200 million multitranche financing facility (MFF) for the Bihar Urban Development Investment Program that was approved by the ADB Board of Directors in 2012 to provide sustainable urban infrastructure and services in four towns in Bihar—Bhagalpur, Gaya, Darbhanga, and Muzaffarpur. “The Project 2 will improve access to a better quality water supply for the people of Bhagalpur and Gaya towns. It will also promote better water management practices that will result in citywide coverage with 24-hour uninterrupted supply of treated water of 135 liters per capita per day in both cities,” said Sameer Kumar Khare, Joint Secretary (Multilateral Institutions), Department of Economic Affairs, Ministry of Finance, who signed the loan agreement for the Government of India. The two towns of the project would achieve the national urban service goals or match many of the national averages for urban service delivery performance in India. The investment program will assist ULBs in designing affordable tariffs for O&M cost recovery. The loan will have a 25-year term, including a grace period of 5 years, an annual interest rate determined in accordance with ADB’s lending facility based on the London interbank offered rate (LIBOR), and a commitment charge of 0.15% per year.
General Mills will acquire Blue Buffalo for US$ 8.0 billion
General Mills, Inc., and Blue Buffalo Pet Products, Inc. announced that they have entered into a definitive agreement under which General Mills will acquire Blue Buffalo for $40.00 per share in cash, representing an enterprise value of approximately $8.0 billion. The transaction establishes General Mills as the leader in the U.S. Wholesome Natural pet food category, the fastest growing portion of the overall pet food market, and accelerates its portfolio reshaping strategy. Founded in 2002, Blue Buffalo is the fastest growing major pet food company making natural foods and treats for dogs and cats under the BLUE brand, which includes BLUE Life Protection Formula, BLUE Wilderness, BLUE Basics, BLUE Freedom and BLUE Natural Veterinary Diet. BLUE is the #1 Wholesome Natural pet food brand in the U.S. with $1.275 billion in net sales and $319 million in Adjusted EBITDA for fiscal year 2017, representing an Adjusted EBITDA margin of 25%. Over the past three years, Blue Buffalo has delivered compound annual net sales growth of 12% and Adjusted EBITDA growth of 18%. "I have been impressed by General Mills' strong track record of accelerating growth for its natural and organic brands, while giving them the freedom to maintain their own unique culture and identity. General Mills will be a tremendous home for our BLUE brand as our talented team of over 1,700 'Buffs' joins this new extended family," said Billy Bishop, Blue Buffalo Chief Executive Officer. "From the first meeting Jeff and I had, I felt a strong cultural fit between our two companies and believe they will be a great partner in our mission to reach more pet parents and feed more pets. This transaction creates significant, immediate value for our shareholders, as it recognizes the strength of our competitively advantaged business model. Along with our leadership team, we look forward to working with General Mills to continue growing the BLUE brand for many years to come."
JAE Restaurant Group, one of the largest multi-unit franchisees of Wendy's, announced the acquisition of 34 Wendy's restaurants throughout Knoxville, Tennessee, making JAE Restaurant Group a major employer in Knoxville with a total of 1,150 employees. To date, JAE owns Wendy's restaurants in North, South and Central Florida, Albuquerque and El Paso, totaling 212 units, with two locations currently under construction. JAE Restaurant Group plans to remodel four Wendy's in Knoxville this year to include updated features such as fireplaces, a variety of inviting seating options, Wi-Fi, flat-screen TVs and digital menu boards. The company has an overall goal to eventually remodel all Knoxville Wendy's and open another 10 to 12 locations in the market over the next four years. The Knoxville market locations were sold to JAE as part of Wendy's System Optimization Initiative to sell hundreds of restaurants to franchisees. The shifting from company-owned to franchise transactions and franchise to franchise is part of Wendy's brand transformation strategy, along with its Image Activation program to remodel existing stores. JAE Restaurant Group and Wendy's have a longstanding history, dating back to when JAE opened its first Wendy's restaurant in Hialeah, Florida in 1993. Since then, JAE-owned restaurants have boasted above average unit volume (AUV) within Wendy's franchise system, thanks to their five-star management team who pride themselves on using quality service, continual improvement, community involvement and innovation to measure success.
JAE Restaurant Group acquires 34 Knoxville Wendy's Restaurants
Hilton Food Group plc, and Woolworths Group LTD announce the agreement to restructure their Australian meat processing joint venture. This agreement includes long term contracts for Hilton Foods Australia (“HFA”) to supply Woolworths Supermarkets with packaged and value-added meat products. Hilton will begin full operational control of the Bunbury and Truganina plants from 1 July 2018. At the end of a transitional period of two years, Hilton Foods Australia will acquire the relevant plant assets for a book value expected to be AU$85m, for either cash or equity consideration (in the form of a minority equity stake in HFA). During this transitional period, HFA will commission a new meat processing plant in Queensland. This extension to the current partnership between the two companies will enable Hilton to continue to service Woolworths with best in class quality, availability and innovative meat products across Woolworth’s expansive store network under these long term 15-year contracts.
Hilton Food Group and Woolworths Group to restructure their Australian meat processing JV
Archer Daniels Midland Company, and Cargill have reached agreement to launch a joint venture to provide soybean meal and oil for customers in Egypt. The joint venture would own and operate the National Vegetable Oil Company soy crush facility in Borg Al-Arab along with related commercial and functional activities, including a separate Switzerland-based merchandising operation that would supply soybeans to the crush plant. Cargill is currently expanding the plant from 3,000 metric tons to 6,000 metric tons of daily crush capacity. The plant will be able to produce higher-protein soybean meal while reducing the need for soybean meal imports into Egypt . The joint venture will be managed as a standalone entity consisting of equal ownership by ADM and Cargill, with a management team reporting to a board of directors appointed by the two parent companies. The joint venture’s assets will not include Cargill’s grain business and port terminal in Dekheila, or the ADM-Medsofts joint venture at the Port of Alexandria. Each company will continue its separate business activities in the country and region.
Protein snacks start-up, Stryve Foods LLC announced that it acquired Braaitime LLC. This acquisition along with the acquisition of Biltong USA made earlier in the year, makes Stryve Foods LLC the sole owner of all USDA approved biltong facilities in the United States. For over 12 years, Braaitime LLC has been producing South African style cured meats that are all natural, zero sugar, gluten-free, and made with the highest quality beef. They received their USDA certification in 2012 and are producing biltong in the USA as ready to eat shelf-stable product. Braaitime LLC has been the number one biltong and droëwors seller on Amazon for six years and voted best "jerky" in the USA by Esquire magazine in 2016. Stryve Foods acquisition of Braaitime LLC is an expression of the company's intent to expand biltong products into new markets in 2018. This combination of expertise and resources is the starting point for generating awareness of biltong product lines while taking action to expand production for mass distribution. Braaitime LLC will continue to operate under its brand as a subsidiary of Stryve Foods LLC. Warren Pala, Founder and Division President of Braaitime LLC will transition to Director of Manufacturing for Stryve Foods LLC, overseeing production in all of their biltong facilities.
Stryve Foods LLC has acquired Braaitime LLC
Merck, known as MSD outside the United States and Canada, and Viralytics Limited, announced that the companies have signed a definitive agreement under which it is proposed that Merck, through a subsidiary, will acquire Viralytics, an Australian publicly traded company focused on oncolytic immunotherapy treatments for a range of cancers by way of a scheme of arrangement (Scheme) for AUD 1.75 cash per Viralytics share. The proposed acquisition values the total issued shares in Viralytics at approximately AUD 502 million (USD 394 million). On completion of the transaction, Viralytics will become a wholly-owned subsidiary of Merck, and Merck will gain full rights to CAVATAK® (CVA21), Viralytics’s investigational oncolytic immunotherapy. CAVATAK is based on Viralytics’s proprietary formulation of an oncolytic virus (Coxsackievirus Type A21) that has been shown to preferentially infect and kill cancer cells. CAVATAK is currently being evaluated in multiple Phase 1 and Phase 2 clinical trials, both as an intratumoral and intravenous agent, including in combination with Merck’s KEYTRUDA®(pembrolizumab), an anti-PD-1 therapy. Under an agreement between Viralytics and a subsidiary of Merck, announced in November 2015, a study is investigating the use of the CAVATAK and KEYTRUDA combination in melanoma, prostate, lung and bladder cancers.
Merck will acquire Viralytics
Centene Corporation, announced that it has signed a definitive agreement to acquire MHM Services, Inc. ("MHM") a national provider of healthcare and staffing services to correctional systems and other government agencies. Under the terms of the agreement, Centene will acquire 100 percent of the stock of MHM, including its 49 percent ownership of Centurion, the correctional healthcare services joint venture between Centene and MHM. MHM provides behavioral health, medical and dental services to governmental agencies in a variety of patient care settings, including correctional facilities, state hospitals, courts, juvenile facilities and community clinics. The business currently serves over 330,000 individuals in over 300 facilities across the United States. Strategic Benefits of the Transaction Expands national footprint – MHM adds two new states to Centene's portfolio and expands Centurion's existing seven state correctional footprint to 14 states, giving the combined company a larger platform to pursue additional opportunities. Provides additional clinical capabilities – MHM has extensive experience providing physical and behavioral health services for government programs and enhances a platform for innovative care delivery models.
Centene to acquire MHM Services Inc.
Hampton by Hilton begins 2018 with Seven New Properties
Hampton by Hilton, Hilton's, upper-midscale brand, celebrated the start of 2018 with the addition of seven new hotels to its portfolio of more than 2,330 properties worldwide, including Hampton Inn & Suites by Hilton Knightdale Raleigh and Hampton Inn & Suites by Hilton Sacramento at CSUS. In 2017, the brand opened an average of two hotels per week globally and eclipsed the 100 new hotel milestone for the 3rd consecutive year. Hampton also grew its overall global pipeline to include more than 580 planned hotels, a 17.7 percent year-over-year increase1. Spotlight Property Openings: The brand welcomed several new U.S. properties in the past two months, including: Hampton Inn & Suites by Hilton Knightdale Raleigh: Only 10 minutes away from downtown Raleigh, North Carolina, guests will appreciate the hotel's close proximity to Knightdale Station Park and Midtown Commons, offering easy access to some of the best department stores and dining options in the area. Nature enthusiasts can take advantage of the hotel's location near many parks, trails and outdoor attractions including Pope Strawberry Farm, enabling them to explore Knightdale with ease. Hampton Inn & Suites by Hilton Sacramento at CSUS: Situated near downtown Sacramento and next door to Sacramento State University, the hotel is conveniently located near Sacramento's Regional Transit stop, offering guests access to light rail and bus transportation. Guests can enjoy many of Sacramento's local attractions including the Sacramento Zoo, the California State Capitol Building, and the shopping, dining and historical landmarks of Old Sacramento. Hampton also grew its presence in North Carolina, Kansas, Massachusetts and Missouri with Hampton Inn & Suites by Hilton Forest City, Hampton Inn by Hilton Wichita Northwest, Hampton Inn & Suites by Hilton Boston/Waltham and Hampton Inn by Hilton Kirksville, respectively. Additionally, the brand continued its global expansion with the opening of Hampton by Hilton Qingyuan Qingxin District in China. Overall, Hampton is expected to open nearly 50 additional hotels in China this year.
The Santa Maria, a Luxury Collection Hotel & Golf Resort opens in Panama
The Luxury Collection Hotels & Resorts announced the brand's debut in Panama with the opening of The Santa Maria, a Luxury Collection Hotel & Golf Resort, Panama City, located minutes from the capital's city-center. An urban oasis operated by Bristol Hospitality Group, The Santa Maria is a five-star Luxury Collection resort delivering exceptional experiences to discerning travelers seeking an authentic connection to the destination. With this exciting opening, The Luxury Collection expands its footprint in South America where it now operates six unique and indigenous hotels and resorts. "We are delighted to introduce The Santa Maria Hotel & Golf Resort – The Luxury Collection's first property in Panama and a portal to the destination's remarkable landscape and rich heritage," said Mitzi Gaskins, Global Brand Leader, The Luxury Collection. "Panama is a desirable location for global explorers seeking authentic travel experiences, and we are thrilled to invite guests to explore the destination through the lens of The Luxury Collection." Located within an exclusive neighborhood next to the Costa del Este and Santa Maria business parks and just minutes away from both the airport and Panama City's city center, The Luxury Collection's Santa Maria is poised to elevate the destination's luxury hospitality landscape. The new hotel features 182 luxurious guestrooms and suites with authentic Panamanian design elements including the Guna Yala inspired traditional Mola blankets to adorn the beds, handmade baskets made by the Embera community and wood mined from the depth of the Gatun Lake. The Santa Maria offers stunning urban and golf course views, two restaurants, a state-of-the-art spa, a fitness center with rejuvenating natural light, an outdoor pool and exceptional meeting and event spaces. At The Santa Maria, a Luxury Collection Hotel & Golf Resort, guests can enjoy an array of luxurious amenities including a unique selection of authentic, ancestral spa treatments inspired by natural, local ingredients. Dining at The Santa Maria will delight the palate, as Mestizo Restaurant will present some of the finest Panamanian cuisines alongside an international blend of flavors. Guests can also savor fine meat cuts and fresh seafood in the country-club-styled Ocean Prime restaurant. During the day, the Coffee Shop and Deli serves Boquete's rare and exclusive Geisha coffee blend, while AQVA invites guests to relax with delicious bites and refreshing cocktails. Additionally, the resort offers 8,000 square feet of exceptional sun-lit meeting and event space that includes a grand ballroom, three breakout rooms and a private boardroom with an independent foyer.
Hampton by Hilton debuts in Glenarden, Maryland
Hilton's, Hampton by Hilton brand, the global mid-priced hotel known for providing travelers with its signature Hamptonality service announced the opening of its newest property, in Glenarden, Maryland. Each Hampton property offers warm surroundings, a friendly service culture, and a staff that makes sure guests are 100 percent happy. GuaranteedTM. "Hampton Inn & Suites Glenarden/Washington D.C.'s ideal location makes it a welcome addition to the D.C. area," said Yocasta Borges, general manager. "With its close proximity to local attractions, travelers will be at the heart of the action no matter what brings them to town." This 106-room Hampton Inn & Suites is located conveniently off the I-95/I-495 Capital Beltway providing easy access to the area's attractions. Six Flags America and Redskins NFL football at FedEx Field are only a short drive from the property. The hotel provides free shuttle to the Largo and New Carrollton Metrorail stations for access to Washington, D.C. monuments, museums and landmarks. Companies such as Northrop Grumman, Lockheed Martin, Cintas Corporation and Hewlett Packard are within easy reach as well. Hampton has long been known for its unique and unmatched approach to hospitality. Team members proudly exhibit a unique culture described as Hamptonality. This term is defined by each hotel's approach to friendly customer service, anticipation of guests' needs, and establishing an authentic, friendly and caring culture.
Hyatt announces $1 billion sale of three-property portfolio
Hyatt Hotels Corporation, announced that Hyatt has reached a definitive agreement with Host Hotels & Resorts, for the sale of the 301-room Andaz Maui at Wailea Resort, the 668-room Grand Hyatt San Francisco, and the 454-room Hyatt Regency Coconut Point Resort and Spa for approximately $1.0 billion. The sale reflects a blended EBITDA multiple of approximately 16x based on Hyatt’s 2018 pro-forma estimates. Hyatt will continue to manage the three hotels under long-term management agreements. The transaction is expected to close near the end of March 2018. Two of the three hotels, Andaz Maui and Grand Hyatt San Francisco, reflect a combined attributed sale value of approximately $800 million and form part of Hyatt’s ongoing $1.5 billion permanent sell-down program. On a blended basis, the sale of these two properties reflects an EBITDA multiple of approximately 18x based on 2018 pro-forma estimates. The sale of Hyatt Regency Coconut Point for an attributed value of approximately $200 million, at an EBITDA multiple of approximately 12x based on 2018 pro-forma estimates, completes Hyatt’s 2017 commitment to be a “net seller” of assets under its ongoing asset recycling program. Assuming closing in late March, Hyatt anticipates a net reduction in consolidated Adjusted EBITDA of approximately $40 million for the three properties combined over the remainder of 2018.
Tianfu Minyoun Hospitality,and Hyatt Hotels Corporation announced that Hyatt and Tianfu Minyoun entered into a strategic development agreement to drive the expansion of Hyatt Place and Hyatt House hotels in China. The franchise agreements for the first three Hyatt-branded hotels under this strategic development agreement were also signed on the same day. As leading hospitality companies in China and the United States, Tianfu Minyoun and Hyatt will bring together their resources and leverage their respective strengths for the development of Hyatt Place and Hyatt House hotels, with plans to bring both brands to more vibrant business and travel destinations throughout China. Under the strategic development agreement, 50 Hyatt Place and Hyatt House hotels are expected to be developed by Tianfu Minyoun and in cooperation with Chinese investors over the next five years, the first of which include Hyatt Place Nanchong Gaoping, Hyatt Place Changchun Jingyue and Hyatt House Changchun Jingyue. The three hotels will be operated and managed by Tianfu Minyoun. Additionally, Tianfu Minyoun is also planning to develop hotels under The Unbound Collection by Hyatt and Hyatt Centric brands in unique and attractive destinations across China. Once open, these hotels will be part of Hyatt’s loyalty program, World of Hyatt. Guests will be able to earn World of Hyatt points and redeem for free night awards and access many other benefits at Hyatt locations worldwide. “We are pleased to be working with Tianfu Minyoun, the first authorized third-party management company for franchised Hyatt hotels in China,” said Asia Pacific Group President David Udell, Hyatt Hotels Corporation. “Hyatt has a strong brand reputation among business and leisure guests for authentic hospitality worldwide. Tianfu Minyoun Hospitality has profound insights into the Chinese market and has gained crucial financial support to power our collaboration with them. Different from exclusive franchise and brand agency models, the cooperation between Tianfu Minyoun and Hyatt is set to make the most of both sides’ respective strengths and resources to boost the development of the Hyatt Place and Hyatt House brands in China. With our combined efforts, we look forward to creating distinguished guest experiences that exceed expectations in the dynamic and highly competitive China market.”
Hyatt and Tianfu Minyoun Hospitality join forces to expand Hyatt's Presence in China
Rotana opens Al Bandar Rotana and Al Bandar Arjaan at Dubai Creek
Making a significant addition to the UAE’s tourism and hospitality offering, Rotana, one of the leading hotel management companies in the region with hotels across the Middle East, Africa and Turkey, has announced the soft opening of two stunning hotels in Dubai, the five-star Al Bandar Rotana, and a fully-furnished serviced apartments, Al Bandar Arjaan by Rotana, at Dubai Creek. Elegantly designed with a range of modern luxuries, and situated on a prime waterside location on Baniyas Road, the new properties offer stunning and expansive views of the creek, which passes through the heart of Dubai, and Burj Khalifa, the tallest building in the world. Away from traffic and in close proximity to major attractions and landmarks in the city, including Dubai International Airport and Dubai World Trade Centre, Al Bandar Rotana and Al Bandar Arjaan by Rotana, which perfectly blend luxury and comfort, and feature state-of-the-art meeting and conference facilities and dining lounges, make an ideal destination for both business and leisure travellers. Hussein Hachem, an accomplished hotelier with more than 35 years of experience, is at the helm of the two new hotels. Regarded as one of Rotana’s most experienced and awarded general managers, he has held various roles at a number of the company’s hotels during his 25-year-long tenure.
Asia’s first Holiday Inn water park resort opens on Thailand’s idyllic Gulf coast
Holiday Inn Vana Nava Hua Hin has opened its doors on Thailand’s idyllic Gulf coast, becoming the first Holiday Inn water park resort in Asia. Hua Hin has long been a beloved destination among the Thai aristocrats and high society since the 1920s when it was hand picked to be the first resort town of Thailand by H.M. King Rama VI. Located just 2.5 hours’ drive from Bangkok and less than 15 minutes from the popular seaside town of Hua Hin, with breath-taking views of the glittering Gulf of Thailand, Holiday Inn Vana Nava Hua Hin is the ideal destination. The hotel features 300 rooms and suites, including a series of inter-connecting rooms and KidSuites®, with special rooms decked out with bunk beds and play areas. Children aged 12 and under can stay and eat for free, and all guests are offered free Wi-Fi and unlimited access to Vana Nava Hua Hin Water Jungle, the water park. When they are not playing in the Vana Nava Hua Hin Water Jungle, guests can unwind in the resort’s own extensive facilities, including a dramatic 26th floor infinity pool, the Tea Tree Spa, a 24-hour fitness centre, kids’ club and children’s pool. As the highest hotel in Hua Hin, Holiday Inn Vana Nava Hua Hin is expected to become an iconic destination. With 360 degrees views from the rooftop, guests can watch stunning sunrises over the Gulf of Thailand in the east, and enjoy golden sunsets over the hills in the west.
Crowne Plaza Adelaide will return in 2020, bringing the leading upscale brand back to the city, bigger and better than ever at its new address in Adelaide’s tallest building, Frome Central Tower One. The signing between IHG and Kyren Group will see Crowne Plaza Adelaide open in 2020 on Frome Street, between Rundle Street and North Terrace in the vibrant east end, giving guests unrivalled access to the city’s retail, commercial office, education and iconic cultural attractions, including restaurants, museums, galleries, universities and gardens. Martin Haese, Lord Mayor of Adelaide commented on the announcement: “I welcome the addition of the Crowne Plaza to the iconic Frome Central Development, in the heart of the City’s dynamic East End precinct. With record numbers of interstate and international visitors, the City of Adelaide will benefit from more internationally-recognised hotel brands, like Crowne Plaza, to cater for increased demand.” Building work on Adelaide’s tallest building has already commenced, making Crowne Plaza Adelaide the only pipeline hotel currently under construction in the Adelaide CBD. Theo Samaras, Managing Director of Kyren Group added: “Adelaide is a vibrant city and one of the more stable Australian hotel markets, with just over 4 million visitor hotel nights per year and growing. As we build this iconic development in the centre of Adelaide, we cannot think of a better partner than IHG, nor a more exciting brand than Crowne Plaza to welcome travellers to Adelaide 365 days per year.
Crowne Plaza return to Adelaide, Australia, bigger and better
Platinum Equity announced that it has signed a definitive agreement to acquire American & Efrid (A&E) from KPS Capital Partners. Financial terms were not disclosed. The transaction is subject to regulatory approval and is expected to close in the second quarter of 2018. Headquartered in Mt. Holly, North Carolina, A&E is the largest U.S. manufacturer and the world’s second-largest manufacturer and distributor of premium quality industrial and consumer sewing thread, embroidery thread and technical textiles. A&E thread is used by producers of apparel, automotive components, home furnishings, medical supplies, footwear and certain industrial products. A&E CEO Les Miller said he believes Platinum Equity and A&E are a great fit. “This is exciting news for our company and our customers,” said Mr. Miller. “Platinum Equity’s financial support, M&A capabilities, textile experience and global operational expertise will help accelerate our next phase of growth and expansion.”
Platinum Equity to acquire American & Efird
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