26-30 MARCH 2018
Brookfield Property to buy GGP for US$ 9.25 bn
IPAWEEK
GSK buys Novartis's stake in Consumer Healthcare Joint Venture for US$13 bn
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Concho Resources to acquire RSP Permian for US$ 9.5 bn
AkzoNobel to sell Specialty Chemicals to The Carlyle Group and GIC for US$ 12.5 bn
Pearl Rotana Hotel debuts in Abu Dhabi Captial Centre
FIT to acquire Belkin International for US$ 866 mn
it & BPM i FOOD I HEALTHCARE i TEXTILES i INFRASTRUCTURE i ENGINEERING i tourism
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Concho Resources Inc. to acquire RSP Permian, Inc for US$ 9.5 billion
Concho Resources Inc., and RSP Permian, Inc., announced they have entered into a definitive agreement under which Concho will acquire RSP in an all-stock transaction valued at approximately $9.5 billion, inclusive of RSP’s net debt. Highlights Large, highly-complementary acreage expands Concho’s strategic portfolio in the Permian Basin to approximately 640,000 net acres Reinforces leadership position as the premier Permian pure-play company and creates the largest crude oil and natural gas producer from unconventional shale in the Permian Basin Combined company to run the largest drilling program in the Permian Basin with 27 rigs Meaningfully expands premium resource base Drives significant operational synergies through development optimization, shared infrastructure and capital efficiencies, with a present value of more than $2 billion Expect to realize over $60 million in annual corporate level savings Immediately accretive to key per-share metrics, including net asset value, earnings, cash flow and debt-adjusted growth Expect to maintain investment grade credit ratings Enhances Concho’s three-year annualized production growth outlook within cash flow from operations Tim Leach, Chairman and Chief Executive Officer of Concho, commented, “This transaction provides a compelling opportunity for both Concho and RSP shareholders to benefit from the strength of our combined company. The RSP team built an exceptional high-margin asset portfolio consistent with our playbook – large, contiguous positions in the core of the Permian Basin. And they did so with a strategy of maximizing well performance and returns, which provides substantial running room for continuous development with large-scale projects. This combination allows us to consolidate premier assets that seamlessly fold into our drilling program, enhance our scale advantage and reinforce our leadership position in the Permian Basin, all while strengthening our platform for delivering predictable growth and returns. We look forward to welcoming RSP’s employees as members of the Concho team.”
AkzoNobe, announces the sale of 100% of its Specialty Chemicals business to The Carlyle Group and GIC for an enterprise value of €10.1 billion. This transaction creates two focused and high performing businesses – Paints and Coatings, and Specialty Chemicals – as part of its strategy announced in April 2017. The transaction is expected to be completed before the end of 2018. The Board of Management and the Supervisory Board concluded that a private sale to The Carlyle Group and GIC is in the best interests of AkzoNobel, Specialty Chemicals and its respective stakeholders, including employees, shareholders and customers. This is the outcome of a thorough dual-track process during which the Boards of AkzoNobel carefully considered both a legal demerger and a private sale. The Carlyle Group has a global presence and the financial capacity to enable the Specialty Chemicals business achieve its full potential. Carlyle has extensive experience investing in chemicals, unlocking long-term potential and creating value in its portfolio companies. As a responsible investor Carlyle is focused on driving growth, job creation and long-term financial success. The firm also has a strong focus on Environmental, Social and Governance (ESG) aspects and building positive working relationships with wider stakeholders (employees, unions and local communities).
AkzoNobel to sell Specialty Chemicals to The Carlyle Group and GIC for US$ 12.5 billion
Brookfield Property Partners L.P. and the Special Committee of the Board of Directors of GGP Inc. announced that BPY and GGP Inc. (“GGP”) have entered into a definitive agreement for BPY to acquire all of the outstanding shares of common stock of GGP other than those shares currently held by BPY and its affiliates. In the transaction, GGP shareholders will be entitled to elect to receive, for each GGP common share, either $23.50 in cash or either one BPY unit or one share of a new BPY U.S. REIT security, subject to proration based on aggregate cash consideration of $9.25 billion. The Special Committee, comprised of non-executive, independent directors, has unanimously recommended that GGP shareholders approve the transaction. The Special Committee believes the transaction is fair to and in the best interests of GGP shareholders. Brian Kingston, CEO of Brookfield Property Partners, said, “This is a compelling transaction that enables GGP shareholders to receive premium value for their shares and gives them the ability to participate in the long-term upside of their investment. We are pleased to have reached an agreement and are excited about combining Brookfield’s access to large-scale capital and deep operating expertise across multiple real estate sectors with GGP’s portfolio of irreplaceable retail assets.”
Brookfield Property to buy GGP for US$ 9.25 Billion
Plantronics will acquire Polycom for US$ 2 billion
Plantronics, and Polycom announced that they have entered into a definitive agreement under which Plantronics will acquire Polycom in a cash and stock transaction valued at $2.0 billion enterprise value. The transaction has been unanimously approved by the boards of directors of both companies, is subject to regulatory approvals and other customary closing conditions, and is expected to close by the end of the third calendar quarter of 2018. Compelling Strategic Rationale With the acquisition of Polycom, Plantronics will become the partner of choice for the communications and collaboration ecosystem. The combination: Accelerates Plantronics Strategy. Polycom brings a global leadership position in voice and video collaboration, accelerating Plantronics vision of delivering new communications and collaboration experiences. Broadens Portfolio. With the addition of Polycom, Plantronics will have the broadest portfolio of complementary products and services across the global communications and collaboration ecosystem, and the ability to create exceptional user experiences. Expands Market Opportunity. The combination positions Plantronics to capture additional opportunities across the $39.9B Unified Communications and Collaboration industry driven by innovation in video and the ubiquity of audio, building growth opportunities through data analytics and insight services.
GSK buys Novartis's stake in Consumer Healthcare Joint Venture for $13 Billion
GlaxoSmithKline plc, announces that it has reached an agreement with Novartis for the buyout of Novartis’ 36.5% stake in their Consumer Healthcare Joint Venture for $13 billion (£9.2 billion). The Consumer Healthcare Joint Venture was formed as part of the three-part transaction between GSK and Novartis which was approved by shareholders in 2014. Last year, GSK’s Consumer Healthcare business reported sales of £7.8 billion and since 2015 sales have grown 4% on a 3 year CAGR basis (2015-2017 at 2014 CER) with an overall improvement in operating margins from 11.3% in 2015 to 17.7% in 2017. Under the terms of the original transaction, Novartis has the right, exercisable from 2 March 2018 to 2 March 2035 to require GSK to purchase its stake (or specified tranches of it) in the Joint Venture. This put option, in both size and possible timing, creates inherent uncertainty for the Group’s capital planning. The new agreement to buy-out Novartis’ stake removes this uncertainty and improves the Group’s ability to plan allocation of capital to its other priorities. As a result of the transaction, GSK’s shareholders will capture the full value of GSK’s Consumer Healthcare growth. With category-leading Power Brands, increased focus on science-based innovation and improved operational efficiencies, GSK Consumer Healthcare is well positioned to deliver sales growth, operating margin improvements and attractive returns. The business expects operating margins to approach ‘mid-20’s’ percentages by 2022 at 2017 CER. GSK is initiating a strategic review of Horlicks and its other consumer healthcare nutrition products to support funding of the transaction, and to drive increased focus on OTC and Oral Health categories. Combined sales of these products were approximately £550 million in 2017. The majority of Horlicks and other nutrition products sales are generated in India, with the Horlicks range widely recognised as a portfolio of premium nutrition products. In India, these products are sold by GlaxoSmithKline Consumer Healthcare Ltd, a public company listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The strategic review will include an assessment of GSK’s 72.5% shareholding in the company. GSK expects the outcome of the strategic review to be concluded around the end of 2018. There can be no assurance that the review process will result in any transaction. India remains a priority market for GSK investment and growth. The Consumer Healthcare business will continue to invest in growth opportunities for its OTC and Oral Health brands, such as Sensodyne and Eno. The Group is also actively investing in its Pharmaceutical and Vaccines businesses, including building new manufacturing capacity in Vemgal, Karnataka and Nashik.
Isodiol International Inc agreement to acquire Azure Bottling LLC
Isodiol International Inc., a global Bioactive CBD innovator specializing in the development of pharmaceutical and wellness products, is proud to announce that its wholly owned subsidiary, IsoBev Inc., has reached a definitive agreement to acquire 100% of Azure Bottling LLC, a premier water bottling facility located in Leesburg, Florida. Azure is a state of the art facility and was named as one of the top 50 Florida companies to watch for economic impact by GrowFL last year. Azure also won the 2017 gold medal for Best Tasting Water at the Berkeley Springs International competition under its affiliated brand AlphaPure. Azure has in place the manufacturing and distribution agreements to supply water to Sysco, McArthur Dairy / Dean Foods, and Dollar General Stores throughout the United States. In total, Azure full capacity runs approximately 5.3 million bottles per month and expects this to increase to approximately 8.58 million bottles after space and efficiency improvements over the next several months. IsoBev focuses on the Company’s exceptional growing beverage brand portfolio and will capitalize on these enterprise level companies for additional support and distribution of all beverage brands created in-house. This alignment now brings into the organization of the company’s beverage business operations with its core growth strategies for meaningful scale, and clearly defined portfolio role that targets growth with enterprise marketplace opportunities. “The acquisition of the Azure water bottling facility is an important milestone for Isodiol,” said Marcos Agramont CEO of Isodiol. “This facility unlocks the value of our beverage portfolio such as our CBD and hemp waters and the growth potential of some of our core business competencies. It is the next logical step in our ongoing effort to accelerate our growth trajectory and maximize value for our shareholders,” said Agramont.
FedEx Corp. announced that it has acquired P2P Mailing Limited, a leading provider of worldwide e-commerce transportation solutions, for £92 million. P2P’s capabilities complement and expand the FedEx portfolio of offerings important to the rapidly growing global e-commerce marketplace. P2P provides customers with unique last-mile delivery options, leveraging its relationships with private, postal, retail and clearance providers in over 200 countries. Its industry-leading technology and processes provide plug-and-play options with carrier networks and customer systems. P2P is headquartered in Laindon, United Kingdom and will operate as a subsidiary of FedEx Cross Border within the FedEx Trade Networks operating company. “Global e-commerce continues to grow at a rapid pace, and more and more merchants, marketplaces, e-commerce and social platforms are looking for innovative, cost-effective ways to get merchandise from distribution points in one country to customers in another,” said Carl W. Asmus, president and CEO, FedEx Cross Border. “By adding P2P to the FedEx portfolio, we will be able to effectively serve even more elements of the e-commerce market.”
FedEx expanding E-Commerce capabilities with acquisition of P2P
DENSO brings Advanced Automotive Technology R&D to Israel
DENSO Corporation unveiled its newest innovative satellite R&D team in Israel, accelerating advanced technologies like automated driving, cybersecurity, and AI. Starting in April, DENSO’s R&D satellite will begin collaborating with local startups to pioneer new technologies. This is the newest satellite in DENSO’s global R&D network located in key regions. DENSO distributes cutting-edge R&D functions around the world and works with local universities, research institutions, startups, and various other partners to develop competitive products and technologies tailored to customers and regional characteristics. DENSO recently announced an initiative to broaden R&D capabilities outside Japan, and in 2017, started satellite R&D activities in Helsinki, Finland focusing on creating advanced technologies and services. DENSO’s satellite R&D activities in Israel build on the country’s surge in innovative technologies in fields spanning cybersecurity, telecommunications, AI, sensing, and software. Israeli companies and tech startups have an established track record for successful collaboration with companies overseas, and are expected to play a major role in global innovation across a number of fields. DENSO will tap into Israel’s technology strengths to quickly develop more competitive technologies, both internally and through collaborative research with local companies and universities. The technologies and products developed in Israel will contribute to DENSO’s mission to deliver safe and sustainable mobility solutions that improve people’s lives and benefit the environment.
Grab, announced that it has acquired Uber’s Southeast Asia operations. This deal is the largest-ever of its kind in Southeast Asia. Grab will integrate Uber’s ridesharing and food delivery business in the region into Grab’s existing multi-modal transportation and fintech platform. With the combined business, Grab will drive towards becoming the #1 online-to-offline (O2O) mobile platform in Southeast Asia and a major player in food delivery. Grab provides the fundamental services Southeast Asia consumers care the most about: safe and affordable transport, food and package delivery, mobile payments and financial services. Grab will extend its leadership as the most cost efficient Southeast Asian platform, as it takes over Uber’s operations and assets in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. As part of the acquisition, Uber will take a 27.5% stake in Grab and Uber CEO Dara Khosrowshahi will join Grab’s board.
Grab merges with Uber in Southeast Asia
The Asian Development Bank (ADB) signed a loan agreement of approximately $175.3 million with PT Supreme Energy Rantau Dedap (SERD) to help finance the second phase of the company's geothermal power project in South Sumatra Province, Indonesia. The deal adds to ADB's continued efforts to scale up private sector-led infrastructure development and support clean energy investments in the Asia and Pacific region. As part of the financing, ADB will also administer an additional loan provided by the Clean Technology Fund (CTF), which is a rollover amount from an existing CTF facility for the first phase of the project. The CTF loan for the first phase helped to confirm the commercial resource size and allow the project to proceed to financing of construction and operations. With an estimated 29,000 megawatt (MW) of potential in geothermal power generation, Indonesia has about 40% of the world’s geothermal reserves, making it an important resource for the country to achieve its commitments to reduce carbon dioxide emissions by 29% by 2030. The project will help Indonesia get closer to this goal, with the Rantau Dedap geothermal facilities expected to generate more than 90 MW of electricity, which will power up to 130,000 homes, create jobs, and avoid over 400,000 tons of carbon dioxide emissions every year by 2021.
ADB commits $175.3 million Geothermal Energy investment in Western Indonesia
Foxconn Interconnect Technology Limited, a subsidiary of Hon Hai Precision Industry Co., Ltd., and Belkin International, Inc. (Belkin®, Linksys®, Wemo®, Phyn® brands) jointly announced the signing of a definitive agreement under which FIT agreed to acquire Belkin International for approximately US$866 million in cash, creating a global consumer electronics leader. Leveraging Belkin’s strength in research and development capabilities and the consumer products channel, FIT is expected to further tap into premium accessories and the smart home market. The transaction would also fuel the growth of Belkin’s portfolio of brands and products and supports further investment in research and development and engineering to expand FIT and Belkin’s presence in the U.S. and key markets globally. Belkin International and its family of brands will continue to operate as a subsidiary of FIT under the leadership of CEO and founder Mr. Pipkin and his executive team. Mr. Pipkin is expected to join FIT’s management team.
FIT to acquire Belkin International for US$ 866 million
Mallard Creek Polymers acquires the Intellectual Property of Ecronova Polymer GmbH
Mallard Creek Polymers Inc. (MCP) has reached agreement with Michelman Corporation to acquire the intellectual property of the Michelman subsidiary, Ecronova Polymer GmbH. Short-term, Mallard Creek Polymers will offer a limited number of products based on Ecronova recipes and knowhow from several manufacturing partners in Europe. Long-term, Mallard Creek Polymers plans to reestablish the broad product line for customers across Europe, add its North American products to the European portfolio, and introduce Ecronova grades for customers in North America. "We are pleased to add Ecronova's product and process technology to our portfolio," said Thayne Hansen, Vice President and General Manager of Mallard Creek Polymers. "Our technology heritage stems from Unocal, Rohm and Haas, and Dow Reichhold Specialty Latex, as well as Mallard Creek's collaboration with customers. For more information, visit MCP's website. Headquartered in Charlotte, North Carolina, Mallard Creek Polymers has nearly 60 years of experience in emulsion polymers across many product types – styrene-butadiene, styrene-acrylic, pure acrylic, vinyl acetate, nitrile elastomers. Mallard Creek Polymers is a wholly-owned subsidiary of the Parekh Capital Group, which invests in and nurtures companies that have strong collaborative relationships with customers.
Avigilon Corporation, announced that Motorola Solutions, Inc. has completed the previously announced acquisition of all issued and outstanding common shares of Avigilon. Motorola Solutions through its wholly owned subsidiary, Motorola Solutions Canada Holdings Inc., acquired 44,617,813 Avigilon shares for approximately USD$1.0 billion. A copy of Motorola Solutions’ early warning report will appear on Avigilon’s profile on SEDAR at www.sedar.com and may also be obtained by contacting Chris Kutsor, Motorola Solutions, at +1 847-538-7367. Motorola Solutions is located at 500 W. Monroe St., Chicago, Illinois 60661. Avigilon is located at 555 Robson Street, Vancouver, British Columbia, V6B 1A6.
Motorola Solutions completes acquisition of Avigilon in a US$ 1 billion deal
Tata Starbucks enters Kolkata with Three New Stores
Tata Starbucks Private Limited, the 50/50 joint venture between Starbucks Coffee Company and Tata Global Beverages Limited, will welcome its customers in Kolkata for the first time on March 21. Delivering the iconic ‘Third Place’ experience to customers and stewarding the company’s commitment to the city, Tata Starbucks will open three stores, marking the seventh city for the company in India. Sumitro Ghosh, chief executive officer, Tata Starbucks said, “We are honored to bring Starbucks to Kolkata, a city that has always been known for its cultural heritage and grandeur. Our aspiration is to delight our customers in Kolkata with the unique Starbucks Experience that is built on three core fundamentals – our partners (employees), our stores and our coffee. The institution of the ‘adda’ and the timeless passion it invokes in those who know of the city of Kolkata is inspiring. We hope to pay homage to the city’s inherent tradition by becoming a new ‘adda’ for our customers in Kolkata.” The three stores have been designed to weave Starbucks heritage and coffee passion into the vibrant and colorful culture of Kolkata. The regional craftsmanship, handmade by local artists and designers, brings this narrative to life across the city with different elements emphasized at each store. The Starbucks flagship store, located inside the iconic 108 year old Park Mansions on Park Street, celebrates Starbucks brand heritage with a large depiction of the Starbucks Siren, created with local tapestry, in the many colors found on the streets of Kolkata. At the Starbucks store at South City Mall, ceramic artistry installments highlight Starbucks commitment to coffee farmers around the world, celebrating the first steps of the coffee journey. The Acropolis Mall store features art inspired by traditional Indian motifs that showcases the culmination of the coffee journey highlighting Starbucks barista craft.
DAT-Schaub expands its activities in China
Danish Crown’s subsidiary DAT-Schaub has acquired a majotity stake in Shanghai Natural Casing Company. The purpose of the acquisition is to gain additional capacity in the selecting and processing of natural casings for sausage and salami production. Danish Crown’s 4WD strategy specifically declares that DAT-Schaub must be a global market leader. To achieve this goal, additional capacity is required in the selecting and processing of natural casings from pigs and lambs. “China is the centre for selecting and processing in a labour-intensive industry like ours. At the same time, the country is well positioned geographically because the raw materials come from Europe, the US and Australia. There is a strong infrastructure to and from the Shanghai area, and the employees are meticulous and quality conscious, which is essential in our business,” says Jan Roelsgaard, CEO, DAT-Schaub. In 2007, Shanghai Natural Casing Company built a new factory about an hour’s drive from the centre of Shanghai. Up to now, the company has selected and processed natural casings for the US company DCW Casing LLC, in which DAT-Schaub also has the controlling interest. This gives DAT-Schaub in-depth knowledge of the company, and it sees great potential going forward. “It’s a well-managed company, but it’s still possible to enlarge the capacity, which is essential for handling the rising volumes of raw materials we’ve gained access to over the past year,” Jan Roelsgaard says. DAT-Schaub buys and cleans sets of casings from pigs and sheeps from most of the world. These are cleaned and salted at the abattoirs and shipped to China or Portugal, where DAT-Schaub has factories to manage the selecting and and processing of the casings.
European dairy co-operative Arla Foods plans to sell its cheese production site in Sonthofen, Germany to German-based dairy company Allgäuer Hof-Milch GmbH. Both companies have signed a letter of intent and aim to finalize the transaction before May 1st 2018. Arla Foods has decided to take this step because the production and distribution of the speciality cheese produced in Sonthofen no longer corresponds with the strategic orientation of Arla’s businesses in Germany and Europe. With the planned sale of the Sonthofen site to Allgäuer Hof-Milch, Arla Foods has delivered its intention of enabling production at the site to continue. There are currently 84 people employed in total at the site. The 61 employees from production and the associated dairy shops will continue to be employed by Allgäuer Hof-Milch as part of the transfer. Arla Foods is also very confident of finding a solution for all the 23 administrative employees at the Arla site in Sonthofen, most of whom will receive job offerings either through continued employment at Allgäuer Hof-Milch or through redeployment within Arla in Germany. It is planned that the milk for the production will, initially, continue to be supplied by Arla Foods, whose milk supply contracts with farmers from the Allgäu region in most cases are still valid until the end of 2019. In addition, it is planned that Allgäuer Hof-Milch will continue to produce cheese products for Arla until further notice, so that Arla can comply with the current contracts with its retail customers. The second Arla site in the Allgäu region in Bad Wörishofen (Germany) is not affected by this planned transaction. Arla is currently examining various strategic options for this site, as the company already announced in November 2017. Further details on this planned transaction between Arla Foods and Allgäuer Hof-Milch will not be disclosed.
Arla Foods to sell its cheese production site in Sonthofen to Allgäuer Hof-Milch GmbH
Syngenta and Strider announced that Syngenta has entered into a binding agreement to acquire Strider, a Brazilian AgTech company focused on operational management solutions for farms. Completion of the transaction is subject to clearance by the relevant merger-control authorities. Financial terms of the transaction are not disclosed. Strider is an important player in the Latin American digital agriculture market and the transaction will enhance Syngenta’s ability to bring greater value to customers by providing innovative digital solutions for the management of on farm information. About Syngenta Syngenta is a leading agriculture company helping to improve global food security by enabling millions of farmers to make better use of available resources. Through world class science and innovative crop solutions, our 27,500 people in over 90 countries are working to transform how crops are grown. We are committed to rescuing land from degradation, enhancing biodiversity and revitalizing rural communities.
Syngenta to acquire Strider
Olam international secures US$ 163 million loan from ADB and JICA
Olam International Limited, a leading agri-business operating across the value chain in 66 countries, announced that it has secured medium term financing facilities (the “Facilities”) aggregating US$163.0 million from the Asian Development Bank (“ADB”) and Japan International Cooperation Agency (“JICA”). The Facilities consist of two tranches: (i) a US$83.0 million, 5-year facility for the Company and (ii) a US$80.0 million, 7-year facility for Café Outspan Vietnam Limited (“COVL”), a wholly owned subsidiary of Olam, under a guarantee from the Company. Proceeds from the Facilities will be applied towards capital expenditure and permanent working capital requirements of the Company and COVL in Vietnam, Indonesia, Timor-Leste and Papua New Guinea. Jayant Parande, President & Global Head of Treasury & Investor Relations of Olam, said: “We are pleased to have secured this financing as Olam’s approach fits well with ADB’s and JICA’s mandate of enabling inclusive economic growth with environmental stewardship and regional integration. We would like to thank ADB and JICA for their strong support for this loan transaction.” “Developing formal value chains is essential for farmers in Asia and the Pacific to integrate with the global economy and increase the value of their products,” said ADB Investment Specialist Juhyun Jeong. “ADB’s and JICA’s partnership with Olam and COVL will help smallholder farmers expand their production and operations – improving livelihoods by promoting inclusive and sustainable development.” “Olam’s comprehensive and grassroots approach to improve agricultural value chains brings significant positive impacts to farmers and the agri-business industry,” said JICA’s Investment Officer Gyo Shibata. “For the partnership with ADB’s private sector operations, we are excited to ink the first direct co-financing deal and explore further collaborations.”
Swedish Match acquires Oliver Twist
Swedish Match acquires House of Oliver Twist A/S, a privately held Danish smokeless tobacco company, headquartered in Odense, Denmark. House of Oliver Twist A/S has over 200 years of history and is Denmark’s oldest independent tobacco manufacturer. The company develops, produces and sells chewing tobacco bits made of processed tobacco strands under the brand Oliver Twist. The company’s main markets are in Scandinavia and certain other EU countries. The company has 33 employees and annual revenues amount to approximately 60 MDKK. The closing date of the transaction is expected to be April 3. Lars Dahlgren, President and CEO of Swedish Match says: “Oliver Twist is a good complement to our smokeless portfolio and will provide increased depth to our chewing tobacco offerings, especially in Europe.” In commenting about the transaction, Michael Drest Nielsen, present owner of House of Oliver Twist A/S says: ”It was important to us to find a buyer who shares the same vision for smokeless tobacco as us. With their resources, competence and knowledge within smokeless tobacco, Swedish Match will give Oliver Twist better opportunities to develop and grow.”
The highly anticipated Pearl Rotana has announced the opening of its business and leisure-led hotel located few steps away from the National Exhibition Centre (ADNEC). Guests are welcomed with an extensive array of spacious rooms and suites, many of which present stunning sea views. Culinary journeys from five dining venues await, including two distinctive new concepts set to disrupt the Abu Dhabi dining scene. With central location to the top attractions, in the buzzing Capital Centre area, and 20 minutes from Abu Dhabi’s International Airport, the hotel makes for an ideal place to stay, immerse and experience the UAE capital to the fullest. The 315 light, modern rooms and suites have been designed for guests to feel relaxed and comfortable during their entire stay. All the rooms offer high-speed wireless Internet, complimentary coffee and tea making facility, daily local newspapers and IDD telephones together with deluxe beds for maximum comfort. In-room flat-screen TVs come with multi and satellite channels, suitable for all visitors.
Hilton plans to open four new hotels in Turkey
Hilton, announced plans to open four new hotels in Turkey under its upscale DoubleTree by Hiltonand midscale Hampton by Hilton brands. These agreements see Hilton reach 90 hotels trading and under development in the strategic Turkish market. "Hilton has had a presence in Turkey for more than 60 years and these latest agreements reinforce our commitment to the market. Turkey continues to be an important destination for visitors, with more than 29 million tourist arrivals in the first ten months of 2017*," said Carlos Khneisser, vice president, development, Middle East, North Africa & Turkey, Hilton. "Hilton has more than 11,000 rooms in operation across the country and over 4000 additional rooms in the pipeline, and we are pleased to be further growing our footprint in the country with agreements in these four important locations." DoubleTree by Hilton Gaziantep The 108 guest room DoubleTree by Hilton Gaziantep will offer three meeting rooms and a choice of two dining outlets and is slated to open in the first half of 2018. It will be situated on a major road that connects the city centre to one of Gaziantep's organized industrial zones and will be ideally located close to major hospitals, office blocks and government offices, such as the Gaziantep Chamber of Commerce and the Gaziantep Directorate of Public Health. It will also be near leisure attractions, such as Forum Gaziantep Mall and the Zeugma Mosaic Museum. The hotel will be run as a franchise by owner Ak_A Yatirim Turizm Otelcilik San. Ve Tic. Ltd. Sti on behalf of Hilton. DoubleTree by Hilton Afyonkarahisar DoubleTree by Hilton Afyonkarahisar, Hilton's first property in Afyonkarahisar, is expected to open in 2019. It will include 115 guest rooms, a multifunctional event space and two meeting rooms and will be strategically located in Afyonkarahisar's city centre, within five kilometres of Afyonkarahisar's organized industrial cluster, Afyonkarahisar State Hospital, Afyon Kocatepe University and the main train station. The hotel is to be franchised by Hilton to owner PNR Dogal Tas Mad. Ith. Ihr. San ve Tic. Ltd. Sti. Hampton by Hilton Sakarya Expected to open in 2020, the 140 guest room Hampton by Hilton Sakarya will be located in town of Serdivan which is Sakarya's new city centre. It will be on Çark Street, a major arterial road that passes through the town, and will be close to Sakarya's organized industrial zone and Sakarya University. In terms of leisure attractions, the hotel will be within walking distance of Serdivan Shopping Mall and Cadde 54 Shopping Mall, as well as 10 kilometres from Sapanca, a popular location for hiking and other recreational activities. The hotel was announced following the signing of a franchise agreement between Hilton and Mas Otelcilk Yatırım Sanayi ve Ticaret A.Ş.
Radisson Blu Hotel, Dubai Waterfront opens its doors
Radisson Blu, the upper upscale brand that delivers a positive and personalized service in stylish spaces, continues its expansion in key global cities of the world, with the latest opening in Dubai – Radisson Blu Hotel, Dubai Waterfront. The hotel positions itself as the friendliest five-star hotel in the city. It is located in Dubai’s exciting new trend-setting neighborhood, Business Bay. With spectacular views from the hotel of the iconic Burj Khalifa and newly-opened Dubai Water Canal, Radisson Blu Hotel, Dubai Waterfront is also home to the city’s newest nightlife destination, the Gotha nightclub, the world’s second besides Cannes. Tim Cordon, Area Senior Vice President, Middle East, Turkey and Africa, the Rezidor Hotel Group said: “We are very proud and excited to open our fifth Radisson Blu hotel in Dubai, one of the world’s most attractive travel destinations and key regional commerce hub. The tourism sector in Dubai continues to grow and flourish as a result of the Emirate’s remarkable vision in creating a world-class destination for entertainment and culture. The superb tourism attractions are underpinned by the growth of Dubai International Airport, the world’s busiest airport in terms of international traffic and the continued investment in the city’s infrastructure. We are delighted to open another flagship Radisson Blu hotel in such a prominent location in Dubai and contribute to this growth.”
IHG to bring sophisticated, world-class accommodation to Thailand's Phang Nga Bay
InterContinental Yao Yai Resort will be a luxurious getaway destination easily accessible from Phuket and Krabi Set between southern Thailand's mainland and Phuket Island lies Phang Nga Bay, a scenic bay replete with limestone cliffs, mangrove forests and pristine islands. InterContinental Hotels Group (IHG) has announced a signing agreement with Soraya Development Company Limited to develop the InterContinental Yao Yai Resort, bringing true luxury to Phang Nga Bay’s largest island. Set to open early 2020, the new-built 170-key InterContinental Yao Yai Resort will be ideal for discerning travellers seeking a quiet and pristine getaway. Situated half an hour from Phuket and Krabi airport as well as Phuket and Krabi private piers, guests can look forward to smooth arrivals and departures, complemented by spectacular views of Bird-Nest Island and Phang Nga Island located 700 metres from private resort-front beach. Travellers seeking a more exclusive experience can opt for the tropical villas — 18 one-bedroom units situated on the lagoon and creeks — or the beachfront pool villas, encompassing 10 one-bedroom, one two-bedroom, and one three-bedroom units that boast unblocked ocean views across a kilometre of beach length. As one of Thailand’s most popular areas, Phang Nga Bay attracts over five million visitors annually and this number is expected to rise substantially, thanks to continuous infrastructural development. Phang Nga Bay is blessed with its own array of natural attractions from limestone cliffs and rock formations, as well as mangrove forests and small deserted islands in a relaxed setting, whilst still easily accessible from Phuket and Krabi, another travellers’ favourite.”
IHG to give Sydney’s colourful Central neighbourhood a splash of Indigo
Travellers will soon have a refreshingly local way to satisfy their curiosity when staying in Sydney, with the signing of Hotel Indigo Sydney Central by IHG® and Watson Elite. No two Hotel Indigo properties are the same, with each drawing on the story of its local area to inspire every aspect of the hotel to help guests feel part of the destination. That’s why Sydney’s Central precinct, with its rich history, is the perfect fit for the brand. When it opens in 2021, Hotel Indigo Sydney Central’s design, created by Bates Smart, will draw its unique identity from the neighbourhood’s rich heritage and the nuances of the site. The cantilevered northern wing will provide a sophisticated and calming backdrop to its neighbour, the heritage-listed Corporation Building, while a grand artwork will become a distinctive external feature, celebrating the hotel’s location within the Haymarket entertainment precinct. Inside, the design will ensure the hotel fits naturally into the neighbourhood, telling stories of the local culture by weaving together rich materials, colour palette and custom pieces from local artists, photographers and furniture makers. The 168-room hotel will boast a restaurant, café and bar that will draw on distinctive local ingredients for their menus, echoing the produce markets were located in Haymarket from the early 20th century through to the 1980s. It will also include five suites, rooftop terraces for meetings and events with views over the city, and a gymnasium.
Athletic retailer The Finish Line, Inc. announced that it has entered into a merger agreement providing for JD Sports Fashion Plc (LSE: JD) to acquire 100% of the issued and outstanding Finish Line shares at a price of $13.50 per share in cash representing an aggregate deal value of approximately $558 million. JD is the leading European retailer of sports, fashion and outdoor brands. “We are extremely excited to be joining up with Finish Line, a well-established US operator,” said Peter Cowgill, Executive Chairman of JD. “The acquisition represents an excellent opportunity for JD to establish its market leading multi-brand proposition in the world’s largest athleisure market. It immediately offers a major presence in the US, a clear next step to further increase our global scale. Finish Line has many similarities to JD with a strong bricks and mortar offering complemented by an advanced and well-invested digital platform. We are looking forward to working with Finish Line’s experienced management team to bring best in class retail theatre to the US. The merger agreement is subject to Finish Line and JD shareholder approval of the merger, the receipt of all required regulatory approvals, and the satisfaction of other customary conditions to closing. The expected timeline to close on this agreement is no earlier than June 2018.
JD Sports to acquire Finish Line for $558 Million
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