Conagra Brands to acquire Pinnacle Foods for US$ 10.9 bn
Foxconn breaks ground on $10 billion investment
25 - 30 June 2018
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Saudi Aramco, ADNOC sign US$ 44 bn India refinery deal
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Mercedes-Benz invests US$ 699 mn in expansion of East London plant
Liberty Steel will invest US$ 5 bn to restarts ArcelorMittal’s unit in USA
Web.com to be acquired by an affiliate of Siris Capital for US$ 2 bn
Mercedes-Benz Cars will also produce the next generation of the C-Class in East London (South Africa) and expands the plant with an investment of 600 Million Euro. This includes the construction of a new paint shop and a new body shop, an upgrade of the assembly shop and new logistic warehouses. Overall the new buildings comprise an area of approximately 100.000 sqm, this reflects an addition of two thirds of the already existing buildings for the passenger vehicle production. The new workshops will incorporate environmental friendly and state of the art technologies.
“With the investment of 600 Million Euro we are significantly expanding our plant in East London and equipping it for the future. The decision to have the new generation of the C-Class built in East London re-affirms the plant and Mercedes-Benz South Africa. The investment is also a sign of our commitment to South Africa and efforts to revive economic growth as well as the socio-economic development of the East London region,” stated Markus Schäfer, Member of the Divisional Board of Mercedes-Benz Cars, Production and Supply Chain, during the visit of His Excellency, Cyril Ramaphosa, President of South Africa to Mercedes-Benz plant in East London.
Mercedes-Benz Cars invests $699 mn in expansion of East London plant
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Mercedes- Benz's completed construction of high-tech engine plant in Jawor, Poland
Mercedes-Benz Cars has nearly completed construction work on its high-tech engine plant in Jawor, Poland - the basic structure of the new engine factory is in place. With this plant, the company is increasing capacities within the global production network of Mercedes-Benz Cars. The CO2-neutral factory will employ more than 1,000 people, 500 more than initially announced at last year’s Groundbreaking.
The official topping-out ceremony was attended by Jadwiga Emilewicz, Minister of Entrepreneurship and Technology, Markus Schäfer, Member of the Divisional Board of Mercedes-Benz Cars, Production and Supply Chain, Frank Deiß, Head of Production Powertrain Mercedes-Benz Cars, Rainer Ruess, Head of production planning Mercedes-Benz Cars and Dr Andreas Schenkel, CEO Mercedes-Benz Manufacturing Poland, as well as other guests from business and politics.
Volvo Cars expands global manufacturing footprint with first US Factory
Volvo Cars, the premium car maker, inaugurates its first US manufacturing plant, in Charleston, South Carolina, establishing the company as a truly global car manufacturer with plants in all three major sales regions.
The establishment of a state-of-the-art production facility in South Carolina follows Volvo Cars’ global manufacturing strategy, ‘Build where you sell.
The company’s first US facility complements its two manufacturing plants and an engine plant in Europe, three car factories and an engine plant in China, and assembly plants in India and Malaysia.
Jaguar Land Rover has announced plans to open a new software, IT and engineering centre in Manchester to support its strategy to introduce connected technologies in future vehicles.
With technical innovation at the heart of Jaguar Land Rover, the new Manchester centre, will work alongside the company’s engineering teams at the Gaydon Pioneering Hub, Warwickshire, the global design and engineering HQ, along with the Republic of Ireland, China, and North America.
The small team will pioneer new software technology to help create the next generation of future connected car technologies. In addition, it will work on a range of mobility services and developing new technology features on future Jaguar and Land Rover vehicles.
Jaguar Land Rover to open engineering centre in Manchester
Governor Scott Walker joined President Donald Trump, Speaker of the U.S. House of Representatives Paul Ryan, and Foxconn Technology Group (Foxconn) in celebrating the groundbreaking of Phase 1 of Area 1 of the Wisconn Valley Science and Technology Park in Mount Pleasant. Foxconn is committed to a “Wisconsin First” strategy to build the campus, which places an emphasis on hiring Wisconsin workers and businesses.
Foxconn represents the largest foreign direct investment in Wisconsin history and it is one of the largest greenfield investments by a foreign-based company in United States history, as measured by jobs. The Metropolitan Milwaukee Association of Commerce estimates that the project will add $51 billion to Wisconsin’s gross domestic product over the next 15 years. This translates to $18 returned for every $1 invested by the state. Foxconn is expected to spend about $1.4 billion annually in goods and services sourced from Wisconsin.
The company plans to create up to 13,000 jobs with an average annual salary of $53,875 with benefits once fully operational. In addition to the requirements in the contract, the company also has set an aggressive goal of hiring 3,000 veterans by the time the facility is fully operational.
Foxconn breaks ground on $10 billion investment
AAM expands in Barcelona with New Manufacturing Facility
American Axle & Manufacturing, Inc., a global leader in the design, engineering and manufacturing of automotive driveline and powertrain components, will expand operations in the industrial area of Viladecans, Spain, to support growth with new and existing European customers.
Set to open in January 2019, a new 15,000 sq.-m. facility located 20 km southwest of Barcelona will produce powertrain components for Europe’s leading automakers including Renault, BMW, Daimler, Porsche, Audi and Ford. The new facility consolidates two smaller facilities in nearby Gavà and at full capacity will employ 170 associates.
Liberty Steel will invest US$ 5 billion to restarts ArcelorMittal unit in USA
The historic Georgetown steelworks in South Carolina, which has remained idle for almost three years, was brought back to life heralding the arrival of Sanjeev Gupta’s global GFG Alliance in the USA.
The 14,000-worker metals, mining, engineering, energy and financial services group, which has invested billions to secure the future of industrial assets in the UK, Europe and Australia, said it now intended to do the same in North America.
Group executive chairman, Sanjeev Gupta, said the recommissioning of Georgetown’s furnaces and wire rod mills would be the first in a series of GFG projects across the US and Canada, amounting to more than $5 billion in investments over the next few years. Of this, $1 billion is expected to be invested during the coming year to acquire and develop steel, aluminium, engineering, mining, energy generation, and financial services assets. The Group is also establishing a New York regional head office as a hub for its global business.
A ceremony to reignite the first of Liberty Steel’s furnaces in the USA took place today in front of an audience of elected representatives, local dignitaries, customers, union officials, group executives from around the world and local workforce, in Georgetown, South Carolina. It marked a key milestone for Liberty Steel in the USA, and the first step towards restoring full production to the 750,000-tonne a year plant in Georgetown which was shuttered by former owners in 2015.
Exide Industries Ltd, India's largest manufacturer of lead acid storage batteries and power storage solutions provider, and Leclanché SA one of the world's leading energy storage solution companies, headquartered in Switzerland, announced a joint venture to build lithium-ion batteries and provide energy storage systems for India's electric vehicle market and grid-based applications.
With all the major cities in the world suffering from record-breaking pollution levels, there is an urgent need for radical new ways to power transport. Countries all over the world are working to find alternative solutions to reduce harmful NOx emissions, which are damaging to human health and the environment.
As part of the JV, Leclanché will provide access to its knowhow and intellectual property for lithium-ion cells, modules and battery management systems and Exide Industries will leverage its extensive sales network and brand. As a result of this unique combination, the JV is ideally positioned to be a leading provider of storage solutions for electric vehicles and energy storage applications in India and will also contribute to developing solutions to increase the amount of renewable energy that is used and reduce India's dependence on fossil fuels.
Exide and Leclanche form JV to make Batteries for India
LG Electronics plans for U.S. Solar Panel assembly plant
LG Electronics announced plans for a new solar module assembly plant in Huntsville, Ala. The new factory will create about 160 new full-time jobs, increasing LG's Huntsville employment by 60 percent to more than 400 workers.
LG is investing $28 million to establish the new factory with two production lines on LG's 48-acre campus in Huntsville, where the company has had operations for four decades. This underscores the company's commitment to investing in America and to driving environmental sustainability.
Starting in early 2019, the new plant is expected to produce 500 megawatts of high-performance solar panels annually. "That's over a million solar panels a year," said Soon Kwon, global president of the LG B2B (Business-to-Business) Company.
His Highness Sheikh Abdullah bin Zayed bin Sultan Al Nahyan, UAE Minister of Foreign Affairs and International Cooperation, and Shri Dharmendra Pradhan, India’s Minister of Petroleum and Natural Gas, witnessed the signing, of a framework agreement, between the Abu Dhabi National Oil Company (ADNOC), Saudi Aramco (Aramco) and a consortium of three Indian oil companies, to explore a strategic partnership and co-investment in the development of a new US $44 billion mega refinery and petrochemicals complex at Ratnagiri, on India’s west coast.
The framework agreement was signed by His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, Amin Nasser, CEO of Saudi Aramco, Sanjiv Singh, Chairman of the Indian Oil Corporation Ltd, M.K. Surana, Chairman and Managing Director, Hindustan Petroleum Corporation Ltd, D Rajkumar, Chairman and Managing Director, Bharat Petroleum Corporation Ltd. B Ashok, CEO of the Ratnagiri Refining and Petrochemical Company Ltd also witnessed the signing.
The agreement defines the principles of the joint strategic cooperation between Saudi Aramco and ADNOC to jointly build, own and operate the complex in collaboration with a consortium of Indian national oil companies currently consisting of Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd, and Hindustan Petroleum Corporation Ltd. Saudi Aramco and ADNOC will jointly own 50% of the new joint venture Company Ratnagiri Refining and Petrochemical Company Ltd, with the remaining 50% owned by the Indian Consortium.
Goodman Group announced the establishment of the Goodman Brazil Logistics Partnership to invest in prime logistics and industrial assets in the key gateway cities of São Paulo and Rio de Janeiro.
Goodman Group has been in Brazil since 2012, owning, developing and managing modern high-quality logistics and industrial properties. The establishment of the US$700 million / R$2.5 billion Partnership allows the Group to invest alongside its global capital partners APG, Canada Pension Plan Investment Board, First State Super and GIC, who share the same investment horizon and confidence in the Brazilian market.
Goodman Brazil Logistics Partnership to invest in prime logistics and industrial assets
Xavier Ursat, Group senior executive vice president of EDF in charge of new nuclear projects and engineering, and Andreas Lusch, President and CEO of GE’s Steam Power business, announced that GE and EDF signed a strategic cooperation agreement for the planned construction of 6 EPR reactors at the Jaitapur site, Maharashtra, India.
This agreement lays the foundations for a long term partnership concerning the construction of the conventional island* on each of the 6 reactor units. GE Power will design the conventional island for the Jaitapur nuclear plant and supply its main components. The company will also provide operational support services and a training programme to respond to the requirements of NPCIL, the Indian owner and operator of the future nuclear power plant currently under discussion. EDF will be responsible for engineering integration covering the entire project (nuclear island, conventional island and auxiliary systems) and will provide all the requisite input data.
EDF and GE Power will move forward with the work currently being performed to freeze the project’s technical options, fine-tune industrial arrangements between both companies and finalize the design-engineering and procurement schedule.
EDF and GE sign cooperation agreement for construction of 6 EPRs in India
Gray Television, Inc. and Raycom Media, Inc., an employee-owned company, jointly announced that they have entered into an agreement to combine their companies in a transformative transaction that will create the single largest owner of top-rated local television stations and digital assets in the country.
This transaction marks Gray’s transformation from a small, regional broadcaster into a leading media company with nationwide scale based on high-quality stations with exceptional talent in attractive markets. Gray and Raycom have highly complementary portfolios of television stations as well as highly complementary company cultures, award-winning journalistic commitments, and long histories of commitments to exceptional community service. Gray in particular is delighted to announce that, upon the closing, Raycom President and CEO, Pat LaPlatney, will become Gray’s President and Co-Chief Executive Officer. In addition, Mr. LaPlatney and Raycom’s former President and CEO, Paul McTear, both of whom are currently members of Raycom’s Board of Directors, will join Gray’s Board of Directors. At that time, Hilton Howell will become Executive Chairman and Co-Chief Executive Officer of Gray.
Gray & Raycom to combine in a US$ 3.6 billion transaction
GE announced that it has signed an agreement to sell its Distributed Power business to Advent International, one of the largest and most experienced global private equity investors, for $3.25 billion. The transaction includes Distributed Power’s Jenbacher and Waukesha engines, as well as manufacturing sites in Austria, Canada and the U.S.
Distributed Power, a business unit of GE Power, is a leading provider of reciprocating gas engines, power equipment and services focused on power generation and gas compression at or near the point of use. Distributed Power offers a diverse product portfolio that includes highly efficient, fuel-flexible, industrial gas engines generating 200 kW to 10 MW of power for numerous industries globally. With approximately 3,000 employees and three main facilities located in Austria, the U.S. and Canada, Distributed Power has delivered more than 48,000 Jenbacher and Waukesha reciprocating gas engines to customers around the world. The Distributed Power business had sales of $1,317 million for the year ended December 31, 2017.
GE to sell distributed power business to Advent International for $3.2 bn
Conagra Brands, Inc. and Pinnacle Foods Inc. announced that their boards of directors have unanimously approved a definitive agreement under which Conagra Brands will acquire all outstanding shares of Pinnacle Foods in a cash and stock transaction valued at approximately $10.9 billion, including Pinnacle Foods' outstanding net debt.
The combination of two growing portfolios of iconic brands will serve as a catalyst to accelerate value creation for shareholders. The transaction will enhance Conagra Brands' multi-year transformation plan and expand its presence and capabilities in its most strategic categories, including frozen foods and snacks. With annual net sales in excess of $3 billion, Pinnacle Foods' portfolio of frozen, refrigerated and shelf-stable products includes such well-known brands as Birds Eye, Duncan Hines, Earth Balance, EVOL, Erin's, Gardein, Glutino, Hawaiian Kettle Style Potato Chips, Hungry-Man, Log Cabin, Tim's Cascade Snacks, Udi's, Vlasic and Wish-Bone, among others. Based on both companies' latest fiscal year results, pro forma net sales would have been approximately $11 billion.
Conagra Brands to acquire Pinnacle Foods for US$ 10.9 billion
The Kroger Co. and Home Chef, the country's largest private meal kit company, finalized a merger that will significantly accelerate availability of meal kits and position the combined company to lead the way in revolutionizing how families shop for, prep, and cook their meals.
"We're excited to welcome Home Chef to The Kroger Family of Companies," says Rodney McMullen, Kroger's chairman and CEO. "The merging of our two innovative, data-driven, and customer-focused cultures will allow us to accelerate our reach across America, serving food inspiration and uplift."
"We couldn't be more excited to join the Kroger family and for what this will mean for millions of customers," said Pat Vihtelic, Home Chef's founder and CEO. "We look forward to bringing Home Chef's simple, convenient and enjoyable meal solutions to Kroger locations."
The initial transaction price is $200 million and future earnout payments of up to $500 million over five years are contingent on achieving certain milestones, including significant growth of in-store and online meal kit sales. The merger comes on the heels of Home Chef's 150% growth in 2017, $250M in revenue, and two profitable quarters.
Kroger completes merger with Home Chef
Thai Union Group PCL. and Thammachart Seafood Retail Co., Ltd. (TSR) announced that Thai Union has entered into an agreement to acquire a 25.1 per cent stake in TSR for approximately THB 37 million.
TSR, which currently generates sales in excess of THB 660 million, was incorporated in 2007 and provides professional management services to Thai retailers for their seafood counters, handling fresh and frozen product at 158 locations in Thailand. This includes two food and beverage concepts at eight locations, The Dock Seafood Bar and The Lobster Lab, as well as management of the Ocean Bar.
Thai Union, owner of Thai-leading brands such as SEALECT, Fisho and Qfresh, will be able to leverage TSR’s creative seafood restaurant concepts such as the Dock and kiosk-style concepts such as the Lobster Lab, as well as potentially supply its products to TSR, including its retail segment.
Thai Union makes strategic investment in Thammachart Seafood Retail
CannTrust opens 450,000 sq. ft. Cannabis Perpetual Harvest Facility in Canada
CannTrust Holdings Inc., one of Canada's leading licensed producers of cannabis, held the official Grand Opening of its Niagara Perpetual Harvest Facility, the first such facility in Canada. The 450,000 sq. ft. hydroponic facility sets new standards for the industry. The current annual output from the Facility is estimated at 50,000 kilograms. In addition, the Company has begun construction of an additional fully funded 600,000 sq. ft. expansion, that when completed, will double CannTrust's annual capacity to in excess of 100,000 kilograms.
In order to position itself as a major participant in the expanding worldwide cannabis market estimated at $180 billionannually, CannTrust has to-date invested close to $40 million at the Facility.
Lilly Completes acquisition of ARMO BioSciences
Eli Lilly and Company announced the successful completion of its acquisition of ARMO BioSciences, Inc. .
"We are pleased to announce the completion of our acquisition of ARMO BioSciences, which adds a promising clinical immunotherapy asset, pegilodecakin, to Lilly's oncology portfolio," said Sue Mahony, Ph.D., Lilly senior vice president and president of Lilly Oncology. "Lilly will continue to pursue medicines that use the body's immune system in new ways to treat cancer and that have the potential to make a meaningful difference to patients with cancer."
This impact of the transaction will be reflected in Lilly's reported results and financial guidance according to Generally Accepted Accounting Principles (GAAP). There is no expected change to Lilly's 2018 non-GAAP earnings per share guidance as a result of this transaction.
Unilever announced that it has signed an agreement to acquire a 75% stake in the Italian personal care and wellbeing business, Equilibra.
Founded in 1987 by Franco Bianco, Equilibra has a growing presence in the so-called ‘natural’ personal care segments, offering Skin Care and Hair Care ranges; and is a leading player in nutritional supplements in Italy. Equilibra has a product offering and proposition based on its authentic Italian credentials; using plant-based ingredients with functional benefits, such as Aloe, Karite’, Argan and Almond.
Alan Jope, Unilever President Beauty & Personal Care, said: “Equilibra is very well-positioned in the wellbeing space in Italy and complements perfectly our existing offering. The Equilibra brand enjoys great recognition in the market, and we see opportunities for further development in what is a fast-growing segment.”
Franco Bianco, Founder of Equilibra, stated: “We are delighted to work together with Unilever to take the next step in our journey. We aim to spread the Italian Beauty and Wellbeing abroad and strengthen our presence in Italy.”
Fulvio Guarneri, General Manager Unilever Italy added: “Unilever has a successful track record of scaling partnerships with quintessential Italian brands on a national and European level. Unilever and Equilibra will leverage their complementary expertise to grow the Equilibra business, bringing sustainability, wellness and the Italian spirit to people in Italy and abroad.”
Unilever to acquire 75% of Italian personal care business Equilibra
Bio-Techne Corporation announced that it has reached agreement to acquire Exosome Diagnostics, Inc. for $250 million in cash plus contingent consideration of up to $325 million due upon the achievement of certain future milestones. Bio-Techne's maThe transaction will be financed through a combination of cash on hand and a revolving line of credit facility that Bio-Techne expects to obtain prior to the closing of the acquisition.
There are multiple synergies with our core company, including our 40-year track record of developing and commercializing the highest-quality biologicals, especially in the field of cytokines. We will leverage our strong brand and market leadership position to extend these core competencies to the science of exosomes and cell free-DNA (cfDNA) biology and their utility as novel diagnostic tools. The non-invasive nature of this technology creates a new process for liquid biopsies and is likely to transform medical practice.
The acquisition for us as we also expand in the CAR-T cell marketplace, leveraging our growing critical mass in cell culture-focused product lines.
Bio-Techne Corporation to acquire Exosome Diagnostics Inc.
Thermo Fisher will acquire Gatan Inc., for $925 million
Thermo Fisher Scientific Inc., the world leader in serving science, and Roper Technologies, Inc., a leading diversified technology company, announced that they have entered into a definitive agreement under which Thermo Fisher will acquire Gatan, Inc., a wholly owned subsidiary of Roper, for approximately $925 million in cash. Gatan is a leading manufacturer of instrumentation and software used to enhance and extend the operation and performance of electron microscopes.
Gatan's technologies are used in materials science, electronics and life sciences to enable electron microscopy workflows – from specimen preparation and manipulation to imaging and analysis. These solutions, which are platform agnostic, include filter systems, cameras and proprietary software. With approximately 320 employees globally, Gatan is headquartered in Pleasanton, Calif., and has key manufacturing operations in Warrendale, Penn. The business is expected to generate approximately $150 million in revenue for full year 2018.
Amazon to acquire PillPack
Amazon and PillPack announced that they have entered into a definitive merger agreement under which Amazon will acquire PillPack.
PillPack is a pharmacy designed to provide the best possible customer experience in the U.S. for people who take multiple daily prescriptions. PillPack delivers medications in pre-sorted dose packaging, coordinates refills and renewals, and makes sure shipments are sent on time.
“PillPack’s visionary team has a combination of deep pharmacy experience and a focus on technology,” says Jeff Wilke, Amazon CEO Worldwide Consumer. “PillPack is meaningfully improving its customers’ lives, and we want to help them continue making it easy for people to save time, simplify their lives, and feel healthier. We’re excited to see what we can do together on behalf of customers over time.”
Siemens acquires Austemper Design Systems
Siemens has entered into an agreement to acquire Austin, Texas-based Austemper Design Systems Inc., a startup software company that offers analysis, auto-correction and simulation technology. This technology allows customers to test and harden IC designs for functional safety in applications such as automotive, industrial and aerospace systems where functional safety and high reliability are mandatory for compliance to safety standards like ISO 26262.
ICs in these applications require three types of functional safety verification: for systemic faults, malicious faults and random hardware faults. Mentor’s existing Questa™ software is a leading technology for functional verification of systemic faults and provides solutions for verification of malicious faults for IC security. The software technology from Austemper adds state-of-the-art safety analysis, auto-correction and fault simulation technology to address random hardware faults – expanding on Mentor’s existing functional safety leadership offerings of the Tessent™ product suite and the Veloce™ platform to provide the most complete end-to-end solution.
Web.com to be acquired by an affiliate of Siris Capital Group for US$ 2 billion
Web.com Group, Inc. a leading global provider of a full range of Internet services and online marketing solutions for small and medium‐sized businesses, announced that it has entered into a definitive agreement to be acquired by an affiliate of Siris Capital Group, LLC in an all-cash transaction valued at approximately $2 billion.
Web.com may solicit alternative acquisition proposals from third parties during a "go-shop" period from the date of the agreement until August 5, 2018. There is no guarantee that this process will result in a superior proposal, and the agreement provides Siris with a customary right to match a superior proposal. Web.com does not intend to disclose developments with respect to the solicitation process unless and until the company determines such disclosure is appropriate.
Commenting on the transaction, Robert Aquilina, Siris Capital executive partner, said: “Web.com has a 20+ year legacy of leadership in the domain market with strong brand equity and a growing portfolio of attractive, value-add online and marketing services for SMBs. Siris looks forward to nurturing Web.com’s core domain business, supporting and anticipating the diverse needs of the company’s customers, and driving new opportunities for innovation and growth.”
Frank Baker, Co-Founder of Siris Capital, commented: “We are excited to partner with Web.com as it embarks on this new chapter of growth and market leadership. As a private company, Web.com will be able to make strategic investments for sustainable and profitable growth, while remaining agile and focused on delivering best-in-class solutions to its customers.”
HCL Technologies to acquire
H&D International Group
HCL Technologies, a leading global technology company, announced that it has signed a definitive agreement to acquire Wolfsburg-based IT and engineering services provider, H&D International Group (H&D). The acquisition is part of HCL’s long-term growth plan in Germany. This landmark deal sees HCL attain significant in-country front office and delivery capabilities and will further enhance the company’s domain expertise in the global automotive sector.
The H&D International Group is one of the largest IT service providers in the German automotive industry, and operates in over 20 locations globally including; Germany, the USA, the Czech Republic and Poland. H&D specialises in IT Infrastructure, application services particularly in R&D IT, shop floor IT and Industry 4.0 solutions and has extensive expertise in SAP, computer-aided technologies (CAx), engineering services and customer- specific product development.
The opening of InterContinental Phu Quoc Long Beach Resort in Vietnam marks the 1000th IHG hotel opening in the Europe, Middle East, Asia and Africa (EMEAA) region.
IHG (InterContinental Hotels Group) is celebrating the opening of its 1000th hotel in the Europe, Middle East, Asia and Africa (EMEAA) region, with the opening of InterContinental Phu Quoc Long Beach Resort, in Vietnam. This milestone comes as IHG continues its ambitious growth strategy across its newest and most geographically diverse region.
The 1000th opening adds to an already strong portfolio in EMEAA, with hotels across eight brands, working in partnership with more than 500 hotel owners. IHG has an extensive development pipeline in EMEAA with 321 hotels (63,500+ rooms) set to open in the next 3-5 years.
IHG opens 1000th hotel in EMEAA region
IFC invests $269 million in Iraq to Reconstruct Telecom Operations
IFC, a member of the World Bank Group, is providing a financing package of $269 million to Zain Iraq, a leading mobile network operator, to help reconstruct the country’s telecom operations and spur economic growth.
IFC arranged a $269 million debt package including $100 million from IFC’s own account, and $169 million in mobilization. The mobilized amount includes a B Loan from Arab Bank, a loan through the IFC Managed Co-Lending Portfolio Program, a new syndications platform that offers institutional investors the ability to passively participate in IFC’s future senior loan portfolio, and a parallel loan from DEG and Finnfund. The financing will help Zain Iraq enhance the capacity and quality of its 3G network and expand coverage to unserved areas, as well as helping the company modernize its networks and customer service in northern Iraq.
Hilton expands in New Zealand with the Signing of DoubleTree by Hilton Karaka
Hilton announced the signing of DoubleTree by Hilton Karaka, adding to DoubleTree by Hilton’s portfolio of 51 properties across Asia Pacific.
Under a management agreement with Karaka Hotel Limited, a division of New Zealand Bloodstock, Hilton will manage the 120-room new-build hotel.
Located in the beautiful rural town of Karaka, just 30 minutes south from Auckland city, the new DoubleTree by Hilton Karaka is part of the famous New Zealand Bloodstock SalesCentre; the country’s largest international thoroughbred auction venue.
Construction of the hotel will commence by the third quarter of 2018 and is due forcompletion by early 2020. The hotel will feature 120 stylish guest rooms, including fourspacious suites, a restaurant and bar, fully equipped gym, pool and two meeting rooms. The hotel will also have full access to Karaka Pavilion which encompasses four meeting and event spaces, accommodating events from 12 to 600 people.
InterContinental Hotels Group (IHG), one of world’s leading hotel companies has signed a management agreement with Hotel Marina Agra for Holiday Inn Agra MG Road. The 150-room hotel is expected to be rebranded and operational in 2018. The signing marks the company’s debut in Agra and also completes IHG’s presence in the Delhi-Jaipur-Agra Golden Triangle tourist circuit.
A great destination for leisure travellers, Holiday Inn Agra MG Road is a 15 minutes drive from popular UNESCO World Heritage sites such as Agra Fort and Taj Mahal, both key tourist attractions of the city. On opening, the hotel will offer stunning views of the iconic monument, Taj Mahal from the upper floors. Situated on MG Road, the hotel is in close proximity to the business district and key government offices, making it an ideal choice for corporate travellers, as well.
IHG debuts in Agra with signing of Holiday Inn Agra MG Road
Choice Hotels International, Inc. one of the world's largest hotel companies, in collaboration with Brookwood Hotels and Nationwide Hotel Management Company, announced the opening of the WoodSpring Suites Deerfield Beach hotel in Florida. Located at 1400 SW 11th Way, the hotel represents the 29th WoodSpring property to open in the state.
The new four-story, 119-room property is minutes away from Publix Distribution Center, Florida Atlantic University, several major health care facilities, and the Everglades Wildlife Management Area. As with all WoodSpring Suites hotels, each suite features an in-room kitchen equipped with a full-size refrigerator. The WoodSpring Suites Deerfield Beach hotel boasts an expanded lobby and 100-percent smoke-free premises. The property also offers pet-friendly accommodations, family suites, lobby coffee station, and guest laundry room.
WoodSpring Suites opens Hotel on Florida Coast
13 F, Gopala Towers, 25 Rajendra Place
New Delhi - 110008, India,
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25 - 30 June 2018