Convergys to be acquired by SYNNEX Corp. for US$ 2.8 bn
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Volkswagen invest US$ 1.1 bn in INDIA 2.0 project
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02 - 07 JULY 2018
Boston Scientific to acquire Cryterion Medical
EQT to acquire SUSE for US$ 2.5 bn
DoubleTree by Hilton is introducing six new hotels across USA
CK Hutchison to acquire Wind Tre for $2.8 bn
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ŠKODA AUTO CEO Bernhard Maier and Gurpratap Boparai, Managing Director of ŠKODA AUTO India Private Ltd, announced details of the ‘INDIA 2.0’ project.
ŠKODA AUTO is leading Volkswagen Group’s planned model campaign on the Indian market. Volkswagen Group is investing one billion euros into the implementation of the project, primarily between 2019 and 2021. To ensure closest-possible proximity to the market, a project centre is being set up in India where, for example, vehicle development will take place.
ŠKODA AUTO CEO Bernhard Maier said, “Experts predict that in the next few years India is going to become the third-largest automotive market worldwide. With our ‘INDIA 2.0’ project we are now creating the right conditions for sustainable growth there. Our objective is ambitious, but achievable: together with the Volkswagen brand, we are seeking a market share of up to five per cent in the long term, depending on market and segment development.”
Volkswagen invest $1.1 bn in INDIA 2.0 project
Hyundai Motor announced its strategic partnership with Autotalks, a leading technology company specialized in the manufacturing of Vehicle to Everything (V2X) communication chipsets. Hyundai Motor forms a strategic partnership with Autotalks through a direct investment to accelerate the development and deployment of the next generation chipset for connected cars.
V2X technology allows vehicles to communicate with one another, with other road users and road infrastructure, enhancing road safety and mobility. The main focus of any V2X solution is safety. As a reliable non-line-of-sight sensor working in all environments and weather conditions, it helps prevent road collisions and avoid dangerous situations. In manned vehicles, V2X systems convey important information to the driver in the form of alerts and notifications and can also actuate the vehicle in dangerous situations. In autonomous vehicles, V2X complements existing sensors, allowing them to make more informed decisions as well as easing their interaction with other road users.
Hyundai Motor Company Invests in Autotalks
Boeing and Embraer announced they have signed a Memorandum of Understanding to establish a strategic partnership that positions both companies to accelerate growth in global aerospace markets.
The non-binding agreement proposes the formation of a joint venture comprising the commercial aircraft and services business of Embraer that would strategically align with Boeing's commercial development, production, marketing and lifecycle services operations. Under the terms of the agreement, Boeing will hold an 80 percent ownership stake in the joint venture and Embraer will own the remaining 20 percent stake.
"By forging this strategic partnership, we will be ideally positioned to generate significant value for both companies' customers, employees and shareholders – and for Brazil and the United States," said Dennis Muilenburg, Boeing's Chairman, President and Chief Executive Officer. "This important partnership clearly aligns with Boeing's long-term strategy of investing in organic growth and returning value to shareholders, complemented by strategic arrangements that enhance and accelerate our growth plans," Muilenburg said.
Boeing and Embraer form
US$ 4.7 billion commercial
Bell Boeing to begin U.S. Navy CMV-22B production work under $4 billion contract
Bell Boeing Joint Program Office, Amarillo, Texas, is awarded $4,191,533,822 for modification P00008 to convert the previously awarded V-22 tiltrotor aircraft advance acquisition contract (N00019-17-C-0015) to a fixed-price-incentive-fee multiyear contract. This contract provides for the manufacture and delivery of 39 CMV-22B aircraft for the Navy; 14 MV-22B aircraft for the Marine Corps; one CV-22B for the Air Force; and four MV-22B aircraft for the government of Japan.
“Bell Boeing is pleased to extend production of the V-22, supporting our warfighters with one of the most versatile and in-demand platforms in the U.S. arsenal,” said Chris Gehler, Bell Vice President for the V-22 Program. “This multiyear production contract provides program production stability through at least 2024.”
The U.S. Navy will use its new CMV-22B for transporting personnel and cargo from shore to aircraft carriers, eventually replacing the C-2 Greyhound, which has been in service since the mid-1960s.
Tata Steel and Thyssenkrupp AG signed definitive agreements to combine their European steel businesses in a 50/50 joint venture in a new company. This follows the signing of a Memorandum of Understanding in September 2017.
The proposed new company, to be named Thyssenkrupp Tata Steel BV, will be positioned as a leading pan European high quality flat steel producer with a strong focus on performance, quality and technology leadership. The joint venture is built on the strong foundations of common value systems and a long heritage in the industry. The transaction is subject to merger control clearance in several jurisdictions, including the European Union.
Natarajan Chandrasekaran, Chairman, Tata Steel, said, “The joint venture will create a strong pan-European steel company that is structurally robust and competitive. This is a significant milestone for Tata Steel and we remain fully committed to the long-term interest of the joint venture company. We are confident that this company will create value for all stakeholders.”
Tata Steel and Thyssenkrupp sign JV agreements to create new steel champion in Europe
EQT to acquire leading open source software provider SUSE for $2.5bn
The EQT VIII fund has agreed to acquire SUSE, a leading global provider of open source infrastructure software for large enterprises, from the global infrastructure software business Micro Focus International plc for an enterprise value of USD 2.535 billion. The transaction is subject to Micro Focus shareholder and customary regulatory approvals.
Founded in 1992, SUSE is the world’s first provider of an enterprise-grade open source Linux operating system. With sales of USD 320 million in the 12 months ended October 31, 2017 and approximately 1,400 employees worldwide, SUSE is today a market leader in enterprise-grade, open source software-defined infrastructure and application delivery solutions for on premise and cloud-based workloads. During the ownership of Micro Focus, SUSE has operated as a semi-independent business under the leadership of Nils Brauckmann, executing on a clearly defined growth charter. SUSE has also successfully expanded its product portfolio, including solutions for cloud and storage as well as container and application delivery technology.
InMobi, a global provider of enterprise platforms for marketers, announced a strategic partnership with Microsoft Corp to enable new-age CMOs in their transformational journey from digital to mobile marketing. The partnership will consist of InMobi moving to Microsoft Azure as its preferred cloud provider, and will involve technology collaboration and combined go-to-market strategies aimed at accelerating the way marketers are looking at their advertising and marketing strategies in an always-connected world.
Simultaneously, InMobi is significantly expanding its platform for marketers via the InMobi Marketing Cloud, adding to its decade-long market leadership through InMobi’s Advertising Cloud. The Marketing Cloud will enable marketers to get a 360-degree view of every customer, uncovering insights that help them design customer journeys for engagement, action and measurement, and analyzing and acting on customer feedback from disparate channels to increase retention and lifetime value of customers, while remaining committed toward the privacy rights of the customer.
InMobi forms strategic partnership with Microsoft
Convergys to be acquired by SYNNEX Corporation
for $2.8 billion
Convergys Corporation, a global leader in customer experience outsourcing, announced that it has entered into a definitive agreement under which SYNNEX Corporation, a leading business process services company, will acquire Convergys in a cash and stock transaction with an enterprise value of approximately $2.8 billion, including approximately $170 million of Convergys outstanding net debt.
Andrea Ayers, president and chief executive officer of Convergys, said, “We are pleased to have reached this agreement, which provides important benefits for all of our stakeholders, including our shareholders, who will receive an immediate premium in addition to value from their equity participation in the growth and synergies resulting from the combination of Convergys and SYNNEX. Convergys clients will be even better served by the combined organization’s increased scale, strong talent, best-in-class analytics, technology, and digital offerings, and a shared commitment to helping them successfully navigate the increasingly complex CX ecosystem. After nearly 30 years at Convergys, I can confidently say that our people exemplify the very best in the business, and they will join a company with highly complementary capabilities and a similar culture. Indeed, we expect Convergys employees to gain expanded career opportunities as part of a larger organization with an enhanced industry-leading position. Concentrix is an ideal partner for Convergys, and we look forward to a seamless transition.”
The transaction has been approved by both companies’ boards of directors and is expected to close by the end of the 2018 calendar year, subject to the approval of shareholders of both companies, the receipt of regulatory approvals and other customary closing conditions.
Goodman expands its Augsburg Logistics Center for its longstanding customer DB Schenker. The company is increasing its presence at the GVZ Augsburg freight village by around 42,000 sqm to 60,000 sqm. DB Schenker will now occupy approximately 130,000 sqm of space from which to service its customers in the Munich-Augsburg region.
DB Schenker is a global logistics provider and one of Germany’s leading providers of integrated logistics services. The company’s key activities in Augsburg entail providing solutions in production supply, fulfilment logistics, after sales and e-commerce to well-known regional and national customers.
Demand for DB Schenker’s services has been growing and the company was looking to expand its base in the Munich-Augsburg region. With a population of 4.5 million people within a one hour drive time from the Augsburg Logistics Centre, it’s an ideal location for DB Schenker to service its customers and in turn, their customers. The facility has direct links with the A8, B2 and B17 roads, as well as with the Deutsche Bahn rail network and the new container terminal at the freight village.
DB Schenker expands with Goodman in Augsburg
CK Hutchison Holdings Limited announced it has reached an agreement to acquire VEON’s 50% stake in Wind Tre.
The transaction will make CK Hutchison the sole owner of a leading mobile telecommunications operator in an attractive market. This is a key step in consolidating an important part of CK Hutchison’s telecom assets, which are being built into a globally relevant platform for the delivery of next generation products and services.
Building on the successful merger of Wind with Tre in 2016, this EUR 2.45 billion total cash price transaction allows CKHH to continue driving synergies from the integration of the combined businesses. It will be immediately and strongly accretive to earnings and free cash flow for CK Hutchison shareholders.
CK Hutchison to acquire Wind Tre for $2.8 billion
Radisys Corporation, a global leader of open telecom solutions, and Reliance Industries Limited, India’s largest private sector company, have entered into a definitive agreement under which Reliance will acquire Radisys for US$1.72 per share in cash.
Radisys is a leader in providing open telecom solutions to service providers worldwide. Headquartered in Hillsboro, Oregon, Radisys has nearly 600 employees with an engineering team based out of Bangalore, India, and sales and support offices globally. Radisys delivers value to service providers and telecom equipment vendors by providing disruptive open-centric software, hardware and service capabilities that enable the migration to next-generation network topologies.
“Reliance and Jio have been disrupting legacy business models and establishing new global benchmarks. Radisys’ top-class management and engineering team offer Reliance rapid innovation and solution development expertise globally, which complements our work towards software-centric disaggregated networks and platforms, enhancing the value to customers across consumer and enterprise segments,” said Akash Ambani, Director of Reliance Jio. “This acquisition further accelerates Jio’s global innovation and technology leadership in the areas of 5G, IOT and open source architecture adoption.”
Brian Bronson, CEO of Radisys said, “The backing and support of India-based global conglomerate Reliance, will accelerate our strategy and the scale required by our customers to further deploy our full suite of products and services. The Radisys team will continue to work independently on driving its future growth, innovation and expansion. The addition of Reliance’s visionary leadership and strong market position will enhance Radisys’ ability to develop and integrate large-scale, disruptive, open-centric end-toend solutions.”
Reliance Industries to acquire Radisys
Everfoods to acquire
Everfoods, packaged foods platform controlled by the Everstone Group, has entered into an agreement to acquire Cookie Man (Australian Foods India Private Limited), India’s #1 brand of fresh baked cookies, via its subsidiary Modern Food Enterprises Pvt. Ltd (MFEL). Anupam Saluja, CEO, Cookie Man, and the current leadership team, will continue to work with the Modern and Everstone leadership.
Chennai headquartered Cookie Man, is a manufacturer and retailer of Australian cookies and bakery products such as muffins, ice creams, brownies, chocolates. It currently has a network of 50 plus stores/kiosks in leading malls and airports present in over 20 cities across India. As a part of the acquisition, Everfoods also gets exclusive rights to own and operate the brand and other related intellectual property not only in India but also in adjoining countries of Sri Lanka, Nepal, Bangladesh and Mauritius.
Dean Foods Company announced it has increased its ownership percentage and taken a majority stake in Good Karma Foods, the leading brand of flaxseed-based milk and yogurt alternatives.
"Good Karma is a fast-growing brand that gets us back into the growing plant-based food and beverage category, making it an excellent addition to our portfolio," said Ralph Scozzafava, CEO of Dean Foods. "Our investment in Good Karma is just one example of how we are executing against one of the major pillars of our strategic plan, to build and buy strong brands."
Good Karma's plant-based alternatives are free of all major allergens, deliver strong nutritional benefits and have a surprisingly neutral flavor and creamy texture, which allows Dean Foods to reach consumers looking for great-tasting alternatives to conventional dairy.
Dean Foods becomes majority shareholder of Good Karma
Emmi has held a stake in the goat’s and sheep’s milk product trader AVH dairy trade B.V., based in Bergen, the Netherlands, since 1 January 2013. Now, Emmi is increasing its stake from 75 % to 90 %.
Goat’s milk products occupy an increasingly important niche in Emmi’s product portfolio. This is one of the reasons why Emmi is increasing its stake in AVH dairy trade B.V. from 75 % to 90 %. The remaining 10 % will continue to be held by the founder of AVH.
A subsidiary of Emmi Benelux B.V., AVH generated sales of around EUR 35 million in 2017. The parties have agreed not to disclose the purchase price.
Emmi increases its stake in AVH Dairy
Nomad Foods Limited announced that it has completed its previously announced acquisition of Aunt Bessie’s Limited from William Jackson & Son Limited for a purchase price of approximately €240 million.
Commenting on the transaction, Stefan Descheemaeker, Nomad Foods’ Chief Executive Officer, said, “The acquisition of Aunt Bessie’s exemplifies our dedication and progress towards transforming the frozen food category, both organically and through acquisitions. Aunt Bessie’s further develops our portfolio in the UK with its strong brand positioning and market leadership in frozen roast potatoes and frozen Yorkshire puddings. We are eager to welcome the Aunt Bessie’s team to the Nomad Foods organization and look forward to creating value for all stakeholders.”
Aunt Bessie’s is a leading frozen food company in the United Kingdom where it manufactures, distributes and sells a range of branded frozen food products. The Aunt Bessie’s brand holds number one and number two market share positions, respectively, within frozen Yorkshire puddings and frozen potatoes, which combine to represent the majority of its revenues. As a brand closely identified with roast dinners, Aunt Bessie’s will expand Nomad Foods’ portfolio into this major eating occasion. The acquisition includes a production facility in Hull, England.
Nomad Foods completes acquisition of Aunt Bessie’s
Archer Daniels Midland Company and Cargill have successfully completed their transaction and formally launched SoyVenTM their new joint venture to provide soybean meal and oil for customers in Egypt.
SoyVen owns and operates the National Vegetable Oil Company soy crush facility in Borg Al-Arab, along with related commercial and functional activities, including a separate Switzerland-based entity supplying soybeans to the Egypt crush plant. The plant’s daily crush capacity has been doubled to 6,000 metric tons in order to meet increasing Egyptian demand for higher-protein soybean meal and for oil, reducing the need for imports.
The new company, which will function as an independent entity, is headed by Chief Executive Officer, Ahmet Ertürk, who previously held global management positions in Cargill’s malt and grains and oilseeds businesses.
ADM & Cargill complete agreement for soybean JV in Egypt
The fruit, starch and sugar group AGRANA has extended its presence in the African market by acquiring 49% of the shares in Elafruits SPA, an Algerian producer of fruit preparations. Located in Akbou, around 200 km east of Algiers, this company with a workforce of around 100 employees generated revenues of approximately EUR 7 million in its 2017 financial year. As the global leader in fruit preparations, AGRANA now maintains 29 production sites in 21 countries.
Besides producing standard fruit preparations for yoghurts and ice creams, ELAFRUITS SPA also makes fruit purées and bases for the beverage industry. Algeria is a strategically important market for AGRANA and has the highest per capita consumption of fruit preparations for yoghurts in the region.
AGRANA expands in the African market by acquiring 49% of Elafruits SPA
Phibro Animal Health to establish new biotech facility in Sligo, Ireland
Phibro Animal Health Corporation announced plans to establish a biotech facility producing a range of innovative animal health vaccines on the IDA Ireland Finisklin Business Park in Sligo, creating up to 150 jobs over 5 years.
The project is supported by the Irish Government through IDA Ireland.
Phibro develops, manufactures and markets a broad line of animal health and nutrition products for poultry, swine, cattle, dairy and aquaculture customers around the globe. The company had $764 million in annual sales in over 65 countries during its most recent fiscal year and employs over 1,400 people globally. Phibro is a publicly traded company headquartered in Teaneck, New Jersey, United States.
Boston Scientific to acquire Cryterion Medical, Inc.
Boston Scientific Corporation announced a definitive agreement to acquire Cryterion Medical, Inc., a privately-held company developing a single-shot cryoablation platform for the treatment of atrial fibrillation (AF). The addition of this cryoballoon platform positions the company as the first to have both cryothermal and radiofrequency (RF) single-shot, balloon-based ablation therapies in its portfolio.
Boston Scientific has been an investor in Cryterion since its inception in 2016 and the transaction price for the approximately 65 percent remaining stake not already owned by Boston Scientific consists of $202 million in up-front cash.
The quickly expanding global electrophysiology (EP) market is estimated to reach $5 billion in 2018. Additionally, single-shot ablation therapies are believed to be the fastest growing sub-segment within the EP market, with rates well into in the double digits, and trending toward more than $1 billion over the next few years.
AccorHotels to acquire 50% stake in sbe Entertainment Group
AccorHotels and sbe Entertainment Group have signed a Letter of Intent and entered into exclusive negotiations for AccorHotels to acquire a 50% stake in sbe, further illustrating AccorHotels’s strategy to expand its offering in the luxury lifestyle hospitality segment.
This partnership will combine the expertise and savoir-faire of the two groups; AccorHotels will acquire the 50% of sbe's common equity held in part by Cain International for $125 million. Sam Nazarian will continue to own the remaining 50% of sbe. In addition, AccorHotels will invest $194 million in a new preferred debt instrument that will be used to redeem all existing preferred units, also held in part by Cain International. AccorHotels’ total investment in sbe will be $319 million.
Hilton announces signing of First DoubleTree by Hilton Hotel in South Korea
Hilton announced the signing of a management agreement with BESITZ Comprehensive Development Co., Ltd., for DoubleTree by Hilton Seongnam, the first DoubleTree by Hilton property in South Korea. Managed by Hilton, DoubleTree by Hilton Seongnam is expected to open in 2021.
“This agreement bolsters Hilton’s expansion in South Korea. When open, DoubleTree by Hilton Seongnam will cater to the growing demand from businesses in Seongnam, which is expected to further increase in the coming years in line with the thriving growth of this industrial district,” said Guy Phillips, senior vice president, development, Asia & Australasia, Hilton. “We are pleased to be working with a partner that has the experience and eminence of BESITZ Comprehensive Development to advance our presence in South Korea.”
The newly-built 432-room hotel will offer guest facilities with tailored services to meet the specific needs of business travelers, including multiple meeting and banquet spaces, fitness amenities, indoor and outdoor swimming pools, restaurants, a café and lounge.
IHG completes acquisition of 51% stake in
Regent Hotels & Resorts
InterContinental Hotels Group (IHG) is pleased to confirm that its acquisition of a 51% stake in Regent Hotels & Resorts (‘Regent’) has now completed.
The 51% interest has been acquired for $39 million in cash, payable in three tranches of $13 million. $13 million was paid on completion, with the second amount due in 2021 and the third in 2024. IHG will have the right to acquire the remaining 49% interest in a phased manner from 2026.
IHG is already a global leader in the luxury segment with the world’s largest luxury brand, InterContinental® Hotels & Resorts. The acquisition of Regent is in line with IHG’s focus on expanding its footprint in the fast-growing $60 billion luxury segment.
With summer travel season underway, DoubleTree by Hilton, one of Hilton’s 14 market-leading brands, is introducing six new hotels across the U.S. Locations include some of the country’s most ideal – and many somewhat undiscovered – summer getaway destinations, including Ocean City, Maryland; Vail, Colorado; Pomona, California; Nashua, New Hampshire; Youngstown, Ohio; and Malvern, Pennsylvania.
“Summer travel season is the perfect time for guests to explore a new city, and each of these new DoubleTree by Hilton hotels offers a retreat suitable for any type of getaway,” said Shawn McAteer, senior vice president and global head, DoubleTree by Hilton. “With memorable service and amenities, starting with our signature, warm DoubleTree Cookie welcome at every hotel, guests can take in all these destinations have to offer while enjoying the warmth of a familiar hotel stay.”
New Radission Hotel signed in Abidjan, Ivory Coast
Radisson Hospitality AB, publicly listed on Nasdaq Stockholm, Sweden and part of Radisson Hotel Group, is proud to announce the signing of a new Radisson hotel in Abidjan, Ivory Coast. The Radisson Hotel & Apartments Abidjan Plateau signing brings the group’s Africa portfolio to 86 hotels and almost 18,000 rooms in operation and under development.
Abidjan is one of the most populous cities in Africa and the largest business hub in the Francophone Africa.
Radisson Hotel & Apartments Abidjan Plateau will be located on the Boulevard de la République in the heart of the Plateau – the central business district – allowing easy access across the city for guests visiting for business and leisure.
EIB finances modernisation of the Poznań Medical University
The European Investment Bank (EIB) has agreed to provide PLN 114.77 million (some EUR 27.3 million) to finance an increase in Poznań Medical University’s capacity to provide education, research and health services.
This transaction is guaranteed by the European Fund for Strategic Investments (EFSI), being the central pillar of the Investment Plan for Europe. The EFSI support makes it possible to conclude the loan without a guarantee from the Republic of Poland. This is the second EIB loan provided directly to a Polish university. The first, worth PLN 100 million, was signed in April this year with Warsaw Medical University.
The EIB loan will finance the design, construction and equipping of a new state-of-the-art medical simulations centre at the university. The investment also covers the construction of the new site of the Faculty of Pharmacy and its Centre for Innovative Pharmaceutical Technologies containing certified research laboratories. The loan will furthermore enable the extension and rehabilitation of two university hospitals: the emergency ward at Heliodor Święcicki University Hospital and the ophthalmology ward along with the genetic diseases unit at the University Hospital of the Lord’s Transfiguration.
The Philippines’ National Economic and Development Authority (NEDA) and Department of Finance (DOF), together with the Asian Development Bank (ADB), have signed a memorandum of understanding (MoU) covering an indicative $7.1 billion sovereign lending program to the Philippines from 2019–2021.
At the MoU signing ceremony on 29 June witnessed by NEDA Secretary Mr. Ernesto Pernia, ADB reaffirmed its strong commitment to support the government in raising the country’s growth trajectory and reducing poverty and income inequalities. Also present at the ceremony were officials from implementing agencies, such as the Department of Public Works and Highways, Department of Transportation, and Department of Interior and Local Government.
Philippines, ADB sign MOU on $7.1 Billion Lending Pipeline
ADB to help upgrade Highways, improve road safety in Thailand
The Asian Development Bank (ADB) and the Government of Thailand signed a $99.4 million loan agreement to help the country upgrade 125 kilometers (km) of highways and improve road safety management in the country’s northeastern region.
The agreement was signed by Thailand’s Finance Minister and ADB Governor Mr. Apisak Tantivorawong and ADB Director General for Southeast Asia Mr. Ramesh Subramaniam. Minister of Transport Mr. Arkhom Termpittayapaisith, senior officials, and representatives from the Public Debt Management Office under the Ministry of Finance and Department of Highways under the Ministry of Transport also witnessed the signing ceremony in Bangkok.
“Transport infrastructure is an important driver of growth for Thailand’s economy,” said Mr. Subramaniam. “Improving the country’s road network will boost economic growth and improve people’s access to economic opportunities and social services. It will also help Thailand become a trading and economic hub in the Greater Mekong Subregion (GMS).”
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