Mergers & Acquisitions Grapevine
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This section provides a summarised live selection of the latest Mergers & Acquisitions activity.
Bid speculation seems to permanently surround financial software provider and it appears that there is no smoke without fire, as the group has confirmed it is in talks with a suitor. The group said it is in preliminary discussions with Temenos Group, a Swiss provider of banking software, regarding a possible strategic combination to be effected by way of an all share merger. Founded in 1993, and listed on the Swiss stock exchange, Temenos serves over 1,500 financial institutions in more than 125 countries across the world. The company has long been seen as a natural partner. In the final week of January, the firm disappointed the market with its interim results, in which it said customers were taking longer to pull the trigger on new contracts. source sharecast
The specialist bank and asset manager saw assets under management (AUM) nudge slightly higher in the nine months to December 31st, helped by its recent acquisition of Evolution. Nevertheless, the firm did admit that the third quarter has been a challenging one due to the volatile markets and low levels of activity. Operating profit before goodwill, acquired intangibles, non-operating items and taxation and after non-controlling interests was 5.6% behind the prior year in the nine-month period. "The asset management and wealth management businesses continued to see net inflows however overall assets under management pre the acquisition of Evolution Group plc declined," the statement said. Third party AUM rose by 1.9% to £90.6bn in the first three quarters, up 8.2% on a currency neutral basis. This included a £6.9bn gain from Evolution. The Specialist Banking business saw both margin and fee income grow but earnings from principal activities fell substantially, the group said. Meanwhile, customer accounts (deposits) fell 0.7% to £24.3m, and core loans and advances were 3.2% lower at £18.2bn. As of December 31st, the group had £9.5bn in cash and near cash available. source sharecast
A subsidiary has received regulatory approval for its farm-out agreement with sector giant BP in block 2714A offshore Namibia. The agreement between Enigma Oil and Gas Exploration and BP, first announced on August 8th 2011, has now received full approval from the Ministry of Mines and Energy in Namibia. BP said it will cover the cost of drilling the first exploration well in this block as well as past costs incurred, which have now been received by Chariot. The operator, Petrobas, owns 50% of the Sourthern Block 2714A, while BP and Enigma have a 25% interest each. "We are very pleased to have concluded this agreement with the support of the Ministry of Mines and Energy in Namibia," said Chief Executive Officer, Paul Welch. "We can now push forward with our drilling campaign on Kabeljou-1 using the additional knowledge and experience of our new partner, whilst reducing our capital and risk exposure," he said. source sharecast
The pubs group which lost out to Greene King last year in a bid battle for the Capital Pub Company, is beefing up its estate with the purchase of 15 freehold tenanted pubs from cash-strapped rival Enterprise Inns. It is paying £22.9m in cash for pubs which in aggregate generated operating profits of £1.7m in the year to September 30th, 2011. The acquisition is expected to immediately enhance earnings. The pubs had a balance sheet value at the end of September of £18.4m. The acquisition will extend its reach, predominantly a London-based operator, into areas of the west and south east of England where it has previously been under-represented, while building on its presence in core trading areas such as Hampshire. "This deal will take the total number of pubs acquired in the last 12 months to 29, giving the business tremendous momentum as we head towards the summer of 2012," claimed Simon Emeny, Group Managing Director. source sharecast
The Norwich-based production company has bought EPIC studios from Norfolk County Council for an undisclosed sum. The high-definition TV studios are among the most advanced in Europe. The take-over of the studio facility on Magdalen Street, Norwich, could secure 30 jobs in the next six months. The council bought the site in 2006 with EEDA funding, after Anglia TV pulled out. In the past, the main EPIC studio has been used for recordings of Trisha, Graham Norton, Vanessa Feltz and the children's show Knightmare. The new owner wants to take the vision the council's had for the last four years and take it forward. The company has 20 years in the broadcast industry, and lists Top Gear, the World Rally Championship and Sport Relief among its clients. EPIC in Norwich is one of the most advanced broadcast production facilities in Europe, hiring HD studios and post production facilities to broadcasters and production companies.
The world's biggest mining company, has announced $917 million in pre-commitment funding for the construction of an outer harbour facility for its Western Australia iron ore operations. The money, of which BHP will provide $779 million, will go towards feasibility studies and for dredging to begin, subject to the necessary regulatory approvals. The company is also undertaking engineering studies to match mine and rail expansions to the expanded port. The first phase of the outer harbour would include the proposed construction of a four kilometre jetty, a four-berth wharf, 32 kilometres of dredged departure channel and landside infrastructure, including stockyards and a rail spur. Start-up would be in the first half of 2016. BHP's iron ore boss, Ian Ashby, said of the funding commitment: "This investment is an important first step in providing the infrastructure to allow us to fully develop our world class resource base in the Pilbara. The development of the outer harbour is pivotal for our longer term growth objectives and this initial funding is rapidly turning those plans into a reality." source sharecast
Industrial property firm and Moorfield Real Estate Fund have together, through their recently established joint venture (JV), completed the acquisition of the UK Logistics Fund from Hermes Real Estate Investment Management, Legal & General and LaSalle Investment Management. The move marks a significant step in the JV's intention to focus its portfolio on the highest quality assets in the strongest markets, including an intention to expand its portfolio of logistics assets under management. source sharecast
The two Anglo-Australian giants of the mining sector, Rio Tinto and BHP Billiton, have been doing a spot of trading that will see Rio gain majority control of South African miner Richards Bay Minerals. Rio is to acquire BHP Billiton's 37% stake in the South African mineral sands mining and processing operation, taking its holding up to 76%. The final consideration for the acquisition will be determined through a previously agreed valuation process. source sharecast
The online gaming group has signed an agreement with US firm Caesars Interactive Entertainment (CIE), in the company's first US online betting deal. Under the agreement, Dragonfish, its independent business to business arm, will power a selection of CIE's established and recognised poker brands. The partnership comes ahead of regulatory change expected in US gambling laws, which would permit specific kinds of online gambling. Chief Executive Officer Mitch Garber said: "the firm has been successfully driving the World Series of Poker brand in the UK for the past three years, and with current momentum toward either a Federal or State by State regulatory environment, 888 is uniquely positioned to support either outcome, without delay." The firm added that believes it has a strong platform to sign with further potential US partners. source sharecast
Norwich-based insurance giant is to reduce its presence in eastern Europe as it continues with its strategy of focusing on markets where it has strength and scale. The company is to sell Czech Life, Hungary Life and Romania Life & Pensions to US life assurance firm MetLife. The multiple sale, which is subject to regulatory approvals in each jurisdiction, is expected to be completed during 2012. The combined net assets of the businesses were approximately €57m at June 30th 2011. Group Chief Executive Andrew Moss said: "This transaction is another step to further focus the group on our priority markets." source sharecast
The British Gas owner is to pay ConocoPhillips $223m for its non-operated interests in the gas- and oil-producting Stratfjord field (and associated satellites) in the North Sea. "Increasing our stake in Statfjord marks the latest stage in our drive to secure high quality sources of gas for our customers, adding both earnings and long-term value," said Managing Director Mark Hanafin. The fields are located across both Norwegian and UK sectors of the Northern North Sea and produce gas for the UK market. The transaction takes the firm's interest in the field from 19.13% to 34.3%. The acquisition adds additional reserves of 36 million barrels of oil equivalent to Centrica's portfolio. The resulting net increase in production will be over 11,000 barrels of oil per day. "The acquisition, which follows our announcement last year of a new 10-year gas supply deal with Norway and acquisition of assets from Statoil, underlines our commitment to invest in North Sea production and secure future energy supplies for the UK," Hanafin added. The firm said that £200m of field development costs will be required in order to "maximise the long-term recoverable reserves". The acquisition is expected to be earnings- and cashflow-enhancing immediately. source sharecast
The translation software firm has bought marketing analytics firm Alterian for £69.7m. Alterian's software allows clients to monitor what their customers are interested in by analysing what they are looking at, and for how long, The firm hailed the deal as "an excellent strategic fit", combining Alertian's marketing analytics, campaign management and social media capabilities with its own web content management, e-commerce and structured content products. "With the acquisition of Alterian we now have the ability to understand much better what our customers want," said executive chairman Mark Lancaster. "Adding Alterian's technology will provide customers with a superb integrated solution for managing customer engagement and improving customer experience." source sharecast
The firm will raise £50m through a share placing to finance its potash project in York through to the end of a definitive feasibility study. Russell Scrimshaw, the Chairman, has indicated his intention to subscribe for approximately £3.4m of the new shares. The firm bought the York project in January 2011 and says since then assay results have been "better than expected". The proceeds from the placing will be used to drill perhaps as many as 8 additional holes with a view to making a maiden resource announcement in April this year. source sharecast
Officials at the construction engineering firm have announced the award of a new contract in the Nottingham area. Under the terms of the agreement, the firm will undertake the design, supply, installation and commissioning of circuit cable carrying 132 kv over a 13 kilometre length.
The construction firm has announced a contract to build high quality student accommodation in the Bristol area. Chris Pape, Southern building chief, stated “We welcome the unique challenge that the transformation of the Bristol Pro-Cathedral will provide for Vinci Construction UK. Drawing on all of our experience, we will work closely with client Student Castle to ensure that all works are finished to the highest standard on this unique building.” The work is estimated at a value of £12M.
The construction firm has announced the award of a new rail viaduct construction between Swindon and Gowerton at an estimated cost of £16M. Under the terms of the agreement, the firm will design and then build a new viaduct which will have capacity for 2 tracks. When complete the new facility will allow 2 extra trains to pass through each hour between Llanelli and Swansea and one more every hour between Swansea and Llanelli.
The safety seal manufacturing company has announced a new contract to provide seals to be used at a wind farm construction. The seals wil be used on over 164 cranes being put into service at the Gwynt y Mor windfarm off the Irish Sea. Managing director Graham O’Hare stated “The wind farm sector is a key growth market for us. Our depth of experience and expertise means we are now becoming a wind industry standard. We are determined to build on this and really grow in the sector over the next decade as billions of pounds of investment is ploughed into it in the UK and across the world."
The distribution specialist has announced a major contract award with Musto, outdoor clothing retailer. Daniel Ennor, Commercial Development Director, stated “With such a large range of products and large geographical span of commercial operations, a firm like Musto needs to know that it has the sort of supply chain processes in place to cope with almost any eventuality in the UK and overseas. Just as its reputation has been founded on the development of new, sport-specific clothing, GFS has become recognised for creating a way of working with a number of different carriers and clients to ensure a more efficient and reliable means of distribution.”
The legal firm has announced an award by Liverpool councillors to oversee a development scheme at Kings Dock in Liverpool. The firm is to provide planning and procurement services for the development estimated to cost £38M. Outline plans show a new exhibition centre and hotel. A spokesman from the firm said they had "extensive knowledge of the proposed Kings Dock site, having acted for the David McLean Group on the development of the existing masterplan. We are very much looking forward to working with the Council and the team at ACC Liverpool. As a firm with strong ties to the city, we are very proud to be playing an integral role in this significant Liverpool project.” Leader of the Liverpool Council, Joe Anderson, said: “The new exhibition centre and hotel on the ACC Liverpool site are a key part of our ambitious plans to continue regenerating Liverpool. I welcome the appointment of Hill Dickinson to carry out this important piece of work".
The City of York Council and North Yorkshire County Council have awarded a £900m contract to Amey Cespa to build and manage a multi-million pound waste-to-energy incinerator. The two authorities claim the scheme is a major part of their waste management plans. AmeyCespa is a joint venture between Amey, and one of Europe’s largest waste management companies, Cespa SA. Both companies are owned by Ferrovial, and the joint venture combines Amey’s expertise of the UK public services market, and Cespa’s expertise in waste management and operations. A planning application was submitted to North Yorkshire County Council in September and the process is expected to take nine months. A final decision on the plans for Allerton Quarry will be made in 2012. The plant would be built using £65m of private finance initiative funding.
The firm has announced the award of three supermarket schemes for Waitrose to be set up in Shrewsbury, Northwich and Chester. Senior partner, Gary Halman, stated “Waitrose has just announced exciting plans to open many more new stores throughout the UK and these three schemes will form part of their expansion strategy, further enhancing their presence in the north of England. We are delighted to be working with such a fantastic retailer with a great approach to sustainability and a commitment high quality development, which makes them so attractive to planning authorities, local communities and elected members alike.” The firm has a prestigious client list including Lidl, B & Q and Marks & Spencer.
The construction giant has announced the award of a large hotel interior fit out contract at the Shard building. The contract is estimated to be worth £40M. A spokesman said “The word is John Sisk has got it against a top class field of rivals like ISG, Chorus and Mace.” The hotel is set to be a prestigious location at London Bridge. Nearly 200 rooms will be fitted out by the company. A luxury spa room is set to be installed on the 52nd floor.
The construction giant has announced a contract Community 1st Sheffield for the construction of 2 health sites in the City of Sheffield. Foxhill Medical Centre and Bluebell Medical Centre are to be built by the firm offering a total health service on site - both schemes are to be built with side green technology at an estimated cost of £6.5M. Completion of both projects is expected by the beginning of 2013.
The housebuilder has announced a large residential scheme following agreement to funding under the Affordable Homes initiative. A sum of £17M has been earmarked by the HCA for the construction of 1500 residential units. The deal is the largest signed up with a private development company under the Government housebuilding programme.
One of the UK's major high street chains is closing an iconic town centre store in order to move to an out-of-town site. The company claims its branch in Ashton, which has served the town for 40 years, does not suit its plans for the future. The plan is to open a new store at the Snape retail park at Ashton Moss. It is feared the decision could have a devastating impact on Ashton's economy. The company is a widely respected name and the local economy is disappointed to hear of its intention to close what is still a very popular branch. It is undestood a number of factors - including private landlord rent increases and limited scope for developing the site – are behind the decision to relocate. The new store is due to open in spring 2013, with the old one closing around the same time.
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Mergers & Acquisitions Grapevine is a weekly digest of M & A activity within the UK. It covers the past week, but is updated daily. It is a source of accurate and reliable information concerning UK Mergers & Acquisitions activity. The Mergers & Acquisitions Grapevine service contains much more than the standard free service, a sample of which is provided on this page, and is ideal for companies that wish to remain well informed about Mergers & Acquisitions, as well as those companies that would like to offer their products, services or consulting skills to organisations experiencing significant corporate changes. Companies undergoing mergers, performing acquisitions or divestments would obviously fit this description.
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