Colt eyeing £100m Japanese data centre acquisition of KVH November 12, 2014 Telecoms group Colt is planning a €130.3m (£102.7m) takeover of Tokyo-based data centre firm KVH, a move it says will help it to grow in key Asian cities and deliver services across the region. Colt said the takeover, if approved by shareholders, would be funded by existing cash and bank facilities of the company. “They [...]
CSR investors await takeover November 12, 2014 SOON-to-be-Qualcomm-owned British microchip-maker CSR yesterday posted a 16 per cent decline in third quarter revenues to $212.2m (£134m). However, it saw its share price rise as the majority of the fall was restricted to its legacy home entertainment and handset businesses. Shares rose 0.73 per cent to 833.50p on news that CSR’s underlying profit for [...]
Connect Group buys Tuffnells in £130m takeover November 12, 2014 Newspaper and magazine whole-saler Connect Group yesterday ann oun ced a nearly-£130m deal to takeover Tuffnells Parcels Express, saying that it has a “strong strategic fit” with its business. The deal consists of an initial £113.4m, funded through Connect’s ex ist ing debt facilities, and a £55m rights issue, and an additional £15.3m over [...]
Flybe share price nosedives after £15.4m loss is revealed November 12, 2014 SHARES in airline Flybe took a sharp tumble yesterday after the company announced a £15.4m loss and the sale of its 60 per cent stake in Flybe Finland for just €1. The group, which operates across Europe and only last week revealed an agreement with Aer Lingus to fly across the Atlantic, announced that both [...]
Not-so-old-street: Roundabout gets revamp November 12, 2014 TRANSPORT for London has produced an image of what a new Old Street roundabout would look like. Designed to improve the area for cyclists and pedestrians, the closure of one arm of the sprawling intersection is proposed, along with a new Tube entrance and segregated cycle lanes. Consultation on the proposal closes in early January [...]
Tullow switches focus to combat falling oil prices November 12, 2014 LONDON-listed Tullow Oil announced yesterday that it is changing its focus to concentrate on its African assets in response to declining oil prices. The company said that given the current expectations for the oil price and reduced commercial success from offshore drilling, returns from drilling complex, deepwater wells are currently less attractive and so it [...]
Apax and Bain Capital launch bid for Oi’s Portugal Telecom November 12, 2014 Private equity firms Apax Partners and Bain Capital have launched a joint bid to acquire Portugal Telecom from Brazilian telecoms giant Oi for an enterprise value of €7.075bn (£5.57bn). The offer was for “certain assets” of PT Portugal, Oi confirmed in a statement. Those target assets exclude the company’s debt and its investments in Africa [...]
Markit earnings get a lift after going to market November 12, 2014 Financial information services provider Markit yesterday reported year-on-year revenue growth across all of its three main business lines for the second quarter running. The London-based, Nasdaq-listed firm reported a 13 per cent year-on-year rise in revenues during the third quarter to $269.7m (£170.5m), while adjusted profit was up 14.5 per cent to $126.8m. The three [...]
SeaWorld profits tank as whale of a controversy proves a killer November 12, 2014 SEAWORLD Entertainment yesterday reported a 28 per cent dive in profits as weakening attendance carried into the most recent period. The company has been dogged by negative publicity over its treatment of killer whales. For the quarter ended 30 September, it posted profits of $87.2m (£55.2m), down from $120.7m a year earlier. Revenue fell 7.9 [...]
City Moves for 13 November 2014 | Who’s switching jobs November 12, 2014 Pinsent Masons The law firm has announced the appointment of Meriam Alrashid as an international arbitration partner in its global construction practice in London. A fluent Arabic speaker, she joins from Crowell & Moring and has particular experience in the Middle East and North Africa. Hermes Investment Management Vincent Nobel has been appointed head of [...]