LONDON: Advance Energy plc announced the completion of its acquisition of a 50 percent equity interest in Carnarvon Petroleum Timor Unipessoal Lda, the holder of a 100 percent working interest in, and the contractor of, the Buffalo PSC, offshore Timor-Leste. The acquisition constituted a reverse takeover of the Company, pursuant to the AIM Market Rules….
Melrose Industries to sell its Nortek Air Management to Madison Industries for £2.62 billion
LONDON: Melrose Industries PLC has entered into an agreement to sell its Nortek Air Management business to Chicago-based Madison Industries for consideration of approximately £2.62 billion payable in cash on completion. Nortek Air Management business comprises Nortek Global HVAC (“GHVAC”) and Air Quality & Home Solutions (“AQH”) segments. Key highlights of the Disposal: · Cash…
Studio Retail Group to sell Findel Education for £30 million in cash
LONDON: Studio Retail Group plc, the online value retail business, has entered into and completed upon a definitive agreement for the sale (Disposal) of Findel Education Limited to West Moorland 221 Limited for a gross consideration of £30.0 million in cash. West Moorland 221 Limited is a newly formed company owned by investment funds managed…
Mattioli Woods announces acquisition of Caledonia Asset Management
LONDON: Mattioli Woods plc announced the acquisition of 100% of the share capital of Caledonia Asset Management Limited from its shareholders for an initial consideration of £0.96 million. A potential further consideration of up to £0.64 million is dependent on the attainment of specified performance targets in the two years after completion. Founded in 2000,…
Darktrace plc confirms IPO on the London Stock Exchange
LONDON: Darktrace plc has confirmed its intention to undertake an initial public offering (IPO) on London Stock Exchange (LSE). The Company intends to apply for admission of its ordinary shares to the premium segment of the Official List of the FCA and to trading on the London Stock Exchange’s Main Market for listed securities. The…
Carsten Egeriis appointed CEO of Danske Bank A/S
OSLO: The Board of Directors of Danske Bank A/S has appointed Carsten Egeriis as Chief Executive Officer. He replaces Chris Vogelzang, who has informed the Board that he wishes to resign from his position. This follows a decision by the Dutch authorities to name him a suspect in connection with their investigations of potential violations…
Sikri Holdings acquires Ambita AS in a NOK 950 million deal
OSLO: Sikri Holding AS has entered into a binding agreement with the Norwegian Ministry of Trade, Industry and Fisheries (NFD) regarding the acquisition of Ambita AS. The agreed enterprise value is NOK 950 million per 31 December 2020 (purchase price NOK 962.8 million). NOK 50 million of the purchase price will be settled by a…
Cavalier Corporation secures government funding for Bremworth carpet business
AUCKLAND: Cavalier Corporation Limited announced that its Bremworth carpet business has secured a $1.9 million grant from the Ministry for Primary Industries (MPI), as part of MPI’s Sustainable Food and Fibre Futures (SFFF) investment programme. The grant will be used by Bremworth to help co-fund its $4.9 million research programme to build capability and support…
Mercury NZ and Powering Australian Renewables agree to upgrade offer for Tilt acquisition
SYDNEY, AUSTRALIA: Mercury NZ Limited and Powering Australian Renewables (PowAR) agreed to increase their offer for all the shares of Tilt Renewables Limited to NZ$8.1 per share from NZ$7.80. Mercury NZ Limited and Powering Australian Renewables (PowAR) agreed to amend the Scheme Implementation Agreement (the SIA) with Tilt Renewables Limited entered into on 14 March…
Facebook to launch new business discovery process
NEW YORK: Facebook will enable stories scheduling for both Facebook and Instagram, along with a new business discovery process from the News Feed. “People already discover businesses while scrolling through News Feed, and this will make it easier to discover and consider new businesses they might not have found on their own,” Facebook in an…
FPCCI creates Policy & Research Board headed by Younus Dagha
KARACHI: Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has formed a Policy & Research Board comprising of top-level economic, business, trade, and industry experts. FPCCI is the apex representative body of the business, industry, and trade community of Pakistan. The Policy & Research Board of FPCCI is mandated to provide research-based expert input…
S&P revises Oman Insurance’s outlook to positive on improved operating performance
DUBAI: Oman Insurance Company is assigned a positive outlook by S&P Global Ratings, based on improved operating performance while affirming an A- rating, a news release said. The rating agency also reaffirmed the capital adequacy of Oman Insurance above the AAA level based on their risk-based capital model. According to S&P, the positive outlook indicates…