OSLO: For the full year 2020, Telenor ASA delivered an organic EBITDA growth of 2 percent and a solid free cash flow of NOK 21 billion. The year 2020 was marked by the global pandemic. In this unprecedented situation, Telenor accelerated the digitalization, managed to safeguard employees and maintained critical connectivity to customers. “In the…
Aker Carbon Capture signs MoU with Lyse and Forus Energi
OSLO: Aker Carbon Capture has signed a Memorandum of Understanding (MoU) with Forus Energigjenvinning and Lyse to explore ways to support the development of a full-scale carbon capture and storage facility in the Stavanger/Sandnes region in southwestern Norway. The collaboration follows the recent launch of the “Longship” full-scale CCS project by the Norwegian government. “Carbon…
CDK Global acquires Square Root
HOFFMAN ESTATES: CDK Global Inc., a leading retail automotive technology company, completed the acquisition of Austin-based Square Root. Founded in 2006, Square Root is the creator of CoEFFICIENT, which helps automotive original equipment manufacturer (OEM) field managers understand and act on unique data patterns and opportunities for retailers in their markets. “The acquisition of Square…
Steve Penney appointed GM Funds Management at Kiwi Property
AUCKLAND: Kiwi Property has today announced the appointment of Steve Penney as General Manager Funds Management. Steve brings 20 years of investment and finance experience to the role, including most recently as General Manager, Investment, at Stride Property Group, where he was instrumental in the development and execution of the company’s funds management strategy. Prior…
WESCO sells Legacy Canada Utility business to Rexel Canada
PITTSBURGH: WESCO International Inc. announced that it has sold its legacy WESCO Utility business in Canada to Rexel Canada, a wholly owned subsidiary of France’s Rexel Group. The transaction partially fulfills WESCO’s commitment to divest its legacy Canadian Utility and Datacom businesses in connection with its Consent Agreement with the Canadian Competition Bureau related to…
PGT Innovations completes acquisition of 75% Stake in Eco Window Systems
VENICE: PGT Innovations Inc. has completed its acquisition of a 75% ownership stake in Eco Window Systems and its related companies. Eco is a leading manufacturer and installer of aluminum, impact-resistant windows and doors serving the South Florida region. “This acquisition further advances our strategy of expanding and diversifying our product lines with strong brands,”…
PLAYSTUDIOS to merge with Acies Acquisition Corp. and become a listed company
LAS VEGAS: PLAYSTUDIOS Inc. and Acies Acquisition Corp. have entered into a definitive merger agreement that will result in PLAYSTUDIOS becoming a publicly listed company. Upon the closing of the transaction, the combined company will be named PLAYSTUDIOS and remain listed on Nasdaq under the new ticker symbol “MYPS.” The transaction implies an enterprise valuation…
Dometic Group inks agreement to acquire Twin Eagles USA
STOCKHOLM: Dometic Group AB has entered into an agreement to acquire Twin Eagles, a leading US manufacturer of freestanding and built-in grills and outdoor kitchen solutions for the residential outdoor market, a news release said. The acquisition strengthens Dometic’s offering in the fast-growing residential outdoor area in North America. Twin Eagles is a North American…
Lucky’s Pezu plant capacity to be enhanced by 3.15Mn tons pa.
§ Lucky Cement Limited (LUCK) has announced it will increase its Pezu Plant’s (located in the KPK) capacity by 3.15Mn tons pa, taking the total plant capacity to 10Mn tons pa. § The expansion is expected to enable the Company cater to the growing demand in the local cement industry as economic activity accelerates along…
UK commercial property insurers looking beyond difficult 2020
LONDON: Although disputes around non-damage business interruption (BI) cover, which made 2020 a difficult year for U.K. commercial property insurers, should subside in 2021, challenges remain for a sector that needs to rebuild its reputation among its small- to medium-sized enterprise (SME) clients. In a new Best’s Commentary, “UK Commercial Property Insurers —Looking Beyond a…
Eutelsat and TelOne to bring broadband connectivity to Zimbabwe
PARIS: Eutelsat Communications and TelOne (Pvt) Limited, one of Zimbabwe’s leading Internet Service Providers, have signed a master service agreement to bring high quality satellite broadband connectivity to Zimbabwe. Under the terms of the multi-year agreement with Eutelsat’s broadband division, Konnect Africa, beginning in March 2021, TelOne (Pvt) Limited will leverage the operational flexibility and…
AstraZeneca agrees to divest Viela shareholding for upto $780mn
STOCKHOLM: AstraZeneca Plc has agreed, subject to certain limited exceptions, to divest its 26.7% ownership in Viela Bio Inc. as part of the proposed acquisition of Viela by Horizon Therapeutics plc, a news release said. AstraZeneca is anticipating to receive cash proceeds and profit of c.$760-$780 million upon closing for the sale of the holding,…