CAIRO, EGYPT: EFG Hermes announced entry into a definitive sale and purchase agreement (SPA) to acquire a 75% stake in life insurance player Tokio Marine Egypt Family Takaful in a deal worth EGP 84.75 million. Under the agreement, which is subject to regulatory approval, EFG Hermes Finance and GB Capital will each own 37.5% of…
Fulcrum Utility Services to sell domestic customer gas connection assets and order book for £33mn
LONDON, UK: Fulcrum Utility Services Limited has entered into a conditional sale and purchase agreement to sell its domestic customer gas connection assets, including the order book and associated meters, to E.S. Pipelines Limited for £33 million in cash. The sale significantly strengthens Fulcrum’s balance sheet. The Company will repay existing borrowings of approximately £12…
Regency Mines signs strategic partnership with ion Ventures
LONDON, UK: Regency Mines Plc has signed a memorandum of understanding (MOU) with ion Ventures Ltd (IV), an investor in and developer of energy storage and flexibility assets. Regency, the battery metals and energy storage company, is strategically focused around battery metals, including its flagship Mambare nickel-cobalt project and its UK distributed energy storage and…
Lendlease Corporation selling its engineering business for $180 million
SYDNEY: Lendlease Corporation has entered into an agreement with Acciona Infrastructure Asia Pacific to sell its Engineering business for a purchase price of $180 million. The transaction, which is expected to complete in the first half of calendar year 2020, is subject to conditions including client and third party consents and regulatory approvals including the…
Venture Life Group has acquired PharmaSource for €6.5 million
LONDON, UK: Venture Life Group has acquired PharmaSource BV, a Netherlands based development and distribution business, for an initial consideration of €5.23 million and deferred contingent consideration of up to €1.27 million. Venture Life agreed to acquire the entire issued share capital of PharmaSource BV for an initial consideration of €5.23 million, and deferred contingent…
Focusrite acquires Martin Audio for £39.2 million
LONDON: Focusrite plc has announced the acquisition of Martin Audio and associated companies, the designer and manufacturer of high-performance loudspeaker systems for the touring and installation markets. The total consideration to be paid is £39.2 million for the business, which has approximately £4.0 million of cash. This will be funded through a combination of existing…
Vodafone selling Vodafone Malta for €250mn
LONDON: Vodafone Group has agreed to sell 100% of Vodafone Malta (VFML) to Monaco Telecom SAM for an enterprise value of €250 million, a news release said on Thursday. Monaco Telecom has agreed to acquire VFML for a cash consideration equivalent to an Enterprise Value of €250 million, implying FY19 multiples of 7.8x EBITDA and…
Vietnam seeks improved trade, investment cooperation with Pakistan
KARACHI: Vietnamese government is keen to improve trade and investment cooperation with Pakistan, Deputy Director General of Vietnam’s Ministry of Industry & Trade Do Quoc Hung said at a business-to-business meeting at Karachi Chamber of Commerce and Industry (KCCI). He said that Vietnam’s global trade turnover was more than US$500 billion this year, of which…
Phoenix Spree announces acquisition of Brandenburg Apartment Complex
LONDON, UK: Phoenix Spree Deutschland Limited has acquired an apartment complex in Brandenburg for €24.2 million. The acquisition will initially be financed by existing cash resources and assumes outstanding bank debt of €16.4 million. It is intended that this will be refinanced in the new year. The property is a former barracks, comprising 259 residential…
Safestay acquires hostels in Warsaw, Prague and Bratislava for €3.7mn
LONDON, UK: Safestay Plc, the owner and operator of an international brand of contemporary hostels, has acquired acquisition of three hostels in Warsaw, Prague and Bratislava from Dreamgroup Management E.C.P. Ltd for a total consideration of €3.7 million. It has increased Safestay’s network to more than 5,000 beds across 21 hostels, all centrally located in…
Marshall Motor acquires business and assets from Jardine Motor Group
LONDON, UK: Marshall Motor Holdings has acquired the business and assets of a portfolio of Volkswagen and ŠKODA passenger and commercial vehicle franchises from Jardine Motor Group UK Limited for up to £22.3 million cash including £13.0 million of inventory. The businesses comprise six Volkswagen passenger car franchises in Aylesbury, Harlow, Letchworth, Loughton, Milton Keynes…
Versarien to participate in Airbus led Graphene Flagship project
LONDON, UK: Versarien Plc has been selected to participate in the Graphene Flagship project led by Airbus. Versarien is an advanced engineering materials group. Leveraging proprietary technology, the Group creates innovative engineering solutions for its clients in a diverse range of industries. Funded by the European Commission, the Graphene Flagship facilitates cooperation between its partners,…