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Kakao agrees merger with Daum
2014-05-26 08:56:00| Telecompaper Headlines
(Telecompaper) Korean messaging services provider Kakao has agreed to merge with internet portal Daum Communications in an all-stock deal that values the messaging app operator at more than KRW 3 trillion (USD 2.9 billion). Under the deal, privately-held Kakao has dropped plans to list its shares in Seoul early next year. The tie-up will help both companies better compete with Naver, the country's biggest internet portal operator, which also owns rival mobile messaging app Line, the Financial Times reports. Daum, the country's second-largest internet portal, will issue 43 million new shares to Kakao stockholders, including 33 million common shares. Kakao stockholders will receive about 1.5 shares in the merged company for every Kakao share that they own, while Daum stockholders receive new shares of the merged company at a ratio of 1:1. The new company will be called Daum Kakao and will be listed in October, pending shareholder approval. Daum expects to grow its business by taking advantage of Kakao's mobile platform, while its workforce, technology, content and platform will help Kakao develop further. KakaoTalk has about 145 million users in Asia, and its app is installed on more than nine in 10 smartphones in Korea.
Shiloh Industries agrees with FinnvedenBulten to acquire Finnveden Metal
2014-05-23 00:03:33| Steel - Topix.net
Shiloh Industries agrees with FinnvedenBulten to acquire Finnveden Metal Shiloh Industries has signed a definitive agreement with FinnvedenBulten AB to acquire 100% of the shares of Finnveden Metal Structures.
Tags: metal
industries
acquire
agrees
EIB agrees to fund construction of Beskyd railway tunnel
2014-05-22 01:00:00| Railway Technology
The European Investment Bank (EIB) has agreed to 55m in funding for the construction of a new 1.8km twin-track Beskyd railway tunnel, which will link Ukraine with the EU.
Tags: construction
fund
agrees
tunnel
AT&T agrees DirecTV takeover for USD 48.5 bln
2014-05-19 08:46:00| Telecompaper Headlines
(Telecompaper) AT&T has agreed to acquire the satellite pay-TV provider DirecTV for USD 48.5 billion. The acquisition strengthens its TV offering in the US, while also giving it a new growth market with DirecTV's over 18 million customers in Latin America. AT&T will pay USD 95 per share for DirecTV, including USD 28.50 per share in cash and USD 66.50 in AT&T stock. The deal values DirecTV's equity at USD 48.5 billion, while the total transaction is worth USD 67.1 billion including DirecTV's net debt. After the deal, DirecTV shareholders will own 14.5-15.8 percent of AT&T. AT&T intends to finance the cash portion of the transaction through a combination of cash on hand, sale of non-core assets, committed financing facilities and debt market transactions. To facilitate the regulatory approval process in Latin America, AT&T intends to sell its stake in America Movil, which competes against DirecTV on the pay-TV market in the region. AT&T's members on the America Movil board will step down immediately. AT&T expects the deal to add to its free cash flow per share and adjusted EPS within 12 months of closing. The companies also expect over USD 1.6 billion in cost synergies from the takeover within three years, driven in part by increased sales of TV services to AT&T's fixed and mobile customers.
Bel Agrees to Acquire Emerson Network Power Connectivity Solutions from Emerson for $98 Million
2014-05-17 13:40:34| Electronics - Topix.net
Bel will pay approximately $98 million in cash to acquire the ECS business, which had 2013 revenue of approximately $83 million.
Tags: power
network
million
solutions
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