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Cleanup of oil-fouled California beach enters third day

2015-05-21 19:22:00| Climate Ark Climate Change & Global Warming Newsfeed

Reuters: Cleanup crews labored through a third day to scoop up patches of crude oil from a pipeline spill that closed two California state beaches and fouled offshore waters, shattering an environmental balance that U.S. Coast Guard officials said on Thursday may take months to restore. Up to 2,500 barrels (105,000 gallons) of petroleum, according to latest estimates, gushed onto San Refugio State Beach and into the Pacific about 20 miles (32 km) west of Santa Barbara on Tuesday when an underground pipeline...

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Whirlpool Enters Into an Agreement to Acquire American Dryer Corporation

2015-05-21 12:31:08| Industrial Newsroom - All News for Today

BENTON HARBOR, Mich. Whirlpool Corporation has entered into an agreement to acquire American Dryer Corporation (ADC), a privately held company that manufactures and markets coin-operated, on-premise, industrial and specialty laundry equipment. The planned acquisition gives Whirlpool Corporation's commercial...

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Altice enters the US market with acquisition of Suddenlink

2015-05-20 09:20:35| Digital TV News

Altice (Euronext: ATC) has announced that it has signed a definitive agreement to acquire 70% of the share capital in Suddenlink from existing shareholders BC Partners, CPP Investment Board and Suddenlink management.

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Altice enters US market with acquisition of Suddenlink

2015-05-20 08:29:00| Telecompaper Headlines

(Telecompaper) Altice is entering the US market with an agreement to buy a controlling stake in Suddenlink, the seventh-largest cable operator in the US. Altice will buy 70 percent of Suddenlink from BC Partners, CPP Investment Board and Suddenlink management. BC Partners and CPP Investment Board will retain a 30 percent stake in Suddenlink. Suddenlink counts around 1.5 million residential and 90,000 business customers in Texas, West Virginia, Louisiana, Arkansas and Arizona. The company generated USD 2.3 billion in revenue and over USD 900 million in EBITDA in 2014. After investing well in its broadband network, Suddenlink has a strong operational and financial growth track record, Altice said in a statement, adding the US company should benefit from the operational expertise, scale and investment support of the Altice business model. The acquisition gives Suddenlink at an enterprise value of USD 9.1 billion, equal to 7.6 times EBITDA including potential synergies. The transaction is to be financed with USD 6.7 billion of new and existing debt at Suddenlink, a USD 500 million vendor loan note from BC Partners and CPP Investment Board, USD 1.2 billion of cash from Altice and the remainder the roll over by BC Partners and CPP Investment Board. Debt at Suddenlink will remain ring-fenced so the leverage at Altice does not affect the company. The transaction is expected to close in the fourth quarter, pending regulatory approvals.

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