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Charter to buy Bright House Networks for USD 10.4 billion
2015-03-31 14:38:00| Telecompaper Headlines
(Telecompaper) Charter Communications announced an agreement to acquire Bright House Networks from media group Advance/Newhouse for USD 10.4 billion. Bright House is the sixth-largest cable operator in the US and will give Charter another 2 million customers in central Florida, Alabama, Indiana, Michigan and California. Advance/Newhouse will take a 26.3 percent stake in a new partnership set up to run Bright House, in which Charter will hold 73.7 percent. Advance/Newhouse will receive common and preferred shares in the partnership as well as USD 2 billion cash from Charter. Advance/Newhouse will have the right to convert its shares in the partnership into shares of Charter. Completing the deal remains subject to a number of factors, including Charter shareholder approval, the expiry of Time Warner Cable's right of first offer for Bright House, the close of Charter's previously-announced transactions with Comcast and regulatory approval. Bright House was previously run as a partnership between Time Warner and Advance/Newhouse, and TWC still handles many of Bright House's carriage agreements. Charter meanwhile is waiting for regulatory clearance of Comcast's planned takeover of TWC, part of which will include the merged company selling some assets to Charter.
IBM to put USD 3 bln into connecting enterprises to IoT
2015-03-31 09:22:00| Telecompaper Headlines
(Telecompaper) IBM wants to connect the Internet of Things (IoT) to the enterprise, and will invest USD 3 billion over the next four years to reach its goal. The company will establish a new IoT unit to drive insights into business operations, and build a cloud-based open platform designed to help clients and ecosystem partners build IoT systems. The new unit will be led by Pat Toole as GM. The company also announced a strategic data alliance with The Weather Channel. IBM's IoT Cloud Open Platform for Industries will provide new analytics services for IBM, clients and partners and will be used to design and deliver vertical industry IoT systems. For example, IBM will introduce a cloud-based service that will help insurance companies extract insight from connected vehicles. This will enable new, more dynamic pricing models and the delivery of services that can be highly customised to individual drivers. IBM wants customers and partners to integrate data from more IoT and traditional sources. The resources will be made available on an open platform to provide manufacturers with the ability to design and produce a new generation of connected devices and systems that are better optimised for the IoT. IBM´s IoT Ecosystem will expand, with partners ranging from silicon and device manufacturers to industry-oriented system providers such as AT&T, ARM, Semtech and The Weather Company.
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New Google CFO could get USD 70 mln in 2 yrs
2015-03-27 09:01:00| Telecompaper Headlines
(Telecompaper) Google said in a regulatory filing that it could be paying newly appointed CFO Ruth Porat a base salary of USD 650,000 a one time bonus of USD 5 million after one year, plus a USD 25 million new hire grant and a USD 40 million biennial grant. The total comes to more than USD 70 million over the next two years. Porat will join Google on 26 May. Google paid outgoing CFO Patrick Pichette, who announced his retirement earlier this month, USD 62.2 million for the three years through 2013, Recode reported. Google said it wanted to stop annual cash bonuses for senior vice presidents next year and shift to a system that includes annual base salary and biennial equity grants.
GoDaddy to raise up to USD 480 mln in IPO
2015-03-19 14:47:00| Telecompaper Headlines
(Telecompaper) The web domains provider GoDaddy announced plans to raise up to USD 480.7 million in an initial public offering of shares on the New York Stock Exchange. The company is selling 22 million new common shares, for an indicated price range of USD 17-19 per share, according to a SEC filing. The underwriters have an option to sell another 3.3 million shares if demand warrants. The bulk of the IPO proceeds will go towards paying off debt and payments to existing shareholders.
Microsemi to buy Vitesse Semiconductor for USD 389 million
2015-03-18 13:34:00| Telecompaper Headlines
(Telecompaper) Microsemi is acquiring Vitesse Semiconductor for USD 389 million to expand in the communications market. The two chipmakers reached a definitive agreement on the offer of USD 5.28 cash for each Vitesse share, a 32 percent on the average closing price during the 30 days prior to the announcement. Based in California, Vitesse designs high-performance semiconductors, application software, and integrated turnkey systems for carrier, enterprise and Internet of Things networks. Vitesse said that Microsemi should be able to leverage its Ethernet technology and help Vitesse scale its industrial IoT strategy. Microsemi said it expects "significant" synergies from the takeover, and Vitesse should add 16-20 cents a share in annual earnings the first year of the takeover. The company expects to complete the takeover by the end of June.
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