Electric Business

A brief summary of business news to keep you informed on company start-ups, corporate downsizing and mergers and acquisitions.

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Full steam ahead on Alstom and Siemens rail merger

Alstom and Siemens have signed an MoU to create a ‘European rail champion.’ The deal has been described as a Franco-German merger of equals, to be headquartered and led by Alstom in France with 50% shares of the combined business owned by Siemens. Alstom develops and markets systems, equipment and services with an emphasis on sustainable mobility for the transport sector, while Siemens is a leading supplier of efficient power generation and power transmission, infrastructure, automation, drive and software solutions to the industry. Siemens Alstom’s combined revenue is €15.3m with an adjusted EBIT of €1.2bn, and the group expects to find annual synergies of €470m in four years following the close of the deal. Altogether the new entity employs 62,300 people across 60 countries.

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110,000 holidaymakers stranded as Monarch goes into administration

110,000 holidaymakers have been left stranded abroad following the news that Monarch Airlines has ceased trading and gone into administration. The announcement means that all Monarch flights have been cancelled with immediate effect. The UK Government has asked the Civil Aviation Authority to coordinate flights back to the UK for all Monarch customers currently overseas, and has agreed that passengers will not be charged for these repatriation flights. Established in 1968, Monarch has struggled to compete in the highly competitive short-haul travel market.

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Vitec Group snaps up camera accessories brands

Vitec Group, a provider of products and solutions to the Broadcast and Photographic markets, has bought certain assets from DayMen Group. Vitec has paid £7.6m for video and photography accessories retailers JOBY and Lowepro, expecting £23.7m of investment to go into the brands in total. In addition to this the group has acquired RT Motion Systems, a provider of wireless motor lens control systems for broadcast, cine and video cameras, for £3.4m.

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Charterhouse Research taken to next level by communications group

Digital communications group Next 15 has bought Charterhouse Research, a leading financial market research consultancy, from MIG Global. The £2.75m acquisition will combine with Next 15’s deep data and insight capability to improve its offering to the financial services industry.

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Imagination Technologies declares there’s life after Apple with Canyon Bridge deal

Imagination Technologies has agreed to a takeover by Canyon Bridge Capital Partners in a deal worth in excess of £500m. The agreed price of 182p per share is a 42% premium on Imagination’s closing price on Friday 22 September. The deal comes six months after Apple announced that it would no longer use Imagination’s mobile graphics components, sparking a crisis at the company that saw its share price halve overnight. Imagination has signalled its intent to expand into Asia, where “its technology platform will lead the continued globalization of British-developed innovation.”

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Aprirose acquires QHotels for £525m

Aprirose has bought QHotels for £525m from Bain Capital Credit and Canyon Partners, bringing its portfolio of assets under management to around £1.7bn. QHotels is the owner of 26 four star hotels adding up to 3,650 bedrooms across the UK. Aprirose has appointed Redefine BDL to manage the hotels.

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The Marcura Group acquires UK businesses G-Ports and Falmor

The Marcura Group, a Dubai-based group of companies specialising in the maritime industry, has bought the UK companies G-Ports and Falmor. G-Ports specialises in port, congestion and commodity tracking data while Falmor is a SaaS-based cloud platform for laytime/demurrage management and collaboration. Simon Francis, the CEO of both companies, has joined Marcura as the Group Director for Business Development of its Digital Chartering Services division.

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MRI Software buys Real Asset Management

MRI Software has acquired Real Asset Management (RAM), a supplier of asset management software. MRI Software is a global leader in real estate solutions, an industry with similar compliance and regulatory responsibilities to RAM’s own sector. This deal cements MRI’s existing relationship with the business and allows it to leverage its expertise to create a comprehensive, integrated solution for its clients in real estate and other heretofore unexplored markets.

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Marshall sells leasing business to Northridge Finance for £42.5m

Northridge Finance, the Bank of Ireland’s UK asset finance business, has acquired Marshall Leasing from Marshall Motor Holdings for £42.5m. Marshall Leasing operates a fleet of over 6,000 vehicles which it supplies primarily to the SME sector on a contractor and daily basis. Northridge will pay Marshall Leasing’s parent company a further one-off fee of €500,000 for use of the Marshall brand name for five years. Marshall Motor Holdings will use the move to focus on its retail network of franchised car dealerships instead.

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Bond Dickinson and Womble Carlyle complete merger

Law firms Bond Dickinson and Womble Carlyle have completed a transatlantic merger. Womble Bond Dickinson will invest in both its UK and US practices, with each able to better meet the international needs of clients through alliances and referral networks they can use to target jurisdictions worldwide. Altogether the company is a global top 100 law firm with 24 offices, 400 partners and 1,000 lawyers. The company’s combined revenues exceed £340m.

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