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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Broadcom acquires CA Technologies for $18.9bn

Broadcom, the global technology group that specialises in semiconductor and infrastructure software solutions, has completed its $18.9bn acquisition of CA Technologies. The deal will see CA Technologies delist from NASDAQ and operate as a wholly-owned subsidiary of Broadcom, which aims to become one of the world’s leading infrastructure technology companies. Following its failed takeover of Qualcomm earlier in the year, CA allows Broadcom to expand its mission critical technology portfolio. Mainframe solutions made up $2.2bn of CA’s income in 2017-18, followed by enterprise solutions at $1.75bn and services at $311m. The acquisition is expected to drive Broadcom’s long-term adjusted EBITDA margins above 55%.

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Johnston Press rescued by newly formed JPIMedia

Johnston Press, the owner of over 200 titles including the i newpaper, Yorkshire Post and Scotsman, has been bailed out of administration. The transaction sees the creation of a new company called JPIMedia, which has taken over the group’s newspapers while shedding its debts and pension fund. An ‘assessment period’ has been triggered for the employees on its defined benefits pension scheme. Creditors have agreed to inject £35m of new money into the business and reduce its net debt level by £135m. Johnston Press has suffered from the same issues of dwindling circulation and advertising revenues that have afflicted legacy publishers for the last decade. The company has particularly suffered from a host of acquisitions made immediately prior to the digital media boom in the early to mid-noughties.

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AdEPT Technology Group acquires ETS Communications

AdEPT Technology Group has agreed to acquire ETS Communications in a £2.5m deal. Based in Wakefield, ETS provides unified communications services to business customers particularly in the public sector, managing and supporting cloud-based telephony systems for more than 200 GP surgeries. The acquisition is expected to increase AdEPT’s group revenues by approximately 5%. ETS reported turnover of £16.4m for the last financial year.

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WH Smith to buy US airport concessions chain for £155m

WH Smith has agreed to buy travel retailer InMotion for £155m. A significant boost to WH Smith’s international growth plans, InMotion is a market leading retailer of digital accessories in US airports. Established in 1998, it operates a concession portfolio of 114 stores across 43 US airports, including 22 of the top 25 busiest and nine of the top 10.

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IDHL Group announces Statement acquisition

IDHL Group has announced the purchase of Statement, a fast-growing Shopify Plus partner. The addition of the e-commerce specialist broadens IDHL’s web development platform options in the UK, where Shopify has invested significant resources in recent years.

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Science in Sport acquires PhD Nutrition

Nutrition firm Science in Sport has proposed a share placement worth approximately £29m to fund its acquisition of PhD Nutrition. The £32m deal doubles the size of SiS’s business and accelerates its ambition of becoming a global force in performance nutrition. PhD employs 24 people and reported revenue of £20.8m and EBITDA of £2.8m in the last financial year.

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Radius Payment Solutions buys Adams Phones

Radius Payment Solutions has acquired mobile and fixed line communications specialist Adams Phones. With 30 years’ experience, Adams Phones is licensed to sell and support all three major mobile networks. The deal enables Radius to establish a telecoms division, complementing its existing telematics products.

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Confections saves liquorice maker from administration

Confections Ltd, the owner of Stockley’s Sweets and Chocley’s, has created a new firm called The Super Flyers Factory to accommodate its purchase of liquorice maker Maxilin. Maxilin’s brands include Magic Wands, Super Reds and Flyers. Its purchase from administration saves 58 jobs in Astley Bridge, near Bolton.

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ENGIE acquires Smart Buildings

Global energy and facilities services group ENGIE has announced a deal for Smart Buildings, a Leeds-based firm that develops IoT technology for applications in building management. With previous clients including Barclays, Lookers and JCT600, the acquisition opens opportunities for ENGIE in the nascent smart buildings market.

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Cairngorm Capital creates The National Timber Group

Cairngorm Capital has acquired timber merchant Arnold Laver & Co, almost doubling the investment firm’s turnover in this market. The deal sees the creation of the largest independent timber business in the UK, to be known as The National Timber Group, with revenues approaching £250m. Cairngorm’s existing timber brands are North Yorkshire Timber, Thornbridge, and Rembrand, which it bought in July earlier this year.

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