mergers and acquisitions (M&A)

Google's Fitbit deal is all about data, not fitness

SINGAPORE (Nov 18): Two weeks ago, search giant Google acquired fledgling fitness device maker, Fitbit, for US$2.1 billion ($2.9 billion). In mid2015, Fitbit was listed at a US$4.1 billion valuation, with its stock soaring to US$51.90 within six weeks of its IPO, or a peak valuation of more than US$13 billion. Indeed, until rumours of Google parent Alphabet’s impending deal first surfaced a month ago, Fitbit stock was languishing around US$3.40 a share, or a valuation of US$1 billion.


Keppel's Alpha and Aliianz to jointly acquire 85% stake in Beijing office complex for $1.3 bil

SINGAPORE (Oct 16): Alpha Investment Partners, the private fund management arm of Keppel Capital, is partnering with Allianz Real Estate to jointly acquire an 85% stake in a Grade A office complex building in Beijing, China. 

In a bourse filing on Tuesday, Keppel Corp reported that the remaining 15% of the complex, Ronsin Technology Center, will continue to be held by the seller D&J China, a leading integrated business park and suburban office operator.

ST Engineering expected to soar above peers with latest acquisitions

SINGAPORE (Oct 14): Analysts are bullish on ST Engineering on the back of future trends of its satcom business and recent acquisitions, which are expected to contribute positively to this segment’s growth.

To recap, the group on Sept 17 announced that its US subsidiary iDirect Government has acquired 100% ownership in Glowlink Communications Technology for a consideration of US$20 million ($28 million).

ST Engineering's strategic growth plan means more acquisitions, higher dividends: Maybank

SINGAPORE (Oct 9): Maybank Kim Eng Research is upgrading ST Engineering (STE) to a “buy” recommendation, from “hold” previously, and raising its target price by 4.7% to $4.50.

The technology, defence and engineering conglomerate has seen its share price slide more than 9% since closing at a multi-year peak of $4.32 at the end of July. But Maybank analyst Neel Sinha believes the recent de-rating has been “unwarranted”.

According to the analyst, the group’s various strategic and growth initiatives appear to be on track.

Ascendas REIT acquires suburban office in Australia for $104.4 mil

SINGAPORE (Oct 3): The manager of Ascendas REIT (AREIT) has agreed to purchase the freehold land and the subsequent development of the suburban office building in Melbourne, Australia, for A$110.9 million ($104.4 million).

Located at 254 Wellington Road, the seller is ESR FPA (Wellington Road) and the property will be its fourth suburban office in the city.

Thakral acquires property in Queensland to expand GemLife's retirement housing venture

SINGAPORE (Sept 30): Mainboard-listed Thakral Corporation has acquired another property in Queensland, Australia, as part of its development venture of resort-styled retirement housing for those aged 50 and above. 

In a regulatory filing on Monday, Thakral says the latest acquisition, located on the Pacific Paradise on the Sunshine Coast, will expand GemLife’s rapidly growing portfolio to six resorts.

HC Surgical acquires additional 19% stake in Julian Ong Endoscopy & Surgery

SINGAPORE (Sept 3): HC Surgical will acquire an additional 19% stake in Julian Ong Endoscopy & Surgery (JOES) for $3.8 million from seller Julian Ong Surgery.

The latest acquisition will bring its entire stake in JOES to 70%, making it a subsidiary of the group.

HC Surgical will fund the acquisition via the issuance of 1.76 million new HC Surgical shares at 53.88 cents each and with $2.8 million in cash.

Genting Malaysia defends Empire stake buy

KUALA LUMPUR (Aug 16): Genting Malaysia Bhd (GenM) says its RM538 million ($178.4 million) related party transaction (RPT) to acquire a stake in Empire Resorts Inc is deemed a “worthwhile investment”.

Genting Malaysia said this in a filing yesterday after Bursa Malaysia queried the gaming group to confirm or deny the contents of The Edge Financial Daily’s article, entitled “Empire Resorts on the brink of filing for bankruptcy”, which was published on Tuesday.

Chip Eng Seng 2Q earnings down 67% to $4 mil; acquires Aussie childcare centre

SINGAPORE (Aug 1): Property and education group Chip Eng Seng reported 2Q19 earnings ended June of $3.9 million, down 67.4% from $12.2 million in 2Q18 on lower sales and higher expenses.

For 1H19 ended June, 1H19 earnings came in at $15.2 million, 17% lower compared to $18.4 million in 1H18.

Overall revenue for 2Q19 fell 7.2% lower to $237.4 million from $255.7 million a year ago.

CVC and GIC said to be among firms eyeing stake in Euroclear

(July 22): Buyout firm CVC Capital Partners and Singapore’s sovereign wealth fund GIC are among firms considering bids for a stake in the US$6.4 billion ($8.7 billion) European settlements giant Euroclear, according to people familiar with the matter.

The Brussels-based company, which counts London Stock Exchange Group as a shareholder, is planning to decide in the coming days whether to pursue a stake sale or an initial public offering of the business, the people said, asking not to be identified as the matter is private.

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