Archive | Business sales

Tetra Tech reaches 52% of Coffey

Californian company Tetra Tech Inc appears to have succeeded in its offmarket takeover offer for Sydney-based geotechnical engineering company Coffey International Ltd. At the close on Monday, Tetra Tech said it had a relevant interest in 43.21% & acceptances for 8.79%, giving it a total 52% of Coffey.

Tetra Tech & Coffey executed a bid implementation agreement on 14 October, and Tetra Tech launched its formal bid at A42.5c/share on 6 November, extended to 23 December. The shares have been in a trading halt for 2 days, to be lifted this morning, for Coffey to explain resolutions relating to executive share issues passed at its annual meeting.

The trading halt request coincided with a statement from Coffey that its directors unanimously recommended Tetra Tech’s offer, subject to there being no superior offer.

Tetra Tech is provides consulting, engineering, programme management, construction management & technical services worldwide.

Attribution: Company releases.

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KPMG Australia acquires SGA Property Consultancy

Accountancy business KPMG Australia has acquired independent chartered building & environmental firm SGA Property Consultancy Pty Ltd. Commercial terms of the deal weren’t disclosed.

SGA provides property transaction, property management, corporate real estate & environmental consultancy services to major property investors, managers & operators in Australia, New Zealand & Asia. It has 65 professionals – predominantly chartered building surveyors, building certifiers, engineers & environmental scientists – operating from 7 office.

KPMG Australia chief executive Gary Wingrove said on Friday the acquisition was driven by surging international investor interest in Australian real estate, combined with a desire to expand the accountancy firm’s property advisory portfolio to include technical consultancy.

SGA managing director David Myers, founder Stephen Allan, Bruce Corrin & David Mansfield will becomes partners of the expanded KPMG. Mr Myers said: “The integration of our firms will allow us to fast-track our domestic & global growth ambitions. We are experiencing strong growth in Malaysian & Singaporean-based projects while, locally, we are consulting to a significant & rapidly growing number of inbound Asian investors, including Chinese.

“Chinese investors view Australia as a safe haven for investment. They are investing in premium property, albeit often on a tighter yield than other markets. Our work involves assessing existing properties for these clients, as well as undertaking risk analysis on redeveloping commercial property for residential use.”

Attribution: Company release.

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Aecom offers $US4 billion for URS

Aecom Technology Corp & URS Corp said on Sunday they’d executed a definitive agreement for Aecom to acquire all outstanding shares of URS for $US4 billion. Another $US2 billion has been allowed for the assumption of debt.

The 2 companies, Aecom based in Los Angeles, URS in San Francisco, expect the takeover to be completed by October.

Aecom has been on the more aggressive growth path of the 2 engineering-based consultancies, which included acquiring most of Davis Langdon in 2010, but was still smaller than URS – 45,000 employees versus 50,000, $US8 billion of earnings in 2013 versus $US11 billion.

The takeover offer in cash & stock is at $US56.31/URS share, 19% above the average price over the 30 days to last Friday, and equal to $US33.00 in cash & 0.734 of an Aecom share, with the aim of a total payment made up of 59% cash, 41% stock. URS shareholders would end up owning 35% of the enlarged Aecom.

Aecom said it expected the combination to be accretive to its GAAP earnings/share and more than 25% accretive to its cash earnings/share in fiscal year 2015, excluding transaction-related costs. It also expected cost synergies of $US250 million/year, nearly all of which it expected to achieve by the end of fiscal year 2016.

In New Zealand, Aecom took over Davis Langdon NZ Ltd in 2010, with a history tracing back through Worley Consultants Ltd, Meritec Ltd & Maunsell Ltd. URS took over Woodward-Clyde (NZ) Ltd in 1997.

Link: Offer website

Attribution: Company release.

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Propbd on Q M27Jan14 – Billboard business sale complete

3.15pm:
APN completes billboard business sale to Quadrant

APN News & Media Ltd has completed the $A69 million sale of its remaining interest in billboard operator APN Outdoor to Quadrant Private Equity.

APN said last Friday it would get $A60 million immediately and the balance in June 2015. The deal was announced last October.

APN continues to operate in the outdoor advertising sector through its 50% interests in both Adshel & Hong Kong Outdoor.

Attribution: Company release.

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PropertyIQ renamed CoreLogic, which takes 60% of enlarged venture

California-based CoreLogic Inc, which completed its acquisition of RP Data Ltd of Australia in May 2011, has put its name on the merged business of PropertyIQ NZ Ltd.

The Commerce Commission cleared PropertyIQ NZ last week to acquire the business & assets of Terralink International Ltd, which the Government privatised in 2001. The commission said the Government owned 50% of PropertyIQ through Quotable Value Ltd, and RP Data Ltd, of Brisbane, owned the other 50%. However, the Companies Register shows CoreLogic has a 60% stake through RP Data, and the Government 40%.

PropertyIQ NZ became Corelogic NZ Ltd on 19 November. The organisation itself is finding it hard to keep up with the changes. Research director Jonno Ingerson issued a release today from PropertyIQ, although it was already renamed CoreLogic. 3 weeks earlier he was issuing his regular release as research director of Quotable Value Ltd.

Chairman Bill Osborne said on Friday CoreLogic NZ would operate as a merged entity from 1 January 2014.

Attribution: Company & Commerce Commission releases, Companies Register.

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AWF to confirm Madison purchase in fortnight

AWF Group Ltd has called a shareholder meeting for Monday 18 November to approve its $36 million purchase of Madison Recruitment Ltd & Madison Force Ltd, which will add white-collar recruitment to AWF’s blue-collar labour force base.

AWF chairman Ross Keenan said the Madison Group was a market leader in the recruitment sector with offices in the Auckland cbd, East Tamaki, Hamilton, Wellington & Christchurch.

AWF is to pay $30 million at completion plus up to $6 million payable subject to earnings for the 52 weeks from 4 November 2013 exceeding certain thresholds. AWF will fund the purchase through new debt facilities with ANZ Bank.

Attribution: Company release.

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Horizon adds Airpro & Clean Air Management to Aquaheat

Horizon Energy Group subsidiary Aquaheat NZ Ltd has entered into an agreement to acquire the assets of Airpro Service Ltd & Clean Air Management (2005) Ltd, both majority owned by Auckland businessman Malcolm Clark.

Mr Clark said he was pleased “the business has been sold to a New Zealand-owned company that is supported by a well resourced parent and has clear plans to grow & develop the business further. I am delighted that Aquaheat have offered employment to all staff and I will personally be working with the new owners over the coming weeks to ensure a smooth transition”.

Horizon chairman Robert Tait said: “This acquisition complements our existing Auckland contracting business and is consistent with our strategy to build a national HVAC service business.

“The Airpro Service & Clean Air Management businesses will become trading divisions of Aquaheat and we will be retaining the existing brands. The business comes with well developed processes, systems, an extensive client list and a very capable workforce who will continue to provide the same level of service that customers have come to expect.”

Whakatane-based Horizon is the eastern Bay of Plenty energy distribution company.

Attribution: Company release.

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PropertyIQ lodges application to clear Terralink deal

9 days after property intelligence & geospatial data companies PropertyIQ NZ Ltd & Terralink International Ltd said they’d conditionally agreed to merge their operations, PropertyIQ filed an application with the Commerce Commission to clear the deal.

The commission is due to make a decision by Tuesday 30 July.

The Government owns 50% of PropertyIQ through Quotable Value Ltd. RP Data Ltd, of Brisbane, owns the other 50%. California-based CoreLogic Inc completed its acquisition of RP Data in May 2011.

The Government privatised Terralink Ltd in 2001, when it was bought by a group of investors through Terralink International. Terralink International’s owners are Animation Research Holdings Ltd (70%), Mike Donald & Greg Huddleston.

PropertyIQ delivers online property information. Its brands include QV.co.nz, iAdvise, RPNZ and cityscope.co.nz. Terralink International is New Zealand’s leading provider of geospatial services & solutions through Zoodle, eMap, StreetCam3D, Terranet, NZ MasterMap, Property Guru and Location Business Intelligence. At the core of Terralink’s business are spatial databases containing layers of information about every point of New Zealand.

Link: Commerce Commission clearances register, application

Attribution: Company release.

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PropertyIQ & Terralink decide to merge

Property intelligence & geospatial data companies PropertyIQ NZ Ltd & Terralink International Ltd said yesterday they’d conditionally agreed to merge their operations to create one company with complementary, innovative, technology-based services. The transaction is likely to be completed by the end of September.

The Government owns 50% of Property IQ through Quotable Value Ltd. RP Data Ltd, of Brisbane, owns the other 50%. California-based CoreLogic Inc completed its acquisition of RP Data in May 2011.

The Government privatised Terralink Ltd in 2001, when it was bought by a group of investors through Terralink International. Terralink International’s owners are Animation Research Holdings Ltd (70%), Mike Donald & Greg Huddleston.

PropertyIQ delivers online property information. Its brands include QV.co.nz, iAdvise, RPNZ and cityscope.co.nz. Terralink International is New Zealand’s leading provider of geospatial services & solutions through Zoodle, eMap, StreetCam3D, Terranet, NZ MasterMap, Property Guru and Location Business Intelligence. At the core of Terralink’s business are spatial databases containing layers of information about every point of New Zealand.

PropertyIQ chairman Bill Osborne said the merger was intended to enhance the capabilities & services the 2 companies provide and was a response to the increasing demand for more integrated data delivery, both in New Zealand & globally.

“This is about bringing 2 successful companies & 2 strong teams together. Each company brings complementary expertise to enable the merged operation to offer an expanded range of services to better meet the needs of customers.

“In particular, there are exciting opportunities to enhance the specialty property data services of PropertyIQ with the geospatial data & expertise from Terralink International to expand the client base in New Zealand and take on global clients.”

PropertyIQ chief executive Nigel Jeffries said combining the 2 companies would also help strengthen the companies’ ability to deliver end-to-end information & solutions for even the most complicated projects.

Terralink International managing director Mr Donald said the merged firm would have the scale & capability to compete globally: “New Zealand’s size & scale means the merger makes sound business sense in terms of ensuring the sustainability of both companies and the services we provide to the market.

“Both companies are seeing increasing demand from customers to match geographic reality with property-related information, whether that is for business purposes, for government agencies or at local government level.”

He said the need for and ability to match property information & records with geographic & geospatial data to form a real-world view had become evident in civil defence & emergency situations such as the Christchurch earthquakes.

“Being able to use property data and map that to a real-world view using up-to-date geospatial information is vital in these situations, and is increasingly important for consumers who rely on smartphones & other devices to navigate, do business and for shopping or recreation.”

Attribution: Company release.
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US ladder maker Werner buys Bailey business

US ladder manufacturer Werner Co has acquired the Bailey ladder business in Australia & New Zealand from Hills Holdings Ltd.

Bailey was founded in Sydney in 1956 and bought by Hills in 1990. Hills, best known for the Hills Hoist clothesline, now classifies itself as an investment company.

Werner president & chief executive William Allen said on Monday: “The addition of Bailey to the WernerCo product portfolio allows us to leverage the existing networks in manufacturing, distribution, sales & marketing while strengthening our position in the Asia Pacific market. This strategic acquisition will build on our global infrastructure and create additional value to grow our company for our employees, customers & shareholders.”

Attribution: Company release.

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