Notable Mergers and Acquisitions 8/17: (PRGO) (SKYS) (AMZN)
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Perrigo CEO John T. Hendrickson commented, "Today's acquisition of GDD, while relatively small in transaction value compared to other acquisitions we've made, further strengthens and diversifies our U.S. distribution and retail network, providing us direct access to the non-mass retail market. While we currently distribute product to this channel through GDD, I am pleased we will now bring the management of this business completely in-house. We look forward to welcoming the GDD team to Perrigo and are committed to serving our customers and consumers across the globe with quality affordable healthcare products."
*** Sky Solar Holdings, Ltd. (Nasdaq: SKYS) announced that the Company entered into a Letter of Intent with Solar Partnership Capital Ltd (“Solar Partnership” or “SPC”), a non-affiliate of the Company in certain Japanese projects, pursuant to which Solar Partnership confirmed its intention to acquire interests it currently does not own in 152 MW of solar projects from Sky Solar Japan K.K. (“SSJ”) and to take on certain specified liabilities associated with respect to those projects (the “Transaction Assets”) for a total purchase price of JPY17 billion (approximately $US165 million), subject to certain standard closing adjustments. All the other assets and liabilities of SSJ that do not constitute Transaction Assets will be transferred to a new entity.
The proceeds from the transaction are expected to be used to repay certain existing loans that were provided as part of SPC’s existing tokumei kumiai investment in SSJ, as well as to invest in selected opportunities in Japan and other key target markets.
Closing of the transaction is subject to approval by Solar Partnership’s investment committee, completion of satisfactory due diligence and mutual agreement and execution of definitive documents. The Letter of Intent terminates on August 31, 2016 but it may be extended by mutual consent. Both parties are working diligently to satisfy the conditions as quickly as possible.
Mr. Sanjay Shrestha, Chief Investment Officer of Sky Solar, and President of Sky Capital America commented, “We are very pleased to announce the potential sale of part of our solar asset portfolio in Japan. Through this transaction, we remain committed to the development of our remaining projects in Japan while also unlocking value from our 74 MW of completed solar projects and 78 MW of solar projects that have not yet been completed in Japan. With the cash proceeds from this deal, we intend to further invest in solar development projects in Japan and other key target markets that meet our investment return criteria.”
*** Amazon's (Nasdaq: AMZN) Twitch announced it has signed an agreement to acquire Curse, a leading global multimedia and technology company focused on creating content and products specifically for gamers.
Founded in 2006, Curse is home to some of the world’s most popular gaming websites, giving gamers the expertise and tools—wikis, news, guides, and databases—to help them take their gaming to the next level. Today, more than 30 million people visit Curse’s web properties, video channels, social media channels, and desktop application each month.
“We've long been fans of Curse, which is an innovator in the games industry with a strong culture built around its offerings—from Curse Voice and Curse Client to Gamepedia," said Emmett Shear, CEO of Twitch. "While it's still early days for Twitch and Curse, we’re kindred spirits in many ways and are looking forward to working together to enhance our users' gaming experience."
"We here at Curse have been avid gamers and Twitch users for quite a long time, so we're thrilled to be joining the Twitch family," said Hubert Thieblot, CEO of Curse. "I'm really excited to see how we can bring Curse services into the Twitch network, and provide an unparalleled experience to both Curse and Twitch users. This is going to be terrific for the millions of players who use Curse, and for the larger gaming community."
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