Notable Mergers and Acquisitions of the Day 03/07: (NUAN)/(TRCR) (PLAB)/(MU) (HBC)
- General Electric (GE) Tops Q1 EPS by 1c
- Unusual 11 Mid-Day Movers 04/17: (BIOF) (LIVE) (IIIN) Higher; (YOD) (RSH) MGI) Lower
- PepsiCo, Inc. (PEP) Posts Q1 Core EPS of 83c; Offers Outlook
- Weibo (WB) IPO Opens at $16.27, Below $17/ADS Pricing
- Goldman Sachs Group, Inc. (GS) Posts Q1 EPS of $4.02, Tops Expectations
- Nuance (Nasdaq: NUAN) announced plans Wednesday to acquire Transcend Services (Nasdaq: TRCR) for $29.50/share in cash, or approximately $300 million.
The deal will expand accelerate Nuance's access to and expand its customer base within the small-to mid-size hospital market, which comprise 90 percent of hospitals and have increasing demand for voice-enabled, clinical documentation solutions.
Nuance expects the acquisition in fiscal 2013 to add between $140 million and $150 million in revenue; non-GAAP earnings between $0.08 and $0.09 per share; and, GAAP earnings between $0.02 and $0.03 per share.
The transaction is expected to close in the second half of Nuance's fiscal 2012, subject to regulatory approval and other conditions.
- Photronics, Inc. (Nasdaq: PLAB), reports paying approximately $35 million to Micron Technology, Inc. (Nasdaq: MU) in connection with the purchase of its U.S. nanoFab building in Boise, ID that it previously leased from the building’s owner Micron. In connection therewith, the Company also amended its credit facility adding a 5-year term loan for $25 million and reducing interest rates by 25 basis points on borrowings as defined in the credit facility.
- HSBC and Hang Seng Bank have agreed to sell their general insurance businesses in Hong Kong, Singapore, Argentina and Mexico, representing further progress in the execution of our strategy. The value of the gross assets to be sold by HSBC Group companies was $1,228m (net asset value $237m)1 at 31 December 2011, of which assets to be sold to AXA represent $444m (net asset value $48m) and assets to be sold to QBE represent US$784m (net asset value $189m).
HSBC Insurance (Asia) Limited, HSBC Insurance (Singapore) Pte. Limited and HSBC Seguros, S.A de C.V., Grupo Financiero HSBC, all wholly-owned subsidiaries of HSBC Holdings plc, have entered into agreements to sell their general insurance portfolios in Hong Kong, Singapore and Mexico, respectively, to AXA Group.
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