Notable Mergers and Acquisitions of the Day 7/1 (CIT, UTSI, GA)
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StreetInsider.com Notable Mergers and Acquisitions of the Day:
- CIT Group Inc. (NYSE: CIT) agreed to sell its Home Lending business, consisting of $9.3 billion in assets and related servicing operations, to Lone Star Funds for $1.5 billion in cash and the assumption of $4.4 billion of outstanding debt and other related liabilities.
In a separate transaction, CIT agreed to sell its approximately $470 million manufactured housing portfolio to Vanderbilt Mortgage and Finance, Inc. for approximately $300 million.
Net cash proceeds from the two transactions are expected to be approximately $1.8 billion.
In the second quarter of 2008, CIT expects to record an estimated pretax loss for the Home Lending segment of approximately $2.5 billion ($2.0 billion after tax).
- UTStarcom, Inc. (Nasdaq: UTSI) reached an agreement to sell its Personal Communications Division to a newly formed entity controlled by AIG Vantage Capital, a part of AIG Investments. The expected proceeds of approximately US$240 million will be based primarily on the net working capital levels, subject to certain adjustments. In addition to the cash consideration, UTStarcom could also receive up to US$50 million based on a three-year earn out provision.
- Giant Interactive Group Inc. (NYSE: GA) today announced that it has entered into a definitive agreement to acquire redeemable preferred shares, representing a 25% interest in Five One Network Development Co., Ltd, a leading Chinese online social networking service provider, for approximately $51 million.
51.com is the largest independent social network service provider in China in terms of its total number of registered users, as based on its internal research. As of June 15, 2008, the total number of registered users on 51.com was approximately 120 million, monthly unique visitors were approximately 31.5 million, monthly unique visitors logged in 18 times per month on average, average daily page views were approximately 350 million, and average monthly page views were over 10 billion.
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