Quentin's Feed
Aug 2, 2010

HgCapital to buy Bain’s TeamSystem-sources

LONDON, July 30 (Reuters) – HgCapital is set to buy Italian
accounting software firm TeamSystem for 565 million euros
($738.5 million), people familiar with the matter said, after
beating rival buyout firm Cinven [CINV.UL] in the final stages
of the auction.

A formal announcement of the deal is expected this week, one
of the the people added.

Aug 2, 2010

HgCapital set to buy TeamSystem from Bain -sources

LONDON, July 30 (Reuters) – HgCapital is set to buy Italian
accounting software firm TeamSystem, three people familiar with
the matter said, after beating rival buyout firm Cinven
[CINV.UL] in the final stages of the auction.

Seller Bain Capital could get as much as 600 million euros
($783 million), one of the people said. Bain received bids from
both firms by Friday’s deadline as listed British software
provider Sage (SGE.L: Quote, Profile, Research, Stock Buzz) unexpectedly withdrew from the process.
[ID:nN30206177].

Jul 30, 2010

Deutsche, RBS spearhead Li Ka-shing/EDF deal

LONDON, July 30 (Reuters) – Deutsche Bank, RBS, Barclays
Capital and BNP Paribas will share in fees estimated at nearly
$100 million after helping shepherd EDF’s $9 billion sale of
British power networks to Hong Kong billionaire Li Ka-shing.

Late on Thursday, the world’s second-biggest utility reached
a deal to sell its UK electricity distribution networks to Li’s
Cheung Kong Infrastructure (1038.HK: Quote, Profile, Research, Stock Buzz) (CKI) and Hongkong Electric
(0006.HK: Quote, Profile, Research, Stock Buzz) (HKE). [ID:nLDE66T171]

Jul 30, 2010

Li Ka-shing to buy EDF’s UK grids for $9 billion

LONDON/HONG KONG (Reuters) – Hong Kong billionaire Li Ka-shing is to buy UK power grids from France’s EDF (EDF.PA: Quote, Profile, Research, Stock Buzz) for 5.8 billion pounds ($9.1 billion), the biggest full European acquisition by a North Asian group.

The tycoon’s investment vehicles Cheung Kong Infrastructure (1038.HK: Quote, Profile, Research, Stock Buzz) (CKI) and Hongkong Electric (0006.HK: Quote, Profile, Research, Stock Buzz) (HKE) said they would buy three British electricity distribution networks and a private power networks business from EDF, the world’s second-largest utility.

Jul 30, 2010

Li Ka-shing to buy EDF’s UK grids for £5.5 billion-sources

FRANKFURT/LONDON (Reuters) – Two firms controlled by Asia’s richest man, Li Ka-shing, are to buy UK power grids from France’s EDF for over 5.5 billion pounds, giving them a foothold in more lucrative overseas markets.

Cheung Kong Infrastructure (CKI), together with Hongkong Electric (HKE), won the auction for the three power distribution grids and the private power networks from EDF, the world’s second-largest utility, three people told Reuters.

Jul 30, 2010

Li Ka-shing to buy EDF’s UK grids for $8.6 bln-sources

FRANKFURT/LONDON, July 30 (Reuters) – Two firms controlled
by Asia’s richest man, Li Ka-shing, are to buy UK power grids
from France’s EDF (EDF.PA: Quote, Profile, Research, Stock Buzz) for over 5.5 billion pounds ($8.6
billion), giving them a foothold in more lucrative overseas
markets.

Cheung Kong Infrastructure (1038.HK: Quote, Profile, Research, Stock Buzz) (CKI), together with
Hongkong Electric (0006.HK: Quote, Profile, Research, Stock Buzz) (HKE), won the auction for the
three power distribution grids and the private power networks
from EDF, the world’s second-largest utility, three people told
Reuters.

Jul 30, 2010

EDF sells British grids for $8.6 bln – sources

FRANKFURT/LONDON, July 30 (Reuters) – France’s EDF
(EDF.PA: Quote, Profile, Research), the world’s second-largest utility, agreed to sell
its British power grids to two Hong Kong bidders for more than
5.5 billion pounds ($8.6 billion), two sources told Reuters.

Hongkong Electric (0006.HK: Quote, Profile, Research) (HKE) and Cheung Kong
Infrastructure (1038.HK: Quote, Profile, Research) (CKI), which is controlled by
billionaire Li Ka-shing, won the auction for the three power
distribution grids and the private power networks, three people
told Reuters.

Jul 30, 2010

EDF sells its British power grids: sources

FRANKFURT/LONDON (Reuters) – France’s EDF (EDF.PA: Quote, Profile, Research, Stock Buzz), the world’s second-largest utility, agreed to sell its British power grids for more than 5.5 billion pounds ($8.60 billion), two people with knowledge of the matter told Reuters.

Hongkong Electric (0006.HK: Quote, Profile, Research, Stock Buzz) (HKE) and Cheung Kong Infrastructure (1038.HK: Quote, Profile, Research, Stock Buzz) (CKI) won the auction for the three power distribution grids and the private power networks, three people told Reuters.

Jul 29, 2010

BP pushes on with asset sales in Asia, Latam

LONDON/HONG KONG, July 29 (Reuters) – BP Plc (BP.L: Quote, Profile, Research) pushed
ahead with plans to sell assets in Vietnam, Colombia and
Venezuela, as it scrambles to hive off $30 billion of assets to
pay to clean up the worst oil spill in U.S. history.
The planned sales also aim to create a leaner company with
the potential for higher growth. Last week, the oil major agreed
a $7 billion sale of oil and gas fields to Apache Corp (APA.N: Quote, Profile, Research),
in its first major sell-off.

BP has hired advisers to sell its stakes in oil fields and
gas projects in Colombia and Vietnam, according to separate
sources familiar with the matter on Thursday.

Jul 29, 2010

BP pushes on with asset sales in Asia, Latin America

LONDON/HONG KONG (Reuters) – BP Plc(BP.L: Quote, Profile, Research) pushed ahead with plans to sell assets in Vietnam, Colombia and Venezuela, as it scrambles to hive off $30 billion of assets to pay to clean up the worst oil spill in U.S. history.

The planned sales also aim to create a leaner company with the potential for higher growth. Last week, the oil major agreed a $7 billion sale of oil and gas fields to Apache Corp(APA.N: Quote, Profile, Research), in its first major sell-off.

    • About Quentin

      "Quentin Webb is a Reuters Breakingviews columnist, covering mergers and acquisitions, corporate finance and private equity. He is based in London. Before becoming a columnist, he was a news reporter for Reuters, where he was most recently European M&A correspondent. He has also worked as a correspondent in Brussels and as a credit-markets reporter. He joined Reuters in 2003 from Legalease, a legal publisher. He has a first-class degree in psychology from University College London."
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