Warren Buffett takes 3 percent stake in Germany's Lanxess
FRANKFURT Lanxess disclosed on Monday that Berkshire Hathaway , the conglomerate run by billionaire Warren Buffett, had acquired a 3 percent stake in the German chemicals maker.
LONDON Bahrain-based Arcapita Bank has hired JP Morgan to lead a share listing for Irish energy firm Viridian Group, two sources familiar with the matter said on Thursday, in a deal that one said could give the firm a value, including debt, of nearly 1 billion pounds ($1.7 billion).
Belfast-based Viridian emerged as a holding company in 1998, after the 1993 privatization of Northern Ireland Electricity. It now operates through its Energia and Power NI businesses and owns two gas-fired generation plants at Huntstown, north of Dublin.
Viridian, which has been owned by Arcapita Bank since 2006, reported earnings before interest, tax, depreciation and amortization of 99 million pounds in the year to the end of March on 1.6 billion pounds of revenue. Net debt stood at 582.7 million pounds.
According to Thomson Reuters data shares in UK industry peers SS&E, Centrica, Drax, United Utilities, Severn Trent and National Grid on average are currently trading on an enterprise value (EV) to prospective EBITDA multiple of 10.3.
No one at Arcapita Bank was immediately available to comment. Officials at Viridian and JP Morgan declined to comment.
The initial public offering (IPO) is expected to be launched before the end of the year with the listing likely to be in London, the sources said.
JP Morgan has been hired as global co-ordinator and will be looking to add further banks to the deal, they said.
($1=0.5995 British pounds)
(Editing by Greg Mahlich)
BEIJING Hong Kong-listed Frontier Services Group (FSG), co-founded by former U.S. military services contractor Erik Prince, said it had acquired 25 percent of a Chinese security training facility, the company's latest move to tap into China's Belt and Road development plan.
BRUSSELS EU antitrust regulators approved on Monday French utility EDF's planned takeover of the nuclear reactors business of Areva , confirming a Reuters report earlier this month.