Axion International, which is traded on the over-the-counter Bulletin Board, has raised $7.6 million from undisclosed investors. The financing closed on April 21. Axion is a producer of industrial building products and railroad ties made from 100% recycled plastic. The financing is aimed at continued growth of the company’s Recycled Structural Composite technology, the company said in a statement.
3 min read · 27 April 2011
Buyout shops Carlyle Group and Oak Hill Capital Partners will invest $155 million in the newly created FNB United Corp., which will bring together North Carolina lenders CommunityOne Bank and Bank of Granite, Reuters reported. Under the terms of the deal, Carlyle and Oak Hill will each own 24.9% of the venture. The combined FNB United will create a North Carolina lender with around $2.9 billion in assets and 63 bank branches, Reuters reported. As part of the deal, Granite shareholders will receive 3.375 FNB United shares for each share held.
2 min read · 27 April 2011
Research in Motion has acquired Tungle, maker of a Web-based meeting schedule tool. Tungle launched its technology in 2009, and has raised money from investors including Commonwealth Capital Ventures, JLA Ventures and Desjardins Venture Capital. Terms of the deal were not released. Tungle is based in Montreal.
1 min read · 27 April 2011
Buyout shop Silver Lake Partners will acquire Smart Modular Technologies in a cash deal that values the company at roughly $645 million, Reuters reported. Smart Modular is a maker of memory chips. Silver Lake and its unit Silver Lake Sumeru will pay $9.25 for each Smart Modular share, a premium of 13% over the chipmaker's Monday close. Silver Lake has roughly $14 billion under management.
2 min read · 27 April 2011
Lloyd Sprung has joined investment banking advisory firm Evercore Partners as a senior managing director. Sprung was most recently a managing director at Miller Buckfire & Co., where he was responsible for leading restructuring, financing and strategic advisory assignments. In his new role, based in New York, he will focus on advising clients on debt capital markets and corporate restructuring transactions.
2 min read · 27 April 2011
News Corp. is expecting to see bids for Myspace by the end of the week, Reuters said, with a price tag estimated at around $100 million – less than 20% of what News Corp. paid to acquire the once popular social networking site. News of the latest planned bids and expected valuation was first reported by Wall Street Journal on Tuesday. THL Partners, Redscout Ventures and Criterion Capital have all been named as potential buyers. News Corp. paid $580 million for Myspace in 2005.
2 min read · 27 April 2011
Buyout shop Kohlberg Kravis Roberts said it will pay $104 million for properties in the Barnett shale in Texas, Reuters reported. The firm is buying the properties from explorer and producer Carrizo Oil & Gas. The acquisition, via KKR Natural Resources, the firm’s partnership with privately held Premier Natural Resources, marks the private equity fund's second venture in Barnett, Reuters wrote.
1 min read · 27 April 2011
The Philippines' Rizal Commercial Banking Corp. is in talks with Hong Kong-based CVC Asia Pacific, and is negotiating to sell 127 million shares to the private equity firm, Reuters reported, citing the Manila Bulletin. The stake is worth roughly $83 million, and would be part of the banking company’s capital raising plans. In March Rizal sold a 7.2% stake to the International Finance Corp., the World Bank's private sector arm, for about $50 million.
2 min read · 26 April 2011
French financial holding company Eurazeo will pay 132 million euro ($184.4 million) to buy OFI Private Equity, Reuters reported. Eurazeo will offer 10 of its shares for every 54 shares in OFI. The offer values OFI at 10.52 euros per share, representing a 14% premium to the company's stock price at Thursday's close, Reuters wrote.
1 min read · 26 April 2011
3 min read · 26 April 2011
