On May 19, 2021, Commerz Real AG, a subsidiary of Commerzbank AG, sold Highlight Towers in Munich to a joint venture between the family-owned companies IMFARR Beteiligungs GmbH and Switzerland-based SN Beteiligungen Holding AG. The purchase price is estimated to be €700 million. The office towers are fully let to companies such as Amazon, IBM, […]
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Veritas Capital and Evergreen Coast Capital Buy Cubic Corporation
Posted on 05/25/2021
San Diego-based Cubic Corporation is an American public transportation and defense corporation. It operates two business segments, Cubic Transportation Systems and Cubic Mission and Performance Solutions, respectively.
Veritas Capital and Evergreen Coast Capital Corporation, an affiliate of Elliott Investment Management L.P., acquired Cubic Corporation for a transaction valued at approximately US$ 3 billion, including the assumption of debt. The go-private transaction, which was announced on February 8, 2021 and the terms of which were amended on March 31, 2021, received approval from Cubic shareholders on April 27, 2021. Cubic will remain based in San Diego, California, and the transition is expected to be seamless for customers and employees across Cubic’s businesses.
DAILY DOSE: May 24, 2021
Posted on 05/24/2021
1. The Omiai dating app, a Japanese matchmaking app, was hacked. Net Marketing Co. oversees the Omiai app. This could expose the personal information of more than 1.7 million account holders. While free for women, Omiai generates revenue by charging men.
2. U.S. President Joe Biden, who ended the permit for the North American Keystone XL pipeline, is waiving the sanctions on the Nord Stream 2 natural-gas pipeline, which is 95% complete. The pipeline links Russia to Germany, bypassing the Ukraine, on sending energy over to Germany. The Biden administration will waive sanctions on the corporate entity – Nord Stream 2 AG – and CEO Matthias Warnig overseeing the construction of Russia’s Nord Stream 2 pipeline into Germany. Matthias Warnig is a former East German intelligence officer. The U.S. State Department will waive the applications of those sanctions, citing U.S. national interests.
Alibaba Group Holding Limited (ticker: BABA) was a darling direct listed equity holding for many large U.S. and Canadian public pensions. Alibaba was the largest Chinese equity holding for many U.S. pensions in 2020. However, shares of Alibaba have lost approximately a third of their value since last fall as Chinese regulatory pressure intensified. Many […]