Malaysia’s energy sector’s infrastructure service provider Wah Seong Corp Bhd has acquired a Germany-based pipe coating firm, mutares Holding 16-AG for €19.5 million (about US$20.6 million).
In a filing with Bursa Malaysia yesterday, Wah Seong said its indirect wholly-owned subsidiary Wasco Coatings Germany GmbH (WC Germany) entered into a share purchase agreement with mutares AG for a 100 percent stake acquisition.
“The acquisition would enable WC Germany to use the existing plant and machinery in Mukran, Germany, to perform its pipe-coating activities for the purposes of the Nord Stream 2 project,” a spokesperson from Wah Seong said.
Nord Stream 2 is a planned pipeline through the Baltic Sea, which will transport natural gas over 1,200km from the world’s largest gas reserves in Russia. It involves two parallel 48-inch lines, each starting from southwest of St Petersburg and ending at Greifswald on the German Coast.
On September 6, 2016, Wah Seong’s indirect wholly-owned subsidiary Wasco Coatings Europe BV entered into a contracts with Nord Stream 2 AG (NS2 AG) for the provision of concrete weight coating and storing of pipes for the Nord Stream 2 project at a contract value of €600 million (about US$636 million)
The €19.5 million purchase price takes into consideration the requirements of the Nord Stream 2 project and will be funded through project financing by NS2 AG. The acquisition is expected to have positive effect on the earnings of Wah Seong for the financial year ending Dec 31, 2017.
Pro-acquisition, this will give WSC unit the access to use mutares’ plant and machinery to provide services for Nord Stream 2 Project and there will not be any effect on the share capital and substantial shareholdings fo Wah Seong as the total purchase consideration is done entirely by cash.
“WC Germany is involved in the pipe-coating services for the oil and gas industry and trading of all associated goods and services while MH-16 is a stock corporation incorporated under the Ferman law and based in Weissenfels, Germany,” a spokesperson from WC Germany said.
By Vivian Foo, Unicorn Media
Bigtree Entertainment Pvt Ltd, which runs ticket booking platform Bookmyshow.com, on Tuesday announced that it has acquired a 75% majority stake in Pune-based DIY event registration and ticketing platform Townscript for an undisclosed amount.
Founded in 2014 by Sachin Sharma, an alumnus of IIT Kanpur and Sanchit Malikto, who graduated from Maharashtra Institute of Technology, Townscript provides ticketing and planning services for workshops, conferences, exhibitions, college festivals, marathons and adventure events.
The company comes as the second acquisition this year by Mumbai-based BigTree following its acquisition of Hyderabad-based MastiTickets last month.
“We definitely expect to see more traction in the space of do it yourself ticketing events. It’s unique and addresses a different set of users who want to set up their own events,” said Ashish Hemrajani, the CEO at BookMyShow. “We discovered the perfect synergy match with Townscript and are excited to be partnering with them in their journey towards excelling in this segment.”
Following this acquisition, Townscript will continue to run and operate as an independent entity while Hemant Madhwani, a business development manager at Bookmyshow will also join Townscript to lead the venture.
With the fresh capital, the events firm which works on a DIY ticketing model and helps organisers set up dedicated registration and ticketing pages within minutes using its website or mobile apps will also scale up Townscript, to build and enhance its product as well as to move across different geographies faster.
“We see this investment as the launch pad for a new round of innovation and fast-tracked progress. The investment will be primarily utilised towards building and improving the product offering to technology solutions that address all pain points of registration-based events right from school annual days, expos and conventions, to free-to-host charity, spirituality and fashion events,” said Townscript’s Co-founder Sharma.
Run and operated by Dyulok Technologies, Townscript allows organisers to set up and manage an event’s registration and ticketing platform within minutes. Specifically, Users can customise event details, send promotional mailers, manage payment collection and refunds, as well as generate a data-driven analysis of the event.
Townscript has launched two event apps, one aimed at customers looking to book events around them, and another for event organisers to help them manage registrations.
While the firm does not charge organisers for free events, it follows a transaction-based revenue model for paid events, where it charges customers 4% of the ticket value in addition to Rs 10 per transaction. At present, the company claims to have organised more than 12,000 events across the country including smaller cities like Ludhiana and Jaipur.
BookMyShow sold over 100 million tickets and expects to double the growth in the coming year while it strongly focuses on regional markets.
By Vivian Foo, Unicorn Media.
Chinese consumer appliances maker Midea Group Co., Ltd. has acquired a controlling stake of Israeli automation solutions developer Servotronix Motion Control Ltd. for an enterprise value of US$170 million.
The deal comes shortly after the completion of Midea’s acquisition of German industrial robot manufacturer Kuka Group for over US$5 billion last month, which marks another milestone for Midea to become a robotics and automation high-end industrial manufacturer.
“This strategic alliance represents another milestone of Midea’s expansion in industrial automation and intelligent manufacturing,” said Paul Fang, the chairman and CEO of Midea. “We believe that Servotronix’ technological leadership and innovation in motion control will generate significant synergies with Midea in terms of value chain integration and new market development.”
“By leveraging each other’s complementary capabilities and resources, the two companies will join forces to develop exciting new products and explore growth opportunities going forward,” Fang continues.
Founded in 1987 by Dr. Cohen, Servotronix develops and manufactures automation solutions focusing on motion control solutions, ranging from advanced encoders, servo drivers to multi-axis motion controllers, for a diverse range of industries including robotics, printing, textiles, medical equipment, renewable energy, Computer Numeric Control (CNC) and machine tools, food and beverages, and electronics.
Since its inception, Servitronix’s portfolio list includes the development of the world’s first PC-based 48-axis motion controllers in 1991, a digital servodrive for Baldur in 1992, a magnetic absolute encoder in 2013, and in 2014, an integrated closed-loop servo stopper motor, among some. At present, the company currently employs 200 people and has subsidiaries in China and Germany.
Following this acquisition, Servotronix will also continue to operate from its headquarters in Petah Tikva, Israel, and coordinate its global activity, including marketing, sales, and product development.
At the same time, the two parities established a strategic partnership to expand the development and sales of advanced motion control and automation systems globally and in China. This is the first collaboration of this type for Midea in Israel.
“This alliance will provide Servotronix with significant leverage for our global operations and put Servotronix in a leadership position in the field of robotics, control, and automation, with China being a major market in this field,” said Dr. Ilan Cohen, the president, CEO and founder of Servotronix.
“We are proud that Midea has recognized our success, and we are confident that this strategic alliance will benefit the company, our customers and our employees. Servotronix will continue its operations with even more enthusiasm and strength.” he further adds.
Established in 1968, Shenzhen-listed Midea manufacturers heating, ventilation and air-conditioning systems, robotics and industrial automation systems. The company generated over US$17 billion revenue in the first nine months of 2016 and has identified robotics and automation as an important growth market.
It has more than 200 subsidiaries, employs more than 130,000 people worldwide, and generated revenues of more than $17bn in the first nine months of 2016. It has identified robotics and automation as an important growth market and is stepping up its involvement in this sector. Midea has a company value of $28 billion and is listed on the Shenzen stock exchange, focuses on household goods, air-conditioning, robotics, and automation.
By Vivian Foo, Unicorn Media
SportsPlay, a sport-matching app that helps discover sports partners in a wide range of sports has recently announced the acquisition of Jogo to bring forth a singular sporting app to provide a better platform experience than before.
With their services ranged around similar premises, Jogo is considered a competitor as well as a suitable partner to SportsPlay in support of providing local sports fans with a smoother platform to enhance their playing experience.
Details of the transaction were not disclosed but assets acquired by SportsPlay includes Jogo’s smart booking system, league management system, sports facilities management system and its current users base.
Pro-acquisition, these Jogo-related assets and businesses will also be rebranded and merged into SportsPlay as one business entity and SportsPlay will also reach an undisclosed 7-figure valuation.
“We are delighted with this merger as it will boost up our business scaling and acquisition of great experienced talents into the company management,” said SportsPlay’s CEO Jin Tan. “Grassroot sports development is an important part of why we do what we do, and this deal will supercharge our efforts to build a stronger, more robust community of sports enthusiasts and sports industry. It’sti a win-win deal.”
Both startups were founded around the same time back in June 2016 and share the same mission of providing a solid solution for current sports businesses which still faces a lot of offline challenges.
SportsPlay is a mobile app that connects users interested in a variety of sports, working through matching users with other individuals who are on the lookout for players to join in on a match in addition to the function of finding sports venues within nearby vicinity.
The app currently has over 10,000 users signed up with more than 30 facilities partners on board nationwide and received initial funding from TinkBig Venture. In addtion to individual users, SportsPlay also aids sports facilities in addressing off-peak hours where court utilization can prove to be a challenge.
On the other hand, Jogo allowed users to book sports courts through its mobile app and gave court operators the opportunity to manage their sports venue through an easy-to-use dashboard. The platform was involved in several local leagues in Klang Valley and helped to manage them through their league management system.
“Both companies wanted to solve problems in sports but our solutions came from different directions and different angles. We noticed that we needed some extra solutions to grow stronger, bigger and faster. So SportsPlay decided to acquire Jogo to put everything under one roof and come out as a more solid solution,” said Jin.
Since Jogo will be rebranded as SportsPlay, their existing users will be directed to that app instantly. Those already using SportsPlay will see no drastic change but the platform will have more features alongside more new members.
Speaking on the merger, Vimal Kumar, the Co-founder and COO of Jogo said, “Jogo has technological expertise in high end management system, providing online solutions for sports leagues and competitions in the Klang Valley, while SportsPlay boasts an extensive user base and exposure to other sports. Pairing the two will allow both parties realise incredible synergies for the benefit of sports lovers all across Malaysia.”
By Vivian Foo, Unicorn Media
Deutsche Asset Management (Deutsche AM) on Monday has acquired two logistics facilities from PropertyLink, a listed Australian real estate investment trust, in an off-market transaction on behalf of a German institutional client for US$56.07 million.
In Deutsche AM’s mission to increase its sector exposure to logistics in Asia Pacific, the acquisition follows the recent purchase of GLP Narita, a grade A modern logistics warehouse in Tokyo last December.
The two acquired facilities comprised of two single story warehouses including administration offices and parking, which are located at 45 Fulton Drive, Derrimut in Melbourn, and 50-80 Southlink Street, Parkinson in Brisbane respectively. Additionally, the Derrimut site occupies over 34,000 square meters, that is 4,000 square meters larger than the Parkinson site.
“We are pleased to add Rand Transport’s facilities to our portfolio,” said Victoria Sharpe, the Head of Real Estate, Asia Pacific for Deutsche Asset Management.
“With good quality, cold storage accommodation in prime Australian locations in small supply, over the long term we expect the assets to deliver stable cash flows with low volatility in line with the strategy for our investors,” she added.
Originally designed for an anchor tenant, Rand Transport which is a leading service provider of refrigerated interstate transport and warehouse in Australia, the cold logistics facilities designed in 2010, were purpose-built to connect to the local port, airport, and railway stations in both Melbourne and Brisbane via major expressways and road networks.
Having invested in real estate assets for more than 40 years, Deutsche AM is part of the Alternatives platform, which business has more than 410 employees around the world and US$54.4 billion in assets under management as of September 30, 2016.
By Vivian Foo, Unicorn Media