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DATA CRUNCH TOP DEALS AND GCC ECONOMIC INDICATORS


TOP DEALS GULF BUSINESS 2200


DEAL VALUE ($M) BIDDER


Sony Corporation of America; Sony/ATV Music Publishing LLC; Mubadala Development Company PJSC; David Geffen; GSO Capital Partners LP; and Jynwel Capital Limited


TARGET


EMI Music Publishing Limited


DEAL DESCRIPTION


A group of investors led by Sony Corporation of America, has entered into a definitive agreement to acquire EMI Music Publishing Limited from Citigroup, for $2.2 billion. Citigroup Inc, the listed US based company headquartered in New York, is a financial


services group. EMI Music Publishing Limited, also US based and headquartered in New York, is a music publisher. The bidder group consists of Sony Corporation of America, a US based subsidiary of Sony Corporation, the listed Japan based manufacturers of video and audio products; Sony/ATV Music Publishing LLC, the US based joint-venture between Sony and the estate of Michael Jackson; Mubadala Development Company PJSC, the listed United Arab Emirates based investment vehicle of the Government of Abu Dhabi; Jynwel Capital Limited, the Hong Kong based investment company; GSO Capital Partners LP, the US based fund of the Blackstone Group, a US based private equity house and David Geffen, a US based private investor. Terms: The group will pay a total of $2.2 billion. Sony Corporation of America will invest


approximately $325 million in EMI Music Publishing and will own a 38 per cent stake in conjunction with the estate of Michael Jackson. Financing: The acquisition will be funded by senior credit facilities arranged by USB


Investment Bank. Rationale: The transaction is in line with Citigroup’s strategy of maximising EMI’s value and


Sony’s objective of having access to entertainment content. Post-completion: Sony/ATV Music Publishing and its management team will help oversee EMI


Music Publishing on behalf of the group. Background: On November 11 2011, Citigroup announced the sale of the Recorded Music


Division of EMI Group Limited to a group of investors including Universal Music Group Inc, the US based producer and distributor of music and video CDs and DVDs, and Vivendi SA, the listed France based provider of media and telecommunications services, for $1.9 billion.


8 Aker Solutions ASA


X3M International Inc (Well intervention technology business)


Aker Solutions ASA, the Norway based company engaged in the provision of engineering and construction services, technologies and product solutions, has agreed to acquire the well intervention technology business of X3M International Inc, the United Arab Emirates based provider of down-hole intervention service tools and technology products, for a consideration of $8 million. This acquisition will grow Aker’s well intervention technology and service portfolio worldwide as well as increase its presence in the Middle East market. This acquisition will also expand Aker’s product portfolio and customer base.


– Specialist Services Group


Labtech Services Ltd and OIL Engineering Middle East LLC


Specialist Services Group, the UAE based company engaged in supply modular buildings and packaging for the hydrocarbons industry, has acquired OIL Engineering Middle East LLC, a UAE based provider of pipe work, pressure vessel and steel structure fabrication engineering and manufacturing facilities and services, and Labtech Services Limited, a UK based company engaged in designing, engineering, hiring and manufacturing offshore fire and blast protected modular enclosures and skid mounted process equipments, from Global Energy Group Inc, a UK based contracting and service based company supporting the international energy industry, for an undisclosed consideration. The acquisition will enable Global to consolidate its UAE operations and further focus on resource management, site services and rig repair or refurbishment services. Also, the acquisition will enable Specialist Services to enhance its engineering skills and manufacturing resources in key global oil and gas centres.


GULF BUSINESS / 93


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