t ransact ions
Dcc ENvIroNmENtAl BrItAIN ltD AcQuIrEs
oAkWooD fuEls ltD Dcc plc, the sales, marketing, distribution and business support services group, has announced that its 70% subsidiary, Dcc Environmental Britain limited, has acquired the entire issued share capital of oakwood fuels limited (oakwood), a British waste oil and hazardous waste collection, processing and recycling business.
Oakwood collects waste lubricant oil
and hazardous waste from businesses in a variety of sectors (the largest of which is the automotive services sector) and converts the waste oil to processed fuel oil (PFO).
Oakwood's adjusted operating profit for
its financial year ended 30 September 2010 was €2.5 million (Stg£2.2 million) on revenue of €10.5 million (Stg£9.3 million) while the book value of its adjusted net operating assets at 30 September 2010 was €1.9 million (Stg£1.7 million).
The initial consideration paid in cash by
DCC is €10.8 million (Stg£9.6 million) on a debt free cash free basis. Further cash consideration will be payable based on Oakwood's profits in each of the three financial years to 31 March 2014. The maximum additional consideration payable is €22.5 million (Stg£20 million).
Tommy Breen, Chief Executive of DCC
plc, said: "The acquisition of Oakwood will broaden DCC Environmental's service offering into additional complementary waste streams in Britain and capitalise on the trend towards more sustainable waste management and in particular increased waste recovery and recycling.”
Streets Corporate Finance acted as lead advisors to Oakwood Fuels Limited, led by Victoria Gribben, Director of Corporate Finance. fi
hINDuJA gloBAl BuYs
cANADA-BAsED ols hinduja group’s business process outsourcing (Bpo) unit hinduja global solutions (hgs) has bought canada-based on-line support Inc. (ols), a customer relationship management firm, for c$74.5 million in cash. OLS provides technical support, inbound
and outbound sales, customer care and retention services in English and French across media, telecom, technology and banking and insurance, HGS said in a statement. The acquisition will give HGS entry into
the Canadian market and into the media segment, apart from strengthening its telecom practice, the company said. Dr. Partha Desarkar, global chief
executive of HGS, said the Canadian economy is doing well while the ‘picture in the US is the contrast’, which will help the firm diversify its revenues. Currently, 75% of HGS’s revenue comes
from the US, which will reduce to 60% post-acquisition. “Canada is also a very nascent market in terms of off-shoring, which leaves for us a lot of opportunity to grow,” said Desarkar. OLS reported revenues of C$63.4 million
in fiscal year 2011 and has close to 1,800 employees. With this acquisition, HGS’ consolidated annual revenue will cross US$300 million and its total headcount will be 21,300. fi
39
tAlANX group IN strAtEgIc pArtNErshIp
WIth pvI holDINgs pvI holdings (formerly petrovietnam Insurance Joint stock corporation – pvI) and talanx group have entered into a strategic partnership for the vietnamese insurance market. Within the strategic alliance the talanx group will work closely with pvI holdings and its subsidiaries to support pvI’s business development. Under the agreement, the Talanx
subsidiary HDI-Gerling Industrie Versicherung AG is to acquire a 25% stake of the enlarged share capital of PVI Holdings and will become the foreign strategic insurance partner of PVI Holdings. The two companies will join forces in their respective insurance business, supported by the Talanx subsidiary Hannover Re. The parties have agreed on a purchase
price of VND 36,000 per share and a total amount of VND 1,916.5 billion (roughly EUR 65 million or USD 93 million), which will also serve to further enhance the financial strength of PVI Holdings and promote the continuous development of PVI Holdings and its subsidiaries. The transaction, which is still subject to local regulatory approval, is expected to close before year-end 2011. PVI, the leading non-life and industrial
insurer in Vietnam enjoys a current market share of 24 % and is listed on the Hanoi Stock Exchange. Its gross written premium in 2010 totalled USD 183 million. With a staff of 1,370 and 25 branches countrywide, PVI is the only Vietnamese company to hold a license for both industrial insurance and reinsurance. Its A.M. Best rating is B+ (good). Petrovietnam (PVN), the largest company
in Vietnam contributing 25% to the country's gross domestic product, holds the majority of the shares of PVI. fi
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www.finance-monthly.com
OCTOBER 2011
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