Spice PLC rejects a £200 million offer from Cinven

June 22, 2010 — Fusion DigiNet

Buyout company Cinven last week said Britain’s Spice Plc had rejected a takeover bid that values the provider of engineering and support services to utility companies at almost 200 million pounds ($309.3 million). Cinven issued a statement saying that it had proposed an indicative price of 56 pence per share in cash for Spice and that it was considering making an offer for the company. “This approach was rejected by the board of Spice and there are currently no discussions taking place between Cinven and Spice,” the private equity firm said.

Shares in Spice reached a high last week of 56.75p, a gain of of 13 percent in the week. Spice shares are currently trading at 54.25p (22nd June, 11.28am).The share price has moved from a low of 27.5p on 26 March this year.

THE SPICE RESPONSE TO THE CINVEN ANNOUNCEMENT
 
The Board of Spice notes the announcement issued today by Cinven Limited (“Cinven”) in relation to its interest in a possible offer for Spice.

We believe this approach significantly undervalues Spice, and the Board has not entered into discussions with Cinven, or any other party, in relation to a potential offer for Spice.

Spice has recently appointed Martin Towers as Chief Executive on a permanent basis and has communicated a clear set of objectives to enhance value for shareholders in the short term.  We’ve made excellent progress in executing these objectives, including the recent disposals of the Telecoms and Gas businesses, reducing the level of indebtedness and identifying specific restructuring and reorganisation actions to continue to drive cost out of the Group.  The strategic review in relation to the Facilities business is ongoing. The outcome of this review is expected to result in the Group’s core operations being focused on markets which have strong underlying regulatory and environmental drivers.  These actions leave the Group well positioned for the new financial year and beyond.

The Board believes that the approach from Cinven is opportunistic and significantly undervalues the Company. Spice is trading in line with the Board’s expectations, and our priority remains enhancing shareholder value.  The Board is confident that Spice can deliver significant value to shareholders over the medium term.

 The Group expects to announce its results for the year to end April 2010 on 6 July 2010.

Location: UK, Morley, Leeds

Ref: F231109-503

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Web.com is acquiring Register.com for $135 million

June 22, 2010 — Fusion DigiNet

Web.com is acquiring Register.com for $135 million. Register.com is a portfolio company of private equity company Vector Capital. The transaction is expected to close in the third quarter.

Register.com is a leading provider of global domain name registration and complementary website design and management services.  The acquisition by Web.com will create one of the largest online marketing and web services companies serving small businesses.

In November 2005, Vector Capital partnered with the Register.com management team to take the company private. As a private company, Register.com divested a non-strategic division and created a new growth division to enhance customer service capabilities and broadening product offerings.

“Register.com is the most recent example in Vector’s long history of partnering with management to realize significant value by transforming and growing technology companies”, said Amish Mehta, Partner at Vector Capital “This is an exciting development for all stakeholders, including customers, Web.com shareholders, management, and employees. In addition, the sale of Register.com combined with the proceeds received from 2006 and 2007 recapitalizations of the company creates a great outcome for Vector’s investors.”

Location: USA, San Francisco, CA

Ref: F231109-504

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Criterion Capital Partners buy Bebo

June 17, 2010 — Fusion DigiNet

Criterion Capital Partners, a merchant banking and financial advisory firm based in the United States, announced today that it has acquired the Bebo business, the youth-centric social media network, from AOL Inc. As part of the deal, CCP will assume the rights and complete operating control over the global social platform business.

The acquisition and financing was lead by Adam Levin, managing partner at CCP, in partnership with accomplished business strategist Paul Abramowitz and web entrepreneur Richard Hecker. CCP will take over Bebo’s global operations immediately and retain a San Francisco-based headquarters. Exact terms of the deal are not being disclosed by either party, though most reports are saying it was sold for just $10 million! Bebo was acquired by AOL in March 2008 for $850 million.

“Criterion Capital Partners are specialists in facilitating growth plans and turnarounds, and are well placed to drive Bebo’s effort to strengthen its foothold within the highly competitive social networking arena,” said Tim Armstrong, Chairman and Chief Executive Officer, AOL.

Bebo launched in 2005. It is a social media network that combines community, connections, self-expression and entertainment via a range of social tools, games and a growing mobile platform. Bebo has a strong user base across the globe, including in the U.S., the UK, Ireland, Australia, New Zealand, Canada, Poland, France, Germany, Italy, Spain, India, Pakistan and the Netherlands.

Location: USA, Los Angeles, CA

Ref: F231109-502

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Morningstar Europe acquires the remaining 75% of Morningstar Danmark

June 17, 2010 — Fusion DigiNet

This article was updated on July 1, 2010

Morningstar Europe, a subsidiary of Morningstar, Inc., a leading provider of independent investment research, has entered into a definitive agreement to acquire a 75 percent ownership interest in Morningstar Danmark A/S from Phosphorus A/S, bringing its ownership to 100 percent. Morningstar will pay Phosphorus A/S U.S. $15.2 million, or approximately DKK 91 million, plus an amount for its share of first-half 2010 net profits. The companies expect to complete the transaction in July, subject to customary closing conditions.

Located in Copenhagen, Morningstar Danmark was established in 2001 by Morningstar Europe and Phosphorus A/S, a Danish company. The company’s main offering is the investment information website for individual investors, Morningstar.dk, which provides fund and ETF data, portfolio tools, and market analysis.

“Together with Phosphorus and the local management team, we’ve been providing investment data and software to the Danish market for more than eight years, and the company already has a well-respected brand in the industry,” said Joe Mansueto, chairman and chief executive officer of Morningstar. “As sole owner, we plan to offer Morningstar’s full suite of products and services to investors in Denmark, and leverage Morningstar’s global reach, investment databases, and technology expertise to better serve our clients. The leadership of Peter Meyer and Torben Bruun has been instrumental in building a solid foundation for Morningstar in Denmark and we look forward to expanding the business with them there.”

Morningstar Danmark has 11 employees based in Copenhagen. Peter Meyer, chief executive officer, and Torben Bruun, chief operating officer, will continue to lead the company.

Location: Europe, Denmark

Ref: F231109-501

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Video gamer network Machinima.com raises $9 Million

June 15, 2010 — Fusion DigiNet

Machinima.com, the online entertainment network for video gamers, has raised a $9 million Series B round of financing from Redpoint Ventures, a leading, early stage venture capital firm based in Menlo Park, CA with offices in Los Angeles, CA and Shanghai. Machinima.com says it has seen a 300% audience growth in th last year and last month delivered over 127 million video views to over 27 million uniques. The new funds will be used accelerate further growth.

Geoff Yang, a partner at Redpoint Ventures, and a serial early-stage backer of successful web ventures including Ask Jeeves, Excite, Gaia Online, Homeaway, Juniper Networks, MySpace, Netflix, Scribd and Tivo will join the board of directors of Machinima.com

“We are extremely excited about this new partnership with Redpoint Ventures and Geoff Yang”, said Machinima.com CEO and Chairman Allen DeBevoise. “This capital infusion will enable us to further expand the scale, reach and engagement of our community while delivering the best global marketing platform for video games on the planet to our customers and partners.”
 
Location: Los Angeles, CA

Ref: F231109-500

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UBM to acquire majority stake in Navalshore

June 15, 2010 — Fusion DigiNet

United Business Media has signed an agreement to acquire a 60% interest in Navalshore, a Brazilian shipbuilding industry tradeshow and conference, from its private owners.

Founded in 2004, Navalshore is the leading annual tradeshow for the maritime industry in Brazil. Held in Rio de Janeiro, the centre of the Brazilian shipbuilding industry, Navalshore brings together suppliers of marine and shipbuilding technology, products and services with shipbuilders, subcontractors and companies ordering new ships. The 2009 edition of Navalshore attracted more than 250 exhibiting companies and over 12,600 maritime engineering industry visitors, generating revenues of around $700,000. The next edition of Navalshore takes place during 11-13 August 2010.

The acquisition of a majority stake in Navalshore gives UBM greater exposure to the Brazilian maritime industry, one of the fastest growing markets in the world. The event is complementary to UBM’s largest Brazilian show, Intermodal, which has a strong maritime transport component. The acquisition also provides a platform for the introduction of UBM’s international maritime brands such as Marintec and Cruise Shipping to the Brazilian market. The acquisition is expected to close within the next six weeks.

Simon Foster, CEO of UBM International Media, said: “Navalshore gives UBM a majority share in the leading event for the Brazilian maritime industry, one of the fastest growing maritime markets in the world, and continues our strategy of investing in markets and geographies which provide significant growth opportunities. Working with our partners in Brazil, we aim to grow the Navalshore exhibition and conference rapidly over the next several years, as well as to bring UBM’s maritime brands to Brazil.”

Location: Brazil, Rio de Janeiro

Ref: F231109-499

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News Corporation acquires Skiff and makes an investment in Journalism Online

June 15, 2010 — Fusion DigiNet

News Corp. has acquired Skiff, Hearst Corporation’s e-reading platform designed to deliver premium journalism to tablets, smartphones, e- readers and netbooks. The Company also announced an investment in Journalism Online, the venture dedicated to enabling newspapers, magazines and online-only publishers of quality content to collect revenue from their online readers. The financial terms of both agreements were not disclosed.

“Journalism co-founder Gordon Crovitz added, “We’re especially pleased with this investment because News Corp. is the industry leader in making the case that there is value in journalism online for which readers will be willing to pay.”

“Today’s developments underscore News Corporation’s ongoing commitment to create strong business models that support journalism at a time of great change in our industry,” said Jon Miller, Chief Digital Officer, News Corporation. “Both Skiff and Journalism Online serve as key building blocks in our strategy to transform the publishing industry and ensure consumers will have continued access to the highest quality journalism.”

“We’re delighted by this investment and this vote of confidence,” said Journalism Online co-founder Steven Brill. “Journalism co-founder Gordon Crovitz added, “We’re especially pleased with this investment because News Corp. is the industry leader in making the case that there is value in journalism online for which readers will be willing to pay.”

Location: USA, New York

Ref: F231109-498

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Gazprom Marketing and Trading completes the acquisition of UK smart metering company Truread

June 15, 2010 — Fusion DigiNet

Gazprom Marketing & Trading (GM&T) has acquired the remaining stake in the UK Automated Meter Reading (AMR) services company TruRead. This follows an earlier acquisition of a 30% stake in March 2008.

TruRead provides UK suppliers, Energy Brokers, Local Authorities and Energy Management Companies with an integrated set of services, for end-to-end collection and delivery of meter readings, for electricity, gas and water. In the UK, TruRead grew its AMR installations from 100 to 1,000 a month between March 2008 and May 2010 and say that the current UK and EU legislation on emissions and utilities will act as a significant business driver for the suite of TruRead products.

Gazprom Marketing & Trading Limited (GM&T) is a UK-registered wholly-owned subsidiary of the Gazprom Group. GM&T is headquartered in London and was established in 1999 to manage Gazprom’s marketing and trading activities in the liberalised markets of Europe.

Simon Slater, Founder of TruRead said: “We are very excited about this development. We are certain that Gazprom Marketing & Trading’s expertise and support will enable us to deliver more affordable and integrated smart energy solutions to our growing customer base. In addition to the driver provided by current UK legislation; making smart meters mandatory, our partnership will also allow us to expand our footprint of activities globally, and to allow consumers in other markets to benefit from the energy solutions pioneered here in the UK.”

Smart meters lie at the heart of UK Government plans to establish a smart grid, becoming mandatory for UK households by 2020, with energy providers mandated to install these as soon as 2014.

Location UK, London and Cheshire

Ref: F231109-497

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Ancestry.com to acquire Sweden’s Genline.se

June 15, 2010 — Fusion DigiNet

Ancestry.com has agreed to acquire the Swedish family history website Genline.se. The total consideration for Genline is approximately 53 million Swedish kronor (around US$6.7 million).

Genline currently has more than 17,000 paying members with access to 26 million pages of digitized Swedish church records spanning more than 400 years from the 16th to the 20th century. 2009 reported revenue was $2.4 million. Genline trades on the Stockholm exchange AktiTorget under the ticker symbol GENL.

Ancestry.com has put online over five billion records and created nearly 17 million family trees containing 1.7 billion profiles. They have web properties directed at nine countries.

Josh Hanna, SVP and General Manager, International, Ancestry.com Inc., comments: “The Genline.se transaction, our first international acquisition, represents an exciting opportunity for Ancestry.com to access Sweden’s avid family history community and to provide Ancestry.com subscribers of Swedish heritage in the U.S. and other markets with access to important historical content.

Location: Ancestry.com – USA, Provo, UT Genline.se Sweden, Johanneshov

Ref: F231109-496

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Forbes Media is to sell its financial education web site Investopedia

June 14, 2010 — Fusion DigiNet

Forbes Media has announced that it is to sell its financial education web site Investopedia. The Jordan, Edmiston Group has been retained as the adviser for the sale.

Edmonton‐based Investopedia was acquired by Forbes Media in 2007. The web site offers unique and valuable financial and investor education through its extensive financial dictionary with over 9,000 terms used in personal finance, banking, and accounting and through its content generated by financial experts and editorial staff. Forbes say that the move is part of a larger strategy shift for Forbes Digital.

Location: Canada, Edmonton, AB 

Ref: F231109-495

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