M&As this week: MMC, Eutelsat Communications, Vard Holdings

11 August 2016 (Last Updated August 11th, 2016 18:30)

Malaysia’s leading utilities and infrastructure group, MMC will acquire a 49% stake in Penang Port in an all-cash transaction, according to a conditional share sale and purchase agreement between the two.

Malaysia’s leading utilities and infrastructure group, MMC will acquire a 49% stake in Penang Port in an all-cash transaction, according to a conditional share sale and purchase agreement between the two.

The acquisition from the majority shareholder Seaport Terminal is estimated to be worth MYR200m ($49.5m).

Under the term of the transaction, Penang Port will dispose of its loss-making ferry service business, including vessels, employees, costs and liabilities.

"SpeedCast will add more than 2,000 merchant ships and 100 passenger vessels to its in-service fleet."

Eutelsat Communications will sell its 70% stake in maritime satellite communication provider Wins to SpeedCast International.

The French satellite operator, Eutelsat Communications, will execute the €60m ($67m) transaction through its wholly-owned subsidiary, Skylogic.

Pursuant to the deal, SpeedCast will add more than 2,000 merchant ships and 100 passenger vessels to its in-service fleet, and hopes to benefit from Wins’ strong presence in the German maritime market.

Vard Holdings (VARD), a major shipbuilder based in Norway, has increased its ownership to 95.15% in its Brazilian subsidiary, Vard Promar.