Bridge Point estimates that the market in which Qualicet is operating is expected to grow by 13% per year due to the increasing needs of the global outsourcing market, where software performance has become critical from a business point of view.
According to the Quellitast announcement, it serves “some of the most innovative and major brands in the fields of technology, financial services, retail, telecommunications, health, insurance, aviation, media and infrastructure.”Founded in 1997, the company has offices in Israel, the US, the UK and India, and has 3,000 employees, 1,500 of them in Israel, and has acquired the Experior Group, the only UK-based SAP testing company, and Pythus, .We are thrilled that Bridget Point has found a partner in our growth. They are investors who want to work with strong management teams, and have a history of investing in markets with high growth potential. “We share the management’s ambition to expand the QoLitest platform through a combination of organic growth and mergers,” said Javier Robert, head of investment operations at Bridge Point, UK, and a partner at the company. “In a technology-disrupting industry, new standards are needed for quality, Level of expertise. “
Brand on sale? Signed a non-binding agreement to sell its subsidiary, Pelez, for NIS 20 millionAbout three years ago, Brand bought 40% of the shares of Pelez, which operates in the metal field, at a value more than double that of which it now wants to sell the subsidiary. The Brand share lost 25% last year, reflecting a company value of NIS 75 millionBrand Industrial Company446.7)On the way to parting from another subsidiary, Pellegaz, after signing a non-binding agreement of principles for its sale for NIS 20 million.According to the update published by Brand on the subject, a detailed agreement, which the parties are currently working on, will be subject to the approval of the financing parties and of Brand’s shareholders. The approval of the shareholders is required, inter alia, in view of the personal interest that may be in the transaction for the controlling shareholders – the KCPS fund of the partners Gilad Halevy, Uri Einan and Gilad Shavit, in view of the business ties between them and the buyer
The possible sale of the subsidiary, which is wholly owned by Brand, comes less than three years after, in October 2016, the company agreed to acquire the share of its partner in Plazgas (40%), Tadi Investment and Holdings Group, for NIS 17.5 million A company more than double the value at which it wants to sell Plagaz now.Pellegaz, which operates in the Nitzanei Oz industrial zone in the Sharon region, manufactures, processes and assembles metal products and manufactures, renovates, retrieves and mines gas aggregates, and is part of Brand’s metal products sector, which includes the production, processing and assembly of various metal products.The agreement signed today regarding the sale determines that half of the consideration in the transaction, about NIS 10 million, will be paid to Brand on the date of signing the detailed agreement, and the balance will be transferred to it on the closing date of the transaction until the end of 2021. The detailed agreement will include providing collateral to the buyer to secure the fulfillment of Pelephone’s The shares being sold in favor of Brand to secure the second payment.
The realization of Carmor’s assets is delayed
Brand, which operates in the metal field, recently produces mostly negative headlines. Last month, another subsidiary of its car manufacturing company, Carmor, came to the Tel Aviv District Court due to its inability to meet its obligations. The challenging financial situation led Mizrahi-Tefahot and Discount Bank, two of its main creditors, to request Carmor’s consent to the court for the urgent appointment of their receivers to “maximize the value of the company’s assets”.However, at the present stage, the realization of Carmor’s assets is delayed, and despite the interest of several parties regarding the possible acquisition of the activity, the date of submission of the investment proposals has passed at the end of last week. As far as is known, the submission of concrete proposals is delayed.Brand reports for the first quarter of the year indicate that Carmor has an unsecured debt of about NIS 450,000 to Pazgas “for services it received.” Most of Carmart’s debts are to Mizrahi Tefahot, NIS 18 million, NIS 4 million to Discount, NIS 35 million to shareholders, NIS 20 million to shareholders, and a total of close to NIS 80 million.
Carmour (formerly the frequent) is engaged in the design, development, assembly, fitting and maintenance of dedicated vehicles for civilian and security uses. Today, it concentrates on the design, development and marketing of fire engines in a joint venture with Merkavim, a subcontractor of Carmor.In addition to the troubles in the subsidiaries, Brand reported last week that one of its customers had updated the two guarantees and intended to realize an additional guarantee of NIS 5 million, which was provided to the customer by two banks to secure Brand’s three different projects for the same customer . At Brand’s request, the Tel Aviv District Court granted an order temporarily preventing the guarantees from being implemented until a different decision was reached.Brand has lost 25% in the past year, reflecting a company value of NIS 75 million.
Leapfrogging to Energia: In a leveraged deal, it is buying up Edison’s oil and gas assets for $ 750 millionCEO of Energian, owner of the Shark and Tannin reservoirs: “The acquisition establishes us as a leading company in the field of natural gas exploration and production in the Mediterranean region.” • The company’s share surged today, completing a 40% increase since it was listed on the Tel Aviv Stock Exchange Greek Energian1,018 -0.78%)4,602 + 0.04%)Whose shares are traded in Tel Aviv and London, is making a quantum leap with a leveraged acquisition of the oil and gas assets of Italian energy company Edison. Under the deal, Energian Madison acquires oil and gas assets in Egypt, Italy, Algeria, the North Sea of Britain and Croatia, as well as development assets in Egypt, Italy and Norway. The deal is expected to amount to $ 750 million, with an additional $ 100 million to be paid by Energian under the first natural gas flow from the Cassiopeia reservoir in Italy’s economic waters (expected in 2022).
“The transaction is expected to strengthen the company in terms of growth and diversification of assets, exploratory opportunities, immediate contribution to cash flow and support for its growth strategy, which includes a desire to distribute dividends in the medium term.” In terms of financing the deal, Energian notes that the company will raise $ 265 million through a share issue (apparently allocating shares to institutional investors) and will take out a bridge loan of $ 600 million. Edison will receive 8% royalties on production profits as a result of discoveries in reservoirs located in Egypt’s economic waters.Energian CEO Matthews Riggs noted today, “The acquisition of Edison establishes Energian as a leading natural gas exploration and production company in the Mediterranean region. The deal will turn Energian into a multi-national company with a significant growth rate. In addition, we maintain the development of a crocodile shark and the flow of gas in the first quarter of 2021 as a high priority. “Development of advanced shark and crocodile as planned”In a conversation with “Globes”, Riggs said, “The deal adds significant assets to us in Greece, Italy and Egypt, and we will have 200,000 barrels of oil equivalent per day, which is very significant.” We have very strong support for the deal from the Israeli market and the London market The company is the owner of the Shark and Tannin reservoirs in Israel’s economic waters (near the Tamar reservoir). “The development of a shark and an alligator is progressing as planned, and we were very happy to hear about the sale of the Alon Tavor power station to private hands.” The sale of additional power stations will enable us to sell more natural gas to Israeli customers in the future. A very important and good deal for Israel as well, because we plan to continue investing here, so if Energia grows stronger, it’s good for the gas and electricity industry in Israel, “says Riggs.
Energian registered its shares for trading in Tel Aviv in October last year, following an IPO in London about six months earlier – in March 2018. Today the share posted a 12% jump following the announcement and since then began trading in Tel Aviv, 40%, and the company’s value reached approximately NIS 6.4 billion.Energian entered the Israeli market in 2016, with the acquisition of development licenses for the shark and alligator fields of the Delek Group as part of the gas layout. In March 2018, the Company made a final investment decision to develop its flagship project, the Shark-Crocodile Natural Gas Reservoirs, which will be carried out by means of a floating treatment facility (FPSO), 90 km from the coast.
In addition, Energian is currently developing the Prinos and North Prinos repositories in Greece, and last April reported the start of production at the Epsilon project in Greece. The company holds five additional search licenses in Israel, a search license in the Katakolo block in western Greece for 25 years, and additional search licenses in Greece and Montenegro.Debt settlement to American company Medley: Agreed to advance the period of repayment of bonds and to grant liens to holdersMedley is a medium-sized credit company that raised NIS 409 million in foreign-currency-indexed bonds in Tel Aviv. At the end of quick negotiations, the company reached an agreement with the debenture holders to change the trust deed,American credit company Medley Capital(103.3 + 0.16%)Has reached a quick agreement with its bondholders in Israel, which will enable the merger of Medley with another American company, Sierra Incom, to be completed, an achievement for Israeli bondholders against an American corporation, at a time when the fear of the ability of bond holders in Israel To deal with possible difficulties in a foreign corporation issued by Tel Aviv.The proposed amendments to the trusteeship of the Series A bonds issued in Tel Aviv in January 2018. The amendments will be brought to a meeting of the bondholders to be held on Monday in Tel Aviv, and two days after the vote, the holders will be required to approve the note Revised.
As part of the changes in the Deed of Trust, Medley agreed to change the repayment schedule of the bonds in a way that will advance the principal payments from four equal annual payments between 2021-2024 to eight equal quarterly payments from now until January 2021. The change means reducing the average duration ) Of the bond, from 2.68 years now to only 0.8 years after the change.In addition, the company will give the bondholders collateral in the form of liens on assets worth $ 90 million.At the same time, the bond interest rate, which recently rose to 8.6%, will fall by 0.25% The Company will also receive relief from compliance with the covenants in an interim period for the purpose of implementing the merger, with the financial covenant relating to the net asset value being reduced from $ 275 million to $ 215 million dollar.Medley, which provides loans to medium-sized companies, raised $ 120 million in January 2018 through the first issue of foreign currency-linked debentures of Series A on the Tel Aviv Stock Exchange. Since the issuance, there has been a decrease in the volume of the Company’s assets and in its shareholders’ equity, and as a result, the Company has come close to violating the condition of the value of the assets (net).
On March 31, 2010, Medley reported that the value of its net assets fell to $ 278 million, with the financial stipulation that a drop below $ 275 million over two consecutive quarters would violate the trust deed and grant bondholders the option of placing S & P Maalot estimated two weeks ago that Medley would not meet the conditions at the date of publication of the financial statements at the end of June.As a result, the debt rating of the bonds was reduced from A- to BBB-minus, while the rating was added to the watch list with negative implications, and the bond’s trustee raised various claims against the company and demanded a solution to the situation. As a result, negotiations were held quickly and intensively between the parties, when representatives of Medley came to this end in Israel and even appeared at a tense meeting that took place a week ago. The quick result indicates that the order, even with an American company, can be achieved within a short time.The trustee and the holders of the Medley Capital bonds are represented by attorneys Raanan Kalir and Alon Binyamini of the firm of Erdinast Ben Nathan Toledano & Co.. Medley is represented by attorneys Aharon Michaeli and Udi Rosenthal of Goldfarb Seligman.
“The great speed with which the company’s management reached agreement with the trustee is precedent-setting and reinforces the trust between the parties, the recognition of the advantages of the merger and the recognition of the advantages inherent in shortening the duration and providing collateral,” said Sharon Zaorbach, CEO of MNS. The positive opening in the capital market this morning – a 14% rise in the price of the dollar bonds – indicates a positive feedback that the market is giving the move. Reports: Broadcom in talks to acquire Symantec security companyAccording to reports at Bloomberg and other sites, the two could reach an agreement within a few weeks. According to the Financial Times, the purchase could be more than $ 15 billion. Symantec is the world’s largest maker of cyber software, providing products and services to over 350,000 organizations and 50 million people
Broadcom is in advanced negotiations to acquire Symantec, according to Bloomberg and other sites, and the two may reach an agreement within a few weeks. According to the Financial Times, the purchase price could be $ 15 billion or more. Shares in Symantec last night rose 22% after trading hours following reports, but Broadcom fell 4%.The planned acquisition is part of Broadcom’s attempt to diversify its business beyond the chip industry. Last year Broadcom acquired another software company, CA Technologies, for $ 19 billion. Broadcom also tried to acquire the Qualcomm chip company, but failed when the deal was halted by US President Donald Trump. If the deal actually takes place, it is an acquisition by Broadcom(300.92 + 0.18%)Since Symantec(22.73 + 1.11%)Is the world’s largest maker of cyber software, providing products and services to over 350,000 organizations and 50 million people, but Symantec faces many challenges now. The company is facing increasing competition in the industry, loss of market share in the core areas of its operations, and a series of senior executives who left the company, including former CEO Greg Clark, and now operates without a CEO.If the acquisition goes ahead as planned, Broadcom will likely have to slash Symantec’s spending while maintaining stable revenues. Currently, the companies have not responded to reports of their contacts
In 2011 Intel also made a similar move when it acquired McAfee for $ 7.7 billion, but in 2016 it sold most of its shares to TPG for $ 4.2 billion.Broadcom has a development center in Israel with hundreds of employees, and last year it announced the establishment of a new building in a unique model of activity within the Faculty of Engineering at Tel Aviv University, which will unite its employees in Airport City, Tel Aviv, Herzliya, Raanana and the Universe. Its center in Nazareth, where several dozen employees are employed.Broadcom began operations in Israel in 2000, and made 13 acquisitions in Israel, including the acquisition of BroadLight for $ 195 million (2012) and the acquisition of Provigent for $ 313 million (2011). Symantec also made four acquisitions in Israel, the latest in February when it bought Lumenit Security for $ 200 million.