M&A; Activity Around the Globe: Maintel, Totility Ltd., TK, Sevan Marine, Takeda Pharmaceutical, Nycomed
Friday, September 30, 2021 2:51 PM

As U.S. stocks tumbled on Friday on data showing American incomes fell in August, a poor Chinese manufacturing outlook and rising euro zone inflation, several M&A activities took place around the world. Some notable M&A activities are discussed here.

UK-based Maintel Acquires B2B Mobile Communication Specialist

Maintel, the AIM listed telecoms and data services company, announced the acquisition of business-to-business mobile communications specialist, Totility Ltd. The acquisition is expected to significantly strengthen Maintel’s position in the communications marketplace, adding to its service proposition at a time when the company is achieving excellent results in a challenging market. Maintel’s half-year results, posted September 12, show growth of 20 per cent and a rise in profit before tax of 18 per cent when compared with the same period in 2010. Totility is a highly reputable and profitable Surrey-based business with 12,000 connections with Vodafone and O2. Following the acquisition, which is subject to shareholders’ approval, the Totility business, customers and staff will be incorporated into Maintel’s London-based HQ. Totility’s Managing Director Terry McKeever will continue to lead the mobile business as it is integrated with Maintel. The financial details of the transaction were not disclosed by the companies.

Teekay to Buy Stake and Vessels from Sevan Marine

Teekey Corp. (NYSE: TK) on Friday said that it has reached an agreement in principle to acquire three floating production storage and offloading (FPSO) units from Sevan Marine ASA, a Norway-based developer, owner and operator of FPSO units, and acquire an equity interest in a recapitalized Sevan. Under the terms of the agreement in principle, which has been approved by the Teekay and Sevan boards of directors, Teekay will acquire three FPSO units from Sevan, and will also enter into a cooperation agreement to acquire future FPSO projects developed by Sevan. Teekay reached the agreement in principle for its participation in a consensual restructuring of Sevan's capital structure following discussions with Sevan's board of directors, some of its largest shareholders, and a group of bondholders holding a majority of each of Sevan's bond classes. Prior and subsequent to the transaction closing, Sevan will continue operate as a publicly-listed company on the Oslo Bors. It is expected that the terms of the transaction will be announced during the week of October 3, 2011. TK was trading lower by 2.22 percent to $22.93 on Friday.

Takeda Completes Acquisition of Nycomed for $12.9 Billion

Japan-based Takeda Pharmaceutical Company said Friday that it has completed its acquisition of Nycomed A/S for $12.9 billion (9.6 billion euros) on a cash-free, debt-free basis and made Nycomed a wholly owned subsidiary of Takeda effective today. Dr. Frank Morich has been named CEO of Nycomed in addition to his current role as executive vice president, international operations (Americas/ Europe ), Takeda Pharmaceuticals International Inc., a wholly owned subsidiary of Takeda America Holdings Inc. The transaction fits in with Takeda's sustainable growth strategy outlined in its 2011-2013 mid-range plan. In addition, the acquisition will bring Takeda an immediate and stable increase in cash flow generated from annual revenue of more than $3.7 billion (2.8 billion euro) from the acquired business.