Merger and Acquisition Activity Taking Place Around the Globe: ITV, Channel Television, IGC, PRC Ironman, RTI, Aeromet International
Tuesday, October 18, 2021 10:40 AM

As a host of companies announce their earnings result today, including Bank of America, Goldman Sachs and UnitedHealth, and news of a ratings review of France by Moody’s is announced, a host of merger and acquisition activities are taking place around the globe.   


ITV to Buy Channel Television


Britain’s biggest free-to-air commercial channel announced it has agreed to buy Channel Islands broadcaster, Channel Television from Yattendon, thus integrating all regional network under its ownership. The deal is subject to regulatory approvals and the terms of the deal are not disclosed. Channel Television produces local news and sports for the residents of Guernsey, Jersey and other Channel Islands. It also provides a number of compliance services for a number of independently produced shows.


IGC to Acquire China-Based Linxi H&F Economic and Trade Co. 


India Globalization Capital Inc. (AMEX: IGC) an integrated infrastructure company operating in India and China, announced it has entered into a definitive agreement to acquire iron ore processing company Linxi H&F Economic and Trade Co., which is engaged in the conversion of low-grade iron ore to higher-grade ore. IGC will issue 31.5 million shares of IGC common stock for a 95 percent stake in the Chinese company. The deal also provides for a contingent payment of $1million to shareholders of Linxi H&F Economic and Trade Co. within 30 days of closure and upon satisfaction of certain post closure covenants. The agreement further provides for a pair of $1.5 million contingent payments by IGC to PRC Ironman shareholders  for achieving an earnings growth of at least 30 percent from previous years' closing audits. The agreement adds that if either annual target is missed there would still be a payout provided the company achieves an earnings growth of 69 percent between fiscal-year-end 2011 and fiscal-year-end 2013. The deal is expected to close in the current fiscal year.


RTI to Acquire Titanium Forming Division of Aeromet International


RTI International Metals,Inc., (NYSE:RTI) announced that the company has entered into a stock purchase agreement with Aeromet International PLC, which is engaged in hot forming, super plastic forming, diffusion bonding and fabrication of titanium sheet and plate, for a cash consideration of $34.0 million. In a statement, Dawne S. Hickton, vice-chairman, president, and CEO commented,  “The acquisition of Aeromet’s Forming Division demonstrates the continued commitment by RTI to provide a complete suite of advanced downstream, value-added titanium fabrication products and engineered services to our aerospace and defense customers. This unit, to be named 'RTI Advanced Forming, Ltd.,' and will enhance RTI’s vertical integration strategy.”