Monthly Archives: January 2013
Employers in California and Illinois will be prohibited from demanding access to workers' password-protected social networking accounts, thanks to new laws taking effect in 2013, Reuters reported. Michigan's Republican Governor Rick Snyder signed a similar measure into law earlier this month that took effect immediately. The Michigan law also penalizes educational institutions for dismissing or failing to admit a student who does not provide passwords and other account information used to access private internet and email accounts, including social networks like Facebook and Twitter, Reuters wrote.
Avis Budget Group Inc. is buying U.S. car-sharing company Zipcar Inc. for about $500 million in cash. The $12.25 per share offer represents a premium of 49% over Zipcar's closing share price Monday. Following the close of the deal, Zipcar will operate as a subsidiary of Avis and will continue with a planned move to new headquarters in Boston.
Globalturk Capital is collaborating with the US-based Small Enterprise Assistance Fund to start exploring investment opportunities exclusively in the Turkish market and for Turkish companies who have growth strategies in and beyond Turkey. Investment style is a combination of equity and loan in the range of $1 to $7 million.
Global steelmaker ArcelorMittal is to sell a $1.1 billion (673 million pounds) stake in a Canadian iron ore mine operator to a consortium that includes South Korean steelmaker POSCO and Taiwan-listed China Steel Corp, writes Reuters. ArcelorMittal formed in 2006 when India-born Lakshmi Mittal's steel business bought European peer Arcelor for $33 billion.
Two Best Buy board directors have resigned, including one of its former chief executives, almost seven months after its founder, who is now mounting a bid for the struggling retailer, left the board, writes Reuters. The departures will leave Best Buy with four vacancies on its 11-member board.
Healthcare-focused buyout firm BelHealth Investment Partners has completed its acquisition of specialty pharmacy Town Total Health. BelHealth also announced that healthcare and specialty pharmacy executive Michael A. Nameth has joined Town Total as CEO.
CoBe Capital has acquired Warendorfer Küchen, a manufacturer of premium kitchens from AFG Arbonia-Forster-Holding. This transaction represents CoBe Capital's first investment in Germany and follows its most recent transaction, Bourrelier Éducation, in France in 2011.
Equistone Partners Europe has divested its investment in Paragon Print & Packaging Limited alongside its co-investor LDC, to an affiliate of Sun European Partners for an undisclosed amount. The deal represents Equistone’s fifth successful exit of 2012.
Prospect Capital Corporation has provided a $30 million first-lien senior secured loan to support the recapitalization of Spartan Energy Services. Headquartered in Lafayette, Louisiana, Spartan is a provider of thru tubing and flow control services to oil and gas companies operating throughout the United States. The recapitalization was completed by Harren Equity Partners in partnership with Spartan's management team and employees.
Happy New Year! In this First Read of 2013 peHUB unveils links to the top 15 US VC deals in 2012, some tech resolutions for 2013 and what the deal is with European buyouts.