Tag: Divestiture

GP Strategies Announces Divestiture of IC Axon, Improved Liquidity and Increased Focus on Core Competencies

COLUMBIA, Md., Oct. 7, 2020 /PRNewswire/ — Global workforce transformation solutions provider GP Strategies Corporation (NYSE: GPX) today reported the completion of its divestiture of its IC Axon business division to CM Canada Acquisitions, Inc., a wholly-owned subsidiary of ClinicalMind, LLC,  a leading healthcare communications company. ClinicalMind paid GP Strategies approximately $28 million in cash for the business, subject to an adjustment based on the final determination of the business’s working capital as of closing, of which $1.5 million was placed into escrow for 12 months. Up to an additional $2 million of consideration may be paid to GP Strategies if IC Axon achieves certain revenue objectives for calendar year 2020. The acquired IC Axon business has trailing twelve-month revenue of approximately $12.5 million as of June 30, 2020.

“Our sales of assets in the last year have improved our liquidity and focused our efforts toward our largest

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A $100 billion Big Oil divestiture plan is coming

The Johan Sverdrup oil field in the North Sea, operated by Equinor, is the third-largest oil field on the Norwegian continental shelf, with 2.7 billion barrels of oil equivalent. Equinor is planning to cut the carbon-intensity of energy products it sells by at least 50% as part of the energy transition related to climate change.

CARINA JOHANSEN | AFP | Getty Images

Energy transition has climbed towards the top of the agenda in the boardrooms of the world’s largest oil and gas companies. With electrification and renewable energy on the rise, Big Oil is striving to adapt to a transformation that could eventually render their business obsolete if they don’t latch on to the opportunities it brings. The result could be a massive sell-off of assets as the biggest petroleum players concentrate their oil and gas production to the countries where oil and gas is cheapest and easiest to produce.

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Aviva: Swift Divestiture Shows New CEO Means Business (OTCMKTS:AIVAF)

U.K.-based insurer Aviva (AVIAF, AVVIY) recently outlined its planned strategic shift. Key to the business was the plan to divest non-core overseas assets, although for shareholders equally important is a review of the high yielding dividend, which I expect to be cut.

The company has announced a partial divestiture of its Singapore business which, given the swiftness since the previous announcement of the strategy of focusing on core business, suggests that the new chief executive is not wasting any time. I remain down on the stock, as I expect a dividend cut which will reduce its primary attraction as a high yielder. Nonetheless, the speed of the latest move is noteworthy as it suggests that Aviva may be changing quite a bit under its new leadership.

Aviva Will Sell Its Majority Singapore Holding

The company announced that it will sell a majority shareholding in Aviva Singapore to a consortium led

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PDL BioPharma Completes Divestiture of the Noden Pharmaceutical Business to Stanley Capital

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INCLINE VILLAGE, Nev., Sept. 9, 2020 /PRNewswire via COMTEX/ —
INCLINE VILLAGE, Nev., Sept. 9, 2020 /PRNewswire/ — PDL BioPharma, Inc. (“PDL” or the “Company”) (Nasdaq: PDLI) announces the closing of the sale of its wholly owned subsidiaries Noden Pharma DAC and Noden Pharma USA (collectively “Noden”) to Stanley Capital.  The total value of the transaction will result in payments to PDL of up to $52.83 million in cash, $4.58 million greater than previously announced.

“After running an extensive process, we are excited about closing this transaction with Stanley Capital,” commented PDL’s President and CEO Dominique Monnet.  “It represents the completion of a key divestiture for PDL and an exciting opportunity for the Noden team.”

Payments to PDL, in connection with the closing of the transaction, are $12.72 million.  The agreement provides for an additional $33 million

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