Ontario Teachers News

Genting Hong Kong, a member of the Malaysian Genting Group, has reached an agreement to sell a 35% stake in global cruise ship company Dream Cruises to Canada’s TPG Darting, which is owned by TPG Capital Asia and Growth Funds.The company said the deal would strengthen its balance sheet as well as its ability to continue to expand its fleet in the cruise industry.The consideration for the 35% equity interest is US$489 million, valuing Dream Cruises total equity at US$1,397 million. With assumption of net debt of US$1,871 million, the enterprise value of the transaction is US$3,268 million. The transaction will result in a gain of approximately US$470 million…

When the global oil industry held its biggest annual gathering this week in the Swiss town of Davos, it invited banking bosses and fund managers to discuss two key topics - climate change and pressure from investors.The conclusion of the discussions was worrying for those present - pressure is rising and the industry is losing a battle not to be seen as one of the world's biggest evils.The answer? Lure investors with higher returns and raise the PR game."There is no doubt - and…

M&A (Merger & Acquisition) activity in the US container terminal sector is currently at its highest level since the boom time of the mid-2000s. However, whilst the type of buyer is largely similar to what it was, the rationale for pursuing today’s deals is different, considers Drewry Maritime Research (DMR) in their latest 'Container Insight Weekly'. The US container terminal sector has seen numerous high profile deals so far this year.Most of the parties on the buy side of the deals are infrastructure and financial players – the same type of buyers that were most active in acquiring US terminals in the mid-2000s. Their aims and motivations today though are somewhat different to what they were.

Global Container Terminals (GCT) has announced the retirement of James J. Devine, President & CEO of GCT USA, at the end of June, 2014. Devine’s retirement brings a distinguished 13-year tenure with GCT to a close, where he was instrumental in revitalizing the US operations. “Jim is an exceptional leader who has capably navigated the company through challenging market conditions. GCT’s success is a testament to his tireless work and vision,” said Stephen Edwards, President and Chief Executive Officer of GCT Global Container Terminals Inc. “We are grateful for innumerable contributions.” In the coming years, Devine will serve as a senior advisor to continue supporting the strategic growth of GCT USA.

ANV Holdings BV (ANV), a Dutch-headquartered specialty insurance business, signs agreement with Tower Group International, Ltd. (Tower) for the transfer of the unearned premium reserves on its marine and energy business previously written from its New York, NY office. As part of the transaction the team led by Messrs. Guarnera and Kaufmann will transfer from ANV to Tower in order to service the in-force policies for inland marine, off-shore energy, marine hull, cargo and liabilities currently serviced from the ANV New York office. ANV will continue to actively grow and promote its Marine and Energy business and customers from its London offices and through ANV Syndicate 1861. “This divestiture will enable ANV to pursue new investments in growing lines of business,” said R.