Pacific Rubiales Energy Corp (TSX: PRE) (BVC: PREC) (BOVESPA: PREB) has agreed to sell its 5 percent interest and transportation rights in Columbian oil pipeline Oleoducto Central S.A. for US$385 million. The buyer is a consortium led by Darby Private Equity, the private equity investment arm of U.S. financial services firm Franklin Templeton, which will use an affiliate, Fondo de Infraestructura de Transporte de Colombia, to make the investment. The deal is expected to close early in 2014. Pacific Rubiales, a petroleum exploration and production company with headquarters in Toronto, will use proceeds of the sale to pay down debt incurred as a result of its acquisition of Petrominerales Ltd in Nov. 2013.
KIK Custom Products Inc has completed its previously-announced buy of the consumer products business of Chemtura Corp for an adjusted purchase price of $300 million. The acquisition price remains subject to a post-closing adjustment for working capital and assumed pension liabilities. Headquartered in Lawrenceville, Georgia, Chemtura's consumer products business is known as BioLab in North America and other regions, and Bayrol in Europe. The Concord, Ont.-based KIK, a manufacturer of consumer, institutional and industrial products, is a portfolio company of U.S. private equity firm CI Capital Partners. KIK was taken private by CI Capital Partners for $826 million in May 2007.
Austin, Texas-based private equity firm Peak Rock Capital has acquired Natural American Foods. No financial terms were disclosed. Headquartered in Onsted, Mich., Natural American Foods is a producer and distributor of honey and other food products.
21st Century Fox said on Thursday it would sell its 47 percent stake in Star China TV to the TV channel operator's management and private equity fund China Media Capital.
German real estate company Deutsche Annington's first dividend to shareholders following its 2013 listing could come to about 0.70 euros per share, writes Reuters. The group, which listed in Frankfurt in July but is still majority-owned by British financier Guy Hands' private equity group Terra Firma, has said it plans to pay out 70 percent of its profits as a dividend.
CareView Communications a patient and clinically focused information technology provider to the healthcare industry, has announced changes to its senior management team and board of directors. Also, HealthCor Partners Management and HealthCor Hybrid Offshore Master Fund have committed to make an additional $5 million investment in the company in the form of a senior convertible note.
Real estate investment and asset management company Brookwood Financial Partners has acquired Heritage Square I & II, a two-building, multi-tenant office property located in Dallas, TX. Brookwood has extensive plans to improve to the property.
Private equity firms are increasingly seeking to partner with U.S. companies rather than buying them outright, as they struggle to find ways to put their huge piles of money to work at a time when frothy markets have made takeovers expensive, Reuters reports.
Activist investor Daniel Loeb's Third Point Capital LLC has taken a stake of less than 5 percent in Hertz Global Holdings Inc, the second largest U.S. car rental company, CNBC reported.
Warren Buffett's Berkshire Hathaway Inc struck a deal to buy a Phillips 66 business that makes chemicals to improve the flow potential of pipelines for around $1.4 billion of stock, Reuters reported.