US Airways Merger Talks Slowed, News Corp Snags SportsTime: M&A Weekly Recap
Here’s your Cheat Sheet to this week’s M&A headlines:
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Late on Friday, Time Warner Cable (NYSE:TWC) made a first-round offer to acquire Cablevision Systems Corporation’s (NYSE:CVC) Optimum West division, say inside sources. The bidders are competing for a business that serves around 300,000 customers in Wyoming, Montana, Colorado and Utah. Cablevision bought Optimum West, formerly known as Bresnan Broadband Holdings, in 2010 for $1.37 billion. The sources also said that a finished deal will not be announced until January or February.
Private equity firms The Carlyle Group (NYSE:CG) and KKR & Co. came forward as the lead contenders to acquire Reynolds and Reynolds, a software firm that would like to sell itself for $5 billion, say three inside sources. The latter has recruited the tech-focused investment bank Qatalyst Partners to run a sale, according to other sources to Reuters in October, but no decision is now due before January. Reynolds and Reynolds supplies business management software to auto dealers in North America and Europe.
On Monday, Pengrowth Energy Corporation (NYSE:PGH) said that it will sell its 10.01952 percent working interest in its non-operated Weyburn property to OMERS Energy and Ontario Teachers’ Pension Plan in a transaction that should be worth $315 million. The proceeds will be used to help finance the beginning phase of the Lindbergh thermal bitumen project and in the interim to decrease debt.