Private equity firm KKR acquires majority stake in UK’s Acteon

US buyout firm KKR & Co LP (NYSE:KKR) will acquire a majority stake in British subsea energy services provider Acteon Group Ltd from US investor First Reserve Corp, the latter announced on Monday without disclosing the terms of the deal.

The transaction is awaiting customary approvals and is seen to close by the end of the year. Following the completion, Acteon’s current executive management team will remain intact, keeping a significant shareholding in the company. Houston-based private equity firm White Deer Energy will invest in the UK business alongside KKR and the management.

The stake purchase will bring in funds that will help Acteon to pursue its objective to define the market in the relatively new and growing subsea services portion of the upstream industry.

Acteon was set up in 1989 and is headquartered in Norwich, UK. The company received its initial investment from First Reserve in 2006 and has since then finalised eight acquisitions, quadrupled its operating profits and significantly increased its geographic presence, the vendor’s managing directors, Will Honeybourne and Jeff Quake, said. At present, Acteon has facilities in Brazil, Singapore, the UAE, Malaysia, China, the UK, the US and Germany.

JP Morgan Cazenove Limited and Simmons & Company International consulted both First Reserve and Acteon, while HSBC Bank Plc provided advice to KKR.

UTStarcom shareholders elect director, ratify auditor

Broadband equipment and solutions provider UTStarcom Holdings Corp. (NASDAQ: UTSI) announced the official results of its 2012 annual general meeting, held on September 28, 2012 at 1:00 p.m. local time in Beijing, China. The shareholders voted on two proposals.

Broadband equipment and solutions provider UTStarcom Holdings Corp. (NASDAQ: UTSI) announced the official results of its 2012 annual general meeting, held on September 28, 2012 at 1:00 p.m. local time in Beijing, China. The shareholders voted on two proposals.

Shareholders elected Tianruo Pu as a Class I director to serve until the 2013 Annual General Meeting of Shareholders, Hong Liang Lu as a Class III director to serve until the 2015 Annual General Meeting of Shareholders and William Wong as a Class II director to serve until the 2014 Annual General Meeting of Shareholders.

Shareholders ratified PricewaterhouseCoopers Zhong Tian CPAs Ltd as the company’s independent auditor for the fiscal year ending December 31, 2012.

U.K. Office of Fair Trading OKs SAP acquisition of Ariba

SAP AG (NYSE: SAP) and Ariba, Inc. (NASDAQ: ARBA) said that the UK Office of Fair Trading has advised it will not refer the acquisition of Ariba by SAP to the UK Competition Commission.

SAP AG (NYSE: SAP) and Ariba, Inc. (NASDAQ: ARBA) said that the UK Office of Fair Trading has advised it will not refer the acquisition of Ariba by SAP to the UK Competition Commission.

SAP and Ariba anticipate completing the acquisition at the beginning of the fourth quarter of calendar year 2012 after receiving clearance from the U.S. Department of Justice, the last remaining regulatory condition for the transaction.

Ariba combines industry-leading cloud-based applications with the world’s largest web-based trading community to help companies discover and collaborate with a global network of partners. SAP empowers people and organizations to work together more efficiently and use business insight more effectively to stay ahead of the competition. SAP applications and services enable more than 195,000 customers (includes customers from the acquisition of SuccessFactors) to operate profitably, adapt continuously, and grow sustainably.