Advent, Kreke family to squeeze out remaining Douglas shareholders

Advent International Corp and the Kreke family said today that they had so far accumulated a 95.33% stake in German retailer Douglas Holding AG (ETR:DOU).

Together with the 12.73% already owned by the Douglas founding family Kreke, Beauty Holding Three AG, a firm controlled by funds advised by the private equity firm, secured an ownership level of 93.09% in Douglas by 4 December. Another 2.24% stake was bought outside the EUR38.00 (USD50.34) tender bid, whose additional acceptance period is set to expire on 21 December.

Having secured over 95% of the German firm, Beauty Holding can now proceed with a squeeze-out for the rest of the Douglas stock, with the procedure to be carried out until 20 March 2013 at the same price per share, the pair added.

The EUR1.5bn transaction, which was launched in October, will see the Kreke family holding an indirect stake of 20% in Beauty Holding, while Advent funds will own the rest.

Arris acquires Google’s Motorola Home after Pace walks away

UK set-top boxes maker Pace Plc (LON:PIC) said today it was unable to agree satisfactory terms for a potential acquisition of Google Inc’s (NASDAQ:GOOG) Motorola Home business, allowing Arris Group Inc (NASDAQ:ARRS) to ink its own deal for the purchase of that unit.

In a statement, Pace noted it had requested that the Financial Services Authority (FSA) lifted the suspension of its securities from the Official List. The shares were suspended from trading earlier this month, after the company announced it had made an indicative, non-binding proposal for the Internet group’s Motorola Home subsidiary.

In his comment on the matter, Pace CEO Mike Pulli said that the UK firm had considered the potential move to be an opportunity to step up its strategy of transforming core economics, strengthening its position in the PayTV hardware area and extending its operations into software, services and integrated solutions. However, Pace had failed to reach an agreement on terms that would have been in the interests of its stockholders.

Arris announced it had signed a cash-and-stock deal worth USD2.35bn (EUR1.8bn) to acquire the particular business from Google. About USD2.05bn of the consideration will be provided in cash and funded with debt. Following completion, Google will hold a 15.7% stake in the US communications technology specialist.

BNP Paribas to sell Egyptian arm to Dubai-based Emirates NBD

French lender BNP Paribas SA (EPA:BNP) has entered into an agreement to sell its entire 95.2% interest in its Egyptian unit to Dubai-based bank Emirates NBD PJSC (DFM:ENBD), the parties announced today.

In addition, Emirates NBD will acquire the rest of the shares in BNP Paribas Egypt SAE from minority shareholders at the same price, paying a total of about USD500m (EUR377.9m) for the entire business. The figure represents a multiple of 1.6 times the unit’s book value as of September 2012.

The transaction is pending clearance from the Central Bank of Egypt and certain local and UAE regulators. It is seen to be finalised by the end of next year’s first quarter. Through the acquisition, Emirates NBD would enter the Egyptian market as part of its plan to boost presence in retail and corporate banking outside of the UAE.

The Cairo-based bank has a network of 69 branches across the country, some 1,450 employees and about 200,000 retail and 3,000 corporate customers. Last year, it registered net earnings of EGP222m (USD36m/EUR27m) on revenues of EGP731m.

BNP Paribas Corporate Finance and Allen & Overy LLP are consulting the vendor, while Perella Weinberg Partners, HC Securities and Investment, Freshfields Bruckhaus Deringer LLP, Matouk Bassiouny as well as Deloitte and McKinsey & Company Inc are advising the buyer.