TMF Group Signs Agreement to Acquire KCS Limited

LONDON, July 14, 2014 /PRNewswire/ —

Significant step in expansion of TMF Group’s operations in Asia Pacific

TMF Group, a leading provider of high value Outsourced Business Services to clients operating and investing globally, is pleased to announce it has agreed to purchase KCS Limited – the leading independent pan-Asian corporate services provider specialising in corporate accounting, corporate secretarial and payroll services – from UCL Asia Partners, L.P.

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Originally founded in 1946, KCS Limited was acquired by UCL Asia Partners, L.P. in 2003 following its spin-off from KPMG. Since then, KCS Limited has grown from 43 employees working from a single Hong Kong office to 470 employees, spanning 14 locations in eight countries/regions, through a combination of strategic acquisitions and organic growth.

The acquisition will strengthen TMF Group’s existing platform in Asia Pacific, increasing the breadth and depth of TMF Group’s Outsourced Business Services offering in the region and enabling significant future growth.

TMF Group funded the acquisition from existing resources. The financial terms of the transaction have not been disclosed.

Tom Corkhill, Chief Executive of KCS Limited, commented: 

“This deal marks an important stage in the development of our business. Combining our specialist skills, local knowledge and high quality client base with TMF Group’s truly global footprint is hugely exciting for both us and our clients who will now have the ideal partner to help them expand internationally into over 75 countries worldwide.” 

Hugo van Vredenburch, Chief Executive of TMF Group, added:  

Asia Pacific is a key growth area for our business. This acquisition builds on our existing portfolio of services and provides an excellent operational fit, with KCS Limited and TMF Group providing critical and high value-add Outsourced Business Services from many of the same locations. 

“The transaction will bring significant benefits to both our businesses and extend TMF Group’s reach in the Chinese market, giving us unrivalled service capability in the region. I am delighted to welcome Tom and the team to TMF Group and look forward to working with them.” 

UCL Asia Partners, L.P., added: 

“We are very pleased that KCS will become a part of TMF Group. Under the guidance of Chairman Iain Bruce and Chief Executive Tom Corkhill and their senior management team, the business has established a position as one of the key players in the industry. TMF Group provides a perfect fit with KCS and we are particularly pleased that TMF Group is focussed on maintaining the KCS ethos and culture. UCL Asia was advised by Citigroup led by Will McLane and Gibson, Dunn & Crutcher led by Graham Winter. We wish everyone at KCS and TMF Group continuing success.”    

About TMF Group: 

TMF Group is a leading global provider of high value business services to clients operating and investing globally. It focuses on providing highly specialised and business-critical financial, legal and human resource administrative services that enable clients to outsource their back office functions and operate their corporate structures, finance vehicles and investment funds in different geographical locations. TMF Group has operations in more than 75 countries across the Americas, Asia Pacific, Europe and the Middle East. The company is majority owned by Doughty Hanson, one of the largest independent private equity firms in Europe, which acquired it in 2008.

http://www.tmf-group.com 

About KCS Limited: 

Founded in 1946, KCS Limited is the leading (since 2003) independent pan-Asian corporate services provider specialising in corporate accounting, corporate secretarial and payroll services. Headquartered in Hong Kong, the company has 470 employees, spanning 14 locations in eight countries/regions.

http://www.kcs.com

Yongda Auto Embraces Oriental Yongda’s Fourth Anniversary and Commencement of Automobile Online Service Activities

HONG KONG, July 14, 2014 /PRNewswire/ — China Yongda Automobiles Services Holdings Limited (“Yongda Auto” or the “Company” and, together with its subsidiaries, the “Group“, stock code: 03669.HK), a leading passenger vehicle retailer and comprehensive service provider in China, is pleased to announce that Oriental Yongda, the only TV shopping automobile retailer in China created by Yongda and Oriental Shopping, officially launched the Car Exhibition on Oriental Shopping Website at its four-year anniversary. After four years’ operation, Oriental Yongda has cooperated with more than twenty well-known brands, including BMW, Audi, Cadillac, Buick, Chevrolet, Ford, Shanghai Volkswagen, Roewe and hundreds of models on its TV shopping platform, and has successfully broadcasted 300 series of automobile sales program. High-quality programs and high-value schemes have been recognized by the vast of car consumers. The automobile sales program created by Oriental Yongda has not only won the trust of many car consumers, but also gained the widespread attention and recognition from automobile industry and the media. Oriental Yongda has won the “Financial Innovation Award”, “The Most Influential Automobile Sales Platform”, “Best Marketing Innovation Award”, “Gold Award of the Greatest Marketing” and other honors by the China Automobile Dealers Association, the Shanghai Automobile Sales Association, Liberation Daily, China’s Famous Automobile Market and other well-known media and organizations.

The Car Exhibition on Oriental Shopping Website contains live car models, website exclusive offerings, used car exclusive sales and car rentals. The launch of the platform not only provides Oriental Yongda with strong Oriental Shopping TV platform, but also enables Oriental Yongda to step into e-marketing with the assistance of Oriental Shopping Website. The powerful combination of platforms overcomes the timeliness and limitations of TV programs, achieving the 24-hour uninterrupted online sales from 45-minute live show, and diversified development of the automotive services from single new car sales service. This time, Oriental Yongda has launched four business segments, which are used car sales, car rental and leasing, after-sales products, group buy of new cars, providing the vast of customers with a more comprehensive automobile-related services. Under the attention and care of the management from Oriental Shopping and Yongda Auto, Oriental Yongda will pay more attention to consumers’ experiences, constantly develop new products, actively improve service quality, gradually form the service system of car purchase, car maintenance and car upgrading, and to create an integrated automobile sales operators in the multi-media age.

For further information, please contact:

Porda Havas International Finance Communications Group

Kelly Fung

+85231506763

[email protected]

Angie An

+85231506736

[email protected]

Kit Ng

+85231506705

[email protected]

Victoria Huang

+85231506731

[email protected]

Fax: +852-3150-6728

Abbott to Sell its Developed Markets Branded Generics Pharmaceuticals Business to Mylan

ABBOTT PARK, Ill., July 14, 2014 /PRNewswire/ — Abbott (NYSE: ABT) announced today that it will sell its developed markets branded generics pharmaceuticals business to Mylan for equity ownership of a newly formed entity that will combine Mylan’s existing business and Abbott’s developed markets pharmaceuticals business, and will be a publicly traded company. This represents a value of approximately $5.3 billion based on Mylan’s closing stock price on Friday. The developed markets portion of this business generated approximately $2 billion in sales in 2013. Abbott will retain its branded generics pharmaceuticals business and products in emerging markets. Abbott also retains its other businesses and products in developed markets.   

“This transaction provides Abbott with additional strategic flexibility as we continue to actively manage and shape our portfolio, reflecting our commitment to long-term, durable growth,” said Miles D. White, chairman and chief executive officer, Abbott. “Our branded generics pharmaceuticals business will focus on emerging markets, where demographic changes and increasing access to healthcare are expected to drive sustainable growth.”

Abbott’s Branded Generics Pharmaceuticals Business
Following the closing of the transaction, Abbott’s branded generics pharmaceuticals business will focus in emerging geographies where demographics and growing healthcare systems are combining to create an increased rate of patient access to healthcare and where the majority of healthcare products are paid for by the consumer. The branded generics business that will remain with Abbott generated 2013 sales of $2.9 billion and is expected to have a sales growth rate in the upper-single to double digits.    

Transaction Details and Financial Terms
Under the terms of the agreement, Abbott will sell its developed markets branded generics pharmaceuticals business to Mylan for 105 million shares or approximately 21 percent, on a fully diluted basis, of a newly formed entity that will combine Mylan’s existing business and Abbott’s developed markets pharmaceuticals business, and will be a publicly traded company.

The business to be sold operates in Europe, Japan, Canada, Australia and New Zealand and includes approximately 3,800 employees. It includes a broad portfolio of medicines, as well as manufacturing facilities in France and Japan. Abbott will retain its product portfolio and manufacturing facilities in other geographies as well as its manufacturing facilities in the Netherlands, Germany and Canada.

Following the transaction, which is expected to close in the first quarter of 2015, Abbott expects that its sales growth rate will be 100 basis points higher, and the growth rate of its ongoing net income will be in excess of 200 basis points higher. The ongoing net income associated with Abbott’s developed markets pharmaceuticals business is expected to be approximately $0.22 per share in 2015. Accordingly, Abbott’s ongoing earnings per share from continuing operations is expected to be lower following the close of this transaction by this amount. 

Abbott does not expect to be a long-term shareholder in Mylan and plans ultimately to redeploy the net proceeds from this transaction to opportunities that would be accretive to earnings over time.

In May, Abbott announced the acquisition of the Latin American pharmaceutical company CFR Pharmaceuticals, which is expected to be approximately $0.07 accretive to Abbott’s ongoing earnings per share in 2015. 

Abbott expects to report its developed markets branded generics pharmaceuticals business as Discontinued Operations beginning in the third quarter 2014.

Morgan Stanley advised Abbott on the transaction.

Abbott Conference Call

Abbott will conduct a special conference call today at 8:30 a.m. Central time (9:30 a.m. Eastern time) to provide an overview of the transaction. A live webcast will be accessible through Abbott’s Investor Relations web site at www.abbott.com/investors.html.

About Abbott 
Abbott is a global healthcare company devoted to improving life through the development of products and technologies that span the breadth of healthcare. With a portfolio of leading, science-based offerings in diagnostics, medical devices, nutritionals and branded generic pharmaceuticals, Abbott serves people in more than 150 countries and employs approximately 69,000 people.

Visit Abbott at www.abbott.com, and connect with us on Twitter at @AbbottNews.

Cautionary Statements Regarding Forward-Looking Information
This communication contains forward-looking statements that are based on management’s current expectations, estimates and projections. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “forecasts,” variations of these words and similar expressions are intended to identify these forward-looking statements. Certain factors, including but not limited to those identified under “Item 1A. Risk Factors” in the Annual Report of Abbott Laboratories (“Abbott“) on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 21, 2014, as subsequently amended, may cause actual results to differ materially from current expectations, estimates, projections, forecasts and from past results. These forward-looking statements may also include statements regarding the proposed transaction (the “Transaction”) between Abbott and Mylan Inc. (“Mylan”), including the expected timing of completion of the Transaction and anticipated future financial and operating performance and results. These statements are based on the current expectations of management of Abbott. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. These risks and uncertainties include (i) the risk that the companies may be unable to obtain regulatory approvals required for the Transaction, or that required regulatory approvals may delay the Transaction or result in the imposition of conditions that could cause the companies to abandon the Transaction, (ii) the risk that the stockholders of Mylan may not approve the Transaction, (iii) the risk that the conditions to the closing of the Transaction may not be satisfied, (iv) the risk that a material adverse change, event or occurrence may affect Abbott and Mylan prior to the closing of the Transaction and may delay the Transaction or cause the companies to abandon the Transaction, (v) the possibility that the Transaction may involve unexpected costs, liabilities or delays, (vi) the risk that the businesses of the companies may suffer as a result of uncertainty surrounding the Transaction, and (vii) the risk that disruptions from the Transaction will harm relationships with customers, employees and suppliers. No assurance can be made that any expectation, estimate or projection contained in a forward-looking statement will be achieved or will not be affected by the factors cited above or other future events.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication. Abbott does not undertake, and expressly disclaims, any duty to update any forward-looking statement whether as a result of new information, future events or changes in expectations, except as required by law.

Additional Information and Where to Find it
In connection with the proposed Transaction, a newly-formed Netherlands public limited liability company (“New Mylan”) will file with the SEC a registration statement that includes a preliminary prospectus regarding the Transaction and Mylan will file with the SEC a proxy statement with respect to a special meeting of its shareholders to be convened to approve the Transaction. The definitive proxy statement/prospectus will be mailed to the shareholders of Mylan.  INVESTORS ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ABBOTT’S DEVELOPED MARKETS PHARMACEUTICALS BUSINESS, MYLAN AND THE TRANSACTION.

Investors will be able to obtain these materials, when they are available, and other documents filed with the SEC free of charge at the SEC’s website, www.sec.gov. In addition, copies of the registration statement and proxy statement, when they become available, may be obtained free of charge by accessing Mylan’s website at www.mylan.com/investors or by writing Mylan at 1000 Mylan Boulevard, Canonsburg, Pennsylvania 15317, Attention: Investor Relations. Investors may also read and copy any reports, statements and other information filed by Abbott and Mylan with the SEC, at the SEC public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 or visit the SEC’s website for further information on its public reference room.

Participants in the Merger Solicitation
Mylan and certain of its directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the Transaction. Information regarding Mylan’s directors and executive officers is available in its proxy statement filed with the SEC by Mylan on March 10, 2014, in connection with its 2014 annual meeting of shareholders. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the registration statement and proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.

Non-Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. 

Ubitus Gaming Cloud Extends DRAGON QUEST X to Nintendo 3DS

TOKYO, July 14, 2014 /PRNewswire/ — Ubitus Inc., the worldwide cloud gaming technology leader, is proud to announce the availability of blockbuster MMORPG title DRAGON QUEST X published by Square Enix Co., Ltd. on Nindendo’s most popular portable gaming console Nintendo 3DS™, enabled by its cloud game streaming platform.

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By overcoming the challenges of server side GPU virtualization and scalability, portable console computing architecture and the wireless network quality management, Nintendo 3DS users can now enjoy the high quality MMORPG gaming experience on Nintendo 3DS, playing in the game world together with Wii®, Wii U™ and Windows PC, in addition to Android mobile devices that has also been enabled by Ubitus’ cloud gaming technology.

The service will be commercially launched on September 4th, 2014 in Japan, offering various tickets access plan through Nintendo’s platform. It demonstrates Ubitus’ strong technology leadership in cloud gaming space, and create a new console gaming experience to the next level.

“Ubitus is thrilled to bring the national flagship title from Square Enix to Nintendo’s bestselling Nintendo 3DS portable gaming console through our GameCloud® technology,” said Wesley Kuo, CEO of Ubitus, “we are committed to provide best technology to enable gaming platform providers to offer best seamless and enjoyable gaming experience over the cloud.

Media Contact

Ubitus Inc.
TEL: +81-3-6435-6166
[email protected] / [email protected]

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Diablo(R) III Welcomes Chinese Heroes to Sanctuary

SHANGHAI, July 14, 2014 /PRNewswire/ — Blizzard Entertainment, Inc. and NetEase, Inc. today jointly announced an agreement to license Blizzard Entertainment’s award-winning action role-playing game Diablo® III to a NetEase, Inc. affiliate in mainl…

Noble Group and EIG Form New Energy Company

HONG KONG and WASHINGTON, July 14, 2014 /PRNewswire/ — Noble Group Limited (SGX: N21) (“Noble”) and EIG Global Energy Partners (“EIG”) today announced the formation and commitment to capitalize Harbour Energy, Ltd (“Harbour Energy”), a company that will own and operate upstream and midstream energy assets globally. Harbour Energy will seek to own high quality assets that provide exposure to key supply trends while capturing value up-lift associated with control of offtake, logistics and supply chain management. Noble will be preferred offtake and marketing partner of Harbour Energy, while EIG, together with the company’s internal management team, will serve as manager of the company and oversee the acquisition of assets. Harbour Energy’s capitalization will be funded solely through balance sheet capital of each of Noble and EIG.

EIG also announced today that Linda Z. Cook has been appointed a Managing Director of EIG, a member of EIG’s Executive Committee and CEO of Harbour Energy.

“The creation of Harbour Energy gives us the exciting opportunity of joining with an industry leader such as EIG to exploit the tremendous opportunities that the changing global energy markets are presenting,” said Yusuf Alireza, Chief Executive Officer of Noble. “This transaction represents a significant milestone in the continued implementation of Noble’s ‘asset light’ strategy, exploiting our best in class expertise in logistics and supply chain management, while partnering with market leading asset managers and owners.”

R. Blair Thomas, Chief Executive Officer of EIG, said, “New sources of supply, together with demand growth in Asia, are driving fundamental changes in the energy sector and related trade flows. By partnering with Noble, we believe Harbour Energy will be uniquely positioned to benefit from the established global platforms of each of our firms and capture value both through the ownership and operational improvement of assets and the flow business those assets generate. We couldn’t be more pleased that someone of the caliber of Linda Cook has agreed to join EIG and serve as CEO of Harbour Energy. She is an extraordinarily accomplished senior executive with deep operating and management expertise across all facets of the global energy industry.”