Venture Capital, Blackstone to buy small steelmaker
Article Abstract:
The Ohio-based producer of specialty steel, Republic Engineered Steels Inc., is to be purchased by New York-based venture capital firm, Blackstone Capital Partners II Merchant Banking Fund LP, a unit of Blackstone Group, and Veritas Capital Partners LP for about $144 million in cash plus the assumption of about $275 million in Republic's debt. Republic has 10 steel plants in six states. The deal requires the approval of Republic's employee-stock-ownership plan, which owns 54% of the company's shares. Some analysts have questioned the wisdom of the purchase based on projections that profit margins in the specialized steel industry will become even more strained as new capacity comes on line.
Comment:
To co-purchase Rep Engineering Steels w/Blackstone for about $144 mil plus about $275 mil in debt
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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Ascend poised to buy Stratus Computer
Article Abstract:
Alameda, Calif.-based Ascend Communications Inc. is to purchase Stratus Computer Inc. in a stock deal valued at $800 million in a move that indicates the merging of two separate technologies as new Internet businesses continue to develop. Ascend, which makes computer equipment for telephone carriers and Internet providers, is purchasing Stratus, which produces specialized computers used by telephone carriers to run the Signaling System 7 (SS7) software that is the basis of the voice network. Ascend hope that the combination will allow it explore the future merging of data and voice transmissions over the Internet, something its key rival, Cisco Systems, has also begun exploring.
Comment:
Purchased Stratus for $800 mil stock deal; will allow Ascend to eventually merge voice & data
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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Allegheny plans to shed 9 units in restructuring
Article Abstract:
Allegheny Teledyne has made a plan to restructure some business units so that it can focus on producing its specialty metals, stainless steel, titanium, nickel-based superalloys, iron castings, and others. In Los Angeles it would create a new company with emphasis in aerospace and electronics. Consumer products might also be spun off. In addition it is looking for a new CEO.
Comment:
Company wants to focus on its metals business
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1999
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