Australian group Tempo has acquired Spring Gully Foods' brands and IP after the local condiments maker fell into administration for a second time. Spring Gully, run by fourth-generation family members Russell Webb, Kevin Webb and Tegan Hack, was placed into administration a month ago. It followed a similar episode in 2013, when the company was also placed under external control before later exiting the process. Spring Gully, which has operated for nearly 80 years, is known for products such as sauces, r ...

South Korea’s Posco To Buy Indonesian Tycoon Putera Sampoerna’s Palm Oil Business For $885 Million https://t.co/2TztJfpOaD ...

Core Points - Allison Transmission Holdings, Inc. announced a private placement of $500 million in 5.875% Senior Notes due 2033 and a $1,200 million senior secured incremental term loan facility [1][2] - The proceeds from these offerings will be used to finance the acquisition of Dana Incorporated's off-highway business and cover related expenses [1] - The Notes Offering is expected to close around November 21, 2025, while the Incremental Term Loan Facility will close concurrently with the Dana Business Acquisition [1] Financial Details - The Notes will bear an interest rate of 5.875% and the Incremental Term Loan Facility will have an interest rate of Term SOFR plus 1.75% [1] - The total amount of the Incremental Term Loan Facility is $1,200 million [1] Company Overview - Allison Transmission is a leading designer and manufacturer of propulsion solutions for commercial and defense vehicles, and the largest global manufacturer of medium- and heavy-duty fully automatic transmissions [5] - The company operates in over 150 countries and has manufacturing facilities in the USA, Hungary, and India [5] - Founded in 1915, Allison Transmission is headquartered in Indianapolis, Indiana [5]

Financial Data and Key Metrics Changes - The company reported revenue of $211.4 million for Q3 2025, marking the second highest quarterly level ever, slightly below the record [5][6] - Operating margin improved to 10.9% from 4.1% year-over-year, with adjusted operating margin at 12.3% [6][15] - Gross profit increased to $64.5 million, up nearly 17% compared to the prior year, with a gross margin of 30.5% [15][16] - Free cash flow for the quarter was $21 million, driven by strong cash earnings and lower working capital requirements [18] Business Line Data and Key Metrics Changes - Aerospace segment sales were $192.7 million, consistent with recent periods, while the test business reported sales of $18.7 million, down from Q3 2024 but higher than earlier quarters in 2025 [6][15] - Aerospace operating margin was 16.2%, generating all operating income for the quarter, while the test segment had a near break-even operating margin of negative 0.1% [7][15] Market Data and Key Metrics Changes - Total bookings for the quarter were $210 million, resulting in a book-to-bill ratio of 1.0, with a backlog of $647 million, indicating strong future demand [7][8] Company Strategy and Development Direction - The company made two recent acquisitions: Envoy Aerospace, which enhances FAA certification capabilities, and Buhler Motor Aviation, expected to generate $20-$25 million in sales in 2026 [9][10][50] - The company is focusing on increasing OEM build rates and enhancing passenger connectivity and entertainment systems in aircraft, which are key growth drivers [24][25] Management's Comments on Operating Environment and Future Outlook - Management expects Q4 2025 revenue to increase to $225-$235 million, driven by market forces and the recent acquisition [23] - For 2026, the company anticipates at least 10% growth, supported by industry trends and new programs, including a significant U.S. Army contract [24][28] Other Important Information - The company completed refinancing actions that lowered the cost of debt and reduced potential dilution from convertible bonds [11][12][20] - The transition from an asset-based lending facility to a cash flow revolver improved financial flexibility [12][20] Q&A Session Summary Question: Expectations for Test revenue in Q4 - Management expects Test revenue to increase to around $20-$21 million in Q4, marking the strongest quarter for 2025 [34] Question: Insights on aerospace revenue increase - A general ramp in aerospace revenue is expected, with significant programs contributing to the fourth quarter [35][36] Question: Confidence in 2026 growth expectations - Management indicated that the Army test program will be a significant contributor to revenue in 2026, despite uncertainties due to government shutdowns [42][45] Question: Revenue and margin expectations for FLRAA program - Anticipated revenue from the FLRAA program is projected to be around $38-$40 million in 2026, with improved margins expected as the program transitions to production [48][49] Question: Integration of recent acquisitions - The integration of Buhler is underway, with expectations for operational efficiencies, while Envoy will enhance the company's FAA certification capabilities [54][55]

Core Insights - Colliers has acquired Greenhill Engineers Pty Ltd, enhancing its geographic footprint and scale in the South Australian market [1][2][3] - The acquisition allows Colliers Engineering to integrate Greenhill's operations and rebrand as "Colliers Engineering & Design," while Greenhill's leadership will continue as shareholders under Colliers' partnership model [2][3] Company Overview - Greenhill, founded in 2004, employs 65 professionals providing civil engineering, electrical infrastructure, transport infrastructure, and landscape architecture services [3] - Colliers operates through three platforms: Real Estate Services, Engineering, and Investment Management, with over $5.0 billion in annual revenues and more than $100 billion in assets under management [4] Strategic Implications - The acquisition aligns with Colliers' long-term growth ambitions and enhances its technical capabilities and geographic reach [2][3] - Greenhill's leadership expressed that Colliers' values and entrepreneurial culture align with their own, making the partnership a natural fit [3]

Core Insights - Nelnet, Inc. has announced an agreement to acquire Finastra's Canadian student loan servicing business, expected to close in Q1 2026, subject to customary conditions [1][2]. Company Overview - Nelnet is a diversified company focused on consumer lending, loan servicing, payments, and technology, primarily in the education sector, with over 6,700 associates [6]. - Finastra is a global leader in financial services software, serving over 8,000 customers, including 45 of the world's top 50 banks, across more than 130 countries [7]. Transaction Details - The acquisition will enhance Nelnet's capabilities in servicing student loans, as the Canadian business currently services loans for 2.4 million borrowers using proprietary technology [2]. - The Canadian operations will continue to be led by Susan Tersigni and will remain headquartered in Mississauga, Ontario, employing over 450 staff [4]. Strategic Alignment - The acquisition aligns with Finastra's strategy to focus on core strengths while partnering with an experienced player in the industry, ensuring continued growth for the student lending business [5]. - Nelnet's CEO expressed excitement about leveraging their financial strength and loan servicing experience to support the Canadian team's mission [3].

Core Viewpoint - CenterPoint Energy has agreed to sell its Ohio natural gas distribution business, Vectren Energy Delivery of Ohio, to National Fuel Gas Company for $2.62 billion, which includes approximately 5,900 miles of pipeline servicing around 335,000 customers [1][2]. Group 1: Transaction Details - The transaction is expected to close in the fourth quarter of 2026, pending customary closing conditions and regulatory approvals [2]. - CenterPoint is projected to receive $1.42 billion upon closing and the remaining $1.2 billion in 2027 via a seller note [1]. Group 2: Impact on National Fuel - The acquisition will double National Fuel's gas utility rate base to approximately $3.2 billion and expand its operations into Ohio [3]. - The transaction is expected to be accretive to National Fuel's earnings per share, excluding acquisition-related expenses, and neutral to overall operating results by fiscal year 2028 [4]. Group 3: Strategic Objectives - National Fuel's acquisition aligns with its strategic objective to increase the scale of regulated operations through high-quality assets in favorable regulatory environments [5]. - The acquisition provides an opportunity to reinvest free cash flow from integrated upstream and gathering operations, enhancing the long-term outlook for regulated growth [7].

Acquisition Overview - National Fuel Gas Company (NFG) has agreed to acquire CenterPoint's Ohio regulated gas utility business (CNP Ohio) for $2.62 billion[5] - The purchase price represents approximately 1.6x CNP Ohio's estimated 2026 rate base[5, 11] - The transaction is expected to close in the fourth quarter of calendar year 2026[7, 11] Strategic Benefits - The acquisition will increase NFG's customer base to approximately 1.1 million[8, 12] - CNP Ohio has ~$1.6 billion in rate base expected at closing[7] - NFG's regulated rate base is expected to double with the addition of CNP Ohio[8, 16] - CNP Ohio is expected to have capital spending of $900 million over the next five years[8] Financial Impact - The acquisition is expected to be immediately accretive to regulated earnings[10, 24] - Consolidated adjusted earnings per share are expected to be neutral in fiscal year 2028 and accretive thereafter[10, 24] Financing and Credit Profile - A $1.2 billion seller promissory note with an interest rate of 6.5% and a maturity date of 364 days after closing is included in the financing structure[11] - Permanent transaction financing is expected to include $300 to $400 million in equity[11] - The company is targeting Debt/EBITDA of 2.5 – 3.0x and FFO/Net Debt of greater than 30% by the end of the fiscal year after closing[11] Regulatory Environment - CNP Ohio's Stipulation under the General Rate Case on file with PUCO includes an equity layer of 52.9% and a Return on Equity of 9.85%[12, 13] - The General Rate Case filed with PUCO in July 2025 includes an agreed upon revenue increase of $60 million[18]

Core Viewpoint - National Fuel Gas Company has announced a definitive agreement to acquire CenterPoint Energy Resources Corp.'s Ohio natural gas utility business for $2.62 billion, significantly expanding its regulated assets and cash flow in a favorable regulatory environment [1][2][3] Acquisition Details - The acquisition involves the equity interests in CNP Ohio for a total consideration of $2.62 billion on a cash-free, debt-free basis, representing an acquisition multiple of approximately 1.6x the estimated 2026 rate base of $1.6 billion [2] - National Fuel will acquire a team operating approximately 5,900 miles of pipeline and serving around 335,000 customers consuming approximately 60 Bcf of natural gas annually [2] - The transaction is expected to close in the fourth quarter of calendar 2026, pending regulatory approvals [2] Strategic and Financial Benefits - The acquisition will double National Fuel's gas utility rate base to approximately $3.2 billion, serving about 1.1 million customers across New York, Pennsylvania, and Ohio [6] - Ohio's regulatory framework is supportive of natural gas infrastructure improvements, allowing for timely recovery of capital investments [6] - The ability to reinvest free cash flow from upstream operations into regulated growth is expected to enhance long-term earnings and shareholder value [6][15] Financing Structure - National Fuel has secured a fully committed bridge facility for the entire purchase price, supported by The Toronto-Dominion Bank and Wells Fargo Bank [9] - At closing, a promissory note of $1.2 billion will be issued to CERC, with the remainder paid in cash [10] - The financing mix will include approximately $300 to $400 million of common equity, long-term debt, and future free cash flow, aimed at maintaining a strong credit profile [11][15] Stakeholder Benefits - The acquisition is expected to be immediately accretive to National Fuel's regulated earnings per share, enhancing the long-term outlook for regulated earnings growth and supporting the company's dividend history [15][7] - National Fuel will continue to provide reliable service at fair prices to CNP Ohio's customers, leveraging the existing workforce for operational performance [15]

Core Insights - Construction Partners, Inc. (CPI) has acquired P&S Paving, Inc., expanding its operations into Daytona Beach and Florida's East Coast, enhancing its service delivery capabilities in a rapidly growing market [1][2] Company Overview - Construction Partners, Inc. is a vertically integrated civil infrastructure company operating in local markets across the Sunbelt, including Alabama, Florida, Georgia, North Carolina, Oklahoma, South Carolina, Tennessee, and Texas [3] - The company focuses on the construction, repair, and maintenance of surface infrastructure, with a significant portion of its business derived from publicly funded projects such as roadways, highways, airport runways, and bridges [3] Acquisition Details - The acquisition of P&S Paving includes two hot-mix asphalt plants and will be integrated into CPI's platform company, C.W. Roberts Contracting, which operates throughout Florida [1][2] - The transaction is expected to provide CPI with immediate access to the high-growth Interstate 95 corridor, where there is strong demand for public and private infrastructure [2]