On Wednesday, Infinera Corp. (NASDAQ:INFN)’s shares inclined 0.29% to $24.55.
Infinera (INFN), provider of Intelligent Transport Netoperates, declared that its offer to acquire Transmode (OMX: TRMO) has been accepted by shareholders representing about 95.8 percent of the outstanding shares and votes in Transmode. The transaction is now slated to close on or around August 20, 2015. Of the shares tendered, about 63 percent were tendered under the cash and stock mix alternative, and about 37 percent were tendered under the all-cash alternative. This will result in final consideration comprised of about 7.9 million shares of Infinera common stock and the remainder in cash.
The combination of Infinera and Transmode brings together into one company a complementary set of customers, products, and technologies. Transmode’s strength in metro packet-optical applications complements Infinera’s industry leading long-haul and metro Cloud solutions. The combination enables Infinera to offer an end-to-end portfolio addressing the metro aggregation market counting metro core, metro edge, and metro access with solutions optimized for fast growing applications counting mobile fronthaul and backhaul, broadband aggregation, and business Ethernet services with Metro Ethernet Forum (MEF) certification.
Infinera Corporation provides optical transport networking equipment, software, and services for telecommunications service providers, Internet content providers, cable operators, wholesale and enterprise carriers, research and education institutions, and government entities worldwide.
Great Plains Energy Incorporated (NYSE:GXP)’s shares gained 0.26% to $27.22.
Great Plains Energy Incorporated (GXP) and Kansas City Power & Light Company (KCP&L) recently declared the acceptance of resignation from Jim Shay, senior vice president—finance and chief financial officer. His resignation is effective September 2, 2015. Shay will be assuming the position of chief financial officer for Hallmark Cards, Inc. Shay joined Great Plains Energy and KCP&L in July 2010.
The companies also declared recently the promotion of Kevin Bryant to senior vice president—finance & strategy and chief financial officer of Great Plains Energy and KCP&L.
Bryant joined KCP&L in 2003 and has held several positions that have drawn on his planned insight and finance and marketing experience. Most recently, Bryant served as vice president of planned planning, where he focused on developing and executing the company’s corporate strategy and managing the company’s risk. In addition, as president of KLT, a partner of Great Plains Energy, Bryant led the companies’ efforts to evaluate and pursue business opportunities that are complementary to the core business of the utility.
Great Plains Energy Incorporated, through its auxiliaries, generates, transmits, distributes, and sells electricity in the United States. It also provides regulated steam services in St. Joseph, Missouri. The company generates electricity using coal, nuclear, natural gas, oil, and wind resources. It has about 6,600 megawatts of generating capacity.
At the end of Wednesday’s trade, Southcross Energy Partners LP (NYSE:SXE)‘s shares surged 27.74% to $8.98.
Southcross Energy Partners, L.P. (SXE) and Southcross Holdings LP (“Holdings”) recently declared a new $175 million equity commitment and offered additional detail into distribution coverage and future drop-down plans.
NoteworthySponsor Commitment
Charlesbank Capital Partners, EIG Global Energy Partners and Tailwater Capital (collectively, the “Sponsors”) offered a new $175 million equity commitment to enhance liquidity and support anticipated growth initiatives for Southcross and Holdings.
Of the total, $50 million is committed to Southcross and will be funded as needed to pursue noteworthygrowth opportunities that presently exist in the Eagle Ford, counting both accretive organic capital projects and planned acquisitions. The new capital is also accessible for potential future covenant cures and asset drop-downs from Holdings. The capital is predictable to be structured to minimize any potential dilution of existing common unit holders.
Southcross Energy Partners, L.P., together with its auxiliaries, provides natural gas gathering, processing, treating, compression, and transportation services in the United States. The company also offers natural gas liquid (NGL) fractionation and transportation services. In addition, it sources, purchases, transports, and sells natural gas and NGLs to industrial, commercial, and power generation customers, in addition to local distribution companies.
Jacobs Engineering Group Inc (NYSE:JEC), ended its Wednesday’s trading session with -0.74% loss, and closed at $43.04.
Jacobs Engineering Group Inc. (JEC) declared recently it was selected by ExxonMobil to perform engineering, procurement and construction administration (EPCM) services for its Crude Flexibility Engineering and Construction Project at the ExxonMobil Refinery in Beaumont, Texas.
Company officials did not disclose the contract value, but noted that this project is a release against an existing long-term agreement.
The project aims to expand crude oil throughput at ExxonMobil’s Beaumont refinery, enhance production in the jet fuel unit, and optimize energy usage by enabling the crude unit to run different crude slates.
Jacobs Engineering Group Inc. provides technical, professional, and construction services to various industrial, commercial, and governmental clients. It offers project services that comprise engineering, design, architectural, interiors, planning, environmental, and other services; and process, scientific, and systems consulting services, counting services performed in connection with scientific testing, analysis, and consulting activities, in addition to information technology, and systems engineering and integration activities.
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