On Thursday, KKR & Co. L.P. (NYSE:KKR)’s shares declined -2.31% to $23.25.
JBF Industries Ltd. a leading manufacturer of polyester value-chain products, has signed a definitive agreement with global investment firm KKR under which KKR will invest US$150 million into JBF Group, an entity that comprises JBF’s international auxiliaries.
A portion of the proceeds will be used by KKR to acquire a 20% stake in JBF, listed on the BSE Ltd. and National Stock Exchange of India. The remaining proceeds will be invested into zero-coupon convertible preference shares with 14.5% voting rights in JBF Global Pte. Limited, Singapore, an unlisted partner. KKR will primarily make its investment from the KKR Special Situations Fund II.
JBF Group manufactures polyester value-chain products ranging from polyester chips, polyester yarn and films which are used in the fast-moving consumer goods, textile and packaging industries. JBF Group is one of the leading global players in the polyester segment, with six manufacturing facilities across India, Bahrain, Belgium and the United Arab Emirates.
KKR & Co. L.P. is a private equity and real estate investment firm specializing in direct and fund of fund investments. It specializes in acquisitions, leveraged buyouts, administration buyouts, credit special situations, growth equity, mature, mezzanine, distressed, and middle market investments.
Ocean Rig UDW Inc (NASDAQ:ORIG)’s shares gained 9.72% to $3.50.
Ocean Rig UDW Inc. (NASDAQ: ORIG), or Ocean Rig or the Company, an international contractor of offshore deepwater drilling services recently declared its unaudited financial and operating results for the second quarter ended June 30, 2015.
Second Quarter 2015 Financial Highlights
- For the second quarter of 2015, the Company stated a net income of $74.9 million, or $0.54 basic and diluted earnings per share.
- The Company stated Adjusted EBITDA(1)of $262.2 million for the second quarter of 2015, as contrast to $231.8 million for the second quarter of 2014.
Recent Highlights
On July 30, 2015, the Company reached a contract with DryShips to exchange the remaining outstanding balance of $80.0 million owed to the Company under the $120.0 million Exchangeable Promissory Note, for 17,777,778 shares of the Company owned by DryShips.
On July 30, 2015, the Company’s Board of Directors decided to suspend its quarterly dividend until market conditions improve.
Ocean Rig UDW Inc., an offshore drilling contractor, provides oilfield services for offshore oil and gas exploration, development, and production drilling. It specializes in the ultra-deepwater and harsh-environment segment of the offshore drilling industry. As of December 31, 2014, the company operated a fleet of two ultra-deepwater drilling rigs and seven drillships. It serves oil companies, integrated oil and gas companies, state-owned national oil companies, and independent oil and gas companies.
At the end of Thursday’s trade, Integrated Device Technology Inc (NASDAQ:IDTI)‘s shares dipped -1.64% to $19.78.
Integrated Device Technology, Inc. (IDT®) (IDTI) declared that it has launched an Open High-Performance Analytics and Computing (HPAC) Lab to address the real-time application needs of enterprise and cloud computing end users. The lab supports heterogeneous processing technologies from industry-leading CPU and accelerator vendors who are connecting their hardware with IDT’s portfolio of RapidIO® and PCIe® interconnect semiconductors, advanced timing and memory interface products.
Based at IDT’s facility in Ottawa, Canada, the Open HPAC Lab runs on a contribution model. It has been seeded by IDT and partner companies to enable end users to develop application software for analytics and high-performance computing (HPC) requiring a variety of processor types with low latency, high throughput and energy efficiency. Target applications for the lab workload comprise real-time analytics, deep learning, pattern recognition, video analytics and image processing.
Integrated Device Technology, Inc. designs, develops, manufactures, and markets a range of semiconductor solutions for the communications, computing, and consumer industries worldwide. It operates in two segments, Communications, and Computing and Consumer. The Communications segment offers communication timing products, such as clocks and timing solutions; flow-control administration devices comprising Serial RapidIO switching solutions; multi-port products; telecommunications products; static random access memory products; first in and first out memories; digital logic products; radio frequency products; and MEMS oscillator solutions.
Prudential Financial Inc (NYSE:PRU), ended its Thursday’s trading session with 0.89% gain, and closed at $90.66.
Prudential Real Estate Investors declared recently the acquisition of Block 300, a 361,805 square foot class A office property in Portland, Ore., on behalf of institutional investors. Prudential Real Estate Investors is the real estate investment administration and advisory business of Prudential Financial, Inc. (PRU), and operates as Pramerica Real Estate Investors in markets outside the Americas, Korea and Japan.
Additional terms of the transaction were not revealed.
Block 300 is a LEED Gold certified, 10-story office property located in the “technology triangle” of Portland’s central business district. Constructed in 1991, the office underwent noteworthyrenovations in 2013 and 2014, counting a fully redesigned lobby, an updated on-site fitness center and a new state-of-the-art conference facility.
In addition, Block 300’s green design specifications are predictable to result in savings in water, electricity, and gas, which will decrease expenses for tenants.
Prudential Financial, Inc. provides insurance, investment administration, and other financial products and services to individual and institutional customers in the United States and internationally. The company principally offers life insurance, annuities, retirement-related services, mutual funds, and investment administration products.
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