WELLINGTON, New Zealand – KKR & Co. has purchased New Zealand’s premium pet food company, Natural Pet Food Group, and will support its international expansion as affluent pet owners increasingly seek “high-quality, low-carb” food for their diets. animal.
The acquisition, whose financial terms were not disclosed, was funded by KKR Asian Fund IV, the global investment firm said on Monday.
Natural…
Verizon Communications Inc. confirmed on Monday that it plans to sell its media business to Apollo Funds for $5 billion.
After the transaction is completed, the telecommunications company will hold a 10% stake in the company, and the company will be called Yahoo. The Verizon Media umbrella includes brands such as Yahoo, AOL, TechCrunch and Engadget.
Verizon
VZ,
After the transaction is completed, the company will receive US$4.25 billion in cash and US$750 million in preferred rights. The transaction is expected to be completed in the second quarter.
In pre-market trading on Monday, Verizon’s stock rose 0.5%.Wall Street Journal Reported the sale plan last week.
“We firmly believe in Yahoo’s growth prospects and the macro headwinds driving the growth of digital media, advertising technology and consumer Internet platforms,” Apollo senior partner David Sambur said in a press release.
Verizon Acquired AOL for $4.4 billion in 2015 with Yahoo buys Yahoo for $4.5 billion In 2017.
Verizon CEO Hans Vestberg said in a press release: “In the past two and a half years, Verizon Media has done a very good job reversing its business and has huge growth potential.”
Although the Verizon Media business only accounted for 6% of Verizon’s revenue in the most recent quarter, the sale of assets will allow Verizon to focus more on the telecommunications business and bring in funds to help pay for the expensive 5G network construction costs.
The company pointed out in its latest earnings report that it recently paid approximately $45 billion to the Federal Communications Commission to obtain the C-band spectrum obtained in a recent wireless auction. The company raised US$12 billion in the fourth quarter and more than US$31 billion in the first quarter to purchase spectrum, although various other capital costs are involved in establishing a 5G network.
As of Friday, Verizon’s share price has fallen 1.6% year-to-date, while the SPDR Communication Services Select Sector exchange traded fund
XLC,
Rose 15.7%, the Dow Jones Industrial Average
Taoism
It has risen by 10.7%.
CHRISTCHURCH, New Zealand – (BUSINESS WIRE) – 2 May 2021–
Natural Pet Food Group (the “Company”), a premium pet food company based in New Zealand, and KKR, a leading global investment company, today announced the completion of KKR’s acquisition of Natural Pet Food Group. This investment will be used to support the Company’s international growth and advance its mission of supplying New Zealand’s high-meat, safe and sustainably sourced pet food to more customers and their pets around the world.
This press release features multimedia. Check out the full release here: https://www.businesswire.com/news/home/20210502005040/en/
Neil Hinton, CEO of Natural Pet Food Group said, “My team is very excited about the opportunities and connections KKR can provide. Our business is about providing pet owners with the best natural nutrition and high meat for the members of their four-legged family. KKR has a perfect pedigree in our sector that will help us grow, develop new products, and bring our brand to new customers and new markets, all over the world. “
“This is a tremendous result not only for our company but also for our supply partners, farmers and seafood suppliers from all over New Zealand and our manufacturing partners in Hawke’s Bay and Gisborne. We also recognize our exit shareholders, particularly Pioneer Capital, for their contributions over the years, which lay the groundwork for the next exciting phase. This is another fantastic ‘paddock to plate’ story in New Zealand built on our nutritional quality, safety and ethical credentials and the strong partnerships that underpin our business. KKR’s investment marks the next phase of our evolution and their support is a strong support to our business prospects, ”added Mr Hinton.
Pet owners around the world are increasingly looking for high-quality, low-carb food for their pets to improve their long-term health and well-being. The Natural Pet Food Group brand provides pet owners with a variety of nutritious, 100% New Zealand made pet foods that are produced from high quality, locally sourced whole food ingredients.
Michael Robson, Managing Director of KKR Capstone and member of the Board of Directors of the Natural Pet Food Group, said, “Natural Pet Food Group is a pioneer in the sustainable pet food industry in New Zealand, with a mission and a very defined set of values. We are excited to work with Neil and his talented team to support the Company’s operations by leveraging KKR’s experience, network and expertise to strengthen Natural Pet Food Group’s leadership in key markets and create opportunities in new ones. This investment also reflects KKR’s commitment to support fast-growing companies in New Zealand that are looking for opportunities to expand into new sectors, verticals and markets. “
KKR will fund its investment from KKR Asian Fund IV. Additional details of the transaction were not disclosed.
About Natural Pet Food Group
Natural Pet Food is committed to providing premium, highly nutritious meat pet food through the market-leading dog and cat food brands: K9 Natural, Feline Natural, and Meat Mates. Developed by an in-house nutrition team, the Company’s pet food is produced from ethically sourced ingredients such as grass-fed and free-range meat, cageless chicken and sustainable seafood. Natural Pet Food Group was launched in 2006 and today serves customers globally in markets including New Zealand, Australia, China, Japan, the US and Canada.
About KKR
KKR is a leading global investment company offering alternative asset management and capital markets and insurance solutions. KKR aims to produce attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting the growth of the company and the portfolio community. KKR sponsors an investment fund that invests in private equity, credit and real assets and has strategic partners who manage hedge funds. KKR’s insurance subsidiary offers pension, life and reinsurance products under the management of The Global Atlantic Financial Group. KKR’s investment references may include sponsorship and insurance subsidiary fund activities. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @ KKR – Co.
See the source version at businesswire.com:https://www.businesswire.com/news/home/20210502005040/en/
CONTACT: Media:
Natural Pet Food Group
Louisa Doig
+64 21 912384
TRC Asia Pacific
Anita Davis
+852 3602 7335
[email protected] America
Way Major or Miles Radcliffe-Trenner
+1 212-750-8300
Citadel Magnus (for TRC in Australia & New Zealand)
James Strong
+61 2 8234 0100
KEY WORDS: AUSTRALIA / OCEANIA NEW ZEALAND
INDUSTRY KEY WORDS: SPECIAL RETAIL
SOURCE: KKR
Business Wire Copyright 2021.
PUB: 05/02/2021 17:30 / DISC: 05/02/2021 05:31
Business Wire Copyright 2021.
BaFin, Germany’s financial regulator, has placed an order
German Bank AG
DB -1.41%
to take it a step further protection against money laundering, showing still finding shortages in the bank was repeatedly reprimanded for a lack of proper controls.
In a brief statement on its website late Friday, BaFin said banks should “further adopt appropriate internal safeguards and comply with due diligence obligations, particularly with regard to regular customer reviews,” adding the same applies to correspondent relations and monitoring of transactions.
It said it was expanding the role of the monitor it appointed in 2018 to see implementation. That year, BaFin appointed KPMG for the job.
In a statement, Deutsche Bank said it had significantly increased its control, adding that it had spent about $ 2.4 billion and raised its anti-money laundering team to more than 1,600 over the past two years.
“But we are also aware that there is still work to be done,” the bank said.
Deutsche Bank has run into a series of problems with regulators in the past. It has paid fines in the US for failing to monitor it properly dealt with late financier and convicted sex offender Jeffrey Epstein and for its role as a correspondent bank for Danske Bank Estonia branch A / S, through which an estimated $ 230 billion has flowed from Russia and other former Soviet countries over the years with minimal oversight.
It also has US monitors as part of a 2017 settlement with authorities related to “mirror trading,” where the bank moved $ 10 billion in Russian client money abroad.
Under the leadership of the Chief Executive Officer of Christian Sewing, the bank is eager to demonstrate that this problem is behind it. Earlier this week, it reported its strongest quarter in seven years, and revealed that unlike many other rivals, it was escaped the explosion of Archegos Capital Management thanks to rigorous risk assessment.
Mr. Sewing has revamped the bank which includes sharp cost cutting and a refocus on client service, particularly in its home country, Germany. However, that doesn’t mean banks aren’t willing to take risks.
In November, The Wall Street Journal reported that there had been tensions between US monitors and banks over possible expansion plans in Russia. Thought the US watchdog the risks of doing business with Russian clients too big, and the bank should close the business instead.
Write to Patricia Kowsmann at [email protected]
Copyright © 2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
The two countries are working towards an agreement that will liberalize trade and promote shared values such as openness and sustainability. We remain committed to reaching a comprehensive agreement that sets new standards in trade and supports businesses, jobs and consumers in both countries.
Negotiators hold more than 50 sessions during the round, covering all chapters. Talk was positive and productive, with good progress made throughout the agreement.
In the run-up to the round, the two sides exchanged our second market access offer for goods and our first procurement offer. With nearly all of the text proposals exchanged prior to the round, negotiators identified many areas of agreement and common goal, with most teams working from a single, consolidated text.
The chief negotiator tentatively agreed to the overall outline of the agreement, including a chapter on Anti-Corruption, and an independent chapter on Women in Trafficking. Remarkable progress has been made on issues relating to trade and development throughout the agreement.
Apart from temporarily approving the Small and Medium Enterprises chapter, we have temporarily closed two more chapters: Commercial and Competition Law Efforts.
We are also making significant progress on Disputes, Rules of Origin, Goods, Labor and Telecommunications, Digital, Consumer Protection and the Environment.
The UK and New Zealand remain eager to make further progress, with the UK clear that momentum needs to be maintained throughout the agreement. Ahead of the next round, the negotiation team will share further proposals and discuss various issues, including intellectual property and indigenous trade.
Throughout the process, the UK will continue to engage stakeholders to ensure their views inform our negotiation approach.
Any agreement Britain agrees will be fair and balanced and in the best interest of the whole country. We remain committed to upholding our high environmental, labor, food safety and animal welfare standards in agreement, as well as protecting the National Health Service (NHS).
Below is a list of the areas covered in the round:
Anti Corruption
Competition
Consumer protection
Customs Procedures and Trade Facilitation
Digital
Environment and Clean Growth
Financial Services
Good Regulatory Practice
Intellectual property rights
Investation
Labor
Law and Institutions
Purchase
Rules of Origin
Sanitary and Phytosanitary Measures
Services (including Professional Business Services, Transport and Delivery Services, and Natural Movement of People)
State-owned enterprises
Country-to-Country Dispute Resolution
Technical Trade Barriers
Telecommunication
Trade and Development
Trade in Goods
Trading Solutions
Women in Commerce
