Total Gets $5 Billion Iranian Contract

Total, NIOC sign 20-year contract for development of Phase 11 of South Pars gas field

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Total (TOT) and the National Iranian Oil Company have signed a contract for the development and production of phase 11 of South Pars, the world’s largest gas field.

The project will have a production capacity of 2B cubic feet per day or 400,000 barrels of oil equivalent per day including condensate.

The produced gas will supply the Iranian domestic market starting in 2021.

This contract, which has a 20-year duration, is the first Iranian Petroleum Contract and is based on the technical, contractual and commercial terms as per the Heads of Agreement signed on November 8, 2016.

Total is the operator of the SP11 project with a 50.1% interest alongside the Chinese state-owned oil and gas company CNPC, and Petropars, a wholly owned subsidiary of NIOC.

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Bankrate Sold for $1.4 Billion

Bankrate to be acquired by Red Ventures for $14.00 per share in cash

 

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Bankrate (RATE) announced that it has entered into a definitive agreement to be acquired by Red Ventures, a digital consumer choice platform, in an all-cash transaction that values Bankrate at an enterprise value of approximately $1.4B.

Under the terms of the merger agreement, Bankrate shareholders will receive $14.00 per share in cash, which represents a premium of approximately 31% over Bankrate’s three-month average closing share price.

Bankrate, Inc. operates as a publisher, aggregator, and distributor of personal finance content on the Internet. It provides personal finance editorial content across various categories, including credit cards, mortgages, deposits, senior care, and others.

The merger agreement has been unanimously approved by Bankrate’s board.

The combination will create a scaled and diversified digital platform of consumer marketplaces. The transaction is expected to close in 2017.

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NCI, Inc. Sold for $283M in cash

NCI, Inc. to be acquired by H.I.G. Capital for $20 per share in cash

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NCI, Inc. (NCIT) announced that it has signed a definitive agreement to be acquired by private funds managed by an affiliate of H.I.G. Capital, a leading global private equity investment firm, in an all-cash transaction valued at approximately $283M.

NCI, Inc. provides information technology (IT) and professional services and solutions to defense, intelligence, healthcare, and civilian government agencies worldwide.

Under the terms of the definitive agreement, H.I.G. will commence a tender offer no later than July 17, 2017, to acquire all outstanding shares of NCI’s Class A and Class B common stock for $20.00 per share in cash.

NCI’s board of directors has unanimously approved the transaction. Concurrently with the execution of the merger agreement, the chairman of the board of NCI, Charles Narang, in his capacity as a stockholder of the company, entered into a tender and support agreement pursuant to which he will, subject to certain exceptions, tender all of his shares of NCI common stock in favor of the offer.

NCIT closed at $21.10.

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MRV Communications Sold for $69 Million

MRV Communications enters agreement to be bought for $10 per share

 

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ADVA Optical Networking announced that it has entered into a definitive agreement to acquire MRV Communications (MRVC).

Under the terms of the agreement, ADVA Optical Networking will make a tender offer of $10.00 per share for all the outstanding common stock of MRV.

The offer equates to an aggregate purchase price of $69M and has been approved and unanimously recommended by both the board of directors of ADVA Optical Networking and the board of directors of MRV Communications.

The acquisition is subject to customary closing conditions, including the tender of at least a majority of MRV’s outstanding shares of common stock.

MRV Communications, Inc. designs, manufactures, distributes, and services optical networking solutions and Internet infrastructure products worldwide. It offers optical transport, packet/carrier Ethernet, network management, and infrastructure management products and services. The company also provides out-of-band network equipment, as well as designs and manufactures fiber optic modules for the fiber-optic communications industry. Its portfolio of packet and optical solutions enable the access, aggregation, transport, and management of various communications traffic for fixed line, cable, content delivery, cloud-based, and mobile communications networks.

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MRVC closed at $9.85.

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