Money Briefs: 6 bidders eyeing Israel's Netafim

6 bidders eyeing Israel's Netafim

TEL AVIV • Six international companies and funds, including Temasek Holdings, have made it to the second round of bidding for buyout group Permira's 61.3 per cent stake in Israeli irrigation firm Netafim, reports said yesterday.

The sale has set a minimum value of US$1.5 billion (S$2.07 billion) for the company.

Netafim is hoping for a valuation of between 10 and 12 times its expected 2017 earning before interest, taxes, depreciation and amortisation of around US$120 million.

REUTERS

Get The Straits Times
newsletters in your inbox


New era with Yahoo-Verizon deal

SAN FRANCISCO • Verizon Communications executives descended on the Silicon Valley headquarters of their latest acquisition, Yahoo! Inc for US$4.5 billion (S$6.2 billion), to usher in what they are heralding as a bright new era for some of the faded stars of the Internet age.

The first steps will include a reduction of about 15 per cent of Oath's combined staff - about 2,100 people.

Mr Tim Armstrong will be chief executive officer of the Verizon digital division now called Oath, while Yahoo CEO Marissa Mayer, 42, is stepping down.

BLOOMBERG

A version of this article appeared in the print edition of The Straits Times on June 15, 2017, with the headline 'Money Briefs'. Print Edition | Subscribe