Markets & Finance

Overture Services to Buy Unit from Fast Search & Transfer


Overture Services (OVER) agreed to acquire the Web search unit of Norway-based Fast Search & Transfer for $70 million in cash and a cash incentive payment of up to $30 million over three years. (2/25)

Broadwing (BRW) will sell assets of its broadband business, Broadwing Communications Services, including the Broadwing name, to privately held C III Communications LLC, for $129 million in cash. (2/25)

Dendreon (DNDN) will acquire Corvas International (CVAS) in a $72.9 million deal. Terms: 0.45 Dendreon share for each Corvas share. (2/25)

IDT Corp. (IDT) is planning to bid roughly $255 million for bankrupt Global Crossing. The courts already agreed to the $250 million sale of Global Crossing to two Asian companies -- Hong Kong's Hutchison Whampoa Ltd. and Singapore Technologies Telemedia Pte-- but appproval from the FCC and other agencies is pending. (2/25)

U.S. private-equity firm Kohlberg Kravis Roberts & Co. withdraws its bid for U.K. supermarket chain Safeway PLC (SWY). The move increased speculation that KKR is switching its attention to Six Continents PLC (SXC), a pubs and hotels operator that may also become a target of a bidding frenzy, according to news reports. (2/25)

Devon Energy (DVN) agrees to acquire Ocean Energy (OEI) in a stock deal valued at $3.5 billion. Terms call for Ocean shareholders to receive 0.414 Devon share per Ocean share held. (2/24)

El Paso (EP) sells its mid-continent natural gas reserves to Chesapeake Energy (CHK) for $500 million. (2/24)

Oregon Trail Financial (OTFC) agrees to be acquired by FirstBank NW Corp. (FBNW). Terms: OTFC holders will get either $22 per share in cash or about 1.028 shares of FBNW, subject to aggregate. (2/24)

Acorn Products (ACRN) agrees to go private via a merger with an affiliate of Oaktree Capital Management LLC for $3.50 per ACRN share. (2/24)

A unit of Blackfriars Corp. -- 2022841 Ontario Inc. -- offers to buy Emco Limited (EMLTF) for C$16.60 per share. (2/20)

NPS Pharmaceuticals (NPSP) agrees to buy Enzon Pharmaceuticals (ENZN) for about $571 million in stock. Terms: 0.7264 NPSP = ENZN. (2/20)

Gart Sports (GRTS) agrees to merge with Sports Authority (TSA). Terms: 0.37 GRTS = TSA . (2/20)

Cornerstone Realty Income Trust (TCR) agrees to buy Merry Land Properties (MRYP) for $42 million in stock and the assumption of $94 million in debt. Terms: 1.818 TCR common shares and 0.22 TCR Series B convertible preferred share = 1 MRYP share. (2/20)


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