Silver Lake's foray in Shanghai
March 26, 2010, Friday
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Print Edition
Print Edition
SILVER Lake, which invested in Skype and Seagate, has paid about US$40 million to acquire a minority stake in Shanghai-based telecommunications chip designer Spreadtrum Communications.
The United States-based technology investor's move will improve Spreadtrum's brand awareness and help the Nasdaq-listed firm expand. Silver Lake bought the shares in overseas markets and is now "one of the largest shareholders" in the company. The shares accounted for 13 percent of the company's share capital or about US$40 million, Spreadtrum told Shanghai Daily yesterday. Silver Lake, as an important strategic partner, will benefit Spreadtrum significantly thanks to its deep domain expertise and extensive industry network, said Leo Li, president and chief executive of Spreadtrum. China's booming 3G market fueled the revenue of Spreadtrum, which designs chips based on TD-SCDMA.
Dubai's rescue
Dubai's government yesterday said it will pump up to US$9.5 billion into Dubai World as part of a long-awaited restructuring plan to rescue its chief conglomerate from a crippling debt crisis that undermined investor confidence in the one-time boomtown. The proposal, which still needs approval from creditors, comes after months of talks following Dubai World's bombshell announcement in November that is would seek delays in repaying US$26 billion in debt until at least May. Sheik Ahmed bin Saeed Al Maktoum, the chairman of Dubai's supreme fiscal committee said the new funding includes US$5.7 billion of the money remaining from a bailout by neighboring Abu Dhabi and "internal Dubai Government resources." The plan offers creditors full repayment on the principal of their outstanding loans over a five to eight year period by issuing new debt.
The United States-based technology investor's move will improve Spreadtrum's brand awareness and help the Nasdaq-listed firm expand. Silver Lake bought the shares in overseas markets and is now "one of the largest shareholders" in the company. The shares accounted for 13 percent of the company's share capital or about US$40 million, Spreadtrum told Shanghai Daily yesterday. Silver Lake, as an important strategic partner, will benefit Spreadtrum significantly thanks to its deep domain expertise and extensive industry network, said Leo Li, president and chief executive of Spreadtrum. China's booming 3G market fueled the revenue of Spreadtrum, which designs chips based on TD-SCDMA.
Dubai's rescue
Dubai's government yesterday said it will pump up to US$9.5 billion into Dubai World as part of a long-awaited restructuring plan to rescue its chief conglomerate from a crippling debt crisis that undermined investor confidence in the one-time boomtown. The proposal, which still needs approval from creditors, comes after months of talks following Dubai World's bombshell announcement in November that is would seek delays in repaying US$26 billion in debt until at least May. Sheik Ahmed bin Saeed Al Maktoum, the chairman of Dubai's supreme fiscal committee said the new funding includes US$5.7 billion of the money remaining from a bailout by neighboring Abu Dhabi and "internal Dubai Government resources." The plan offers creditors full repayment on the principal of their outstanding loans over a five to eight year period by issuing new debt.
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