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EnCana Corp. EnCana, Canada's leading energy company, kicked off the early-week deal news with an announcement Sunday that it will split into independent oil and gas companies in an effort to unlock the value of its two main businesses.
With a market capitalization of C$64.9 billion ($64.3 billion) and C$10.2 billion in debt, Calgary, Alberta-based EnCana said the first company will retain the EnCana name and comprise the natural gas operations that now account for about two-thirds of its revenues. The other entity, which has been given a working name of IntegratedOilCo., will focus mainly on EnCana's oil developments in Alberta's oil sands. The oil company will be named later.
Cablevision Systems Corp.-Newsday-Tribune Co. Meanwhile, the ownership of Long Island, N.Y., newspaper Newsday is returning to its roots with an announcement Monday that Cablevision and Tribune will form a partnership through which Cablevision will acquire approximately 97% of Newsday Media Group for $650 million. Cablevision beat out media mogul Rupert Murdoch, CEO of News Corp., who withdrew his own $580 million bid on Saturday. New York Daily News owner Mortimer Zuckerman had also bid $580 million. Cumulus Media Inc.-Merrill Lynch & Co. In private equity news, Cumulus Media and its would-be buyers scrapped their 10-month-old, $1.3 billion buyout plan after attempts to renegotiate the deal had failed. The Atlanta-based radio broadcaster's chairman, president and chief executive Lew Dickey and Merrill Lynch's private equity arm agreed in July to the $11.75 per share deal. But Cumulus issued a statement Monday saying the parties were unable to agree on terms to move ahead with the deal after exploring possible alternatives. GSC Acquisition Co.-Complete Energy Holdings LLC Houston power producer Complete Energy agreed Monday to sell out to publicly traded special purpose acquisition company GSC Acquisition for $1.3 billion. Complete Energy owns and operates the 1,022-megawatt La Paloma generating facility 110 miles northwest of Los Angeles and the 837-megawatt Batesville generating facility in northern Mississippi. Both plants are natural gas-fired combined cycle power generation facilities. Comtech Telecommunications Corp.-Radyne Corp. Telecom equipment maker Comtech Telecommunications said Monday it has a deal in place to buy Radyne for $223.6 million in a bid to expand its portfolio and diversify its customer base. Phoenix-based Radyne designs and manufactures products, systems and software used for the transmission and reception of data and video over satellite, troposcatter, microwave and cable communication networks. The company, which retained Needham & Co. LLC back in February to help it consider its options, reported sales of $147.2 million in the twelve months ending March 31. Solar Cosmetic Labs Inc. In bankruptcy news, private equity-backed Solar Cosmetic Labs won the right Friday to tap $2.1 million of its $2.4 million in postpetition funding from lender KeyBank NA. Judge Laurel Isicoff of U.S. Bankruptcy Court for the Southern District of Florida in Miami signed off on interim use of its debtor-in-possession loan, as Solar scurries to sell its remaining skincare products inventory, documents show. Ecomares Inc. Liquidating Ecomares must face a shareholder's lawsuit in Nevada state court after a Reno judge dismissed its Chapter 15 petition seeking to stay the suit. Judge Gregg Zive in U.S. Bankruptcy Court for the District of Nevada in Reno dismissed the Chapter 15 on Tuesday, May 6, under an agreement between Ecomares and shareholder Colville Services Ltd., documents show. Stay tuned to TheDeal.com for updates to these stories and more. Categories Deal Video
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