Intel has responded to reports that its venture capial investments are likely to drop this year.
The merger gives ‘ the opportunity to create the global leader in mechanical wellbore cleanup’, according to the head of the new group.
Activity nearly doubled in 2000. With IPO markets still depressed, M&A looks set to remain the most important exit route for VCs going forward.
The group plans to acquire an additional 65 per cent shareholding in the airport from Barclays Industrial Investments Ltd and Barclays UK Infrastructure Fund.
Electra’s chairman proposed a ‘more flexible strategy to maximising value’ at the company’s annual general meeting today.
Investors in this round include DB eVentures, Polaris Venture Capital, HarbourVest Partners and Walden Israel.
The private equity firm is to take a 20 per cent stake, valuing the customer communications company at E28.
The company says it has enough cash for the medium term but will continue to seek strategic partners.
Reports suggest that the two groups have teamed up to bid against Nomura, Hugh Osmond and Luke Johnson.
This second round will be used to develop the life science company’s products.