Compiled by Mike Mason
British retailer GUS PLC said it plans to cut loose its Costa Mesa-based Experian Group in the next six to 12 months. GUS plans to spin off Experian as a publicly traded company listed on the London Stock Exchange. It’s unclear if an independent Experian, a credit scoring company, will be based in Orange County. Last month the company turned down a $12.3 billion offer from private equity firms to buy Experian Minnetonka, Minn.-based UnitedHealth Group Inc. said it’s cutting 475 jobs from its recently acquired PacifiCare Health Systems unit. The cuts at Cypress-based PacifiCare also are expected to hit its Irvine operations. UnitedHealth closed its $9.2 billion buy of PacifiCare earlier this year Anaheim-based Multi-Fineline Electronix Inc. said it plans to pay $500 million for Singapore’s MFS Technology Ltd., boosting its business of supplying flexible circuit boards for wireless phones. Multi-Fineline, known as M-Flex, is offering either stock or cash to MFS shareholders. Both companies are majority owned by Singapore’s WBL Corp.
San Diego-based Qualcomm Inc. filed its third patent infringement case against Irvine-based Broadcom Corp. Qualcomm, which licenses chip and software for wireless phones, accused Broadcom, a communications chipmaker, of patent infringement for its wireless chips, according to the latest suit in federal court in San Diego. Broadcom has filed its own complaints against Qualcomm for violating several patents KPMG LLP agreed to pay an undisclosed amount to Anaheim-based Targus Group International Inc. to settle a case stemming from one of OC’s largest embezzlement cases ever. The settlement came after half a year of negotiations. Targus, a maker of notebook cases and computer accessories, sued KPMG in 2003, several weeks after its former chief financial officer, William Lloyd, was sentenced to 37 months in jail for embezzlement in late 2002. Targus alleged lax oversight on KPMG’s part Irvine-based Networks In Motion, a provider of software and services that allow wireless phones to serve as navigational devices, said it raised $10 million in a third round of venture financing. Networks in Motion plans to use the money to expand research and development and sales and marketing.
Tustin-based Quality Systems Inc. said a judge denied an appeal by shareholder and board member Ahmed Hussein, who contested the company’s board of directors election in October Irvine drug maker Allergan Inc. said it sees higher than expected 2006 sales of $2.8 billion to $2.9 billion but said first-quarter results could come in slightly below analysts’ expectations Newport Beach-based Nationwide Health Properties Inc. said it plans to sell about $200 million in stock to help fund its $420 million buy of 32 assisted living and Alzheimer’s facilities from Hearthstone Assisted Living Inc.
Marblehead Coastal, a 313-home development on 248 acres in San Clemente, received final approval from the California Coastal Commission. The project has been contested for more than three decades by environmentalists and others. Irvine-based SunCal Cos. is master developer on the oceanfront property. The site will include a retail complex, Plaza San Clemente, which is being developed by Newport Beach’s Craig Realty Group and SDC Partners Ltd. Grading at the site is under way. Model homes are expected in late summer 2007 Newport Beach-based Impac Mortgage Holdings Inc. said it was increasing its quarterly dividend by 25%. Impac cited better performance of its investment portfolio and a more profitable mortgage operation compared to the fourth quarter. Impac plans to pay a quarterly dividend of 25 cents a share. The company’s dividend was 20 cents per share in the fourth quarter, which it slashed sharply from 45 cents per share in the third quarter. Impac shares jumped more than 13% on the news.
Wachovia Corp. said it’s buying a majority stake in Newport Beach-based Metropolitan West Capital Management LLC. Charlotte, N.C.-based Wachovia said it bought a 72% stake in MetWest, which manages $4.5 billion in investments for wealthy and institutional clients. It plans to fold MetWest into its Evergreen Investments unit. Terms of the deal weren’t disclosed. MetWest has 35 employees in Newport Beach Newport Beach-based subprime auto lender United PanAm Financial Corp. said it is closing its investment unit and plans to focus solely on its profitable auto lending unit.
The city of Anaheim said its legal bills stemming from its lawsuit against the Los Angeles Angels of Anaheim are $3.6 million. The city said it would cost about $150,000 more to appeal the case, which was decided in favor of the Angels.
Nashville, Tenn.-based Sagittarius Brands Inc. and several private equity firms closed their buy of Lake Forest-based Del Taco Inc. for undisclosed terms Quiksilver Inc. has tapped France’s Inter Parfums SA to develop perfumes and cosmetics for the Huntington Beach-based surfwear maker Irvine telescope maker Meade Instruments Corp. said it is set to post a wider-than-expected loss for the 12 months through February. The company said it expects yearly sales of about $120 million, in line with its earlier view Struggling Irvine-based Gardenburger Inc. emerged from bankruptcy and changed its name to Wholesome & Hearty Foods Co.
