Stories in this week’s Orange County Business Journal
TOP STORIES
Irvine-based business management software maker Epicor Software Corp. is being bought for $976 million by London private equity firm Apax Partners LLC. Apax also is buying Northern California’s Activant Solutions Inc. for about $1 billion and plans to combine the two, with Epicor as the surviving entity. Epicor’s board has approved the deal. The company has 30 days to consider other bids. The two companies together account for about $825 million in annual sales. Apax last year paid $1.8 billion for Irvine’s Advantage Sales & Marketing for $1.8 billion, a marketer of grocery and consumer products. Apax acquired formerly Newport Beach-based medical information and technology company TriZetto Group Inc. for $1.4 billion in 2008.
Los Angeles Lakers owner Jerry Buss and coach Phil Jackson are mounting a challenge against a pending move by the Sacramento Kings to Anaheim, according to reports. Southern California’s basketball powerhouse is worried about losing up to $500 million on a long-term TV deal estimated at $5 billion with Time Warner Cable Inc. The Kings have until April 18 to make a decision on a move. Darrell Steinberg, president of the state Senate and a former Sacramento city councilmember, plans to introduce legislation that could block the Kings from moving. The Kings would play at Honda Center, which is owned by the city and operated under contract
by Henry Samueli’s Anaheim Arena Management LLC. Samueli also owns the Anaheim Ducks hockey team, which plays at Honda Center, and also
is cofounder of Irvine-chipmaker Broadcom Corp.
TECHNOLOGY
Broadcom could be in the running to acquire NXP Semiconductors NV of the Netherlands, according to a report in a Dutch newspaper. Broadcom is said to be looking at NXP along with Intel Corp. and Qualcomm Inc., according to the report in De Telegraaf. Broadcom Chief Executive Scott McGregor used to run NXP when it was the chip arm of Royal Philips Electronics NV.
Irvine-based chipmaker Microsemi Corp. made a $28.3 million bid to buy Camarillo-based AML Communications Inc., which makes electronics for defense contractors. Microsemi makes chips for military, aerospace, industrial and consumer uses. AML earlier accepted a $24.3 million bid from East Syracuse, N.Y.-based Anaren Inc., but its board plans to recommend the higher offer to shareholders.
FINANCE
Newport Beach’s Pacific Investment Management Co. plans to raise $600 million for a fund that will acquire residential and commercial real estate loans, debt and other assets. It’s the latest initiative to diversify Pimco’s $1.2 trillion portfolio of investments for pension funds, insurers, corporations and others.
Bank of America Corp. plans to add 34 business bankers in Orange County, part of a push for market share that will total 1,000 hires nationwide. BofA also said it plans to add 250 workers at its Brea call center.
JPMorgan Chase & Co.’s Chase Bank plans to add business bankers for small and midsize customers here in coming months. The bank also plans to open six branches to add to its 60 or so here. The new branches will bring as many 90 additional hires.
REAL ESTATE
Irvine-based master developer SunCal Cos. is set to retain ownership of three big developments in California after winning a bankruptcy auction this week. An affiliate of SunCal bid $71 million for Bakersfield’s McAllister Ranch and McSweeny Farms and SummerWind Ranch in Riverside County. SunCal beat out onetime financing partner Lehman Brothers Holdings Inc. for the properties.
TRAVEL
Canadian airline WestJet chose Calgary, Alberta, as the second destination for daily service from John Wayne Airport. The airline earlier announced plans for flights to Vancouver, British Columbia, set to start in May. Flights to Calgary start in June.
AUTOMOTIVE
Cypress-based Yamaha Motor Corp. USA, part of Japan’s Yamaha Motor Co., scored a key win when an Orange County Superior Court jury found the company isn’t responsible for an injury from a rollover of one of its Rhino off-road vehicles. The company faces hundreds of lawsuits about the vehicle’s safety. The circumstances in the recent case make it a likely bellwether on future outcomes, according to legal observers.
ECONOMIC INDICATOR
UP: Hiring among manufacturers in Orange County, according to the Chapman University’s quarterly survey of purchasing managers. The survey’s hiring index gauges forward outlook and rose to 58.9 for this quarter, up from 54.8 for the first quarter. A reading of more than 50 indicates plans for hiring.
