DigitalBridge's Sale of Southeast Asian Towers Is Said to Stall
DigitalBridge Group Inc. 's plans to sell its Southeast Asian telecom tower operator are stalling amid valuation concerns, according to people familiar with the matter.
While work on a potential sale of closely held EdgePoint Infrastructure has paused, US-listed DigitalBridge is still evaluating options and could revisit the plans later, the people said, asking not to be identified because the deliberations are private. The owner could also pursue a breakup or piecemeal transactions instead of a full sale, the people said.
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Yahoo
16 minutes ago
- Yahoo
Broadway Technology Inc Announces Entering into a Merger Agreement with Quartzsea Acquisition Corporation
HAINING, China, June 06, 2025 (GLOBE NEWSWIRE) -- Broadway Technology Inc ('Gaokai'), a leading manufacturer of high-quality PET (polyethylene terephthalate) cups and lids through its operating subsidiary Zhejiang Gaokai New Materials Co., Ltd., announced the execution of an Agreement and Plan of Merger (the 'Merger Agreement') for a business combination with Quartzsea Acquisition Corporation (Nasdaq: QSEAU, QSEA, QSEAR) ('Quartzsea'), a publicly traded special purpose acquisition company. Upon consummation of the transaction contemplated by the Merger Agreement, (i) Quartzsea will be merged with and into Cuisine Universal Packaging Solution, a Cayman Islands exempted company and wholly owned subsidiary of Quartzsea ('Cuisine Universal') (the 'SPAC Merger'), and (ii) concurrently with the SPAC merger, CUPS Sub Limited, a Cayman Islands exempted company and wholly owned subsidiary of Cuisine Universal, will be merged with and into Gaokai, resulting in Gaokai being a wholly owned subsidiary of Cuisine Universal (the 'Business Combination' and the transactions in connection with the Business Combination collectively, the 'Transaction'). Upon the closing of the Transaction, the combined company Cuisine Universal expects to be Nasdaq-listed under the ticker symbol 'CUPS.' Gaokai Overview Gaokai, through its operating subsidiary Zhejiang Gaokai New Materials Co., Ltd., is a high-tech enterprise specializing in the manufacture of high quality customized PET (polyethylene terephthalate) cups and PET lids, with products widely used in packaging markets of aviation, yogurt, juice, fruit tea, coffee, and cold beverage markets. Established in 2021 and located in Haining Jianshan New District, Zhejiang Province, the company operates within the PET industrial park in convenience for sourcing and developing advanced PET raw material. Gaokai's core competitive advantages include stable and high-performance raw PET materials, comprehensive upstream sheet manufacturing capabilities, advanced equipment and automated production lines, and high-transparency, innovative product designs. The company offers comprehensive PET cup customization services, including advanced cup printing technology for custom logos, sizes, and shapes. With the comprehensive capabilities of material R&D, innovative design, advanced manufacturing and efficient operation, Gaokai has established itself as a professional PET cup manufacturing base managed by experienced cup manufacturing professionals. Key Transaction Terms Under the terms of the Merger Agreement, Quartzsea's wholly owned subsidiary, Cuisine Universal, will acquire Gaokai, resulting in Cuisine Universal being a listed company on the Nasdaq Global Market. At the effective time of the Transaction, Gaokai's shareholders will receive ordinary shares of Cuisine Universal. The shares held by certain Gaokai shareholders will be subject to lock-up agreements for a period of 180 days following the closing of the Transaction, subject to certain exceptions. The Transaction, which has been unanimously approved by the boards of directors of both Quartzsea and Gaokai, is subject to regulatory approvals, the approvals by the shareholders of Quartzsea and Gaokai, respectively, and the satisfaction of certain other customary closing conditions, including, among others, a registration statement, of which the proxy statement/prospectus forms a part, being declared effective by the U.S. Securities and Exchange Commission (the 'SEC'), and the approval by Nasdaq of the listing application of the combined company. The description of the Business Combination contained herein is only a summary and is qualified in its entirety by reference to the Merger Agreement relating to the Business Combination. A more detailed description of the Transaction and a copy of the Merger Agreement will be included in a Current Report on Form 8-K to be filed by Quartzsea with the SEC and will be available on the SEC's website at Advisors Celine & Partners, PLLC, Ogier Global (Cayman) Limited, and B&D Law Firm serve as legal counsel to Quartzsea. Pryor Cashman LLP, Harney Westwood & Riegels, and Jingtian & Gongcheng, PLLC serve as legal counsel to Gaokai. Chain Stone Capital Limited (CTM) serves as the financial advisor to Gaokai. About Quartzsea Acquisition Corporation Quartzsea Acquisition Corp. is a blank check company incorporated as a Cayman Islands exempted company with limited liability for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The company's efforts to identify a prospective target business will not be limited to a particular industry or geographic region. Participants in the Solicitation Cuisine Universal Packaging Solution, Quartzsea Acquisition Corporation, and their respective directors, executive officers and employees and other persons may be deemed to be participants in the solicitation of proxies from the holders of Quartzsea ordinary shares in respect of the proposed Transaction. Information about Quartzsea's directors and executive officers and their ownership of Quartzsea's ordinary shares is currently set forth in Quartzsea's prospectus related to its initial public offering dated March 18, 2025, as modified or supplemented by any Form 10-K, Form 3 or Form 4 filed with the SEC since the date of such filing. Other information regarding the interests of the participants in the proxy solicitation will be included in a registration statement on Form F-4 (as may be amended from time to time) that will include a proxy statement and a registration statement/preliminary prospectus (the 'Registration Statement') pertaining to the proposed Transaction when it becomes available. These documents can be obtained free of charge from the sources indicated below. No Offer or Solicitation This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Transaction and does not constitute an offer to sell or the solicitation of an offer to buy any securities of Quartzsea or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended. Important Information about the Proposed Business Combination and Where to Find It In connection with the Transaction, Cuisine Universal will file relevant materials with the SEC, including the Registration Statement. Promptly after the Registration Statement is declared effective, the proxy statement/prospectus will be sent to all Quartzsea shareholders entitled to vote at the special meeting relating to the Transaction. Before making any voting decision, securities holders of Quartzsea are urged to read the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the Transaction as they become available because they will contain important information about the Transaction and the parties to the Transaction. Stockholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus, and other documents filed or that will be filed with the SEC through Quartzsea through the website maintained by the SEC at or by directing a request to the contacts mentioned below. Contact Information: Quartzsea Acquisition Corporation: Qi Gong Chief Executive Officer M: +1(212) 612-1400 E: qgong@ Zhejiang Gaokai New Materials Co., Ltd.: Chengji Zhang E: chengjizhang8@ Forward-Looking Statements This press release contains 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. Quartzsea's and Gaokai's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as 'expect,' 'estimate,' 'project,' 'budget,' 'forecast,' 'anticipate,' 'intend,' 'plan,' 'may,' 'will,' 'could,' 'should,' 'believes,' 'predicts,' 'potential,' 'might' and 'continues,' and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Quartzsea's and Gaokai's expectations with respect to future performance and anticipated financial impacts of the Business Combination, the satisfaction of the closing conditions to the Business Combination and the timing of the completion of the Business Combination. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the control of Quartzsea or Gaokai and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement relating to the proposed Business Combination; (2) the outcome of any legal proceedings that may be instituted against Quartzsea or Gaokai following the announcement of the Merger Agreement and the transactions contemplated therein; (3) the inability to complete the Business Combination, including due to failure to obtain approval of the shareholders of Quartzsea or other conditions to closing in the Merger Agreement; (4) delays in obtaining or the inability to obtain necessary regulatory approvals (including approval from PRC regulators) required to complete the transactions contemplated by the Merger Agreement; (5) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement or could otherwise cause the transaction to fail to close; (6) the inability to obtain or maintain the listing of the post-acquisition company's ordinary shares on Nasdaq following the Business Combination; (7) the risk that the Business Combination disrupts current plans and operations as a result of the announcement and consummation of the Business Combination; (8) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (9) costs related to the Business Combination; (10) changes in applicable laws or regulations; (11) the possibility that Gaokai or the combined company may be adversely affected by other economic, business, and/or competitive factors; and (12) other risks and uncertainties to be identified in the Registration Statement filed by Quartzsea and Cuisine Universal (when available) relating to the Business Combination, including those under 'Risk Factors' therein, and in other filings with the SEC made by Quartzsea and Gaokai. Quartzsea and Gaokai caution that the foregoing list of factors is not exclusive. Quartzsea and Gaokai caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Neither Quartzsea nor Gaokai undertakes or accepts any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, subject to applicable law. The information contained in any website referenced herein is not, and shall not be deemed to be, part of or incorporated into this press in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
36 minutes ago
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PVH beats Q1 revenue expectations but cuts FY25 outlook
US-based fashion and lifestyle retailer PVH Corp has reported that its revenue increased 2% to $1.984bn in the first quarter (Q1) of 2025 (FY25). The company's Europe, the Middle East and Africa (EMEA) segment revenue saw a 5% increase, while Americas revenue grew by 7%. However, Asia Pacific (APAC) revenue declined 13%, affected by the timing of the 2025 Lunar New Year and a challenging consumer environment, especially in China. Licensing revenue decreased 2% due to the in-house transition of certain women's product categories. The company's Tommy Hilfiger brand saw a revenue increase of 3%, while Calvin Klein's revenue remained flat. PVH CEO Stefan Larsson stated: 'In Q1, we continued to tap into the global consumer love for Calvin Klein and Tommy Hilfiger, delivering revenue growth versus last year and ahead of guidance. 'Calvin Klein saw one of its most impactful product launches in years with the Icon Cotton Stretch franchise, amplified by the viral Bad Bunny campaign. Tommy Hilfiger tapped into its lifestyle DNA with rich product storytelling around seasonal newness of Tommy classics to drive growth and built momentum for the brand's collaboration with the biggest movie launch of the summer: F The Movie.' Direct-to-consumer revenue declined 3%, with owned and operated store revenue down 5%. In contrast, owned and operated digital commerce revenue grew 3%, driven by growth in Americas. Wholesale revenue increased by 6%, driven by growth in the Americas and EMEA. PVH's gross margin decreased to 58.6% from 61.4% in the previous year, reflecting an unfavourable shift in channel mix, increased promotional activity, the transition of licensed women's product categories to an in-house wholesale business and higher freight costs. The company reported a generally accepted accounting principles (GAAP) loss before interest and taxes of $332m, including a $4m negative impact from foreign currency translation, compared to a $205m earnings in the previous year. PVH's 2025 outlook includes an estimated net negative impact from US tariffs, with a projected full-year earnings before interest and taxation impact of $65m. The company reaffirms its revenue outlook to be flat or slightly increased, with a non-GAAP operating margin projected at around 8.5%. Full-year earnings per share (EPS) is expected to range between $10.75 and $11.00 on a non-GAAP basis. For the second quarter of 2025, revenue is projected to increase in the low single digits, with EPS in the range $1.85 to $2 on a non-GAAP basis. PVH notes significant uncertainties in global trade policies and macroeconomic conditions, which could materially change the 2025 outlook. PVH chief financial officer Zac Coughlin stated: We are reaffirming our revenue guidance for the year but are decreasing our outlook for profitability and earnings per share to reflect that backdrop and the current performance of our business. 'Our focus remains on taking proactive measures, including investing in cut-through marketing campaigns and delivering increasing cost efficiencies through execution of our Growth Driver 5 multi-year cost savings initiative, that will improve our trajectory in the second half.' In June 2024, Calvin Klein opened a flagship store in Paris, at 44 Avenue des Champs-Élysées. "PVH beats Q1 revenue expectations but cuts FY25 outlook" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
37 minutes ago
- Yahoo
Wright One Selects Bridgeport as Manufacturing Hub for U.S.-Made Climate Tech
Bridgeport, Connecticut--(Newsfile Corp. - June 6, 2025) - Wright One, a climate-focused hardtech startup, today announced it has selected Bridgeport, Connecticut, as its official US manufacturing hub and secured multiple take-or-pay agreements ahead of its August 2025 product launch. This announcement marks a significant step forward in reshoring advanced manufacturing and scaling sustainable infrastructure technologies in the United States. Justin McAfee, founder and CEO of Wright One To view an enhanced version of this graphic, please visit: Founded by mechanical engineer and commercial pilot Justin McAfee, Wright One is preparing for the mass production of its flagship product, the Wright Fan, a modular aviation-grade cooling system designed for industrial applications such as data centers and cryptocurrency mining facilities. These take-or-pay agreements ensure baseline demand for the Wright Fan and represent early customer confidence in the company's modular approach to climate technology. The Wright Fan is designed to reduce costs by up to 50% over a 5-year operating cycle, accounting for labor, disposal fees, and fan replacement costs. Additionally, it features a patented power-switch intended to enable zero-downtime operation. According to company data, the product is expected to reduce lifecycle CO₂e emissions by approximately 85%, with a 40% reduction in CO₂e achieved through recycling of its modular components. The decision to manufacture in Bridgeport leverages the city's industrial legacy and existing infrastructure, aligning with Wright One's mission to revitalize American manufacturing and reduce lifecycle emissions across its product lines. "We're proud to establish our manufacturing base in Bridgeport," said Justin McAfee, founder and CEO of Wright One. "These agreements validate both market demand and the scalability of our technology. With Bridgeport as our foundation, we're building more than products. We're building resilience into the American supply chain." The company's manufacturing facility in Bridgeport will handle assembly, testing, and refurbishment of components, laying the groundwork for a circular economy model that reduces waste and improves operational efficiency. With initial production underway and a growing roster of industrial clients, Wright One is on track to deliver its first commercial units in Q3 2025. About Wright OneWright One is a US-based hardtech company focused on climate-aligned solutions for aviation and infrastructure. By combining modular design with domestic manufacturing and refurbishment, the company aims to reduce emissions, improve reliability, and strengthen the American supply chain. Media Contact:Company: Wright One justin@ Bridgeport, CT To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
