Seen & Heard: Providence in talks to raise €100m

Irish rival to Hailo, Lynk, is expanding into US and is working with drivers in New York, Washington and Boston

Oil and Gas explorer Providence Resources is in talks to raise more than €100 million from investors as it looks to pay down debt. according to the Sunday Business Post.

Shares in Providence have been suspended from trading since April after the company lost a court case in London that means it face having to pay over $7 million to Transocean which supplied it with a drilling rig a number of years ago.

Elsewhere the Post reports that Global valuation and corporate finance adviser Duff & Phelps has bought Corporate Finance Ireland, as it continues to expand its Irish operations. the terms of the deal have not been disclosed but give Duff & Phelps access to CFI's roster of 300 clients.

The Post also reports that UDG Healthcare, the medical services company, expects to seal a major takeover in the next 12 months, according to its chief executive. Brendan McAtamney said he was considering deals in the €120 million to €150 million range and that the firm has a war chest of up to €600 million.


Carlyle Cardinal Ireland, a private equity company backed by the State, is in exclusive talks to buy AA Ireland in a deal that could value the insurance and roadside assistance provider at up to €160 million.

Negotiations went exclusive earlier this month and if successful will see the sale of the country's largest insurance broker completed by July, the Sunday Times reports.

On of Britain's most aggressive hedge funds has taken a significant stake in the State-owned banks Permanent TSB, according to the Sunday Times.

Toscafund Asset Management paid up to €30m for a 3.4 per cent stake. Toscafund was founded by Martin Hughes, know as the Rottweiler because of his aggressive tactics.

According to the Sunday Indpendent developer Johnny Ronan is examining the potential for building student accommodation at thesix-acre Spencer Dock site. The developer's Ronan Group is due to meet Dublin City Council in the coming weeks to discuss the site.

The Independent also reports that Surrey-based InfraStrata has commenced drilling activity at an oil site at Woodburn Forest in Antrim. The project has been met with protests by residents.

An Irish rival to Hailo, Lynk, is expanding into the US, according to the Independent. The company is working with drivers in New York, Washington and Boston and plans to launch in those cities before the end of the year.

Concerns are growing about mounting over growing Qatari influence in Aer Lingus parent International Airlines Group, according to the Sunday Telegraph. The Gulf state airline boosted its stake in British Airways parent for the second time in a few weeks.