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Dealwatch- March 2011

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Articles - March 2011
Wednesday, March 02, 2011

  1. Cascade Bancorp has closed a deal to bring in $177 million in new capital. Cascade Bancorp is the parent of Bank of the Cascades, which operates 20 branches in Oregon. Investors included David Bolger, Leonard Green & Partners, Lightyear Capital and WL Ross & Co. Regulators had ordered Cascade Bancorp to raise new capital after the collapse of the central Oregon housing market resulted in losses.
  2. Seattle-based Todd Shipyards has announced a five-year deal with the U.S. Navy worth up to $80 million to provide dry-docking of ships visiting the Puget Sound area or home-ported at the Everett Naval Station. On Feb. 15, Portland shipbuilder Vigor Industrial completed its acquisition of Todd Shipyards in a $130 million cash deal. The combined company is the largest marine services company in the Pacific Northwest.
  3. Comcast agreed to pay up to $23 million to settle a class-action lawsuit that alleged the company improperly violated Oregon laws governing disclosure requirements and the frequency of late-fee charges. The company denied wrongdoing. As many as 500,000 Oregon subscribers who paid a late fee between July 15, 2003 and Nov. 22, 2010, stand to benefit at a rate of $16 per $6 charge.
  4. Beaverton-based Digimarc said it bought back more than 7% of its outstanding shares for about $15 million. With the purchase, made with cash on hand, the watermarking technology developer reduced outstanding shares to under 7 million.
  5. The Port of Portland has transferred management of its Terminal 6 to a Philippines-based company that intends to double Portland’s shipping container volume within five years. A 25-year lease began on Feb. 12 with International Container Terminal Services, which operates at 21 marine terminals in 15 countries. ICTSI agreed last May to an initial $8 million payment and will pay an annual rent of $4.5 million to the Port.

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