Daily Archives: March 7, 2012

Spectrum Group to Finance Share-Repurchase via Rights Offering

 Spectrum Group International, Inc. has entered into a securities purchase agreement with Afinsa Bienes Tangibles, S.A. En Liquidacion and its wholly owned subsidiary Auctentia, S.L. to purchase all of Afinsa’s and Auctentia’s ownership interest in SGI and SGI’s 80%-owned trading subsidiary, A-Mark Precious Metals, Inc. Since February 2003, Afinsa and Auctentia have collectively owned a majority…

Nuance-Transcend Deal’s Valuation Implication on MModal

Nuance Communication announced this morning that it is acquiring Transcend for $300 million in cash.  Following are the acquisition metrics: TRCR 2011 2012E Revenue 125 144 EBITDA 28 29 Price/Rev 2.4 2.1 Price/EBITDA 10.7 10.3 After this transaction closes, the only remaining pure-play in the healthcare transcription service sector will be MModal, a company which…