mergers and acquisitions

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Another Corporate Casualty of COVID

Friendly's restaurant chain, known for its ice cream sundaes, has filed for Chapter 11

(Newser) - Friendly's Restaurants, an East Coast dining chain known for its sundaes, is filing for bankruptcy protection. The company, which runs its restaurants under the parent company FIC Restaurants Inc., will sell substantially all of its assets to the restaurant company Amici Partners Group, per the AP . All 130 of...

They Rule the Roast Beef World. Now They Want the Doughnuts

Arby's owner Inspire Brands to bring Dunkin', which owns Baskin-Robbins, private

(Newser) - Doughnuts and ice cream go with chicken wings and roast beef sandwiches, right? Hopefully so, because Dunkin', which owns Baskin-Robbins, is about to get scooped up by Inspire Brands, the holding company that owns Arby's, Buffalo Wild Wings, Sonic, and other eateries, CNN Business reports. The $11.3 billion...

The Lighting Game Made GE. Now It Says Goodbye

Savant Systems to acquire GE Lighting for a reported $250M

(Newser) - General Electric has sold its lighting business, which originated with Thomas Edison more than 140 years ago. For some, it's "as if Kellogg had jettisoned its cornflakes business or Ford had stopped making cars," reports the New York Times , noting GE floodlights allowed for the first MLB...

Uber Might Swallow GrubHub

Merger would create food-delivery market leader

(Newser) - Uber might be preparing to swallow GrubHub in a deal that would create a clear market leader in the burgeoning food-delivery business. Sources tell the Wall Street Journal that Uber, which is focusing on its Uber Eats unit as ride-sharing slumps, approached GrubHub with a takeover offer earlier this year...

Intuit Drops $7.1B in Stock and Cash to Buy Credit Karma

Companies plan to build 'a personalized financial assistant'

(Newser) - Credit Karma, which had been planning an initial public offering by now, has agreed to be taken over by Intuit for $7.1 billion in cash and stock. Intuit's products include TurboTax, Quickbooks and Mint. Credit Karma offers free credit scores and free tax filing services, then sells other...

On Wall Street, One of Biggest Deals Since Financial Crisis

Morgan Stanley will scoop up the online brokerage for $13B

(Newser) - Investment bank Morgan Stanley announced it would buy the online brokerage E-Trade for roughly $13 billion, one of the biggest deals on Wall Street since the financial crisis. The deal also is the latest chapter in Morgan Stanley's transformation from a scrappy, deal-doing, stock-trading investment bank to a more...

Huge Wireless Merger Now One Step Closer

Judge approves T-Mobile's takeover of Sprint

(Newser) - A federal judge on Tuesday approved T-Mobile's $26.5 billion takeover of Sprint, rejecting objections from a group of states and removing a major obstacle to a shake-up in the wireless industry. After the deal closes, the number of major US wireless companies would shrink from four to three....

Feds Sue to Block a Big Shaving Merger

Schick is trying to buy Harry's

(Newser) - Federal antitrust regulators say a proposed merger that would combine old-school shaving company Schick with upstart Harry's would end up costing consumers some skin. The Federal Trade Commission on Monday sued to block Edgewell Personal Care Co.'s $1.37 billion acquisition of Harry's, which was supposed...

The World Is Getting a New No. 4 Automaker

Via the merger of Fiat Chrysler and Peugeot

(Newser) - The boards of Fiat Chrysler Automobiles and PSA Peugeot on Wednesday signed a binding merger deal creating the world’s fourth-largest automaker with the scale to confront the challenges of stricter emissions regulations and the transition to new driving technologies. The companies said in a joint statement the new group...

Huge Deal in the Works in World of Online Brokers

Charles Schwab will buy smaller rival TD Ameritrade

(Newser) - The word "behemoth" is being thrown around a lot Monday to describe a merger in the world of online brokers: Charles Schwab plans to buy TD Ameritrade in a stock deal worth $26 billion, reports Reuters . Just how big would this be? Schwab is already the dominant player in...

Jenner to Sell Majority Stake in Kylie Cosmetics

CoverGirl owner Coty to pay $600M for a 51% share

(Newser) - The world's youngest self-made billionaire is about to be $600 million richer. The downside is that Kylie Jenner will be without the majority share in her own beauty company. Jenner is expected to sell a 51% stake in Kylie Cosmetics, founded in 2015, to American beauty company Coty, which...

DOJ Approves $26.5B Deal. Now, a 'Disruptive Force in Wireless'

T-Mobile greenlit to take over Sprint, while Dish now enters the arena as 4th big wireless company

(Newser) - US regulators are approving T-Mobile's $26.5 billion takeover of rival Sprint, despite fears of higher prices and job cuts. Friday's approval by the Justice Department and five state attorneys general comes after Sprint and T-Mobile agreed to conditions that would set up satellite-TV provider Dish as a...

New Giant Is Born in Defense Industry

After merger, Raytheon Technologies will be 2nd to Boeing in aerospace and defense industry

(Newser) - In the lucrative aerospace and defense industry, the top two companies are Boeing and Lockheed Martin. But assuming a giant new merger goes through, the top rankings will have to be reordered: Boeing ($101 billion in annual revenue) will remain No. 1, Lockheed ($53.7 billion) will fall to No....

A Giant Merger Is Cleared, Despite DOJ Objections

Appeals court blesses AT&T acquisition of Time Warner

(Newser) - A federal appeals court has cleared AT&T's takeover of Time Warner, rejecting a challenge from the Trump administration, per the AP . The ruling by the US Court of Appeals in Washington came Tuesday in the high-stakes case, approving one of the biggest media marriages ever. The appeals court...

Deal Would Create 6th Largest Bank in US

SunTrust and BB&T plan to merge

(Newser) - Southeastern regional banks BB&T and SunTrust will attempt to join in an all-stock deal, creating a new bank that would be the sixth largest in the US based on assets and deposits. It would have approximately $442 billion in assets, $301 billion in loans, and $324 billion in deposits,...

This $69B Deal May Reshape Health Care as We Know It

Proposed CVS-Aetna merger is approved by the DOJ

(Newser) - On Wednesday, CVS all but "cemented the deal" to buy Aetna for $69 billion, by scoring the Justice Department's preliminary approval of the deal, reports CNBC . With that green light comes a condition: that Aetna complete its plan to unload its Medicare Part D prescription drug plan business,...

As Michael Kors, Versace Merge, a Big Name Change

After $2.1B buy goes through, new company will be called Capri Holdings

(Newser) - Michael Kors is buying the Italian fashion house Gianni Versace in a deal worth more than $2 billion, continuing its hard charge into the world of high-end fashion. The deal announced Tuesday follows the New York handbag maker's $1.35 billion acquisition last year of the shoemaker Jimmy Choo,...

SiriusXM Is Buying Pandora

In an all-stock $3.5B deal

(Newser) - Subscription radio company SiriusXM says it's buying music streaming service Pandora Media Inc. in a stock deal valued at about $3.5 billion that'll allow it to expand its service beyond cars and into homes and other mobile areas. Pandora stockholders will receive 1.44 newly issued SiriusXM...

Comcast Sneaks Past Fox in 'Stratospheric' $39B Buy

Telecom giant will be the new owner of Sky News

(Newser) - Comcast has emerged as the top bidder for European broadcaster Sky after a rare auction held by British regulators. After three rounds of secret bidding on Friday and Saturday, Comcast offered what the Wall Street Journal calls the "stratospheric" price of $22.58 per share for Sky, the equivalent...

PepsiCo Makes a Big Move Toward a Rival Market

Company buys SodaStream as consumers turn away from sugary soda to sparkling water

(Newser) - PepsiCo has just made a big investment in a future that sees consumers more likely to reach for a bottle of water than a sugar-filled soda. The company agreed to buy SodaStream for $3.2 billion as a part of a shift toward healthier products, reports the Wall Street Journal ...

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