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Everyday Economic News
Belden (BDC) Secures $1.85 Billion Term Loan for RUCKUS Networks Acquisition
Belden Inc. (BDC) has secured a $1.85 billion senior secured term loan to finance its acquisition of RUCKUS Networks, aiming to enhance its connectivity solutions in Smart Infrastructure and Automation. The company, with a market cap of $4.46 billion and a P/E ratio of 18.89, holds a GF Score of 83/100, indicating strong potential for long-term returns despite recent insider selling. This strategic move is expected to expand Belden's market presence and service offerings across various sectors.
Lee Raymond, architect of Exxon-Mobil merger and Irving headquarters move, dies at 87
Lee Raymond, former ExxonMobil CEO, has died at the age of 87. He was known for orchestrating the 1999 merger that formed the world's largest publicly traded energy company and for moving its headquarters to Irving, Texas. His tenure at the company was marked by both significant business achievements and controversies.
Blackstone subsidiary sells Kent properties as part of $1.8 billion deal
A Blackstone subsidiary has sold four buildings at the 212th Business Park in Kent to a California buyer as part of a larger $1.8 billion deal. This acquisition positions the buyer as one of the largest light industrial property owners in the country. The transaction highlights continued activity in the commercial real estate market, particularly for industrial properties.
Oil Patch Insider: APA Corp. buys Savant/Badami; King Street offers Pikka beer
APA Corp. has acquired Savant Alaska LLC for $70 million, significantly expanding its presence on Alaska's eastern North Slope by securing vital production and transport infrastructure. The deal includes the Badami production facility and the Nutaaq Pipeline, adding approximately 104,000 gross acres to APA's portfolio. Separately, King Street Brewing Co. collaborated with Santos to create a "Pikka beer" celebrating the upcoming North Slope oil field, featuring Spanish and Australian hops and bottle art representing Santos and Repsol.
HWAL, Inc., Affiliate Lunar Records Fund #1, LLC, and Lunarbits Equity Fund Announce Definitive Joint Venture with South Korean Entertainment and K-POP Leader, AGINT Co., Ltd.. to Form Lunar Records Korea
HWAL, Inc., Lunar Records Fund #1, LLC, and Lunarbits Equity Fund have formed a definitive joint venture with South Korean entertainment company AGINT Co., Ltd. to establish Lunar Records Korea. This new entity will focus on K-Pop licensing, artist development, merchandising, and global content distribution across various markets, supported by a $5 million matching fund program. The venture also plans significant collaborations, including with Stan Lee's Legion of 5 and potentially BTS, leveraging tokenized fan engagement and the expertise of producer Andrew Lane.
As a Serial Acquirer, SS&C Offers an Array of Software and Services Across Financial Services
SS&C Technologies, founded in 1986, specializes in providing software products and software-enabled services primarily to financial-services firms. The company has grown significantly through a strategy of acquisitions, having acquired over 50 companies since its inception. This approach has allowed SS&C to expand its offerings, including its initial product, CAMRA, which focused on asset management, reporting, and accounting.
Vornado Realty Trust Completes Acquisition of 49% Interest in Park Avenue Plaza
Vornado Realty Trust has finalized its acquisition of a 49% interest in Park Avenue Plaza, a trophy Class A office building in New York City. The acquisition values the property at $1.1 billion, with Vornado's stake subject to its share of a $575 million loan. This move expands Vornado's Plaza District holdings and maintains Fisher Brothers' 51% ownership and management role, with both entities sharing joint control over major decisions.
Vornado completes 49% stake purchase in Park Avenue Plaza By Investing.com
Vornado Realty Trust has completed the acquisition of a 49% stake in Park Avenue Plaza for $1.1 billion. The Class A office building is 99% occupied, and Fisher Brothers retains 51% ownership and management duties. This acquisition strengthens Vornado's portfolio, which currently trades at a P/E ratio of 10.53 with a market cap of $7.85 billion.
MDJM (NASDAQ: UOKA) secures 75% stake in Mirai and plans share issuance
MDJM LTD has completed its acquisition of a 75% equity interest in Mirai Co., Ltd. through its wholly-owned UK subsidiary, Mansions Catering and Hotel LTD. The purchase involved 45 issued shares of Mirai common stock. An amendment to the Share Purchase Agreement states that the third installment of the purchase price will be satisfied by issuing 730,000 newly issued Class A ordinary shares of MDJM at a deemed price of US$0.575 per share, and also includes a special tax audit indemnity.
Accounting firm Crowe to sell stake to KKR in $3B deal (update) (KKR:NYSE)
Accounting firm Crowe has agreed to sell a significant equity stake to KKR & Co. KKR and co-investors will take a majority stake in Crowe, confirming an earlier rumor. The deal is valued at $3 billion.