NEW YORK: QXO, Inc. (NYSE: QXO) announced Thursday it has submitted a proposal to acquire all outstanding shares of GMS Inc. (NYSE: GMS) in an all-cash transaction valued at approximately $5 billion, offering $95.20 per share — a 27% premium over GMS’s 60-day volume-weighted average price. Brad Jacobs, QXO’s chairman and chief executive, said the…
Co-op secures £350 million sustainability-linked funding deal with major banks
MANCHESTER: The Co-operative Group Limited (Co-op) has secured a new £350 million ($445 million) five-year lending agreement tied to ambitious sustainability and social impact targets, bolstering its financial position and reinforcing its commitment to ethical business practices. The deal, announced Thursday, involves six major banking partners: HSBC, Barclays, ING, Lloyds, NatWest and Dutch co-operative bank…
Fidelity European Trust and Henderson European Trust agree to £2.1 billion combination
LONDON: Fidelity European Trust PLC (FEV) and Henderson European Trust PLC (HET) announced Thursday they have agreed to combine in a deal that will create the U.K.’s largest closed-ended investment vehicle focused on Europe, with anticipated net assets exceeding £2.1 billion ($2.7 billion). The proposed merger, structured under a scheme of reconstruction under the Insolvency…
Buss Family agrees to sell majority stake in Los Angeles Lakers for $10 billion
LOS ANGELES: The Buss family has agreed to sell a majority stake in the Los Angeles Lakers to businessman Mark Walter in a deal that values the storied NBA franchise at $10 billion. The sale would set a new record for an NBA team valuation. The Lakers play at Crypto.com Arena, which is owned by…
Genesis, energy firms reach deal on Huntly Power Station’s role in national security
AUCKLAND: Genesis Energy and three other major electricity providers have signed a detailed non-binding term sheet to establish a strategic energy reserve centered on Huntly Power Station, aiming to bolster New Zealand’s security of supply. The agreement—between Genesis (NZX: GNE, ASX: GNE), Mercury, Meridian, and Contact—follows challenges during the winter of 2024, when energy supplies…
U.S. stocks edge higher as Fed holds rates steady; Middle East tensions simmer
Dow Jones, S&P 500, and Nasdaq Post Gains as Fed Holds Rates; Middle East Tensions Linger NEW YORK: Major U.S. stock indices posted modest gains Wednesday as investors digested the Federal Reserve’s decision to hold interest rates steady while monitoring escalating tensions in the Middle East. The Dow Jones Industrial Average rose 0.34%, or 132 points, to close at 42,338.95,…
Fed holds rates steady, signals fewer cuts ahead amid inflation concerns
The Federal Reserve (Fed) held interest rates steady Wednesday, maintaining its target range of 4.25%-4.5% amid concerns over inflation and slowing economic growth. Despite expectations for two rate cuts later in 2025, officials scaled back their projections for reductions in 2026 and 2027, citing uncertainty in their economic outlook. The central bank’s “dot plot” indicated…
Inventis sells electronic circuit design division to ANT Software for A$2.4 million
SYDNEY: Inventis Limited (ASX: IVT) has signed a binding agreement to sell its Electronic Circuit Designs (ECD) business and assets to ANT Software in a transaction valued at A$2.4 million, the company announced Wednesday. The sale is part of Inventis’ broader restructuring strategy aimed at improving financial flexibility and positioning the company for future growth….
Credit Intelligence sells stake in OneStep subsidiary for AUD 1
SYDNEY: Credit Intelligence Ltd. (ASX: CI1) announced Wednesday that it has sold its entire 60% equity stake in its partly owned subsidiary, OneStep Information Technology Limited, to independent third-party investor Dominic Li for AUD1. The disposal, completed on June 18, is expected to generate a gain of approximately AUD67,000, based on unaudited financial figures as…
Acer to delist Global Depositary Receipts from London Stock Exchange
TAIPEI: Acer Incorporated announced Tuesday it will delist its global depositary receipts (GDRs) from the London Stock Exchange (LSE) next month, citing low trading volume and cost efficiency. The decision follows a board meeting on March 13, where directors approved the move as part of a broader simplification effort across multiple jurisdictions. The company noted…
APA Group to acquire Atlas to Reedy Creek Pipeline in $110 million deal
SYDNEY: APA Group (ASX: APA) announced Wednesday that it has entered into a binding agreement to acquire the Atlas to Reedy Creek Pipeline (ARCP) from Senex CSG Assets Pty Ltd for $110 million. ARCP, a 56-kilometer gas transmission pipeline in Queensland’s Surat Basin, transports gas from Senex’s Atlas East Compression Facility to APA’s Reedy Creek…
Diskover secures $7.5 million seed funding; Partners with Snowflake and NetApp, acquires CloudSoda
LOS ANGELES: Diskover, a leader in helping enterprises manage unstructured data at exabyte scale, announced Tuesday a series of major milestones: closing a $7.5 million seed funding round, forming partnerships with Snowflake and NetApp — both of which are now investors — and acquiring data intelligence platform CloudSoda. The moves mark a significant expansion for Diskover,…