mergers and acquisitions

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One Big Oil Company Will Absorb Another, for $53B

Chevron is buying Hess, just weeks after Exxon Mobil made its own $60B acquisition

(Newser) - Chevron is buying Hess Corp. for $53 billion as the biggest US oil companies use a recent windfall in profits to buy up smaller competitors. The Chevron-Hess deal comes less than two weeks after Exxon Mobil said it would acquire Pioneer Natural Resources for about $60 billion, per the AP...

$1B Headed Back to Investors in Trump's Struggling Truth Social Deal

But Trump Media paints the move as 'in the best interest of ... completing our merger'

(Newser) - The publicly listed shell company that raised $1 billion to merge with former President Trump's media company won't end up with any of it. Investors have canceled $467 million in funding, Digital World Acquisition Corp. said in a Thursday regulatory filing. DWAC CEO Eric Swider said in a...

Microsoft Closes One of Tech's Biggest Acquisitions

Company's massive $69B deal to buy 'Call of Duty' maker Activision Blizzard is approved

(Newser) - Microsoft has completed its acquisition of video game-maker Activision Blizzard for $69 billion, closing one of the most expensive tech acquisitions in history that could have repercussions across the video game industry, per the AP . The notice that the deal has gone through came seven hours after Microsoft got final...

Exxon Deal 'Ties Its Future to Fossil Fuels"

Energy giant buys Pioneer Natural in $59.5B deal

(Newser) - Almost no one has more places to drill in West Texas than Pioneer Natural Resources—which means almost no one will have more places to drill in West Texas than Exxon Mobil. The energy giant on Wednesday announced it would buy Pioneer in an all-stock deal worth just shy of...

Twinkies Maker Hostess Sells in $5.6B Deal
An Iconic Snack-Maker Sells
Sep 11, 2023 11:02 AM CDT

An Iconic Snack-Maker Sells

JM Smucker picks up a new acquisition, Twinkies maker Hostess, for $5.6B

(Newser) - Hostess, the maker of snack classics like Twinkies and HoHos, is being sold to JM Smucker in a deal worth about $5.6 billion, reports the AP . Smucker, which makes everything from coffee to peanut butter and jelly, will pay $34.25 per share in cash and stock, and it...

After 58 Years, Founding Families Sell Subway

Chain is being sold to private equity firm Roark Capital

(Newser) - Subway said Thursday it will be sold to Roark Capital, a private equity firm with expertise in restaurant management that could help the sandwich chain expand and improve its stores. Terms of the deal weren't disclosed. Earlier this week, the Wall Street Journal reported that Atlanta-based Roark was offering...

Campbell Soup Is Making a $2.7B Buy
Campbell Soup
Just Made a Big Buy
Aug 8, 2023 9:40 AM CDT

Campbell Soup Just Made a Big Buy

Venerated soup-maker is picking up Sovos, the maker of Rao's pasta sauces, for $2.7B

(Newser) - Campbell Soup is set to buy Sovos Brands, the maker of Rao's pasta sauces. The two companies said in an announcement that they had entered an agreement for Campbell to acquire Sovos for $23 per share in cash—reflecting a total value of about $2.7 billion, the AP...

Microsoft's $69B Activision Deal Gets a Breather

Deadline to close acquisition with game maker is extended until Oct. 18

(Newser) - The deadline for Microsoft's $69 billion acquisition of video game company Activision Blizzard has been extended as the companies seek to close a deal that has been vexed by US regulators, as well as by UK's Competition and Markets Authority. Microsoft believes that pushing back the deadline to...

Judge Rejects FTC Move to Halt $69B Microsoft-Activision Deal

With clock ticking to get the deal closed, court hands Microsoft a major victory

(Newser) - A federal judge has handed Microsoft a major victory by declining to block its looming $69 billion takeover of video game company Activision Blizzard. US District Judge Jacqueline Scott Corley said in a ruling that the Federal Trade Commission "has not shown a likelihood it will prevail on its...

Rival's Parent Swoops In to Save Jenny Craig

Nutrisystem owner Wellful has acquired bankrupt company, will rebrand it

(Newser) - Just a couple of months ago, it seemed like the death knell had sounded for Jenny Craig, the weight loss giant that declared bankruptcy and announced it was shuttering after four decades in the industry. But in recent weeks, the Jenny Craig website shared some "big news," just...

Golf May Never Be the Same After Stunning Merger
PGA Chief's About-Face
Came in Secret Meeting
the rundown
Jun 7, 2023 10:25 AM CDT

PGA Chief's About-Face Came in Secret Meeting

Jay Monahan once reviled the Saudi LIV tour, but he then agreed to a stunning merger

(Newser) - A lot of words are being thrown around to describe what happened in the world of golf on Tuesday: Shocking, stunning, hypocritical (from the critics), to name a few. One thing clear, though, is that "Tuesday was unlike any other [day] in golf history," writes Brendan Quinn at...

'Stunning' Merger Pairs PGA With Saudi's LIV Tour

Agreement appears to end an acrimonious year in world of pro golf

(Newser) - The most disruptive year in golf ended Tuesday when the PGA Tour and European Tour agreed to a merger with Saudi Arabia's golf interests, creating a commercial operation designed to unify professional golf around the world, per the AP . As part of the deal, the sides are dropping all...

Meta Unloads Giphy, Is Out Hundreds of Millions

Facebook parent sells GIF search engine to Shutterstock for $53M after UK regulators' decision

(Newser) - In 2020, Meta scooped up Giphy, a GIF search engine used by Facebook, Instagram, TikTok, and other platforms, for $400 million. On Tuesday, Facebook's parent company announced it had sold the product to stock image service Shutterstock for a mere $53 million—effectively taking a nearly $350 million loss....

UK Just Nixed the Biggest Tech Deal in History

Microsoft's $69B attempt to buy video game maker Activision scuttled over fears of stifling competition

(Newser) - British regulators have blocked Microsoft's $69 billion deal to buy video game maker Activision Blizzard over worries that it would stifle competition in the cloud gaming market. The UK's Competition and Markets Authority said in its final report Wednesday that "the only effective remedy" to the significant...

Goodbye, Twitter Inc. Hello, X Corp.
Goodbye, Twitter Inc.
Hello, X Corp.
Apr 11, 2023 10:20 AM CDT

Goodbye, Twitter Inc. Hello, X Corp.

Parent company of social media platform has been absorbed by new Elon Musk firm, per court filing

(Newser) - Twitter the social media platform is still up and running ( last we checked , anyway), but Twitter Inc. the parent company is no more. That's per a court filing from last week that indicates the company has been absorbed into Elon Musk's X Corp., with the news pointed...

Pfizer Buys &#39;Goose That Is Laying the Golden Eggs&#39;
Pfizer Buys 'Goose That Is
Laying the Golden Eggs'
the rundown
Mar 14, 2023 10:10 AM CDT

Pfizer Buys 'Goose That Is Laying the Golden Eggs'

It will acquire cancer biotech firm Seagen, which specializes in ADC treatments, for $43M

(Newser) - It's not Pfizer's priciest acquisition by a long shot , but the numbers are staggering anyway: The pharma giant will pay $43 billion in cash for Seagen, a cancer biotech company that has yet to be profitable. What you need to know:
  • What Seagen does. The Washington-based company uses
...

Feds Are Not Going for JetBlue-Spirit Deal
DOJ on JetBlue-Spirit
Deal: Nope
Mar 7, 2023 11:33 AM CST

DOJ on JetBlue-Spirit Deal: Nope

Biden administration sues to halt sale of Spirit, thinks it would drive prices up

(Newser) - The Biden administration sued on Tuesday to block JetBlue Airways' $3.8 billion purchase of Spirit Airlines, saying the deal would reduce competition and drive up air fares. The Justice Department said the tie-up would especially hurt cost-conscious travelers who depend on Spirit to find cheaper options than they can...

Budget Airline Merger Could Create 5th-Largest US Carrier

Frontier has offered $3B to scoop up Spirit Airlines

(Newser) - Frontier is offering to buy Spirit Airlines in a $2.9 billion cash-and-stock deal that will create the nation's fifth largest carrier. The tie-up is valued at $6.6 billion when accounting for the assumption of debt and other liabilities. The companies said Monday that the transaction will provide...

Times paying $550M for Athletic
Times Paying
$550M for Athletic
Jan 6, 2022 6:20 PM CST

Times Paying $550M for Athletic

Sports site brings 1.2M new owner subscribers

(Newser) - The Athletic, which has been looking for a buyer for months, has found one. The New York Times announced Thursday that it's reached an agreement to acquire the subscription-based sports media outlet in an all-cash deal worth $550 million, Axios reports. The Times said its new subsidiary will operate...

Regulators Might Block Amazon&#39;s MGM Buy
Regulators Might Block
Amazon's MGM Buy
THE RUNDOWN
May 26, 2021 2:45 PM CDT

Regulators Might Block Amazon's MGM Buy

Company's size could make acquisition a 'red flag' for antitrust officials

(Newser) - Amazon announced Wednesday that it has reached an $8.45 billion deal to acquire MGM Studios—but before the online giant can declare itself the owner of the James Bond franchise and the rest of MGM's enormous library, antitrust regulators will need to give the deal the green light....

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