Elon Musk-owned X Corp. has absorbed the social media platform Twitter as part of the CEO’s long-awaited move to turn it into an “everything app” similar to China’s WeChat app. After finalizing his purchase of Twitter Inc. in October 2022, Musk discussed about a plan to gradually turn the platform into an app device that…
Twitter Inc. Merged Into X Corp. and ‘No Longer Exists’
April 11, 2023
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WWE and UFC Agree to Massive Merger Creating $21 Billion Company
World Wrestling Entertainment (WWE) and Ultimate Fighting Championship (UFC) have agreed to merge and create a newly combined wrestling entertainment company. The new entity will be called “NewCo,” until it is named at a later date, and will be listed on the New York Stock Exchange as TKO. WWE and Endeavor, the parent company of…
California, 3 Other States Join US Bid to Stop Jetblue-Spirit Merger
WASHINGTON—California and three other states on Friday joined the U.S. Justice Department lawsuit aimed at preventing JetBlue Airways from buying rival discount carrier Spirit Airlines for $3.8 billion. In addition to California, Maryland, New Jersey, and North Carolina signed on to the lawsuit filed in early March. “We look forward to litigating this important case…
Largest Railroad Merger in 2 Decades Approved, Linking US, Canada, Mexico
After two years of deliberations, the Surface Transportation Board (STB) this week approved the acquisition of Kansas City Southern Railway Company (KCS) by Canadian Pacific Railway Limited (CP)—subject to a number of conditions and an extended oversight period. 800 new jobs are set to be created in the Unites States as a result of the…
Palihapitiya to Wind Down 2 SPACs as Choppy Markets Drag Valuations
Prolific SPAC investor Chamath Palihapitiya is winding down two of his blank-check firms after failing to find suitable merger targets within deadline, as choppy markets dampen investor sentiment for the once high-flying acquisition vehicles. Social Capital Hedosophia Holdings Corp. IV and Social Capital Hedosophia Holdings Corp. VI will return the funds raised to shareholders, Palihapitiya…
Shipping Container Suppliers Abandon $987 Million Deal After US Probe
WASHINGTON —Global shipping container suppliers China International Marine Containers and Maersk Container Industry in a joint statement on Thursday said they have abandoned a merger plan, citing significant regulatory challenges. China International Marine Containers (CIMC) in September had agreed to buy the Danish shipping company AP Moeller —Maersk’s refrigerated containers maker for $987.3 million. The…
Microsoft Falls Short of 4th Quarter Profit Targets, Blames China’s Lockdowns and Russia Sanctions
Microsoft Corp.’s latest profits fell short of Wall Street expectations on July 26 after the company revealed that “evolving macroeconomic conditions and other unforeseen items” had impacted its financial results. In its earnings report for the three months ending June 30 (the fourth quarter of the company’s 2022 fiscal year), the company founded by Bill Gates reported…
Elon Musk Seeks to Block Twitter Request for Expedited Trial
July 16, 2022
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Elon Musk filed a motion on Friday opposing Twitter Inc.’s request to fast-track a trial over his plan to terminate his $44 billion deal for the social media firm. Musk’s lawyers, in papers filed with the Delaware Chancery Court, said Twitter’s “unjustifiable request” to rush the merger case to trial in two months should be…
Frontier Declines to Further Escalate Bidding War for Spirit Airlines
Low-cost carrier Frontier Group Holdings Inc. has declined to further raise its bid for takeover target Spirit Airlines Inc., potentially drawing curtains on its months-long bidding war with JetBlue Airways Corp. Spirit signed a cash-and-stock deal with rival Frontier in February to form a new no-frills airline and compete against big national carriers. In April,…
This Smaller Spotify Rival Looks to Go Public via €1.05 Billion SPAC Merger
Spotify Technology SA.’s smaller French rival Deezer looks to go public via a SPAC merger backed by billionaire Francois Pinault’s investment group and investment banker Matthieu Pigasse, the Financial Times reports. Deezer merged with I2PO, a Paris-listed special purpose acquisition company. The SPAC raised €135 million in the form of Private Investment in Public Equity (PIPE) financing. France’s billionaire Pinault family…
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