Tag Archives: Deals

Subsequent Insurance coverage Mentioned to Search $2.25 Billion Worth in Funding

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CapitalG logo on a mobile device.

Photographer: Google. It has a income of 117 billion {dollars}. (Photograph by Alexander Pohl/NurPhoto through Getty Pictures

Subsequent Insurance coverage is in talks to boost new capital in a spherical that values the insurance coverage expertise startup at about $2.25 billion, in line with individuals acquainted with the matter.

Alphabet Inc.’s CapitalG is in talks to guide the roughly $250 million funding spherical for the Palo Alto, California-based firm, the individuals mentioned, asking to not be recognized as a result of the matter is personal.

The spherical would about double Subsequent Insurance coverage’s valuation from its final fundraising. It final raised $250 million in October from German reinsurer Munich Re, which gave it a valuation of greater than $1 billion.

The spherical hasn’t been finalized and its phrases may nonetheless change.

Representatives for Subsequent Insurance coverage and CapitalG didn’t reply to requests for remark.

Subsequent Insurance coverage, which caters to small companies, can be backed by buyers together with Redpoint Ventures, Nationwide Mutual Insurance coverage Co. and American Categorical Ventures.

On-line insurance coverage firm Hippo Enterprises Inc. closed a funding spherical in July valuing it at $1.5 billion. Shares of Lemonade Inc., a New York-based, venture-backed insurer that went public in July, have gained 88% since then.

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U.S. judge expected to rule in favor of merger of Sprint, T-Mobile: sources

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(Reuters) – A U.S. district judge is expected to rule in favor of allowing Sprint and T-Mobile to merge over the objections of a group of state attorneys general, according to two sources familiar with the matter.

A smartphones with Sprint logo are seen in front of a screen projection of T-mobile logo, in this picture illustration taken April 30, 2018. REUTERS/Dado Ruvic/Illustration

Shares of Sprint surged 69% in after hours trade and T-Mobile stock rose 8%.

U.S. District Court Judge Victor Marrero is expected to make his decision public on Tuesday, one source said.

Approval of the deal would be a high profile defeat for state attorneys general, led by New York and California, who had argued that a merger of the No. 3 and No. 4 U.S. wireless carriers would lead to higher prices, especially for customers who use prepaid plans popular with people with poorer credit.

The deal has already been approved by federal regulators.

The companies had said the deal was needed to help them build out next generation of wireless, called 5G, and better compete with sector leaders Verizon Communications Inc and AT&T Inc.

Executives from the companies, including outspoken T-Mobile Chief Executive John Legere, testified during the trial that Sprint’s business was deteriorating and would not survive if it did not merge with T-Mobile.

The two companies are expected to start talks on renegotiating the terms of their $26.5 billion merger in the next few days, two sources said.

T-Mobile parent Deutsche Telekom is keen to cut the price of the deal, arguing that Sprint’s fortunes have deteriorated since they inked their agreement, the sources added.

However, Sprint, in which Japan’s Softbank Group has a major stake, is expected to argue that T-Mobile needs Sprint in order to grow its cashflow and to boost its capacity using its spectrum, according to the sources.

There is no certainty that there will be a renegotiated deal, the sources cautioned.

The Court did not immediately respond to a request for comment. Sprint and T-Mobile both declined to comment.

One merger opponent, Gigi Sohn, a former telecoms regulator now at Georgetown Law, tweeted her displeasure with reports of the decision. “If #antitrust law doesn’t even block a 4-3 merger like this, we need to start from scratch,” she tweeted, referring to the market shrinking to three from four competitors. “I’ll have more to say tomorrow after I read the judge’s decision (through my tears).”

While a group of states decided to fight the deal in court, the federal government approved it with conditions, a decision which remain in effect.

The U.S. Justice Department approved the deal in July after the carriers agreed to sell some assets to satellite provider Dish Network Corp, which would create its own cellular network to ensure that there would still be four competitors in the market. The Federal Communications Commission signed off on the deal in October. Dish shares rose 2% after hours.

The states maintained that Dish was ill-equipped to become a competitive fourth wireless carrier.

The Wall Street Journal earlier reported that the court was expected to approve the deal on Tuesday.

Reporting by Diane Bartz in Washington and Greg Roumeliotis in New York, David Shepardson in DC and Arundhati Sarkar in Bengaluru; Editing by Shailesh Kuber, Uttaresh.V and Lincoln Feast.

Our Standards:The Thomson Reuters Trust Principles.

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Rating back-to-back Apple and Samsung offers

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Sam’s Membership’s One Day Sale has formally kicked off at the moment, November 9, and should you haven’t jumped onto SamsClub.com but to verify probably the most superior offers, now’s the precise time to take action earlier than all probably the most superb provides run out.

Proper now, you possibly can improve to the most recent iPhone or the most recent Samsung Galaxy telephone whereas additionally getting part of your a refund.

Sam’s Membership is providing as much as $700 in present playing cards once you buy and activate on installment any Samsung telephone, together with the brand new Galaxy S10 and Notice 10 and should you commerce in your previous smartphone. Even with no trade-in, you’re nonetheless eligible for as much as $450 of Sam’s Membership present card.

When you’re an Apple fan or an Android person who’s seeking to swap over to an iPhone, now’s the time to catch Sam’s Membership’s most fun offers on iPhones together with the brand new iPhone 11 and 11 Professional and Professional Max. Once you purchase and activate on installment any of the iPhone fashions provided, and should you commerce in an previous system, you possibly can rise up to $650 in Sam’s Membership present playing cards. Similar to the Samsung supply, you possibly can nonetheless rise up to $400 of Sam’s Membership present card should you don’t commerce in an previous system.

The Samsung Galaxy telephones and iPhones included within the supply are the next:

$450 Sam’s Membership Reward Card Affords:

– Galaxy Notice 10

– Galaxy Notice 10+

– Galaxy S10e

– Galaxy S10

– Galaxy S10+

– Galaxy Notice 9

– Galaxy S9

– Galaxy S9+

$400 Sam’s Membership Reward Card Affords:

– iPhone XR

– iPhone XS

– iPhone XS Max

– iPhone 11

– iPhone 11 Professional

– iPhone 11 Professional Max

Sam’s Membership’s November 9 One-Day Sale is thought to be the most important buying occasion of the warehouse membership operator this 12 months. Do not miss out on all of the choices which might be accessible on-line on SamsClub.com now.

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Paddy Energy and Poker Stars house owners to create on-line playing chief

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DUBLIN (Reuters) – The house owners of Paddy Energy Betfair and Poker Stars have agreed to merge in an all-share deal that may create the world’s largest on-line betting and playing firm by income to reap the benefits of the opening up of U.S. markets.

FILE PHOTO: Paddy Energy emblem is seen behind a keyboard and playing cube on this illustration taken in Sarajevo, September 10, 2015. REUTERS/Dado Ruvic/File Photograph

Flutter Leisure (FLTRE.I), previously generally known as Paddy Energy Betfair, is to mix with Nasdaq- and Toronto-listed Stars Group Inc (TSG) (TSGI.TO), proprietor of Poker Stars, the businesses mentioned on Wednesday.

Following the merger, shareholders of Flutter would personal roughly 54.64% of the brand new firm, with TSG shareholders proudly owning about 45.36%.

The merger is the most recent in a sequence of offers because the trade responds to the rising variety of gamblers utilizing on-line and cellular gadgets and the chance created by the comfort of guidelines on sports activities betting in the USA.

Shares in Flutter jumped 15 p.c in early buying and selling, whereas playing rivals GVC (GVC.L) and William Hill (WMH.L) had been additionally lifted by the prospect of additional consolidation.

Mixed annual revenues would have totaled 3.eight billion kilos ($4.7 billion) in 2018, making Flutter-TSG the most important on-line betting and gaming operator globally, the businesses mentioned.

Flutter CEO Peter Jackson, who will retain his function within the mixed group, mentioned the deal would “turbocharge” Flutter’s current technique and “present world-class capabilities throughout sports activities betting, gaming, every day fantasy sports activities and poker, in addition to higher geographical and product diversification.”

The merged group can have its headquarters in Dublin and its major itemizing in London.

FOX BACKING

The merged group shall be boosted by a partnership in the USA with FOX Sports activities, which can have the fitting to amass an 18.5% stake in Flutter’s FanDuel U.S. enterprise from 2021.

Dublin-based Flutter merged its U.S. enterprise with fantasy sports activities firm FanDuel final yr in a deal it mentioned would create the trade’s largest on-line enterprise in the USA.

TSG had bolstered its British operations final yr when it purchased Sky Betting & Gaming in a $4.7 billion deal.

Flutter has sharpened its concentrate on North America as the doubtless large U.S. market opens up and it faces increased taxes and elevated rules in its major British, Irish and Australian markets.

Betting trade Betfair and Paddy Energy, which runs excessive road betting outlets in addition to a web based enterprise, merged in 2016, though the mixing took longer than anticipated and a toll on product funding for a time.

The merger is predicted to ship pretax value synergies of 140 million kilos per yr, together with alternatives to cross-sell merchandise to 1 one other’s clients in worldwide markets and decrease finance prices, the businesses mentioned.

The deal can be anticipated to spice up Flutter’s underlying earnings per share by at the very least 50 p.c within the first full monetary yr following completion.

Beneath the phrases of the merger, TSG shareholders shall be entitled to 0.2253 new Flutter shares for every TSG share.

Reporting by Graham Fahy; Modifying by Muralikumar Anantharaman and Mark Potter

Our Requirements:The Thomson Reuters Belief Ideas.

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BNP’s prime brokerage cope with Deutsche might switch as much as 1,000 workers

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FILE PHOTO: A person walks previous a Deutsche Financial institution workplace in London, July 8, 2019. REUTERS/Simon Dawson

PARIS/FRANKFURT (Reuters) – Deutsche Financial institution’s (DBKGn.DE) deal to switch its prime brokerage enterprise to BNP Paribas (BNPP.PA) may see the transfer of as much as 1,000 workers from the German lender to the French financial institution, a spokeswoman for BNP stated on Monday.

The 2 banks introduced on Monday that they’d reached an settlement that goals to smoothe the switch of the enterprise, which serves hedge funds.

Underneath the settlement, Deutsche Financial institution will proceed to function the platform for international prime finance and digital equities purchasers till the purchasers will be migrated to BNP.

Deutsche Financial institution stated in July it had struck a preliminary settlement with BNP masking the enterprise as a part of its 7.four billion euro ($8.16 billion) overhaul.

Reporting by Maya Nikolaeva in Paris, Tom Sims in Frankfurt; Further reporting by Riham Alkousaa in Berlin; Enhancing by Tassilo Hummel and Thomas Escritt

Our Requirements:The Thomson Reuters Belief Ideas.

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SoftBank turns towards WeWork’s dad or mum CEO Neumann: sources

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(Reuters) – Japan’s SoftBank Group Corp (9984.T), the largest investor in WeWork proprietor The We Firm, is exploring methods to exchange Adam Neumann as chief government of the U.S. office-sharing start-up, 4 folks aware of the matter mentioned on Sunday.

FILE PHOTO: Adam Neumann, CEO of WeWork, speaks to visitors throughout the TechCrunch Disrupt occasion in Manhattan, in New York Metropolis, NY, U.S. Might 15, 2017. REUTERS/Eduardo Munoz -/File Photograph

The uncommon showdown between SoftBank and considered one of its largest investments comes after We Firm postponed its preliminary public providing (IPO) final week, following pushback from perspective traders, not simply over its widening losses, but additionally over Neumann’s unusually agency grip on the corporate.

This was a blow for SoftBank, which hoped for We Firm’s IPO to bolster its income because it seeks to woo traders for its second $108 billion Imaginative and prescient Fund. It invested in We Firm at a $47 billion valuation in January, but inventory market investor skepticism led to the startup contemplating a possible valuation within the IPO earlier this month of as little as $10 billion, Reuters reported.

Administrators on We Firm’s seven-member board which are aligned with SoftBank are deliberating learn how to exchange Neumann as CEO, the sources mentioned. Benchmark Capital, one other huge investor in We Firm, would additionally like Neumann to step apart, one of many sources mentioned.

No problem to Neumann has but been tabled, the sources mentioned. A We Firm board assembly to debate Neumann’s future might be held as early as this week, one other of the sources mentioned.

One possibility that SoftBank is contemplating is asking Neumann to develop into interim CEO whereas a headhunting agency is employed to search out an exterior alternative, the primary supply mentioned.

The sources requested to not be recognized as a result of the matter is confidential. We Firm and SoftBank declined to remark, whereas Neumann and Benchmark Capital couldn’t be instantly reached for remark. The Wall Avenue Journal first reported on SoftBank exploring methods to exchange Neumann as CEO.

As co-founder of the We Firm, Neumann holds particular voting shares that allow him to dismiss dissident board administrators and shoot down any problem to his authority. Nonetheless, SoftBank may select to not again We Firm’s IPO or present it with extra funding. It has already funded the cash-burning start-up to the tune of $10 billion, and was discussing committing one other $1 billion to the IPO.

We Firm mentioned final week it’s aiming to develop into a publicly traded firm by the tip of the 12 months.

In an indication of the deteriorating relations between SoftBank and WeWork, Neumann didn’t take part in a gathering of executives of corporations backed by SoftBank that occurred in Pasadena, California, final week and was organized by SoftBank CEO Masayoshi Son, based on two folks aware of the matter.

Reporting by Anirban Sen in Bengaluru and Joshua Franklin in New York; Extra reporting by Greg Roumeliotis in new York and Rishika Chatterjee in Bengaluru; Modifying by Sonya Hepinstall and Daniel Wallis

Our Requirements:The Thomson Reuters Belief Ideas.

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iPhone 11 Pre-Order Offers: Save On Apple’s Newest Smartphones By AT&T, Verizon, and Extra

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The iPhone 11, iPhone 11 Professional, and iPhone 11 Professional Max are actually accessible for pre-order on Apple.com and mobile carriers as of this morning. As regular, most carriers are providing some perks in case you select to pre-order the brand new iPhone by way of their web sites, so we have listed every promotion under.

Notice: MacRumors is an affiliate associate with a few of these distributors. Once you click on a hyperlink and make a purchase order, we could obtain a small fee, which helps us hold the location working.

AT&T

$300 Reward Card

When you use AT&T, the provider is providing an opportunity to get a $300 reward card once you order choose smartphones on-line, so long as they’re bought with a qualifying installment plan. You will have so as to add a brand new line to a brand new or present account, as properly.


After paying taxes for the smartphone upfront, and a $30 activation payment, you will get the $300 reward card inside 3-Four weeks after redemption. The iPhone additionally have to be positioned on an eligible AT&T limitless plan.

Suitable iPhone fashions embrace: iPhone 8, Eight Plus, XR, X, XS, XS Max, 11, 11 Professional, 11 Professional Max (priced as much as $1450). Clients ought to be aware that the iPhone 8 64GB is excluded.

BOGO
You can even purchase an eligible iPhone 11 mannequin and get one at a reduced value (or free) when each are positioned on an eligible AT&T limitless plan.

You will have to purchase the 2 iPhones on a qualifying installment settlement, add no less than one new line to a brand new or present account, pay taxes for every system up entrance, and pay a $30 activation or improve payment for every system.


iPhones appropriate on this provide embrace: iPhone 8, Eight Plus, XR, X, XS, XS Max, 11, 11 Professional, 11 Professional Max (priced as much as $1450). After selecting one in all these, you may get the iPhone 8 64GB, Eight Plus 64GB, XR 64GB/128GB, or 11 64GB without cost after as much as $700 in invoice credit.

You can even choose to get the iPhone 8 256GB, Eight Plus 256GB, XR 256GB, X, XS, XS Max, 11 128GB/256GB, 11 Professional, or 11 Professional Max for as much as $700 off retail value. Credit for this provide begin inside three invoice cycles.

Head to AT&T’s wi-fi web page to take a look at extra data on each of those presents.

Dash

Dash is providing new clients an opportunity to save lots of on iPhone 11 by way of its Dash Flex Lease program. When you swap to Dash and commerce in an present smartphone, you possibly can pre-order the iPhone 11 immediately for $0/month after $29.17 month-to-month invoice credit.


The identical methodology may be utilized to the iPhone 11 Professional ($12.50/month) and 11 Professional max ($16.67/month). That is solely once you commerce within the newest iPhones, together with the iPhone 7, 7 Plus, 8, Eight Plus, X, XR, XS, and XS Max.

You can even order the Apple Watch Collection 5 by way of Dash and take 50 % off through month-to-month invoice credit for the mobile fashions. That is just for Dash’s 24-month installment settlement and requires a brand new watch plan activation, in addition to one lively handset on an account.

Head to Dash to take a look at these offers and extra.

Verizon

Verizon is internet hosting a large number of iPhone-related offers immediately, beginning with a suggestion for purchasers switching to Verizon from one other provider. If that is you, you possibly can stand up to $700 off the iPhone 11 Professional or get the 64GB iPhone 11 without charge.


The same old 24-month installment settlement, month-to-month invoice funds, and limitless plan caveats apply.

Verizon additionally has BOGO on Apple Watches, the place you should purchase one and get one other for as much as 50 % off (plus $10 off your first month of service). A brand new watch line of service is required, and as much as $150 might be credited to your account over 24 months.

These offers may be discovered on Verizon’s web site.

T-Cell

At T-Cell you possibly can commerce in your iPhone XS ($500) or XS Max ($550) and get 50 % off the 64GB iPhone 11 Professional.

You can even commerce in any qualifying iPhone to get 50 % off the 64GB iPhone 11. These trade-ins will seem as month-to-month invoice credit.

Our full Offers Roundup is the place to go in case you’re on the hunt for much more Apple-related bargains.



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Exclusive: Repsol in advanced talks to buy Exxon assets in Gulf of Mexico – sources

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(Reuters) – Spanish oil giant Repsol SA is in advanced talks to acquire some deepwater assets in the U.S. Gulf of Mexico from Exxon Mobil Corp for about $1 billion, three people familiar with the matter said on Monday.

FILE PHOTO: An Exxon gas station is seen in Houston, Texas, U.S., April 30, 2019. REUTERS/Loren Elliott/File Photo

The deal would be a boon to Exxon’s plans to accelerate asset sales, as it seeks to raise cash to return to shareholders and fund major projects. Suppressed oil prices have weighed on the appetite of oil majors to buy such assets.

There is no certainty a deal will be agreed, the sources said. The transaction would require approval from partners in the assets, who may have preferential rights to buy them, said two of the sources.

The sources asked not to be identified because the matter is confidential. Representatives for Exxon and Repsol declined to comment.

Exxon began the process to jettison Gulf of Mexico assets last year with advice from JPMorgan Chase & Co, Reuters reported last October.

According to a document seen by Reuters dated Fall/Winter 2018, Exxon was marketing nine assets. These included its 50% stake in the large Julia oil field, which it operates, as well a 9.4% piece of the Heidelberg field and 23% of the Lucius oil and gas field, both of which are now operated by Occidental Petroleum Corp.

The exact number of assets that Exxon would sell to Repsol could not be learned.

The Irving, Texas-based company is trimming its portfolio to focus on promising acreage in offshore areas such as Guyana and Brazil, and onshore in the Permian Basin of Texas and New Mexico. This includes in the Gulf of Mexico, once considered a reliable basin for oil exploration and production.

Exxon’s Chief Executive Darren Woods said earlier this year the company was targeting $15 billion through 2021 from asset sales, although securing divestments has been difficult at a time when many oil developers, especially in the United States, are eschewing purchases to focus on existing portfolios.

However, the world’s largest publicly traded energy company said last week it was in exclusive talks with Var Energi in relation to Exxon’s Norwegian upstream assets, confirming a Reuters story that the duo were close to a $4 billion deal.

Reporting by David French and Jessica Resnick-Ault in New York; Additional reporting by Jennifer Hiller and Gary McWilliams in Houston; Editing by Lisa Shumaker

Our Standards:The Thomson Reuters Trust Principles.

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Offers Highlight: Save With Low Costs on Apple’s 2019 iMac and MacBook Professional (Beginning at $1,599)

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Reductions on the newest iMacs stay ongoing this month, with Amazon and B&H Photograph now providing a brand new all-time-low worth on the 27-inch Retina iMac with 8GB RAM and a 1TB Fusion Drive. This mannequin is now priced at $1,599.00, down from $1,799.00.


These retailers are additionally discounting Apple’s new MacBook Professional, with costs additionally beginning at $1,599.00. Each 13-inch and 15-inch MacBook Professional fashions are on sale, and you could find all of those markdowns within the lists under.

2019 iMac

  • 3.zero GHz 6-Core, eight GB RAM, 1 TB – $1,599.00, down from $1,799.00 ($150 off, lowest ever) [B&H]

  • 3.1 GHz 6-Core, eight GB RAM, 1 TB – $1,799.00, down from $1,999.00 ($200 off, lowest ever) [B&H]

  • 3.7 GHz 6-Core, eight GB RAM, 2 TB – $2,099.00, down from $2,299.00 ($200 off, lowest ever) [B&H]

2019 MacBook Professional

  • 13-inch, 8GB RAM, 256GB SSD – $1,599.99, down from $1,799.00 ($200 off, lowest ever) [B&H]
  • 13-inch, 8GB RAM, 512GB SSD – $1,799.00, down from $1,999.00 ($200 off, lowest ever)
  • 15-inch, 16GB RAM, 256GB SSD – $2,099.00, down from $2,399.00 ($300 off, lowest ever) [B&H]
  • 15-inch, 16GB RAM, 512GB SSD – $2,449.00, down from $2,799.00 ($350 off, lowest ever)

Extra of the newest Apple-related gross sales might be present in our full Offers Roundup. This week that features ongoing reductions on the AirPods with Wi-fi Charging Case, Pad & Quill’s new 25 p.c off sitewide sale, and extra.

Word: MacRumors is an affiliate accomplice with these distributors. If you click on a hyperlink and make a purchase order, we could obtain a small cost, which helps us hold the positioning working.



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PG&E evaluating proposal from hedge funds Knighthead Capital, Abrams Capital

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FILE PHOTO: PG&E works on energy strains to restore harm attributable to the Camp Hearth in Paradise, California, U.S. November 21, 2018. REUTERS/Elijah Nouvelage/File Photograph

(Reuters) – Energy producer PG&E Corp (PCG.N) mentioned on Friday it’s evaluating a proposal from hedge funds Knighthead Capital Administration and Abrams Capital Administration to offer fairness capital commitments supporting a plan to reorganize the corporate.

“The Firm has acquired the financing proposal from Abrams and Knighthead and is evaluating it, together with the backstop dedication letters and associated supplies, in session with the Firm’s advisors. The Firm will reply to the proposal sooner or later,” PG&E mentioned in a press release.

Shareholders Knighthead Capital and Abrams in a letter to PG&E on Thursday proposed elevating $15 billion in fairness to fund a deliberate reorganization of the facility producer, which is going through big liabilities from California wildfires.

The proposed fundraising, a rights providing of latest shares, is the most recent effort to rescue PG&E, which sought Chapter 11 chapter safety earlier this 12 months after extreme wildfires in 2017 and 2018 resulted in additional than $30 billion in liabilities.

Knighthead and Abrams pledged to buy a portion of the provided fairness if shares are left unsold by way of a so-called backstop dedication.

Reporting by Kanishka Singh in Bengaluru; Modifying by Leslie Adler

Our Requirements:The Thomson Reuters Belief Rules.

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