It’s official. Formula One is now under the control of U.S.-based Liberty Media in a deal that values the racing organization at $4.4 billion in equity. The crowd is undoubtedly abuzz about the news and monitoring all the developments of this event, so stick with Sentifi to get the best view of where this deal is going.
1/ Liberty Media: Acquires Formula One
The U.S. company will take control of 18.7 percent minority stake in F1, and will get the rest when the deal closes in the first quarter of 2017 at the earliest. The current F1 CEO Bernie Ecclestone will remain in his position, while the executive vice president of 21st Century Fox, Chase Carey, will become the chairman of F1. Last but not least, Liberty Media Group will change its name to Formula One Group.
Bill Ackman and Chipotle have proven to be a good combination. Ackman’s Chipotle shares, which he acquired yesterday, have appreciated more than $66.3 million today, with each share gaining about $23. The investment also represents an opportunity for the restaurant to turn around after being plagued by a series of public health concerns.
3/ Micro Focus: Merges with a large portions of HP Enterprise’s software business for $8.8 billion
HP Enterprise will spin off a chunk of its software business segment to merge that with Micro Focus. HPE will have 50.1 percent ownership stake in the new combined company. The deal, of course, will have to clear customary closing conditions and antitrust clearances, and is expected to close in the third quarter of 2017.
4/ Sports Direct: Founder Mike Ashley promises to turn the company around in 12 months
The company has had a terrible day where it received contrition, confrontation and humiliation for its terrible working condition. It has no other choice but delivering the better working practices it has promised. The idea was echoed by founder Mike Ashley who said the company will fix the situation in 12 months. And he will resign if the company keeps failing.
5/ Mark Carney: Dismisses accusations of exaggerating Brexit’s economic risks to Britain
The BOE is facing increasing accusations of exaggerating Brexit’s economic risks which led to the bank’s decision to cut the interest rates. The air was cleared by Mark Carney, who said he was “absolutely serene about the judgments made by” the BOE policy committees, and that he believed the risks have gone down thanks to the bank’s action.
6/ Retrophin Inc: Shares jump 27.51 percent after positive results of rare kidney disease drug
With the success of its Phase II study of its drug, Retrophin will meet with the U.S. FDA to plan Phase III. At the moment, there are no approved drugs for the rare disease, and Retrophin is at the forefront of a breakthrough.
The deal is official, following an approval from Chinese authorities. The job for the two companies is now creating a cohesive company with great synergies and also addressing the rumors that 6,000 Irish employees will be let go.
9/ Spectra Energy: Have to merge to stay competitive
The merger with Enbridge stemmed from the growing trend of diversification in the midstream industry. Spectra has a heavy focus on natural gas pipelines throughout North America, and Enbridge has its position cemented in the oil industry.
Cover Image: Giuseppe Cacace/AFP/Getty Images
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