Wed, Jul. 13, 10:44 AM
- General Electric's (GE +0.3%) healthcare unit aims to build a $1B business offering vital manufacturing tools for a coming wave of cell therapies, helped by the acquisition of Switzerland's Biosafe Group, which will double its presence in the field.
- Using cells to fight cancer is a long way from GE's better-known areas like power generation and aviation, but the head of the industrial giant's $18B/year healthcare operation sees a big, high-margin opportunity.
- "We want to double down on life sciences, and especially so in the cell therapy business," John Flannery said in an interview.
Thu, Jun. 23, 5:00 AM
- General Electric (NYSE:GE) has received a binding offer from Cerberus Capital Management for its French consumer-credit unit, GE Money Bank, the latest step in the industrial group's exit from the finance sector.
- The sale would represent ending net investment equivalent to around $4.6B at March 31, but the operation would exclude the unit's $2B mortgage-loan portfolio, which will be sold separately.
Mon, Apr. 25, 7:05 AM
- GE closes the sale of GE Capital's Franchise Finance to Western Alliance Bancorp (NYSE:WAL). The deal includes about $1.3B in ending net investment and the majority of the operation's employees.
- The sale releases about $200M of capital, and GE Capital believes it's on track to send up about $35B in dividends to its parent.
- Source: Press release
- Now read: General Electric Investors Seek Value, But Won't Get Any At $31 A Share (April 24)
Thu, Apr. 14, 2:57 PM
- P-E firm Carlyle Group (CG -1%) is in serious talks to buy oilfield services assets from Halliburton (HAL -0.4%) and Baker Hughes (BHI +5.2%) that could be valued at more than $7B, Dow Jones reports.
- The talks would mark a shift for HAL and BHI, which have focused on overcoming Justice Department objections to their planned merger by attempting to sell the assets to General Electric (GE +0.1%); GE remains in the mix, but reaching agreement on a price for the assets has been difficult, according to the report.
- The need for HAL and BHI to strike a divestiture deal took on increased urgency last week when the DoJ filed an antitrust lawsuit challenging their proposed $35B merger.
- Now read The Halliburton-Baker Hughes merger is falling apart - what happens next?
Thu, Apr. 7, 3:33 PM
- Halliburton (HAL -0.6%) and Baker Hughes (BHI -1.8%) are lower today in the wake of yesterday's DoJ decision to block their proposed merger, when both stocks rose in an oil price surge-fueled group rally.
- Even with much lower odds of closing, FBR analysts still like BHI's risk/reward - if the deal fails, BHI would benefit from the $3.5B breakup fee, with the ability to fully implement restructuring initiatives that have been constrained by the merger deal; if the deal succeeds, FBR believes the stock will deliver a 40% return, all else constant, within 3-4 months.
- FBR also thinks any "Hail Mary” solution likely still relies on GE (GE -0.9%), and believes GE is the “prospective buyer” with whom HAL has had “lengthy discussions.”
- Now read Baker Hughes a Buy if Halliburton deal folds, Wells Fargo says and Baker Hughes downgraded at Deutsche Bank, as deal close "a coin flip at best"
Mon, Apr. 4, 8:53 AM
- Baker Hughes (NYSE:BHI) -2.2% premarket following a NY Post report that Halliburton (NYSE:HAL) is making a last-ditch bid to save their proposed merger but the Justice Department is leaning against it.
- The DoJ has not made a final decision on whether to file a lawsuit to block the deal, but it could announce its opposition as soon as this week's American Bar Association annual antitrust conference in Washington, according to the report.
- HAL is on the hook to pay a $3.5B break-up fee to BHI if the deal falls apart; BHI also could walk away from the deal at the end of April - and might do so - to collect the fee if the DoJ does not act by that time, the report says.
- Regulators reportedly have asked HAL to sell assets with ~$10B in revenue, which it is struggling to do after the collapse in oil prices; GE is said to be the only company willing to buy some of the assets, with Weatherford (NYSE:WFT) out of the bidding.
- Now read Halliburton and Baker Hughes: Is it time to cut losses?
Mon, Apr. 4, 8:07 AM
- General Electric (NYSE:GE) has completed the acquisition of Metem Corporation, a provider of precision cooling hole-manufacturing technologies.
- "Metem’s acquisition will help achieve synergies by improving the overall cost base of products and enhancing the GE Store capabilities for customers," said Mike Chanatry, GE Power's VP of gas power systems supply chain.
- The acquisition was closed less than 120 days after GE first announced its intent to purchase Metem in December.
- Now read General Electric Could Spin The Acquisition Wheel In 2016
Fri, Apr. 1, 5:23 AM
- Unloading more of its financial assets, General Electric (NYSE:GE) has agreed to sell the core business of its Polish lender BPH to local rival Alior Bank for 1.225 billion zlotys ($329M).
- The deal is part of GE's plans to sell around $200B worth of businesses worldwide, which the company expects to complete by the end of the year, and follows the conglomerate's request to the FSOB yesterday regarding the removal of its SIFI designation.
Wed, Mar. 30, 7:11 AM
- State Street (NYSE:STT) has agreed to acquire General Electric's (NYSE:GE) asset management business for up to $485M. Upon closing, the transaction will increase State Street Global Advisors' AUM by approximately $100B.
- State Street also anticipates the transaction, which is expected to be finalized in early Q3, to be accretive to operating-basis EPS for the first full 12–month period following closing.
- Previously: GE to sell $1.4B U.S. hotel franchise loan portfolio (Mar. 29 2016)
Thu, Mar. 3, 5:05 PM
- General Electric (NYSE:GE) says its proposed $5.4B sale of its appliance business to China's Haier Group (OTCPK:HRELF) received approval from U.S. antitrust authorities.
- The Justice Department approval comes after it sued last year to block GE's plan to sell the appliance business to Sweden's Electrolux.
- The GE-Haier deal may still face other U.S. regulatory reviews and must be approved by Haier shareholders; Haier has said it would pay a $200M-$400M breakup fee if the deal is blocked.
Mon, Feb. 29, 9:54 AM
- The DoJ is pushing for Halliburton (HAL -0.9%) to agree to even more divestitures before it moves to approve the pending merger with Baker Hughes (BHI -1.9%), NY Post reports.
- HAL, which already has said it would sell assets that accounted for $7.5B in 2013 revenue, has reached a "breaking point," according to the report, which cites one source who predicts HAL would not be able to meet the DoJ's request.
- HAL is in a position of weakness, and potential buyers of its assets - speculation centers around GE (GE +0.3%) and Weatherford (WFT +0.9%) - are in a strong bargaining position, the report says.
Tue, Feb. 9, 11:49 AM
- Siemens (OTCPK:SIEGY +0.2%) is close to a deal to combine its wind business with Gamesa (OTCPK:GCTAF +7.6%), which would create world's largest wind turbine maker, Bloomberg reports.
- SIemens is the global leader in wind turbines designed for use offshore, while Gamesa specializes in onshore wind; together, the combined companies would have ~15% of the global wind market, exceeding Vestas Wind's (OTCPK:VWDRY) 10% share and GE’s 11%.
- Siemens also is holding talks about buying Iberdrola’s (OTCPK:IBDRY -0.6%) 20% in Gamesa, according to the report.
Fri, Jan. 15, 3:45 AM
- Confirming earlier reports, General Electric (NYSE:GE) has agreed to sell its appliances business to Qingdao Haier for $5.4B.
- The deal, which will generate an after-tax gain of about $0.20 per share upon closing, values the appliances business at 10x its EBITDA in the last 12 months, and GE expects to offset the gain with restructuring in 2016.
- Louisville will remain the headquarters for GE Appliances.
- Previously: WSJ: GE near deal to sell appliance business to Haier for $4B-plus (Jan. 14 2016)
Mon, Jan. 11, 4:35 PM
- General Electric (NYSE:GE) has received bids of more than $3B each from China’s Midea Group and Qingdao Haier for its home appliance business after a sale to Electrolux fell apart last month, Bloomberg reports.
- A sale to an Asian buyer is seen as more likely to get regulatory approval, because Asian competitors in the industry generally have a lower market share.
- CEO Jeffrey Immelt said at a December investor meeting that there has been "significant inbound interest" in the business and that he expects to reach a deal early this year.
- Midea is China's biggest manufacturer of consumer appliances, with a 17.1% market share in 2015, followed by Qingdao Haier with 7.9%.
Sun, Jan. 3, 8:45 AM
- Despite a record-setting year for M&A, 2015 has also been full of plenty of no's from U.S. antitrust officials:
- Staples (NASDAQ:SPLS) agreed to buy its rival Office Depot (NASDAQ:ODP) in February for more than $6B, but regulators worried the tie-up would eliminate competition and sought to block the merger in December.
- Although General Electric (NYSE:GE) decided to sell its appliances business to Electrolux (OTCPK:ELUXY) for $3.3B in 2014, the Justice Department filed suit this summer, alleging the deal would result in higher kitchen appliance prices. GE walked away from the deal last month.
- Sysco (NYSE:SYY) reached its $3.5B deal for U.S. Foods in December 2013, hoping the combination would help it cut costs, however, the tie-up got shot down by the FTC in June.
- The nation's two biggest cable operators, Comcast (NASDAQ:CMCSA) and Time Warner Cable (NYSE:TWC), reached a $45.2B deal to combine in February 2014, although the DOJ said the merger would make Comcast "an unavoidable gatekeeper for Internet-based services." The latter canceled the deal in April.
- Thai Union (OTC:TUFRF), owner of the Chicken of the Sea brand, struck a $1.5B deal for U.S. rival Bumble Bee Seafoods in December 2014, but the companies walked away from the agreement a year later amid antitrust objections.
Dec. 16, 2015, 10:35 AM
- General Electric (GE +0.7%) will tell investors today that it's on track to sell its appliance business by early next year, CNBC reports.
- The company now has at least five different parties expressing interest in the unit, including private equity firms and other appliance makers.
- Previously: GE takes Electrolux deal off the table (Dec. 07 2015)
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