(Reuters) – Air Canada <AC.TO> has slashed its price to buy Canadian tour operator Transat A.T. Inc <TRZ.TO>, with the deal now worth about C$188.7 million ($143.86 million), down from C$720 million, as COVID-19 weighs on travel demand, the companies said in a statement on Saturday.
The country’s largest carrier had secured Transat shareholders’ approval for the deal last year with an C$18.00 a share bid, to bolster its then thriving leisure business.
But with the pandemic grounding flights globally, Air Canada faced shareholder pressure to renegotiate the deal which is still pending approval from European and Canadian regulators, Reuters reported in May.
Montreal-based Air Canada, like many of its global peers, has slashed flights, suspended financial forecasts and sought government aid as the industry deals with its worst slump.
Companies have been cancelling deals amid COVID-19 uncertainty, with aircraft parts suppliers Hexcel Corp <HXL.N> and Woodward Inc <WWD.O> abandoning
Michael Nathanson, chairman and CEO of the independent wealth management firm Colony Group, told Barron’s that robo-advisers have a role to play in serving certain client segments. As for the industry’s continued shift toward client-centric wealth management advice and away from the investment-only models of the past, I think the shift can’t be completed quickly enough.
Does the evolution in the industry come down to financial advisers doing a better job embracing new technologies? We must all do so, but simply committing ourselves to using more and better technology isn’t committing ourselves to meaningful, evolutionary changes. In fact, it may merely be masking the need for such changes.
Below, some of the best analysis and insight from WSJ writers and columnists, the Dow Jones Newswires team and occasionally beyond, on investing, the wealth-management business and more.
Where Trump and Biden Stand on Mortgage Finance: The incumbent administration eyes
Microsoft MSFT is leaving no stone unturned to make the launch of the highly awaited next-generation Xbox Series X gaming console, which is scheduled to release on Nov 10, 2020, a blockbuster hit.
The tech giant recently announced its intentions to acquire leading video game developer Bethesda Softworks’ parent company ZeniMax Media for an all-cash deal valued at $7.5 billion.
The deal will help boost the subscriber base for Xbox Game Pass service as Microsoft will be adding Bethesda’s popular AAA titles to its Game Pass roster. At present, the subscription service has 15 million users.
Rockville, MD-based Bethesda Softworks boasts a robust IP portfolio and exclusive AAA console and PC game content, with popular video titles like The Elder Scrolls, DOOM, Quake, Wolfenstein, and Fallout, under its banner.
Moreover, Microsoft, currently carrying a Zacks Rank #3 (Hold), is likely to make the upcoming Bethesda