Morgan Stanley buying Boston-based Eaton Vance in deal valued at $7B

NEW YORK (AP) — Morgan Stanley is buying the investment management firm Eaton Vance in a deal valued at about $7 billion.

Eaton Vance, based in Boston, has over $500 billion in assets under management.

Morgan Stanley Chairman and CEO James P. Gorman said in a prepared statement Thursday that Eaton Vance will add more fee-based revenues to its investment banking and institutional securities franchise. The deal will give Morgan Stanley’s investment management arm approximately $1.2 trillion of assets under management and more than $5 billion of combined revenues.

Eaton Vance shareholders will receive $28.25 per share in cash and 0.5833 of Morgan Stanley common stock, or approximately $56.50 per share. Based on the $56.50 per share, the amount paid to Eaton Vance shareholders will consist of about 50 percent cash and 50 percent Morgan Stanley common stock.

Each Eaton Vance shareholder will have the option to choose all cash

Read More
Read More

From Spaceflight launch deal to a newborn fellowship

HawkEye 360 satellites
An artist’s conception shows HawkEye 360’s satellites in orbit. (HawkEye 360 Illustration)

— Seattle-based Spaceflight Inc. says it’s signed an agreement with HawkEye 360 to support multiple launches of the Virginia-based company’s radio-frequency mapping satellites.

Spaceflight will provide mission management services for HawkEye 360’s Cluster 4, 5 and 6 launches. Each cluster consists of three 65-pound satellites that fly in formation to gather a wide variety of geolocation tracking data. SpaceX sent HawkEye 360’s first cluster into orbit in 2018 as part of a dedicated-rideshare mission organized by Spaceflight. Cluster 2 is scheduled for launch as soon as December on a SpaceX Falcon 9 rocket that’s equipped with Spaceflight’s Sherpa-FX orbital transfer vehicle.

SpaceX’s Falcon 9 is one of several launch vehicles in Spaceflight’s portfolio for rideshare satellite missions. Other rocket offerings include Northrop Grumman’s Antares, Rocket Lab’s Electron, Arianespace’s Vega, Firefly Aerospace’s Alpha and India’s PSLV. Spaceflight has launched

Read More
Read More

Faraday Future plans to go public through a SPAC deal

Faraday Future, the electric vehicle startup with a messy and complicated past, is planning to go public through a special-purchase acquisition company (SPAC) deal.


Load Error

The company’s chief executive Carsten Breitfeld told Reuters that the company is working on a reverse merger with a SPAC and “will be able to announce something hopefully quite soon.”

Breitfeld, formerly the co-founder of Chinese EV startup Byton, declined to give more information about who Faraday is talking to or when the deal will closed. A Faraday Future spokesperson contacted by TechCrunch also said the company had no further details to share at this time.

SPACs are blank-check companies that are formed to raise money through an initial public offering in order to merge or acquire other companies. As TechCrunch’s Connie Loizos wrote in an explainer, they’ve become more popular among tech companies recently because many had their initial public offering plans delayed

Read More
Read More

NEC snaps up Swiss digital banking solutions provider Avaloq in $2.2 billion deal

NEC has agreed to acquire Avaloq in order to secure a global pathway into the digital payments market. 

Announced on October 5, the deal will bring Avaloq under the Japanese IT group’s umbrella, although Avaloq will continue to operate using its own brand. 

Under the terms of the agreement, NEC will pay CHF 2.05 billion, or approximately $2.23 billion, for 100% of Avaloq shares. At present, 45% is owned by global private equity firm Warburg Pincus, whereas the rest are held by the firms’ founders and employees. 

Founded in 1985, Avaloq is an IT solutions company now specializing in banking, wealth management, and the digital payments space. The firm has developed business process as a service (BPaaS) and software as a service (SaaS) cloud solutions for banks and financial organizations. 

See also: Infosys acquires GuideVision in European services push

Headquartered in Switzerland, Avaloq is listed on the Tokyo stock exchange

Read More
Read More

IndyCar extends deal with manufacturers, delays new engine

INDIANAPOLIS (AP) — The IndyCar Series will continue running the same engines each of the next two seasons.

It also will be working with the same two engine manufacturers, Chevrolet and Honda, into the foreseeable future.

IndyCar President Jay Frye announced Saturday the three parties agreed to delay the introduction of a new engine until 2023 because of the COVID-19 pandemic. They also reached a multiyear contract extension, which fits neatly into the series’ five-year plan that runs through 2028.

“It’s been a huge challenge,” Frye said, referring to keeping this season on track. “So it’s great that there’s some clarity now — clarity with the schedule, clarity with this deal.”

The new 2.4-liter, twin-turbocharged V-6 engine with hybrid technology was expected to be ready next season.

A newly designed powertrain system that gives drivers the ability to start their own cars, rather than needing the traditional handheld starters, also

Read More
Read More

Patrick Mahomes agrees to equity deal with performance tech company Hyperice

  • NFL star quarterback Patrick Mahomes joined performance recovery technology company Hyperice as an investor and brand ambassador.
  • Terms of his equity stake were not announced. 
  • With the transaction, Mahomes adds to his equity portfolio after agreeing to deals with a sports nutrition company and a minority ownership stake in the Kansas City Royals. 

Patrick Mahomes standing on a baseball field: Patrick Mahomes #15 of the Kansas City Chiefs looks on before Super Bowl LIV at Hard Rock Stadium on February 02, 2020 in Miami, Florida.

© Provided by CNBC
Patrick Mahomes #15 of the Kansas City Chiefs looks on before Super Bowl LIV at Hard Rock Stadium on February 02, 2020 in Miami, Florida.

Patrick Mahomes is on a winning streak.


Load Error

Days after the Kansas City Chiefs quarterback helped increase ESPN’s “Monday Night Football” ratings and announced he’s expecting his first child, Mahomes secured a new private investment on Thursday.

Mahomes joined performance recovery technology company Hyperice as an investor and brand ambassador. Terms of his equity stake were not announced by the company.

Hyperice, founded in 2010 by Anthony

Read More
Read More

Hopes of a Stimulus Deal Offset the Obstacle of Technical Overhead

Despite the drama of the presidential election and debate, there are only two issues that matter to the market right now. The first is the possibility of a fiscal stimulus deal and the second is the ability of the indices to overcome technical resistance and produce upside follow-through.

Nancy Pelosi announced on Wednesday that a vote would be held in the House on the Democrats’ fiscal stimulus bill. This would have effectively killed any deal as there is no way that bill would pass in the Senate. Later in the day, the vote was canceled and renewed negotiations began, which is giving the market some hope of a breakthrough, though there are substantial obstacles.

The market is going to continue to dance around on any news or rumor of a stimulus bill, but what adds an element of uncertainty to the situation is that the indices are sitting in a

Read More
Read More

Fraud claims, DOJ probe and sexual abuse allegations cloud $2 billion deal between GM and Nikola truck startup

What seemed like a simple matter of crossing “t”s and dotting “i”s has turned into a protracted challenge for General Motors and Nikola, after negotiations to pair up and produce new zero-emissions trucks have been extended.

The $2 billion deal, announced on Sept. 9, was billed as a “partnership made in heaven,” according to Nikola founder and then-chairman Trevor Milton, during a media call with GM CEO Mary Barra. But the Phoenix-based startup has since been hammered by claims of fraud, with a Securities and Exchange Commission probe now underway. Allegations surfaced this week of sexual assault by Milton, who stepped down as chairman last week. Nikola’s stock has plunged to barely a quarter of what it was worth when the company went public last June.

Talks expected to wrap up today could now run through Dec. 3, at which time the proposed deal “may be terminated by either (Nikola)

Read More
Read More

As hospitalizations rise, CT nears deal for smartphone apps to trace COVID contacts

Within a month,

Read More
Read More

ESE Enters Asia via Partnership Deal with Top Gaming Technology Company, a leading gaming technology company, signs partnership agreement with ESE for expansion of technology platform

VANCOUVER, BC, Sept. 29, 2020 /CNW/ – ESE Entertainment Inc. (TSXV: ESE) (the “Company” or “ESE“), a Europe based technology company with global reach and valuable assets in the gaming sector, particularly related to esports, is pleased to announce it has entered into a partnership agreement with Pte Ltd. (“Meta”), a Singapore based technology company.

The services make ESE a key partner and operator for Meta. Under the terms of the partnership agreement, ESE will manage a European rollout for the Meta platform. In addition, ESE will have exclusivity for the platform in certain European regions. There will be a 50/50 income split on profits resulting from certain business under the partnership. Furthermore, Meta will support ESE in a South East Asia focused expansion of ESE’s business.

Founded by

Read More
Read More