M&A

September 21, 2021

DraftKings Rolls The Dice 🎲

Football SZN is here, sports betting SZN is here, and now apparently sports betting DEAL SZN is here, too. 🎲 🤑

Sources disclosed DraftKings’ offer to buy Entain, a U.K.-based online sports betting company. Currently, MGM and Entain are involved in their BetMGM partnership, but MGM’s offer to completely acquire Entain for $11 billion earlier this year was rejected.

According to Entain, MGM’s offer did not reflect the company’s actual valuation. DraftKings’ offer, however, is $18 billion worth of both stock and cash. 💰 The only issue is that MGM kind of owns Entain, so the deal would have to be approved by MGM… yeah, lol.

DraftKings declined to comment. We’ll be keeping an eye out for the next big moves in sports betting. 🕵️‍♂️

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M&A

January 22, 2024

Just Another M&A Monday

Mondays have been full of mergers and acquisitions activity this year, and today was no different. So, let’s quickly recap some of the biggest deals. 📝

Sunoco is buying NuStar Energy in a deal valued at $7.3 billion, including debt. The equity portion of the deal comes up to $2.99 billion, with NuStar’s shareholders each receiving 0.40 shares of Sunoco for each share they held, representing a roughly 32% premium. The oil distribution giant is acquiring the fuels storage and pipeline operator to diversify its core business beyond motor fuel distribution. ⛽

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Earnings

January 4, 2024

Self-Driving Vehicle Problems Mount

It’s been a rough time for the self-driving vehicle industry, with issues around GM’s Cruise unit renewing the regulatory spotlight on the space in late 2023. Unfortunately for investors betting on a quick turnaround, self-driving technology company Mobileye Global warned that it may take longer than anticipated. ⚠️

The company said its results this year will be impacted by customers clearing excess inventory for their books before placing new orders. It provided a preliminary 2024 operating loss between $378 and $468 million, much more significant than its preliminary 2023 operating loss of $33 to $39 million. Its 2024 revenue forecast of $1.83 to $1.96 billion also fell short of the $2.58 billion consensus view. 📊

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Company News

January 4, 2024

Peloton’s New Partnership

With Peloton’s turnaround strategy not yet bearing the fruit it had anticipated, the company continues to lean on partnerships to grow market share. For example, in September, the company entered a 5-year strategic partnership with Lulemon to bring its content to the athleisure brand’s exercise app. It also made Lululemon Peloton’s primary athletic apparel partner. 👟

It’s still too early to tell whether or not that cooperative effort is working, but management seems to think further initiatives like it will help boost revenues. As a result, it’s partnering with TikTok to bring short-form fitness videos and other content to the social media platform.

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M&A

December 11, 2023

An M&A Mashup

It was another busy Monday of M&A and fundraising news, so let’s quickly recap. 👇

First up is Macy’s, which saw shares soar 20% on reports that the 165-year-old retailer is considering a buyout offer from Arkhouse Management and Brigade Capital Management. It’s unclear how the company’s board feels about the offer, but clearly, these firms have value in Macy’s real estate. Analysts speculate that the investor group may sell off real estate and spin off its e-commerce business to deliver short-term gains. However, that would come at the expense of the core retail business people know and love it for. 🏬

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M&A

January 2, 2024

The First Day Of Deals

Mondays are typically busy on the mergers and acquisitions front (M&A), and today was no different. So, let’s recap the first deals of 2024. 👇

Dish Network merged with EchoStar, a company it once owned, as it looks to chase its dream of becoming the fourth major wireless carrier in the U.S. The merger was announced in August but finalized on the last day of the year as the companies sought the necessary regulatory approvals. 📡

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M&A

June 26, 2023

Dealmakers Rush Before Quarter End

While there are typically a lot of deals announced after a weekend, today was exceptionally busy. Let’s take a look. 👇

The world’s largest industrial property real estate investment trust, Prologis, owns 1.2 billion square feet in 19 countries. And it’s about to get even bigger. The company announced today it’s buying a portfolio of U.S. warehouses and distribution properties for $3.1 billion. It signals that industrial properties remain strong in an otherwise shaky commercial property industry. 🏗️

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M&A

February 6, 2023

A Day Of Deals

It was a busy day on Wall Street, so let’s recap the buyouts, IPOs, and more dealmaking you might’ve missed. 👀

First up is the Mediterranean restaurant chain Cava confidentially filing for an IPO. The fast-casual restaurant was founded in 2006 and expanded in 2018 by buying Zoes Kitchen for $300 million. It recently raised $230 million in April 2021 at a valuation of $1.71 billion. Now, the company is looking to go public as the market reheats following an ice-cold 2022. 🥗

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