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. 📡
The FCC approved the unusual deal because the combination represents “no substantial change of ownership or control.” The combined company must hit 75 percent coverage by June 2025 to meet its next regulator-set deadline. This merger should shore up Dish’s balance sheet and give it the runway to complete its wireless plans.
Voyager Therapeutics shares rose 7% after Novartis said it would pay $100 million upfront as part of a licensing deal to develop gene therapy candidates. It will provide Novartis a target-exclusive license to access its RNA-based screening platform and advance a gene therapy candidate in the pre-clinical stage for a genetic disorder known as Huntington’s disease (HD). Voyager can also receive up to $1.2 billion in certain milestone payments. 🧬
Next is Baidu scrapping its $3.6 billion deal for JOYY’s Chinese live-streaming unit, casting doubt about the search engine giant’s plans to diversify revenue streams. The company’s affiliate, Moon SPV Ltd, terminated the purchase agreement because certain conditions (i.e., regulatory approvals) were unmet by the end of 2023. Shares of JOYY Inc. fell 15% on the day as it “considers all options” regarding the deal cancellation. ❌
Iberdola’s U.S. unit Avangrid Inc. terminated its planned $8.3 billion acquisition of rival PNM Resources because it failed to secure regulatory approvals before the end of the year. The deal was worth $4.3 billion, excluding debt, and would’ve created a new renewable energy operator with a market value above $20 billion. PNM Resources fell 6% on the day, while Avangrid rose 3%. ✂️