Paritosh's Feed
Jun 5, 2014

Sprint agrees to pay about $32 billion to buy T-Mobile – source

NEW YORK/FRANKFURT (Reuters) – Sprint Corp (S.N: Quote, Profile, Research) has agreed to pay about $40 per share to buy T-Mobile US Inc (TMUS.N: Quote, Profile, Research), a person familiar with the matter said, marking further progress in the attempt to merge the third and fourth-biggest U.S. mobile network operators.

The $40 price represents a 17 percent premium to T-Mobile US’s closing share price on Wednesday, giving it a valuation of more than $32 billion (19.10 billion pounds) and the shares have more than doubled in price since the group bought smaller rival MetroPCS a year ago.

Jun 5, 2014

Sprint agrees to pay about $40 per share to buy T-Mobile – source

NEW YORK (Reuters) – Sprint Corp has agreed to pay about $40 per share to buy T-Mobile US Inc, a person familiar with the matter told Reuters on Wednesday, signalling progress in a long-contemplated deal to merge the third- and fourth-largest U.S. wireless carriers.

At that price, about a 17 percent premium to the carrier’s Wednesday close, T-Mobile would be worth more than $32 billion. But the person said many other details needed to be worked out that would affect how much money changed hands.

Jun 5, 2014

Sprint agrees to pay about $40/shr to buy T-Mobile -source

NEW YORK, June 4 (Reuters) – Sprint Corp has agreed to
pay about $40 per share to buy T-Mobile US Inc, a
person familiar with the matter told Reuters on Wednesday,
signalling progress in a long-contemplated deal to merge the
third- and fourth-largest U.S. wireless carriers.

At that price, about a 17 percent premium to the carrier’s
Wednesday close, T-Mobile would be worth more than $32 billion.
But the person said many other details needed to be worked out
that would affect how much money changed hands.

Jun 2, 2014

Element, PHH boards approve deal for auto leasing unit -sources

NEW YORK, June 2 (Reuters) – Element Financial Corp
is finalizing a deal to buy PHH Corp’s auto fleet
leasing business for about $1.4 billion after the boards of both
companies approved the transaction over the weekend, two sources
familiar with the matter said on Monday.

PHH’s net proceeds from the deal, after taxes and expenses,
were expected to be between $750 million and $800 million, one
source said.

May 30, 2014

Element close to buying PHH’s fleet leasing unit -source

NEW YORK, May 30 (Reuters) – Canadian equipment finance
company Element Financial Corp is close to a deal to
buy PHH Corp’s auto fleet leasing business for about
$1.35 billion in cash, according to a source familiar with the
matter on Friday.

The boards of the two companies are expected to meet this
weekend to approve the transaction, the terms of which are being
finalized, the source said. A deal for the unit, PHH Arval,
could be announced as soon as Monday, the source said.

May 21, 2014

Exclusive: Element nears deal to buy PHH’s leasing unit for $1.35 billion

NEW YORK (Reuters) – Canadian equipment finance company Element Financial Corp (EFN.TO: Quote, Profile, Research, Stock Buzz) is in exclusive talks to buy PHH Corp’s (PHH.N: Quote, Profile, Research, Stock Buzz) fleet leasing business for about $1.35 billion in cash, in a deal structured to include significant tax benefits, a source familiar with the matter said on Wednesday.

PHH said in February it was considering separating or selling its mortgage and auto fleet leasing businesses.

Mar 4, 2014

Itaú-CorpBanca merger plan draws fire from U.S. investor

SAO PAULO/NEW YORK, March 4 (Reuters) – An activist U.S.
investor has asked Chilean bank CorpBanca SA to
reconsider its approval of a merger with Brazil’s Itaú Unibanco
Holding SA and to launch a new auction, alleging
CorpBanca had sold its minority investors short while benefiting
its key shareholder.

The deal with Itaú, worth about $3.7 billion, undervalued
the bank’s shares and gave special benefits to Chilean
billionaire Alvaro Saieh and his investment holding company Corp
Group, hedge fund Cartica Management told the board of CorpBanca
in a letter late on Monday.

Mar 4, 2014

Exclusive: Itaú-CorpBanca deal draws fire from U.S. activist investor

SAO PAULO/NEW YORK (Reuters) – A United States activist investor is asking CorpBanca SA’s COB.SN board to scrap its recent tie-up with Brazil’s Itaú Unibanco Holding SA (ITUB4.SA: Quote, Profile, Research, Stock Buzz) and launch a new auction, alleging the Chilean bank sold its minority investors short while benefiting its controlling shareholder, according to documents seen by Reuters.

Hedge fund Cartica Management LLC said in a letter sent late on Monday to the board of CorpBanca that the Itaú deal, worth an estimated $3.7 billion, undervalued the bank’s shares and gave an array of special benefits to Chilean billionaire Alvaro Saieh and his investment holding company Corp Group.

Feb 21, 2014

Exclusive: Fortress, others eye Citi’s OneMain consumer finance unit

NEW YORK (Reuters) – Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) has been approached by Fortress Investment Group LLC (FIG.N: Quote, Profile, Research, Stock Buzz) and some other private equity firms about a potential deal for its consumer finance business, OneMain Financial, according to two people familiar with the situation.

The bank has not made a decision yet about whether to sell the business, which makes personal loans through a network of about 1,100 branches, one of the sources said.

Feb 21, 2014

Fortress, others eye Citi’s OneMain consumer finance unit

NEW YORK, Feb 21 (Reuters) – Citigroup Inc has been
approached by Fortress Investment Group LLC and some
other private equity firms about a potential deal for its
consumer finance business, OneMain Financial, according to two
people familiar with the situation.

The bank has not made a decision yet about whether to sell
the business, which makes personal loans through a network of
about 1,100 branches, one of the sources said.