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Berkshire buys more Occidental shares. (FS)
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Jim Jordan, Republican on the US House of Representatives Judiciary Committee, asked the chair of the Federal Trade Commission on May 4, 2022, to preserve its records related to Elon Musk's pending $44bn acquisition of Twitter,?Reuters?reported.
Jordan expressed concern about the Open Markets Institute statements, which he called "an extreme left-wing political advocacy organization," and its call for the FTC to stop the deal.?
Elon Musk has also secured $7.14bn in funding from a group of investors that includes Larry Ellison, Oracle Chairman, and Sequoia Capital, an American venture capital firm, to fund his $44bn takeover of Twitter
Twitter is advised by Joele Frank, Allen & Company, Goldman Sachs, JP Morgan, Simpson Thacher & Bartlett and Wilson Sonsini Goodrich & Rosati. Financial advisors are advised by Sullivan & Cromwell. Elon Musk is advised by Bank of America, Barclays, Morgan Stanley, McDermott Will & Emery and Skadden Arps Slate Meagher & Flom. Debt financing is provided by BNP Paribas, Bank of America, Barclays, Mitsubishi UFJ Financial Group, Mizuho Securities, Morgan Stanley and Societe Generale. Debt providers are advised by Davis Polk & Wardwell.
Intercontinental Exchange, a global provider of data, technology, and market infrastructure, agreed to acquire Black Knight, a software, data and analytics company that serves the housing finance continuum, including real estate data, mortgage lending and servicing, as well as the secondary markets, for $16bn.
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"Since our founding in 2000, ICE's simple mission has been to make analog and opaque financial transactions more digital and transparent, beginning with commodity markets, extending across a large array of asset classes, and most recently working to help streamline the mortgage industry. Black Knight shares our passion for leveraging technology to serve customers and households, and, with our expertise in operating networks and marketplaces, our planned acquisition will bring to life a true end-to-end solution for the mortgage manufacturing and servicing ecosystem, benefitting aspiring and current homeowners across the United States," Jeffrey C. Sprecher, Intercontinental Exchange Founder, Chair and CEO.
Black Knight is advised by JP Morgan and Wachtell Lipton Rosen & Katz. Intercontinental Exchange is advised by Goldman Sachs, Wells Fargo Securities, Morgan Lewis & Bockius and Shearman & Sterling.
MaxLinear, an American hardware company, agreed to acquire Silicon Motion, an American-Taiwanese company involved in developing NAND flash controller integrated circuits for solid-state storage devices, for $3.8bn.
"For 20 years, we have built Silicon Motion with a commitment to advancing innovation, partnering with all of our valued customers and supporting our colleagues around the world. Combining Silicon Motion with MaxLinear creates significant economies of scale, accelerates our expansion into enterprise storage markets and unites unparalleled intellectual property to continue serving our customers with high-quality expertise and technical support. This transaction will deliver compelling value for shareholders, position our company to achieve our growth objectives and advance our position in high-growth storage end markets. We are very excited to partner with the MaxLinear team to take the combined company to the next level," Wallace Kou, Silicon Motion President and CEO.
MaxLinear is advised by BMO Capital Markets and Wilson Sonsini Goodrich & Rosati. Debt financing is provided by Wells Fargo Securities. Silicon Motion is advised by Goldman Sachs, K&L Gates, Latham & Watkins and Abernathy MacGregor Group.
Shopify, a Canadian multinational e-commerce company, agreed to acquire Deliverr, an e-commerce fulfillment company, for $2.1bn.?
"Our technology and expertise in inventory management, inventory placement, and demand chain combines perfectly with Shopify’s roadmap, enabling us to now build an end-to-end logistics platform together. Shopify has been building the future of merchant-first fulfillment solutions, and our team has a track record of helping businesses of all sizes streamline their operations. We’re excited to join Shopify in their mission to make commerce better for everyone while democratizing shipping and fulfillment for independent entrepreneurs," Harish Abbott, Deliverr Co-Founder and CEO.
Berkshire buys more Occidental shares. (FS)
Berkshire Hathaway, an American multinational conglomerate holding, bought another 5.9m shares of Occidental Petroleum, an American company engaged in hydrocarbon exploration as well as petrochemical manufacturing, for $336m, boosting its stake to about 15.2%,?Reuters?reported.
Berkshire owned about 142m Occidental shares worth approximately $8.8bn, plus $10bn of preferred stock it acquired in 2019 to help finance?Occidental's purchase of Anadarko Petroleum.
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