AT&T will acquire Lumen's fiber business for $5.75 billion.
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2 hours ago
- Yahoo
Arbitrators in Exxon, Hess dispute over Chevron deal have reached a decision, sources say
By Sheila Dang HOUSTON (Reuters) -The arbitrators in a legal dispute between Exxon Mobil and Hess have reached a decision related to a major oilfield project in Guyana, according to two sources familiar with the matter. The ruling will determine whether Chevron can move forward with its $53 billion planned acquisition of Hess. The Paris-based International Chamber of Commerce, which is overseeing the arbitration case, is now reviewing the decision before it is released to the parties. It is unclear what the arbitrators decided or when the decision will be released. "We remain confident in our position and appreciate the arbitration panel giving this issue the due consideration it deserves," an Exxon spokesperson said in a statement. Hess, Chevron and the ICC did not immediately respond to requests for comment. Chevron struck its deal to acquire smaller U.S. oil producer Hess in October 2023, with the prize being the latter's 30% stake in the prolific Stabroek block in Guyana that is operated by Exxon with a 45% interest. The closing of the acquisition has been delayed due to arbitration claims from Exxon and CNOOC, the other minority partner in the joint venture, who argue that they have a contractual right of first refusal to purchase Hess' stake in the Stabroek block. CNOOC did not immediately respond to request for comment. Chevron and Hess argue the clause does not apply to the sale of the whole company. If they lose the arbitration or are unable to agree on an acceptable resolution with Exxon and CNOOC, the acquisition would fail, according to the terms of the deal. The stakes are high for Chevron. Acquiring Hess is key to Chevron CEO Mike Wirth's strategy to improve the company's performance. Gaining access to the Stabroek block would provide a valuable addition to Chevron's declining oil and gas reserves.
Yahoo
3 hours ago
- Yahoo
Astrana Health completes acquisition of Prospect Health for $708m
US-based Astrana Health has closed its acquisition of Prospect Health, a care delivery network, for a total purchase price of $708m. With a network of more than 11,000 providers, Prospet Health offers coordinated care to approximately 600,000 members. The network covers various states in the US, including Arizona, Rhode Island, Southern California, and Texas, serving Medicaid, Medicare Advantage, and Commercial business lines. Prospect Health's operations include a health plan, a management services organisation, a speciality pharmacy, and an acute care hospital. The acquisition price reflects a decrease from the initially stated $745m in November 2024. Astrana president and CEO Brandon Sim said: "We are excited to welcome Prospect Health's physicians, providers, and team members to Astrana Health. "Together, we will further accelerate our mission to drive consistent, coordinated, high-quality patient outcomes at scale, ultimately driving greater value across the healthcare ecosystem." Astrana projects that Prospect Health will contribute a total revenue of approximately $1.2bn and $81m in adjusted EBITDA annually. In addition, Astrana anticipates achieving $12m to $15m of synergies within the next one to one-and-a-half years. The company has updated its 2025 full-year guidance to a revenue range of $3.1bn to $3.3bn and adjusted EBITDA between $215m and $225m, considering Prospect Health's half-year contribution. Following the transaction, Astrana's net debt is expected to be approximately $700m. The company's management is focused on lessening the net leverage ratio to below 2.5 times within the next one to one-and-a-half years. Truist Securities led a consortium of banks that offered the term loan for the purchase. J P Morgan acted as the exclusive financial adviser to Astrana during the transaction. The acquisition follows Astrana's previous acquisition of Collaborative Health Systems in October last year, which also aimed to broaden its care delivery capabilities. "Astrana Health completes acquisition of Prospect Health for $708m" was originally created and published by Hospital Management, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 hours ago
- Yahoo
Home Depot's latest deal signals a strategic shift in M&A
Good morning. Retailer Home Depot has been in business for nearly 50 years, and its disciplined approach to dealmaking has contributed to its solid growth. That's the topic my colleague Phil Wahba explores in a new Fortune article. Home Depot, No. 24 on the Fortune 500, announced this week that one of its business units is acquiring building-products distributor GMS (Gypsum Management and Supply) for about $4.3 billion, prevailing in a bidding war. The deal follows Home Depot's $18 billion acquisition last year of SRS Distribution (which is the entity actually buying GMS)—the largest acquisition in the company's history. According to Wahba, these acquisitions mark a shift in Home Depot's strategy. In the first quarter of the current fiscal year, sales at U.S. stores open at least a year rose just 0.2%, highlighting the need for change. 'Home Depot is widely viewed as one of the most successful retailers of the last 20 years, one that has deftly leveraged a hot housing market that led to more people renovating their homes,' Wahba writes. The company now anticipates that future growth will not come solely from its 2,000 big-box stores serving DIY customers, but increasingly from large orders placed by professionals for more complex projects, such as roof repairs. GMS, based in Georgia, operates a network of about 320 distribution centers offering wallboard, ceilings, steel framing, and other construction materials. It also runs roughly 100 tool sales, rental, and service centers for residential and commercial contractors—'all things Home Depot covets,' according to Wahba. Home Depot has long been thoughtful about its M&A strategy, Wahba notes, a discipline that has helped it outperform archrival Lowe's in sales growth. You can read the complete article here. Home Depot isn't the only major U.S. company active in M&A this year. For example, tech giant HPE (Hewlett Packard Enterprise) announced on Wednesday the completion of its acquisition of Juniper Networks for approximately $14 billion. 'This strategic transaction accelerates our transformation to a higher-margin, higher-growth portfolio and positions HPE for long-term, profitable revenue expansion,' HPE CFO Marie Myers stated in a LinkedIn post. The Americas led global M&A with $908 billion in deal value in the first half of 2025 (61% of the total), up from $722 billion (55%) the previous year, according to PwC's mid-year M&A update. Meanwhile, Bain & Company reports that some companies are not allowing tariffs—or the changed economic world order they represent—to derail M&A activity. With disciplined dealmaking and a focus on long-term growth, many companies are positioning themselves to thrive. The next CFO Daily will be in your inbox on Monday. Enjoy the July Fourth holiday. Sheryl This story was originally featured on Sign in to access your portfolio
