Sprint Nextel announced this morning that they will purchase Virgin Mobile USA. The company, which specializes in prepaid mobile phone service, started as a joint venture between Sprint and Virgin, and Sprint owns 13% of their stock. Virgin Mobile USA phones already use the Sprint network.
mergers and acquisitions
Report Says Zappos Was Forced To Sell To Amazon
By 7.23.09
According to the San Francisco Business Times a report by PrivateEquityHub citing “two sources close to the company” claims that Zappos wanted to remain independent, but was forced to sell to Amazon by venture capitalists who had invested in the company.
By 7.23.09
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VW wants to make sweet merger love with Porsche. We wonder what a talking Porsche would sound like. [AP]
Everything Retailer Amazon Buys Shoe Retailer Zappos
By 7.22.09
Amazon has purchased Zappos for $807 million. Reaction around Consumerist’s (virtual) newsroom: “Oh, no.” Then we started locking up our shoes in case our right to own them is revoked. No, no, we kid. Maybe.
The Pirate Bay Bought For $7.7 Million, Plans To Evolve Into Legitimate P2P Service
By 6.30.09
The Swedish gaming company Global Gaming Factory X AB has purchased The Pirate Bay for $7.7 million, and plans to transform the embattled file sharing site into a legitimate peer-to-peer service. “We would like to introduce models which entail that content providers and copyright owners get paid for content that is downloaded via the site,” the buyers said in an ambiguous statement. The Pirate Bay’s current administrators did offer up one undeniable truth to comfort the site’s fans…
Frontline Examines The Bank Of America/ Merrill Lynch Merger
By 6.17.09
The merger between Merrill Lynch and Bank of America was sold to us as a marriage made in heaven that would save the financial system. It wasn’t, and it didn’t. Now Frontline takes a closer look at the now-infamous debacle that cost tax payers billions — and CEO Ken Lewis his chairmanship.
By 1.26.09
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Lipitor-shilling drug maker Pfizer has announced that they will be buying rival Wyeth for $68 billion. [WSJ Health Blog]
Bank Of America Fires Former Merrill Lynch CEO
By 1.22.09
It seems that Bank of America didn’t really appreciate that unexpected $15.4 billion dollar 4th quarter loss by Merrill Lynch — because its former CEO, John Thain has been shown the door.
By 11.5.08
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The FCC has given the green light to the Verizon/Alltel merger. Alltel brings 13 million new subscribers to Verizon, dethroning AT&T as the number one wireless carrier. [WaPo]
Delta To Add $15 First Checked Bag Fee
By 11.5.08
The AP says that the new mergeriffic Delta will be adding a $15 fee for the first checked bag and $25 for the second checked bag when traveling domestically, which is consistent with Northwest’s existing policies.
Northwest Airlines And Delta Merge, Finally
By 10.30.08
The Northwest Airlines/Delta merger is finally done, says the Chicago Tribune. The new airline will be called Delta and will be run by Delta CEO Richard Anderson. With 75,000 employees and $34 billion in revenue, it will be the US’s largest carrier.
By 10.24.08
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Do you bank with National City? Well, it’s time you were introduced to PNC. Based in Pittsburgh, PNC is buying Cleveland-based National City for $5.2 billion. PNC is also taking $7.7 billion from the Treasury’s capital-infusion program. [NYT]
Giddyup! Wells Fargo Rides In And Steals Wachovia From Citibank!
By 10.3.08
Attention Wachovia customers: Wells Fargo just rode on on that stagecoach thing of theirs and stole your bank from Citibank, says the NYT. Rather than pick apart the pieces of Wachovia, Wells Fargo is going to buy the whole darn thing.
Budweiser Sold To The Maker Of Stella Artois, Becks
By 7.14.08
It seems that $70 a share was enough for Anheuser-Busch — the brewer agreed to sell itself to Belgian beer giant InBev over the weekend. The new company will be called Anheuser-Busch InBev, and its board will have room for two former A-B executives, including A-B CEO, August A. Busch IV.
Bank of America Receives The OK To Buy Countrywide
By 6.6.08
It is done! The Federal Reserve has given the OK for Bank of America to buy subprime poster child Countrywide Financial Corp.. Bank of America CEO, Ken Lewis, says that even though the mortgage market has deteriorated significantly since the bank offered to buy the mortgage lender, buying Countrywide is still a good deal because the housing market is going to improve “by early next year.”
By 6.5.08
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Verizon confirms that it is buying Alltel. “This move will create an enhanced platform of network coverage, spectrum and customer care to better serve the growing needs of both Alltel and Verizon Wireless customers for reliable basic and advanced broadband wireless services,” said Lowell McAdam, Verizon Wireless president and chief executive officer. [Yahoo!]
Verizon Close To Buying Alltel For $27 Billion
By 6.4.08
CNBC is reporting that Verizon Wireless is deeply involved in talks to buy rural cellphone giant Alltel Wireless for an estimated $27 billion. Alltel was recently taken private TPG and Goldman Sachs Capital Partners.
By 5.30.08
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The New York Times says that the merger talks between United Airlines and US Airways have fallen apart. Boohoo. [NYT]
