Deals of the day-Mergers and acquisitions
On June 18, several significant mergers and acquisitions were reported. Reliance Global Group is selling its Fortman Insurance Agency for $5 million. Keyera Corp is acquiring Plains' Canadian natural gas liquids business for C$5.15 billion. Eli Lilly will buy Verve Therapeutics for up to $1.3 billion. The U.S. government is extending the deadline for ByteDance to divest TikTok's U.S. assets. Additionally, Inszone Insurance Services has acquired Evers Insurance, and Millennium Management is negotiating a minority stake sale valuing it at $14 billion.
June 18 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 0945 GMT on Wednesday:
Nasdaq-listed insurtech Reliance Global Group has agreed to sell its Fortman Insurance Agency subsidiary for $5 million in cash, and has pulled an offering of its shares. [nL6N3SK0Z3
Keyera Corp (KEY.TO) said it has agreed to buy substantially all of U.S.-based Plains’ (PAA.O) Canadian natural gas liquids business for C$5.15 billion ($3.77 billion) in cash.
Two of Pakistan’s leading business groups and a company backed by the powerful military will bid for the country’s ailing national carrier, a divestment the government hopes will kickstart the privatisations of state-owned enterprises.
Eli Lilly (LLY.N) will acquire gene-editing startup Verve Therapeutics (VERV.O) for up to $1.3 billion, the companies said, accelerating a push into experimental cardiovascular therapies.
Delaware’s highest court on Tuesday threw out a judge’s order requiring Canadian pipeline operator TC Energy (TRP.TO) to pay $199.2 million of damages stemming from its $13 billion purchase of Columbia Pipeline Group in 2016.
U.S. President Donald Trump will extend a June 19 deadline for China-based ByteDance to divest the U.S. assets of short video app TikTok by 90 days despite a law that had mandated a sale or a shutdown absent significant progress, the White House said on Tuesday.
Brazilian securities regulator CVM has postponed a shareholder vote on the takeover of poultry and pork processor BRF (BRFS3.SA) by beef processor Marfrig (MRFG3.SA) , the companies said in a securities filing on Tuesday.
Inszone Insurance Services has acquired Evers Insurance, based in Cave Creek, Arizona.
Millennium Management is in talks to sell a minority stake in its management company, in a deal that values the hedge fund giant at $14 billion, said a source with knowledge of the matter.