Bid/Ask: Anbang really wants Starwood; Spotify’s growing pile of cash
$14b
Anbang Insurance Group ups its offer for Starwood—again. Leading a group of i nvestors, the Chinese company raised i ts bid for Starwood Hotels & Resorts Worldwide, besting Marriott International’s latest counteroffer. It was the fourth bid in the battle for Westin, W Hotels, and other well-known lodging brands. The acquisition would be the biggest Chinese purchase of a U.S. company.
$5.6b
Western Digital offers junk bonds. Proceeds from the planned sale will finance the company's takeover of SanDisk, say people with knowledge of the matter.
$3.5b
Foxconn Technology finally gets Sharp. After years of pursuit, Foxconn won control, taking 66 percent of the electronics maker that built Japan's first television sets.
$3.1b
NTT Data buys Dell’s IT services. The acquisition provides the Japanese tech giant with 28,000 employees mainly in North America and India.
$1b
Spotify raises more cash. The music streaming service sold convertible debt to investors including private equity firm TPG Capital, say people familiar with the deal.
$566m
Apollo Global Management eyes an Italian bank. The investment giant is offering to buy a majority stake in Banca Carige. Capital-strapped Carige has been burdened by bad loans.
$485m
State Street buys General Electric’s asset management unit. The move gives State Street responsibility for $100 billion in assets of foundations, sovereign wealth funds, and insurers.
$100m
Betterment trades up. Raising its fifth round of venture capital, the robo adviser was valued at $700 million, a 55 percent increase over its previous level.