Ancestry.com Inc. (NASDAQ:ACOM): Ancestry.com Inc., the world’s largest online family history resource, announced that they have acquired 1000Memories Inc., the San Francisco based start-up that has been focused on helping people digitize and share the estimated 1.7 trillion paper photos stored in their albums, attics, and shoe boxes. The 1000Memories purchase also brings with it the ShoeBox app that turns mobile phones into photo scanners, providing an easy way to digitize, save, and share photos online or on-the-go. Terms of the transaction were not disclosed. Ancestry.com does not expect the acquisition to have a material impact on their financial guidance as issued in connection with their second quarter earnings release on July 25, 2012. It is expected that all 1000Memories employees will join Ancestry.com immediately.
Best Buy Co. Inc. (NYSE:BBY): According to Reuters, Best Buy Co. Inc.’s founder Richard Schulze and at least four private equity firms have started examining the books in the consumer electronics chain. This could indicate early steps toward what could become a potential $11 billion buyout.
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MetroPCS Communications, Inc. (NYSE:PCS): Deutsche Telekom (DTEGY) and MetroPCS Communications, Inc. have signed a definitive agreement to combine T-Mobile USA and MetroPCS. The combined company, which will retain the T-Mobile name, will have the expanded scale, spectrum and financial resources to aggressively compete with the other national United States wireless carriers. Deutsche Telekom’s supervisory board and MetroPCS’s board of directors have approved this transaction which is structured as a recapitalization where MetroPCS will declare a one for two reverse stock split, make a cash payment of $1.5 billion to their shareholders, and acquire all of T-Mobile’s capital stock by issuing 74% of their common stock on a pro forma basis to Deutche Telekom. Deutsche Telekom has also agreed to roll their existing inter-company debt into new $15 billion senior unsecured notes of the combined company, provide the combined company with a $500 million unsecured, revolving credit facility and provide a $5.5 billion backstop commitment for certain MetroPCS third-party financing transactions. Based on analyst consensus estimates for 2012, the combined company is expected to have approximately 42.5 million subscribers, $24.8 billion of revenue, $6.3 billion of adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), $4.2 billion of capital expenditures and $2.1 billion of free cash flow in 2012.
Bank of America (NYSE:BAC): According to the Financial Times, traders and analysts are leaving many of the large banks to join asset managers and other financial companies that have fewer risk taking constraints.
Apple Inc. (NASDAQ:AAPL): According to the Wall Street Journal, Apple Inc.’s Asian component suppliers have started mass production of a new tablet computer that is smaller than the current iPad. This, the company anticipates, will allow them to be competitive against rivals such as Google (NASDAQ:GOOG) and Amazon.com (NASDAQ:AMZN).
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