Synchronoss Buys RIM Unit, News Corp Buys OH Sports Network: Mergers and Acquisitions Recap
Synchronoss Technologies (NASDAQ:SNCR) purchases NewBay, a wholly owned subsidiary of Research in Motion Limited (NASDAQ:RIMM), for $55.5 million in cash with no assumption of cash or debt. The transaction closed at the end of the fourth quarter. The buyer is a mobile innovation firm which supplies activation and mobile content management solutions for connected devices. NewBay is a leader in cloud services, permitting mobile operators and service providers to deliver content experiences across connected devices like smartphones, tablets, PCs and TVs.
On Friday, Tower International (NYSE:TOWR) said that it divested its wholly-owned Korean subsidiary to the privately-owned auto parts supplier SECO. Included with the subsidiary were 5 manufacturing plants, a tooling plant, and a headquarters/tech center. Tower is a leading integrated worldwide manufacturer of engineered structural metal components and assemblies and the move was in order to strengthen its overall business and realize shareholder value.
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The Allied Pilots Association membership of American Airlines says that their carrier’s planned merger with US Airways Group (NYSE:LCC) might not come about during the bankruptcy of the former unless pilot groups of the carriers can agree on interim contract terms. President Keith Wilson of the union said that if an agreement is not made in the very near future, in all likelihood, there will be no merger before American Airlines exits restructuring.
News Corporation (NASDAQ:NWSA) has acquired SportsTime Ohio, a regional sports network based in Cleveland that broadcasts Cleveland Indians baseball games. Although financials were not reported, an inside source estimated that the transaction was worth around $230 million, a figure that Reuters first reported on December 3rd.
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