Big box category killer Home Depot announced it would spend $18.3 billion to acquire SRS Distribution. SRS is a building material distributor that sells primarily to professional roofers, pool contractors, and landscapers. This purchase puts Home Depot squarely in the professional market with SRS having 760 warehouses and over 4,000 delivery trucks. Home Depot stated the firm would operate independently.
Tag: Justice Department
Warner Bros. Discovery and Paramount CEOs Discuss Possible Merger (Micro News for December 16, 2023 – December 22, 2023)
The CEOs of Paramount and Warner Bros. Discovery (WBD) reportedly met to discuss a possible merger between the two entertainment firms. A merger would result in a news and entertainment firm that owned Paramount, WBD, and news stations CNN, CBS, and numerous cable TV assets. The companies refused to comment on whether the rumor was legitimate or not.
Penguin Random House’s $2.2 Billion Deal for Simon & Schuster is Over (Micro News for November 26, 2022 – December 2, 2022)
A recent federal court ruling blocked the merger agreed upon between Penguin Random House and Simon & Schuster. Penguin will pay a $200 million termination fee to Simon & Schuster's parent firm Paramount since the $2.17 billion deal could not be completed. The Justice Department sued to block the merger on antitrust grounds and the judge agreed with their argument.
JetBlue Won the Battle for Spirit. Now It Has to Win Over Biden’s Justice Department (Micro News for July 30, 2022 – August 5, 2022)
JetBlue Airways won the bidding war for Spirit Airlines. The $3.8 billion all-cash offer beat out rival Frontier Airlines’ cash-and-stock offer that had yet to gain shareholder support. However, the acquisition must be approved by antitrust regulators. JetBlue announced that it anticipates the approval will be granted by the end of 2023 or early 2024.
Pearson Economic News 