By Davit Kirakosyan
Here is your Pro Recap of 4 head-turning deal dispatches you may have missed last week: Cisco acquires Splunk, UK CMA greenlights Microsoft-Activision deal, Stelco is among potential buyers for U.S. Steel, and Unilever to sell Elida Beauty.
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Cisco acquires Splunk for $28 billion
Cisco Systems (NASDAQ:CSCO) and Splunk (NASDAQ:SPLK) reached a definitive agreement, with Cisco set to acquire Splunk for $157 per share in cash, with the transaction valued at approximately $28 billion, as reported in real-time on InvestingPro.
Following this announcement, Splunk shares jumped around 20% on Thursday, while Cisco dropped more than 3%.
The transaction is expected to be completed by the end of the third quarter of the calendar year 2024.
UK CMA greenlights Microsoft-Activision Blizzard deal
The UK CMA said that their concerns regarding Microsoft's (NASDAQ:MSFT) $69 billion acquisition of Activision Blizzard (NASDAQ:ATVI) have been substantially addressed, facilitating the deal's progress. This marks a significant step towards clearing the largest-ever gaming deal.
The initial block by Britain's competition regulator in April was due to concerns about Microsoft's potential dominance in the cloud gaming market. However, with Activision's agreement to sell streaming rights to Ubisoft in August, the CMA now believes that these concerns are alleviated.
Stelco among potential buyers for U.S. Steel
Stelco (TSX:STLC), Canada's largest steel producer, is actively exploring the possibility of making an offer to acquire United States Steel (NYSE:X), according to a Bloomberg News report, which cited people familiar with the matter.
This move adds Stelco to the expanding group of potential buyers, including Cleveland-Cliffs (NYSE:CLF) and ArcelorMittal (NYSE:MT), interested in the renowned American company. Following the report, U.S. Steel Corp's shares saw an increase of over 2% on Friday.
U.S. Steel shares gained more than 3% on Tuesday after CNBC said there may be three or four bidders for the company.
Unilever to sell Elida Beauty
Unilever (LON:ULVR) hired investment banks Morgan Stanley and Evercore for the sale of Elida Beauty, according to a Reuters report, which cited people familiar with the matter. This includes a portfolio of non-core beauty and personal care brands such as Q-Tips and Impulse.
This marks a resurgence of a previous effort that Unilever had abandoned two years ago, as confirmed by sources familiar with the matter. The decision to revive the sale process, not previously disclosed, represents a significant strategic move initiated by Hein Schumacher, who assumed the role of Unilever's CEO in July. His primary focus is on streamlining the company's operations, particularly in light of inflationary challenges.
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