Reuters in $3.5 B Deal with Onex, Baring Asia; Kinder Morgan Divests Pipeline

Mukesh Buch
11 Jul, 2016
New York City

Bank of the Ozarks net and revenues surged. Cablevision offered $1.1 billion to Nirvana Asia. Kinder Morgan divested 7,600-mile natural-gas pipeline system to Southern Co for $1.47 billion. Reuters agreed to sell its IP and Science business to Onex and Baring Asia for $3.5 billion.

[R]2:00 PM New York – Bank of the Ozarks net and revenues surged. Cablevision offered $1.1 billion to Nirvana Asia. Kinder Morgan divested 7,600-mile natural-gas pipeline system to Southern Co for $1.47 billion. Reuters agreed to sell its IP and Science business to Onex and Baring Asia for $3.5 billion.[/R]

Tollbooth Index increased 62.78 or 0.6% to 10,736.20.

Earnings Review

Bank Of The Ozarks Inc ((OZRK)) soared 7.1% or $2.61 to $39.39 after the banking services provider reported net interest income in the second-quarter ending in June jumped 27% from a year ago to $119 million.

Net income in the quarter surged 21.7% to $54.5 million or 60 cents per diluted share compared to $44.8 million or 51 cents per share from the same quarter last year.

Cablevision Systems Corporation ((CVC)) closed unchanged at $34.87 after the cable services provider said that it offered to acquire Asia’s largest funeral-services provider Nirvana Asia Ltd worth about $1.1 billion.

Kinder Morgan Inc ((KMI)) jumped 4.2% or 77 cents to $19.32 after the energy infrastructure provider confirmed to sell a stake in 7,600-mile natural-gas pipeline system to the nation’s largest natural gas consumers and distributor Southern Co for $1.47 billion.

The transaction is expect to complete in the third quarter or in the early fourth quarter of this year.

Thomson Reuters Corp ((TRI)) gained 1.5% or 63 cents to $41.52 after the financial news and information provider agreed to sell its Intellectual Property & Science business to Canada-based private equity firm and Baring Private Equity Asia for about $3.55 billion in cash.

The transaction is expected to close during this year.