Deals Of The Day: Wall Street Journal

April 4, 2016

Deals of the Day is your one-stop-shop for the morning’s biggest news from the finance beat, including M&A, IPOs, banks, hedge funds and private equity. Here’s what’s happening today:

Mergers & Acquisitions

Alaska lands Virgin. Alaska Air Group said Monday morning that it had reached a deal to buy Virgin America, winning a frenzied bidding war with rival JetBlue Airways[WSJ/WSJ]

Brocade to buy Ruckus Wireless. Network gear maker Brocade Communications Systems said on Monday it would buy Ruckus Wireless in a cash and stock deal worth about $1.5 billion. [Reuters]

Blackstone nabs Mphasis. Hewlett Packard Enterprise said Monday it plans to sell its stake in Indian outsourcing firm Mphasis Ltd. for about $825 million to Blackstone Group, as the U.S. technology company seeks to shore up capital following a recent decline in revenue. [WSJ]

Anbang’s curious Starwood courtship. A look behind the failed bid by Anbang Insurance Group Co. for Starwood Hotels & Resorts Worldwide Inc. shows the limits of China’s foreign-acquisition binge. [WSJ]

Dealpolitik. Chinese bidders have the best chance of prevailing if they come on strong before a competing deal is signed. [WSJ]

Jay Z has questions for Tidal. A year after buying music streaming service Tidal, rap mogul Jay Z and his firm, Project Panther Bidco Ltd., have reached out to previous owners of the music streaming service, alleging subscriber numbers had been overstated at the time of the transaction. [WSJ]

IPOs

BATS details IPO. Exchange operator Bats Global Markets Inc. said it expects to price its IPO between $17 and $19, potentially generating up to $212.8 million for its investors. Bats itself will not sell shares during the IPO.

Legal & Regulatory

South Africa needs more time. South Africa’s competition watchdog said on Monday it will request an extension to Tuesday’s deadline to complete an investigation of Anheuser-Busch InBev planned $100 billion-plus takeover of SABMiller. [Reuters]

People

Top deals lawyer changes teams. Scott Barshay is leaving Cravath, Swaine & Moore LLP to head up the mergers and acquisitions practice at Paul, Weiss, Rifkind, Wharton & Garrison LLP. [WSJ]

Source: Deals of the Day: Alaska Lands Virgin, BATS Details IPO – MoneyBeat – WSJ

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