On Thursday, Shares of Annaly Capital Management, Inc. (NYSE:NLY), gained 2.13% to $10.09.
Annaly Capital Management and Chimera Investment Corporation (CIM) (“Chimera”) recently declared that Chimera has reached a contract with Fixed Income Discount Advisory Company (“FIDAC”), a wholly-owned partner of Annaly, to internalize the administration of Chimera. In connection with the transaction, Chimera will purchase Annaly’s 4.4% stake in Chimera for a purchase price of $126.4 million ($14.05 per share). The internalization is effective August 5, 2015.
Annaly and the independent members of the Chimera Board agreed to the internalization in order to facilitate the pursuit of independent strategies at both companies. The internalization also will result in operational and economic efficiencies for Annaly and Chimera, while ensuring continuity of Chimera’s practiced administration team. Given the resulting benefits to both companies, no contractual penalties will be associated with the administration agreement termination.
Annaly Capital Management, Inc. owns a portfolio of real estate related investments in the United States. The company invests in various types of agency mortgage-backed securities and related derivatives to hedge these investments; acquires, finances, and manages commercial mortgage loans and other commercial real estate debt, commercial mortgage-backed securities, and other commercial real estate-related assets; and operates as a broker-dealer.
Shares of Exelon Corporation (NYSE:EXC), inclined 0.82% to $31.99, during its last trading session.
ComEd declared its CARE satellite sites will remain open until Aug. 21, an additional two week beyond the original closing date. These locations will assist to continue administering ComEd CARE programs, which provide customers in need with financial assistance to pay their electric bills. Also the utility is adding energy fairs and four new satellite sites, bringing the total to 15 community locations, to expand application opportunities for customers. About $2.7 million in financial assistance is still accessible for distribution this year.
Due to budget issues the state closed CEDA, which administered ComEd’s CARE programs. In order to maintain access to these needed funds, ComEd opened satellite locations on July 27 and hired 24 former personnel from the social service agency. The sites will remain open until Aug. 21 and are intended to assist administer funds devoted to assisting eligible military families, veterans, and senior citizens, in addition to individuals who may have practiced a job loss, illness, disability, or other hardship and are in need of assist paying their electric bill. The company is looking to extend the $10 million share-holder funded contribution to these programs through 2021 under new legislation, known as ComEd’s Future Energy Plan.
Commonwealth Edison Company (ComEd) is a unit of Chicago-based Exelon Corporation (EXC), the nation’s leading competitive energy provider, with about 7.8 million customers.
Exelon Corporation, a utility services holding company, engages in the energy generation and delivery businesses in the United States. It owns electric generating facilities, such as nuclear, fossil, and hydroelectric generation facilities, in addition to wind and solar photovoltaic facilities.
Finally, Abbott Laboratories (NYSE:ABT), ended its last trade with -0.32% loss, and closed at $50.32.
Medical device maker Abbott Laboratories said Thursday it has agreed to buy replacement heart valve maker Tendyne Holdings for $225 million, and has invested in a second company in the field, according to AP.
The deals could expand Abbott’s line of products used to repair leaky mitral valves without open heart surgery. Abbott sells one such device under the name MitraClip. Tendyne is conducting a U.S. clinical trial of a product called the bioprosthetic mitral valve system and it plans to start a study in 2016 to support approval of the device in Europe. AP Reports
Abbott said it could make additional payments based on regulatory development of the Roseville, Minnesota-based company’s products. It anticipates to complete the deal during the third quarter. The North Chicago, Illinois-based company made an investment in Tendyne in 2012. AP added.
Abbott Laboratories manufactures and sells health care products worldwide. Its Established Pharmaceutical Products segment offers branded generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency; irritable bowel syndrome; intrahepatic cholestasis or depressive symptoms; gynecological disorders; dyslipidemia; hypertension; hypothyroidism; pain, fever, and inflammation; hormone replacement therapy; anti-infective and influenza vaccines; and product that regulates physiological rhythm of the colon.
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