On Monday, Shares of Alibaba Group Holding Limited (NYSE:BABA), gained 2.09% to $80.47.
Alibaba Group Holding Limited and Suning Commerce Group Limited (002024.SZ) declared that Alibaba will invest about RMB28.3 billion (US$4.63 billion) for a 19.99% stake in Suning, one of the largest consumer electronics retail chains in China. After the closing of the investment in Suning, Alibaba will be the second-largest shareholder in the company.
Concurrent with Alibaba’s investment in Suning, Suning will invest up to RMB14 billion (US$2.28 billion) to subscribe for up to 27.8 million newly issued ordinary shares of Alibaba. After the investment, Suning will hold about a 1.1% interest in Alibaba’s enlarged issued and outstanding share capital.
Alibaba Group Holding Limited, through its auxiliaries, operates as an online and mobile commerce company in the People’s Republic of China and internationally. It operates Taobao Marketplace, an online shopping destination; Tmall, a third-party platform for brands and retailers; Juhuasuan, a group buying marketplace; Alibaba.com, an online wholesale marketplace; Alitrip, an online travel booking platform; 1688.com, an online wholesale marketplace; and AliExpress, a consumer marketplace.
Shares of SandRidge Energy, Inc. (NYSE:SD), inclined 19.46% to $0.59, during its last trading session.
SandRidge Energy declared that it has designated Julian Bott as Executive Vice President and Chief Financial Officer of the company. Mr. Bott, who most recently served as Chief Financial Officer at Texas American Resources Company since 2009, assumes the CFO role from Eddie M. LeBlanc, 66, who has served as CFO since July 2013 and has declared his retirement.
Mr. Bott, who will start his role August 17th, brings to SandRidge more than thirty years of diverse financial experience across the oil and gas and investment banking industries, counting as Managing Partner at Kensington Energy Partners (2008-2009), and Principal and Chief Financial Officer at 3DMD Technologies Ltd. (2004-2008). Mr. Bott served in various senior administration capacities at TD Securities from 1996 to 2003 and in senior positions in the Energy Group at Bankers Trust Company from 1984-1996. He holds a Bachelor of Arts in Economics from Harvard University and a Master of Business Administration from Rice University and has served on the Board of Directors of EQT Midstream Partners, LP (EQM) since May 2012.
SandRidge Energy, Inc., an oil and natural gas company, explores for and produces oil and natural gas properties primarily in the Mid-Continent region of the United States.
Finally, Quanta Services, Inc. (NYSE:PWR), ended its last trade with 3.55% gain, and closed at $24.48.
Quanta Services declared that it has reached an accelerated stock repurchase arrangement with JPMorgan Chase Bank N.A. to repurchase $750 million of Quanta common stock. The ASR Arrangement will facilitate repurchases under Quanta’s formerly declared $1.25 billion stock repurchase program and will be funded with a portion of the proceeds received from the sale of its fiber optic licensing operations.
Under the ASR Arrangement, Quanta will pay $750 million to JPMorgan and will receive an initial delivery of about 25.7 million shares on or around August 11, 2015. The initial delivery represents about 80% of the total shares that would be repurchased under the ASR Arrangement based on Quanta’s current stock price. The final number of shares to be repurchased will be based on a volume-weighted average stock price of the company’s common stock during the term of the ASR Arrangement, minus a discount, and subject to certain adjustments. Final settlement is planned to occur in the second quarter of 2016, subject to early termination or extension in certain circumstances. At settlement, JPMorgan may be required to deliver additional shares of common stock to Quanta, or under certain circumstances, Quanta may be required to deliver shares of common stock or make a cash payment, at its election, to JPMorgan.
Quanta Services, Inc. provides specialty contracting services to the electric power, and oil and gas industries in North America and internationally. The companys Electric Power Infrastructure Services segment provides network solutions comprising design, installation, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure, and substation facilities. It also provides emergency restoration services, counting the repair of infrastructure.
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