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Google to buy stake in ADT in home security push for $450 million

Alphabet Inc’s Google is picking up a 6.6% stake in ADT Inc for $450 million, betting on the home security company’s strong customer base and an army of technicians to drive sales of its Nest devices.

ADT shares nearly doubled to hit a high of $17.2 and traded well above their IPO price of $14 for the first time since going public in 2018, briefly valuing the company at about $13 billion.

The investment gives ADT the backing of a high-profile technology partner and broadens its services business. In return, Google gets access to about 6.5 million customers, strengthening its presence as it competes with Amazon.com’s Ring and Boston-based SimpliSafe, among others.

ADT said on Monday that the two companies would work on ways to package popular Google products like Home Mini, Nest Thermostat and Nest Wifi with ADT’s strength in installation and maintenance.

“Later this year, we will begin integrating Google devices and make them available for installations to our customers,” ADT Chief Executive Officer Jim DeVries told Reuters.

“We will exclusively support Nest products,” DeVries said, adding that the companies will build products together and start rolling them out next year.

The companies will commit an additional $150 million each for co-marketing, product development, technology and employee training, ADT said.

Google will buy 54.7 million newly created Class B shares of ADT for $8.22 each with no voting rights, the Boca Raton, Florida-based company said in a filing.

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Founded in 1874, ADT is backed by private-equity firm Apollo Global Management LLC, which owns 83.5% of the company, according to Refinitiv data. Apollo had taken ADT private in a nearly $7 billion deal in 2016.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor


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Samsung denies interest in Arm Holdings stake

SEOUL Samsung Electronics Co Ltd on Tuesday denied a media report that it is considering buying a small stake in SoftBank Group Corp’s chip company Arm Holdings.

The Korea Times newspaper reported Samsung’s interest in buying a minority stake of between 3% and 5% in the British chip designer as a way to reduce its royalty payment, citing an anonymous industry official.

Samsung said the report was “groundless”.

Arm, the British chip technology firm, licenses its chip designs and technology to companies like Qualcomm Inc, Apple Inc and Samsung, which in turn use that technology in their chips for smartphones and other devices.

SoftBank is currently negotiating terms with U.S. chipmaker Nvidia Corp after receiving an approach about takeover interest last month, the Nikkei Asian Review reported on Sunday.

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The Japanese conglomerate, which acquired Arm for $32 billion in 2016, is exploring options including a full or partial sale or a public offering of the British chip designer, the Wall Street Journal reported in July.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor


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UK clears Amazon deal to buy 16% stake in online food platform Deliveroo

UK clears Amazon deal to buy 16% stake in online food platform Deliveroo

Britain’s competition regulator on Tuesday cleared Amazon’s purchase of a 16% stake in online delivery group Deliveroo, following a provisional nod in June.

  • Reuters
  • Last Updated: August 4, 2020, 4:10 PM IST

Britain’s competition regulator on Tuesday cleared Amazon’s purchase of a 16% stake in online delivery group Deliveroo, following a provisional nod in June.

The Competition and Markets Authority’s (CMA) original clearance in April was on the basis that Deliveroo could go out of business without the Amazon investment, but changed its methodology to just focus on competition after criticism.

“Today’s final decision is the result of a thorough examination of this deal and the markets in which Amazon and Deliveroo operate,” said Stuart McIntosh, the inquiry chair. (https://bit.ly/33vp36F)

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor



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Exclusive: TikTok's Chinese owner offers to forego stake to clinch U.S. deal – sources

NEW YORK/WASHINGTON China’s ByteDance has agreed to divest the U.S. operations of TikTok completely in a bid to save a deal with the White House, after President Donald Trump said on Friday he had decided to ban the popular short-video app, two people familiar with the matter said on Saturday.

U.S. officials have said TikTok under its Chinese parent poses a national risk because of the personal data it handles. ByteDance’s concession will test whether Trump’s threat to ban TikTok is a negotiating tactic or whether he is intent on cracking down on a social media app that has up to 80 million daily active users in the United States.

Trump told reporters onboard Air Force One late on Friday that he would issue an order for TikTok to be banned in the United States as early as Saturday. “Not the deal that you have been hearing about, that they are going to buy and sell… We are not an M&A (mergers and acquisitions) country,” Trump said.

ByteDance was previously seeking to keep a minority stake in the U.S. business of TikTok, which the White House had rejected. Under the new proposed deal, ByteDance would exit completely and Microsoft Corp would take over TikTok in the United States, the sources said.

Some ByteDance investors that are based in the United States may be given the opportunity to take minority stakes in the business, the sources added. About 70% of ByteDance’s outside investors come from the United States.

The White House declined to comment on whether Trump would accept ByteDance’s concession. ByteDance in Beijing did not respond to a request for comment

Under ByteDance’s new proposal, Microsoft will be in charge of protecting all U.S. user data, the sources said. The plan allows for another U.S. company other than Microsoft to take over TikTok in the United States, the sources added.

Microsoft did not respond to a request for comment.

As relations between the United States and China deteriorate over trade, Hong Kong’s autonomy, cyber security and the spread of the novel coronavirus, TikTok has emerged as a flashpoint in the dispute between the world’s two largest economies.

ByteDance has been considering a range of options for TikTok amid U.S. pressure to relinquish control of the app, which allows users to create short videos with special effects and has become wildly popular with U.S. teenagers.

ByteDance had received a proposal from some of its investors, including Sequoia and General Atlantic, to transfer majority ownership of TikTok to them, Reuters reported on Wednesday. The proposal valued TikTok at about $50 billion, but some ByteDance executives believe the app is worth more than that.

ByteDance acquired Shanghai-based video app Musical.ly in a $1 billion deal in 2017 and relaunched it as TikTok the following year. ByteDance did not seek approval for the acquisition from the Committee on Foreign Investment in the United States (CFIUS), which reviews deals for potential national security risks. Reuters reported last year that CFIUS had opened an investigation into TikTok.

APP SCRUTINY

The United States has been increasingly scrutinizing app developers over the personal data they handle, especially if some of it involves U.S. military or intelligence personnel. Ordering the divestment of TikTok would not be the first time the White House has taken action over such concerns.

Earlier this year, Chinese gaming company Beijing Kunlun Tech Co Ltd sold Grindr LLC, a popular gay dating app it bought in 2016, for $620 million after being ordered by CFIUS to divest.

In 2018, CFIUS forced China’s Ant Financial to scrap plans to buy MoneyGram International Inc over concerns about the safety of data that could identify U.S. citizens.

ByteDance was valued at as much as $140 billion earlier this year when one of its shareholders, Cheetah Mobile, sold a small stake in a private deal, Reuters has reported. The startup’s investors include Japan’s SoftBank Group Corp.

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The bulk of ByteDance’s revenue comes from advertising on apps under its Chinese operations including Douyin – a Chinese version of TikTok – and news aggregator app Jinri Toutiao, as well as video-streaming app Xigua and Pipixia, an app for jokes and humorous videos.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor


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ByteDance Offers to Forgo Complete Stake in TikTok to Save US Deal, Says Report

ByteDance Offers to Forgo Complete Stake in TikTok to Save US Deal, Says Report

The move came after President Donald Trump said he had decided to ban the popular shortvideo app, two people familiar with the matter said.

  • Reuters
  • Last Updated: August 1, 2020, 7:45 PM IST

China’s ByteDance has agreed to divest the U.S. operations of TikTok completely in a bid to save a deal with the White House, after President Donald Trump said on Friday he had decided to ban the popular short-video app, two people familiar with the matter said on Saturday.

ByteDance was previously seeking to keep a minority stake in the U.S. business of TikTok, which the White House had rejected. Under the new proposed deal, ByteDance would exit completely and Microsoft Corp would take over TikTok in the United States, the sources said. Some ByteDance investors that are based in the United States may be given the opportunity to take minority stakes in the business, the sources added.

The White House did not respond to a request for comment on whether Trump would accept ByteDance’s concession. ByteDance in Beijing did not respond to a request for comment

Under ByteDance’s new proposal, Microsoft will be in charge of protecting all U.S. user data, the sources said. The plan allows for another U.S. company other than Microsoft to take over TikTok in the United States, the sources added.

Microsoft did not respond to a request for comment.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor



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Exclusive: ByteDance offers to forgo stake in TikTok to clinch U.S. deal – sources

Exclusive: ByteDance offers to forgo stake in TikTok to clinch U.S. deal - sources

China’s ByteDance has agreed to divest the U.S. operations of TikTok completely in a bid to save a deal with the White House, after President Donald Trump said on Friday he had decided to ban the popular shortvideo app, two people familiar with the matter said on Saturday.

  • Reuters
  • Last Updated: August 1, 2020, 7:04 PM IST

NEW YORK China’s ByteDance has agreed to divest the U.S. operations of TikTok completely in a bid to save a deal with the White House, after President Donald Trump said on Friday he had decided to ban the popular short-video app, two people familiar with the matter said on Saturday.

ByteDance was previously seeking to keep a minority stake in the U.S. business of TikTok, which the White House had rejected. Under the new proposed deal, ByteDance would exit completely and Microsoft Corp would take over TikTok in the United States, the sources said. Some ByteDance investors that are based in the United States may be given the opportunity to take minority stakes in the business, the sources added.

The White House did not respond to a request for comment on whether Trump would accept ByteDance’s concession. ByteDance in Beijing did not respond to a request for comment

Under ByteDance’s new proposal, Microsoft will be in charge of protecting all U.S. user data, the sources said. The plan allows for another U.S. company other than Microsoft to take over TikTok in the United States, the sources added.

Also Watch

Maharashtra & Bihar Govt Faceoff Over Sushant’s Death Probe | Top Stories At 6 PM | CNN News18

Microsoft did not respond to a request for comment.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor



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Saudi Arabia's PIF Invests Rs 11,367cr in Jio Platforms For 2.32% Stake: Everything to Know

Reliance Industries Limited has confirmed that Saudi Arabian sovereign wealth fund PIF has invested Rs 11,367 crore in Jio Platforms. This becomes the 11th investment in Jio Platforms in less than two months. PIF’s investment in Jio Platforms will see the investment fund pick up a 2.32 percent stake in Jio Platforms. With this investment, Jio Platforms has raised Rs 1,15,693.95 crore from leading global investors by selling 24.7 percent of the company. The list of investors has included Facebook, Silver Lake, Vista Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton.

Commenting on the deal with PIF, Mukesh Ambani, chairman and managing director of Reliance Industries Limited, said, “We at Reliance have enjoyed a long and fruitful relationship with the Kingdom of Saudi Arabia for many decades. From Oil Economy, this relationship is now moving to strengthen India’s New Oil (Data-driven) Economy, as is evident from PIF’s investment into Jio Platforms. I have greatly admired the defining role PIF has played in driving the economic transformation of the Kingdom of Saudi Arabia. I welcome PIF as a valued partner in Jio Platforms and look forward to their sustained support and guidance as we take ambitious steps to accelerate India’s digital transformation for enriching and empowering the lives of 1.3 billion Indians.”

PIF’s investment in Jio Platforms has been accounted as its largest in the Indian subcontinent till date. The sovereign wealth fund has a key mission to make a diverse range of investments in order to strengthen the Saudi Arabian kingdom’s objective of economic transformation, as part of the nation’s Vision 2030 goals.

His Excellency Yasir Al-Rumayyan, the governor of PIF, said upon announcement of the deal, “We are delighted to be investing in an innovative business which is at the forefront of the transformation of the technology sector in India. We believe that the potential of the Indian digital economy is very exciting and that Jio Platforms provides us with an excellent opportunity to gain access to that growth. This investment will also enable us to generate significant long-term commercial returns for the benefit of Saudi Arabia’s economy and our country’s citizens, in line with our mandate to safeguard and grow the national wealth of the Kingdom.”

Jio Platforms, a wholly owned subsidiary of Reliance Industries Limited, was first credited with transforming India’s telecom industry with the disruptive presence of Reliance Jio. Since then, it has garnered over 388 million subscribers, and today, has expanded its presence in key, cutting edge areas of technology. With high profile investments from the biggest investors and technology players in the world, Jio Platforms has shown its commitment towards furthering India’s Digital India dream, making it one of the most valuable companies in the country, and one that has made a massive impact in India’s technology footprint.

Disclaimer:News18.com is part of Network18 Media & Investment Limited which is owned by Reliance Industries Limited that also owns Reliance Jio.


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