Gartner semiconductor analyst Alan Priestly has said that Nvidia’s planned $40 billion acquisition of United Kingdom Chip Designer Arm is becoming more unlikely to be successful.
Priestly attributed this possible failure to the increasing number of regulatory inquiries which the deal is facing, also making mention of concerns in the United Kingdom, the European Union, the United States of America and China. Priestly said this to CNBC on Wednesday, with both Nvidia and Arm failing to respond immediately to a request for comment by CNBC.
The deal had previously eyed a completion date of March 2022, but the CEO of Nvidia Jensen Huang had admitted in August that the deal may go beyond the anticipated date.
Arm was born out of an old computing company known as Acorn Computers back in 1990. The energy-efficient chips designed by the company are used in about 95% of smartphones around the world and 95% of chips designed in China. The company was bought by Japan-owned SoftBank in 2016 for about 24 billion pounds ($32 billion), authorizes its chip designs to over 500 companies who use these chips when making their own semiconductors.
Critics have concerns that the merger with Nvidia – who is responsible for designing its own chips – could hinder Arm’s semiconductor designs which have been dubbed neutral, and may then lead to increased prices, less available choices and reduced innovation across the industry. Nvidia however argues that the deal will result in more innovation and that Arm will benefit from an increase in investment.
American chip giant Broadcom has publicly shown support for the deal, but many others remain against it.
Qualcomm has stated that Nvidia could proceed to limit the supply of Arm’s technology to competitors, or even raise prices. Bloomberg reports that Google and Microsoft have raised similar concerns with regulators.
The United Kingdom announced back in November that it would be launching a full investigation into the takeover of Arm by Nvidia, with the Competition and Markets Authority (CMA) investigating antitrust concerns and national security issues over the period of 24 weeks.
Nigerian Owned Pleasures Magazine Founder Adedotun Olaoluwa Acquires American Media Giant Gannett’s Shares
Globally acclaimed Dotmount Communications Group, publishers of Pleasures Magazine today announced its acquisition of Gannett Co.Inc’s shares, a highly respected diversified news and media information company that operates in broadcasting, publishing, and digital, in a move expected to enhance the Dotmount Communications’s global reach with comprehensive integrated services for a strong stable of clients and projects.
Gannett (GCI) is a diversified news and media information company that operates in broadcasting, publishing, and digital. The most famous brand the company owns is USA Today. Its broadcasting segment runs 43 TV stations; its publishing segment provides daily content through more than 80 daily publications and more than 400 non-daily local publications; and its digital segment covers content through digital platforms, digital marketing services, and an online HR software solution.
“In just ten years of existence, the parent company of Pleasures Magazine, Dotmount Communications Group has made an extraordinary impact in the ever-evolving world of media and digital marketing — establishing itself as an emerging dominant player in the field, we are thrilled with this addition to our growing roster of media platforms,” says Adedotun Babatunde Olaoluwa, President and Executive Chairman of Dotmount Communications Group.
“We respect and recognize that chairman Mike Reed has been at the forefront of thought leadership about the convergence of media platforms – and his team’s abilities will be great assets for our firm.”
Dotmount’s new acquisition comes on the heels of a string of acquisitions over the past two years. Since fall 2019, the company has snapped up shares from major media companies.
Dotmount Communications Group, an international strategic communications consultancy that uses an in-depth understanding of public, commercial and political drivers to provide insightful strategic counsel and meet complex communications challenges.
The group has over the years supported government, corporate and private entities, delivering sophisticated communications programmes that shape awareness, guide opinion and enhance understanding on a national, regional and international basis.
Titan Trust Bank to Acquire Union Bank as Atlas Mara, Others Sell 89.4 Percent Stake
This followed an agreement reached by Union Global Partners Limited and other major shareholders to divest 89.39 percent shareholding in Union Bank to Titan Trust Bank.
In May 2021, Investors King reported that Atlas Mara Limited, a London Stock Exchange-listed company, was looking to offset its 49.97 percent stake in Union Bank of Nigeria Plc and exit Africa. Zenith Bank, Access Bank and others were reportedly in talks with Atlas Mara to acquire its stake in Union Bank, according to a Bloomberg report.
In a not so surprising statement, Union Bank of Nigeria Plc on Thursday announced it has received notification from Union Global Partners Ltd and other existing shareholders of the bank (presumed to be Atlas Mara Limited and other minority holders) of their intentions to relinquish a combined 89.39 percent stake in Union Bank to a new buyer, Titan Trust Bank.
The board of Union Bank of Nigeria Plc disclosed this in a statement signed by Somuyiwa Sonubi, Company Secretary and obtained by Investors King. The bank added that the agreement, which is subject to regulatory approvals and other financial conditions, would upon completion transfer 89.39 percent of Union Bank’s issued share capital to Titan Trust Bank.
Commenting on the development, the Chairperson of Union Bank, Mrs. Beatrice Hamza Bassey said, “on behalf of the Board, we congratulate all the parties involved in reaching this phase of the transaction and the Board looks forward to supporting the next steps to ensure a seamless completion of the process following regulatory approvals. We are grateful to our current investors whose significant and consequential investments over the past nine years facilitated the transformation of Union Bank, one of Nigeria’s oldest and storied institutions. Today, the Bank is well-positioned with an innovative product offering, a growing customer base of over six million and consistent year on year profitability. This is a solid foundation for our incoming investors to build on as we move into a new era for the Bank.”
On his part, the Chairman of Titan Trust Bank, Mr. Tunde Lemo, OFR said, “The Board of Titan Trust Bank and our key stakeholders are delighted as this transaction marks a key step for Titan Trust in its strategic growth journey and propels the institution to the next level in the Nigerian banking sector. The deal represents a unique opportunity to combine Union Bank’s longstanding and leading banking franchise with TTB’s innovation-led model which promises to enhance the product and service offering for our combined valued customers.”
Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank is one of Nigeria’s long-standing and most respected financial institutions. The Bank has a network of over 280 Sales and Service Centers across Nigeria.
Similarly, Titan Trust Bank is the newest national commercial bank in Nigeria. Started by a former CBN Deputy Governor, Tunde Lemo, It commenced operation in October 2019 with a strong capital base and demonstrated precision in the execution of its strategy by showing tremendous growth, even in difficult times.
Edited by Samed Olukoya.
WarnerMedia & Discovery Receive Green Light for Merger
The proposed merger between Discovery and WarnerMedia, which would see the former acquire the latter from under the umbrella of telecoms giant AT&T, has finally been given the green light by the European Commission to go ahead.
Discovery announced today that it has finally received unconditional antitrust approval for the deal from the European Commission, bringing it one step closer to the completion of the merger. The plans to move WarnerMedia from under AT&T to merge with Discovery were first announced in May this year, but only today did the European Commisson – the executive body of the European Union – give the deal the much-needed go-ahead.
Plans for the merger included David Zaslav, current President and Chief Executive Officer of Discovery continuing as the CEO of the new merged company. AT&T and Discovery plans to bring television stations like CNN, TBS, TNT, HGTV, Food Network and Discovery Channel together under one umbrella. It also plans to include streaming services HBO Max (owned by Warner Bros.) and Discovery+.
According to Discovery, the deal is expected to be closed in mid-2022, as it still waits on other approvals from regulatory bodies and the final go ahead from the company’s shareholders. AT&T’s shareholders do not need to give any approval for the deal to go through.
The deal has been said to be worth $43 billion. The decision from AT&T to sell WarnerMedia to Discovery for just over half of the price it was bought shows that WarnerMedia (which was known as Time Warner at the time of the initial acquisition) did not live up to the expectations placed on it by the telecoms company.
AT&T acquired WarnerMedia back in 2018 for a fee of $85 billion, as the streaming market began to experience a battle of strength, dominated by heavyweights Netflix and Disney.
Now, the new deal is expected to pile pressure on streaming heavyweights Netflix and Disney, as the combined strength of Discovery and WarnerMedia is sure to place the new “Warner Bros. Discovery” company in direct competition with other streaming heavyweights.
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