12:00 PM New York – Ares Capital intends to acquire American Capital for $3.4 billion. GE agreed to invest $3 billion in Saudi Arabia with $2 billion in the same sectors after next year. General Atlantic agreed to buy majority stake in the oil price reporter Argus Media for $1.45 billion.
Tollbooth Index edged up 0.65 to 10,417.92.
Ares Capital Corporation
) slumped 2.6% or 39 cents to $14.80 and the investment company intends to acquire American Capital Ltd. in a transaction valued at about $3.43 billion in cash and stock.
In a separate transaction, American Capital also announced that it is selling American Capital Mortgage Management, LLC to American Capital Agency Corporation for $562 million.
The transaction is expected to close within a year.
General Electric Co
) slid 6 cents to $29.50 after the diversified industrial conglomerate agreed to invest about $3 billion in Saudi Arabia’s state-owned oil company Saudi Aramco and second partner to build manufacturing facility for the energy and marine sectors with an estimated cost of $400 million.
GE also plans to invest additional $2 billion in the same sectors after next year, as part of the Saudi Vision 2030. GE will manufacture heavy duty gas turbines for the Saudi Electricity Company.
General Atlantic LLC
, the privately-held investment company agreed to acquire a majority stake in the London, U.K. based oil price reporting company Argus Media worth about $1.45 billion or £1 billion.
) tumbled 14.9% or $5.22 to $29.77 after the aerospace equipment provider reported revenues in the first-quarter ending in April plummeted 14.7% from a year ago to $368.2 million.
Net income in the quarter declined 65.4% to $6.2 million or 12 cents per diluted share compared to $17.9 million or 34 cents per share from the same quarter last year.
Last week, the aerospace fasteners and consumables provider agreed to acquire aftermarket consumables hardware distributor Herndon Aerospace & Defense LLC for undisclosed financial terms.
) jumped 4.7% or $4.74 to $106.26 after the Germany-based industrial conglomerate Bayer AG offered $122 per share or $62 billion in cash to acquire its U.S. rival to create the world’s largest agrochemicals supplier, despite the criticism from some of its own shareholders.