Gambling company consortium Golden Entertainment Inc.. () has agreed to acquire American Casino & Entertainment Properties LLC for $850 million on Monday.
The purchase will include $781 million in cash and approximately 4 million shares of Golden Entertainment issued to American’s present proprietor. On closing, Whitehall will have about 15% of Golden stocks.
Golden expects the transaction to result in net earnings in 2017 in $ 847 million. Golden stocks remained unchanged in premarket trading Monday.
Walmart is under siege in the German competition: Aldi is arriving following Walmart’s WMT grocery market share, since the German discount merchant states it’s going to spend $3.4 billion to expand its U.S. presence. The privately-held German supermarket said it plans to raise its store base by 2022 to 2,500. Aldi currently functions 1,600 U.S. shops.
GE’s CEO is stepping aside: Industrial conglomerate General Electric GE stated Jeffrey Immelt, chairman and CEO, plans to step down. Immelt has been with GE and has since served as CEO and chairman since September 2001. John Flannery, GE Healthcare’s president and CEO, was named CEO and chairman. He will become CEO effective Aug. 1, and also take over the chairman role effective Jan. 1, 2018, a day following Immelt officially retires.