Oracle Corp. emerged as the winner in negotiations to take over the U.S. operations of ByteDance Ltd.'s TikTok app, according to people familiar with the talks. The terms of the deal are still evolving, with the end option likely to be something closer to a corporate restructuring with Oracle taking a stake in a newly formed U.S. business. While the structure seems to be devised in order to meet recently tightened Chinese oversight rules, it is not clear whether it would pass muster with the administration, which has set tomorrow as the deadline for the sale or shutdown of TikTok's American operation. (Bloomberg)
Deals, deals, and more deals: Nvidia Corp. agreed to buy SoftBank Group Corp.’s chip division Arm Ltd. for $40 billion in the semiconductor industry’s largest-ever deal. SoftBank will also raise 1.2 trillion yen ($10.4 billion) from selling about a third of its domestic wireless arm. Gilead Sciences Inc. agreed to acquire Immunomedics Inc., the maker of a promising breast-cancer therapy, for about $21 billion, or $88 a share, more than twice Friday's closing level. The hardy perennial of merger rumors is back again this morning, with reports suggesting the chairmen of UBS Group AG and Credit Suisse Group AG are exploring a potential combination. (SA)
Two of the largest US software listings in history will lead the biggest week for initial public offerings since Uber’s flotation last year, as companies cash in on the market’s hunger for technology stocks. A dozen IPOs are set to raise $6.8bn, with half of the proceeds coming from three California tech listings, Snowflake, the cloud software business, will raise $2.2bn, and Unity, a video game software company, will raise $950m. Sumo Logic, another data software platform, will raise $281m. (FirstFT)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.