Good morning, MBA readers,
Summer may be over, but the M&A market remains hot for Missouri businesses, especially in the leisure sector. Six Flags has taken an interest in the owner of two Kansas City amusement parks. That follows the recent nine-figure acquisition of Wildwood-based Peak Resorts. Across the state, another deal has taken a $20 billion money manager outside of its territory in St. Louis for the first time in over a century. But not all negotiations lead to deals. The UAW warned that its national labor strike could continue for the foreseeable future after the union rejected another proposal from GM. Scroll down to learn more about these deals and other Missouri business headlines you don’t want to miss.
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Sprint, T-Mobile merger reportedly gets majority support at FCC
The proposed $26 billion union of Overland Park, Kansas-based Sprint and T-Mobile has received a third “yes” vote at the Federal Communications Commission, moving the deal toward approval this week, sources say. Sprint shares jumped 2.4% to $6.10 after the news on Friday. (Bloomberg)
UAW: GM talks “have taken a turn for the worse”
In a Sunday letter to members, United Auto Workers Vice President Terry Dittes said union negotiators rejected a contract offer from General Motors, claiming it “reverted back to their last rejected proposal and made little change.” In response, GM said it continues to bargain “in good faith with good proposals” that benefit both the company and its employees. (CNBC)
Enterprise CEO to retire
Pam Nicholson will retire as CEO of Enterprise Holdings on Dec. 31, after six years leading the Clayton-based car rental giant. She is the first person outside of founder Jack Taylor’s family to lead the company. (St. Louis Post-Dispatch)
$20 billion St. Louis wealth manager expands westward
Clayton-based Moneta, which opened an office in Denver earlier this year, is acquiring Denver’s Dunston Financial Group for an undisclosed sum. Moneta plans to expand to at least two other cities in the next five years. (St. Louis Business Journal)
Six Flags proposes merger with KC amusement park owner
Ohio-based Cedar Fair, which owns Kansas City’s Worlds of Fun and Oceans of Fun, is considering a cash-for-stock merger offer from Six Flags, the amusement park chain headquartered in Texas. (Reuters)
WeWork’s IPO fallout spares one development, unclear with another
WeWork is moving forward with the construction of new offices at the Lightwell building in Kansas City, but it is unclear whether the company will continue with plans to lease 187,000 square feet at Sprint’s Overland Park, Kansas, headquarters. (Kansas City Business Journal)
H&R Block invests $2 million in KCRise Fund II
The Kansas City-based tax prep giant announced Friday that it will invest $2 million in KCRise Fund II, a venture capital fund that is expected to raise $30 million. (Kansas City Business Journal)
Nonprofit completes $12.4 million center in Ferguson
The Boys & Girls Clubs of Greater St. Louis has completed work on its new $12.4 million Teen Center of Excellence, which lies between four school districts. Officials say the 27,000-square-foot facility will open mid-November with teen membership at $25 annually. (St. Louis Business Journal)
Mid-Missouri apple festival draws 30,000
The 40th annual Ole Tyme Apple Festival drew roughly 30,000 people to Versailles, a mid-Missouri town of about 2,400 residents. (Missourinet)
Say that again
“Those efforts haven’t stopped. To that point, the experience with Icelandair will better help position Kansas City for the next opportunity.”
That’s Justin Meyer, deputy director of aviation at Kansas City International Airport, talking about the ongoing effort to attract a new transatlantic flight to the airport, The Kansas City Star reports. KCI lost its only transatlantic flight last week when Icelandair announced it would end its seasonal service to Iceland. The route became a top-10 destination for KCI travelers, but that demand alone may not be enough to win over another carrier. Meyer said that earning new routes requires long-term relationships with airlines. Any new European flight will likely require a subsidy or guarantee from the city, as was the case with Icelandair.
As a growing chorus of countries and companies pledge to work toward net-zero carbon emissions, today’s graphic looks at Missouri’s energy profile. Coal remains king of energy sources in the state, accounting for nearly twice as much energy consumption as the No. 2 source.
That’s how much Chesterfield-based Avadel Pharmaceuticals has shaved off its operating costs this year, down from $140 million last year, the St. Louis Post-Dispatch reports. Much of that reduction came from discontinuing Noctiva, a drug the company rolled out last year, as it focuses on a new narcolepsy drug. Avadel, a company of about 50 employees, is also cutting about 80 percent of its staff, mostly impacting employees outside Chesterfield operations, CEO Greg Divis said.
Hello, my name is
Richard Murphy Jr.
St. Louis-based Stifel Financial has hired this former Merrill Lynch broker to manage a new branch near Clayton, Advisor Hub reports. Murphy, who was the producing manager of Merrill’s Ladue branch, is one of four local Merrill brokers who took jobs with Stifel, the company announced Friday. Collectively, the four managed about $965 million for Merrill clients, anchored by Murphy’s book of $437 million.
It’s been a pleasure doing business with you this morning.