A Sprint store in Springfield | Nicole Lunger/Missouri Business Alert
Here are today’s top business headlines from across Missouri:
Sprint chairman Masayoshi Son said he sees a merger with T-Mobile as a “first priority” but not the company’s only option in seeking a partner as the telecommunications industry combines. T-Mobile has been considered less eager than Sprint to do a deal, but the companies may be pushed into each others’ arms by a changing landscape around them. Read more
The Missouri House and Senate traded a few bills Wednesday, including an amended one that would bring more specificity to a state ban on so-called “sanctuary cities.” But nothing was sent to Gov. Eric Greitens all day. Read more
Days after a jury awarded a Virginia woman $110.5 million in damages in the latest product liability lawsuit to be tried in St. Louis Circuit Court, state lawmakers resumed their push to rein in similar trials in the future. The legislation, which would limit out-of-state people from suing businesses in Missouri, stalled Wednesday afternoon, but it could be resurrected before the spring session ends Friday. Read more
A $3 billion loan backing the $7.2 billion takeover of Panera Bread Co. by JAB Holding Co. is being arranged by a bank group led by JPMorgan and meeting solid demand, several bankers said. The pro rata financing includes a $2.25 billion term loan A and a $750 million revolving credit facility. The loans have already been syndicated successfully to the top-tier banks, another banker said. The deal included nine banks with three top leads. Read more
World Wide Technology, the second largest privately owned company in the St. Louis region with more than $9 billion in revenue last year, plans to close an office in Lewisville, Texas, resulting in layoffs for 156 employees. Company officials said market conditions led to the decision to close the office. Read more
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