M&A: Zynga to the NASDAQ, Hulu Off the Market, Sinopec Grows

This is the first in what will become a weekly update on major mergers and acquisitions news in the world economy. This week in M&A:

• Hulu – The popular on-demand, streaming-video service announced Thursday that it would be abandoning its sale process and has essentially taken itself off the market. The company, a joint venture consisting of The Walt Disney Company, News Corporation, and GE/Comcast, was most recently valued at $2 billion. Hulu attracted attention this past month after receiving acquisition bids from several high-profile companies, including Amazon and Google. [BusinessWire]
• Zynga – The online-gaming company is continuing with its IPO, announcing that its NASDAQ ticker symbol will be “ZNGA” once it goes public. Zynga, responsible for Internet gaming fixtures such as FarmVille and Mafia Wars, is hoping to raise $1 billion with its offering. [SEC]
• Rolls Royce – The British luxury vehicle manufacturer has struck a deal with aerospace giant Pratt & Whitney, in which it will sell its ownership stake in International Aero Engines — the company behind the much discussed A320 Airbus — for $1.5 billion. London markets responded favorably to the news Thursday, as shares of Rolls Royce rose 6 percent following the announcement that the sale would increase operating profits by $220 million. [Pratt & Whitney]
• Liz Claiborne – The fashion conglomerate announced Wednesday that it would be selling its namesake brand along with two of its other subsidiaries to J.C. Penney and Kohl’s for a total of $328 million. The selloffs are a part of what the company described as an attempt to create a leaner, post-recession-friendly balance sheet. The remaining brands, which include Juicy Couture, kate spade, and Lucky Brand, will remain in the company’s control, albeit under a new holding name that has yet to be determined. [Dealbook]
• Sinopec – Chinese energy giant Sinopec agreed on Sunday to acquire Daylight Energy, a smallish Canadian oil company, for roughly $2.1 billion. Many are considering the move to be indicative of China’s need for fossil fuels in propelling its relentless growth, while simultaneously broadcasting Canada’s emergent position in the energy arena. Barclays Capital advised on the deal. [MarketWire]

Photo Credit: Zynga

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