Verizon’s $130 billion deal for its own wireless unit signals a telecommunications industry in the midst of constant change. Some of the biggest changes will take place overseas.
In Europe, a flush-with-cash Vodafone is poised to unload its huge war chest. “Potential targets may include John C. Malone’s Liberty Global,†reports Michael J. de la Merced and Mark Scott. Analysts told DealBook that other acquisition targets could include smaller cellphone operators in depressed markets like Spain and Italy. And in Japan, SoftBank is poised to take advantage of new wireless service opportunities.
A look back on our reporting of the past week’s highs and lows in finance.
THURSDAY, SEPT. 5
Prominent Doctor Said to Be Tied to SAC Case | Joel Ross is one of two physicians who prosecutors say leaked secret information about clinical drug trials to Mathew Martoma. DealBook »
Russian Firm Cashes in on Facebook’s Recovery | The Internet company Mail.ru, which is partly owned by the billionaire Alisher Usmanov, announced that it had sold its remaining stake for around $525 million. DealBook »
A New Divestment Focus on Campus: Fossil Fuels | A student movement is encouraging college and university endowments to divest themselves of their holdings of companies in the fossil fuel business. DealBook »
WEDNESDAY, SEPT. 4
Schwab Case Casts a Spotlight on Securities Arbitration and Its Flaws | Charles Schwab & Company finds itself at odds with regulators as it seeks to eliminate the option of class-action lawsuits for its clients. DealBook »
TUESDAY, SEPT. 3
Bribery Charges in China for Official Whose Child Worked for JPMorgan | State prosecutors have accused Zhang Shuguang, who has been under investigation for more than two years, of accepting graft payments of around 47 million renminbi, or nearly $8 million at current exchange rates. DealBook »
Two More Hedge Funds Scoop Up Stakes in J.C. Penney | Glenview Capital Management and Hayman Capital Management joined a list of hedge funds that have disclosed bullish views on the struggling retailer. DealBook »
Deal Professor: Thorny Side Effects in Silicon Valley Tactic to Keep Control | The gods of Silicon Valley have repeatedly sought to take the companies they founded public while retaining control as if they were still private, says Steven M. Davidoff. DealBook »
MONDAY, SEPT. 2
Verizon Seals Long-Sought Deal to Own Wireless Unit | Verizon Communications agreed on Monday to spend $130 billion to take full control of its enormous wireless unit because it said it believed that the American desire for cellphones and broadband services was not yet nearly sated. DealBook »
Microsoft Gets Nokia Units, and Leader | Microsoft said it has reached an agreement to acquire the handset and services business of Nokia for about $7.2 billion, in an audacious effort to transform Microsoft’s business for a mobile era that has largely passed it by. The New York Times »
DealBook Column: In a New Book, McKinsey & Co. Isn’t All Roses | “The Firm,†by Duff McDonald, chronicles the rise of the world’s most influential management consulting firm, but also cites its many failures, says Andrew Ross Sorkin. DealBook »
Madoff Trustee Adds Details to Suit, Saying Financier Detected Fraud | Irving L. Picard, who represents victims of Bernard Madoff’s huge Ponzi scheme, says in a filing that J. Ezra Merkin “willfully blinded†himself to signs of fraud. DealBook »
SUNDAY, SEPT. 1
Verizon Nears Deal to Buy Out Vodafone’s Stake in Wireless Unit | The deal heralds a continued sweeping realignment within the global telecommunications landscape. DealBook »
WEEK IN VERSE
‘Memphis, Tennessee’ If only he had a cellphone. In 1972, Chuck Berry sang about missed connections at a concert in London. YouTube »
