COMPANY NEWS IN BRIEF

Elliott and Vista to buy CitrixElliott Management Corp and Vista Equity Partners are close to buying Citrix Systems Inc in a deal that values the US cloud computing company at about US$13 billion, according to a person familiar with the matter.The deal, which could be announced as soon as early this week, came after Elliott and Vista jointly tapped the loan market to fund their cash bid for Citrix at US$104 per share. Once taking Citrix private, Vista plans to merge it with Tibco, another data analytics software firm it owns.The cash bid comes lower than where Citrix stock closed at US$105.55 on Friday. Still, the price represents a premium to its lows in December. Citrix's products allow employees of companies to access their network remotely. However, it failed to capitalize on the rise of remote working during the Covid-19 pandemic because it spent too much on its salesforce and too little on its distribution partners, Citrix interim Chief Executive Robert Calderoni said on the company's most recent quarterly earnings call.Citrix, Elliott and Vista did not immediately respond to requests for comment. -ReutersPearson buys certification group CredlyEducation group Pearson has agreed to buy the certification company Credly to expand its offering to businesses looking to train and retain workers at a time of tight labour markets and rapid technological innovation.The global learning company said on Monday it had agreed to buy Credly in a deal that valued it at US$200 million, in its latest move to respond to the demand for workforce training in areas like IT. Pearson already owned 20%.The UK-listed firm, a major supplier of courseware and assessments in schools and colleges in the United States, Britain and around the world, will have around 1 000 enterprise clients when it adds Credly to its Workforce Skills division.Pearson CEO Andy Bird told Reuters that verified credentials were becoming more important as technology adapts, leaving many companies with a skills gap where staff need training on how to work with processes such as artificial intelligence."Showing the world in this new form of digital resumes what credentials you have can make you ultimately either a better employee or more employable," he said. -ReutersT-Mobile to fire corporate employeesT-Mobile US Inc will fire corporate employees who are not fully vaccinated against Covid-19 by April 2, according to an internal company memo posted on the blog The T-MO Report.The blog said T-Mobile's new policy was announced on Friday in an email from its human resource chief to all staff. It follows a US Supreme Court ruling on Jan. 13 that blocked President Joe Biden's Covid-19 vaccination-or-testing mandate for large businesses."Employees who have not yet taken action to receive their first dose and upload proof by February 21 will be placed on unpaid leave," the blog quoted the memo as saying. "Affected employees who do not become fully vaccinated by April 2 will be separated from T-Mobile."The memo, addressed to "all employees excluding international," stated that the vaccine rules do not apply to field technicians and most in-store retail roles.In a statement on Saturday, T-Mobile said "we are requiring office workers with limited exception for certain roles, locations and legally mandated accommodations and exemptions to be fully vaccinated by April 2." It added that "badge-controlled offices continue to be accessible only to those who are vaccinated against Covid-19."-ReutersEvergrande seeks legal adviceChina Evergrande Group said on Sunday that receivers have been appointed for a plot of undeveloped land in Hong Kong's rural Yuen Long district, in the latest development to hit the debt-laden developer.A source with direct knowledge said the creditor is Oaktree. However, Evergrande did not mention the name in the statement.The assets are charged as security for a financing transaction for US$520 million advanced to the group in January 2021, Evergrande said in a filing to the Hong Kong stock exchange."The company is seeking legal advice to protect the legal rights of the company. At the same time, the company is in active discussions with the lender on resolving the matter with a view of reaching a resolution thereby maximising the return to the group."If there is residual value on the assets after the secured obligations have been discharged, Evergrande said it would give priority to offshore affairs. -ReutersGoldman Sachs expecting rate hikesGoldman Sachs is forecasting that the US Federal Reserve will raise interest rates five times in 2022, versus four previously, with a hike expected in March, according to a note from its economists late on Friday.Economists have scrambled to update rate hike expectations since the Fed on Wednesday said it was likely to hike interest rates in March and reaffirmed plans to end its bond purchases that month in what Fed Chairman Jerome Powell pledged will be a sustained battle to tame inflation.At the conclusion of Wednesday’s meeting, Powell said a decision would be made in coming months on when to start shrinking the central bank's government bonds and mortgage-backed securities. read moreGoldman economists David Mericle and Jan Hatzius said in the note they expect the Fed to hike rates in March and May and announce the start of its balance sheet reduction in June, then follow with hikes in July and September. They subsequently expect the Fed to return to a quarterly pace in the fourth quarter with one hike in December to end the year at 1.25-1.5%. -Reuters

COMPANY NEWS IN BRIEF

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Namibian Sun 2024-11-25

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COMPANY NEWS IN BRIEF

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Namibian Sun 2024-11-25

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