Tag: definitive

Baidu Enters into Definitive Agreements to Raise Financing for its Smart Living Business

BEIJING, Sept. 29, 2020 /PRNewswire/ — Baidu, Inc. (NASDAQ: BIDU) (“Baidu” or the “Company”), a leading search engine, knowledge and information centered Internet platform and AI company, today announced that its Smart Living Group (“SLG”) has entered into definitive agreements with CPE, Baidu Capital and IDG Capital for Series A financing at a post-money valuation of approximately RMB 20 billion, or $2.9 billion, (“Transaction”). SLG operates DuerOS voice assistant and DuerOS-powered smart devices.

The Transaction is subject to certain closing conditions and is expected to be completed in the fourth quarter of 2020. Upon the completion of the Transaction, Baidu will hold super voting rights in SLG and is expected to continue to consolidate the financial results of SLG, as a majority shareholder.

“We are pleased to see the rapid growth of SLG since inception in 2017, to become a leading player in China (and globally) in

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Nova Leap Health Corp. Announces Execution of Definitive Agreement to Acquire Home Care Business in South Central U.S.


HALIFAX, Nova Scotia, Sept. 08, 2020 (GLOBE NEWSWIRE) — NOVA LEAP HEALTH CORP. (TSXV: NLH) (“Nova Leap” or “the Company”), a 2019 TSX Venture 50™ ranked company focused on the home health care industry, is pleased to announce that it has executed a definitive agreement (the “Agreement”), dated September 4, 2020, to acquire a home care services company (“the Target”) located in the South Central region of the United States. The Target reported unaudited revenues of approximately $1.032 million and EBITDA of approximately $66,000 for the year ended December 31, 2019. All amounts are in United States Dollars (“USD”) unless otherwise specified.

Under the terms of the Agreement, the acquisition is to be made for total consideration of $250,000 of which $200,000 is payable with cash on closing and $50,000 is by way of a promissory

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MassMutual enters into definitive agreement for Empower Retirement to acquire its retirement plan business

MassMutual announced on Tuesday that its retirement plan business is being acquired by Colorado-based Empower Retirement.

Based on the terms of the definitive agreement and subject to regulatory approvals, Empower will acquire the retirement plan business of MassMutual in a reinsurance transaction for a ceding commission of $2.35 billion. In addition, the balance sheet of the transferred business would be supported by $1 billion of required capital when combined with Empower’s existing U.S. business.

In a joint statement the companies said the acquisition will capitalize on both firms’ expertise, provide technological excellence and deep product capabilities, and create scale to the benefit of retirement plan participants and their employers.

“In Empower, we are pleased to have found a strong, long-term home for MassMutual’s retirement plan business, and believe this transaction will greatly benefit our policy owners and customers as we invest in our future growth and accelerate progress on our

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