In a Sunday press release, Cisco Systems (NASDAQ:CSCO) said that it will purchase the privately-held cloud networking firm Meraki for around $1.2 billion in cash and retention-based incentives. The latter provides mid-market customers with easy-to-utilize on-premise networking solutions which they may centrally manage from the cloud. The transaction should close in the second quarter of the buyer’s fiscal year 2013.
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Botox producer Allergan (NYSE:AGN) might trade its obesity division for a unit from the closely held SkinMedica as it considers the sale of the former and the purchases the latter. The company will enlarge its skin care repertoire by the $350 million transaction with SkinMedica, whose products include a prescription treatment for decreasing female facial hair along with lotions to shrink the appearance of wrinkles. Allergan Chief Executive Officer David Pyott commented that, “The acquisition will allow us to expand our product portfolio to better meet the needs of our existing base of physician customers and their patients.”
Spain has established what is called a ‘bad bank’ as a vehicle through which to unload toxic real estate assets that have sandbagged banks’ balance sheets from the time of the property crash. This move was a condition of the country’s receipt of as much as €100 billion, or $127 billion, of assistance in a European financial sector bail-out. At this time, at least three of Spain’s top banks will buy a stake in the vehicle or are mulling such a move. Banco Santander (NYSE:SAN) plans a stake to show that healthy firms will participate and number two Banco Bilbao Vizcaya Argentaria (NYSE:BBVA) was still deciding as of Saturday as is Banco de Sabadell (BNDSK.PK).