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Summary
- Mobile gaming company Skillz to buy marketing platform Aarki for US$150 million.
- Tyson Foods appoints new CEO after eight months.
Mobile gaming company Skillz (NYSE:SKLZ) stock jumped as much as 35 percent on Wednesday after it announced the acquisition of a marketing platform, while Tyson Foods, Inc. (NYSE:TSN) said it appointed a new CEO.
Skillz To Acquire Aarki
Skillz said Wednesday that it has agreed to acquire California-based marketing platform Aarki for US$150 million.
Skillz noted that Aarki engages in more than five trillion advertising auctions monthly. The company looks to leverage Aarki’s technology-driven advertising capability to expand its footprint in the mobile gaming industry.
Aarki’s 160 employees will join Skillz following the acquisition, while Aarki CEO Levon Budagyan will continue to lead the business, operating as a division of Skillz.
Skillz expects the cash and stock deal to close during the third quarter of 2021. LionTree Advisors was the financial advisor, and Latham & Watkins LLP was the legal advisor to Skillz.
Skillz has a market capitalization of US$8.54 billion. The stock, which more than doubled in the last one-year period, is up approximately 8 percent year to date.
Skillz ended Wednesday’s trading at US$21.55, up 26.84 percent.
READ MORE: Take-Two & Activision Blizzard: Two Gaming Stocks To Watch
Source: Pixabay
Tyson Foods Replaces CEO After 8 Months
Tyson Foods, on June 2, appointed its COO Donnie King as the company’s new president and CEO, effective immediately.
In his new role, King will replace Dean Banks, who assumed the chief executive’s role in October 2020. Tyson Foods said Banks is stepping down from the company and board because of personal reasons.
King has been working with Tyson Foods for 36 years and was named as its COO in February.
Recently, Tyson Foods reported a 7 percent year-over-year growth in its GAAP EPS to US$2.58 during the first six months period ended April 3. Adjusted EPS rose 41 percent to US$3.28. Revenue during the period totaled US$21.76 billion.
For fiscal 2021, the Arkansas-based food and protein company projects its sales in the range of US$44 billion to US$46 billion.
Tyson Foods has a market capitalization of US$29.28 billion. Its stock returned approximately 24 percent year to date and over 27 percent in the last one year.
The stock closed at US$80.27 on Wednesday, up 0.21 percent.
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