Stocks In Buzz: JPMorgan Chase & Co. (NYSE:JPM), Pfizer Inc. (NYSE:PFE), General Electric Company (NYSE:GE)
Dallas, Texas, 09/29/2014 (ustrademedia) – JPMorgan Chase & Co. (NYSE:JPM) entered into an agreement with Webster Financial sell its health saving account (HAS) business. The deal involves $1.3 billion in deposits, $175 million in investments and 700,000 accounts currently held by JPMorgan. The HAS business is witnessing steady growth in the market; however, it does not align with JPMorgan’s long-term growth strategy. JPMorgan and Deutsche Bank’s M&A advisory divisions facilitated this deal. The value of this all-cash deal remains undisclosed. JPMorgan Chase & Co. (NYSE:JPM) noted that it did not expect any significant change in its profits or revenue because of this deal. Upon the acquisition, Webster’s HSA Bank’s market share will grow to 17 percent.
Pfizer Inc. (NYSE:PFE) announced the completion of its InnoPharma Inc. acquisition. InnoPharma specializes in the development of differentiated, hard-to-make, sterile injectable. As part of this acquisition, Pfizer adds several approved generic products and a pipeline of injectable and ophthalmic products to its injectable business portfolio. The acquisition increases Pfizer’s sterile injectable portfolio to 73 products. Pfizer has also signed a deal to acquire marketed vaccines portfolio from Baxter International Inc. (NYSE:BAX). The same Pfizer, Mylan Inc. (NASDAQ:MYL) also boosted its injectable business through an acquisition valued at $1.75 billion. Mylan acquired Strides Arcolab’sAgila injectable businesses.
General Electric Company (NYSE:GE) and Environmental Chemical Corp. form a consortium to disburse $603 million to finance the supply of potable water in four towns of Cameroon. Eximbank of the U.S. will disburse finances for the supply of water to Yaounde, Limbe, Mutengene and Tiko towns, said ECC CEO ManjivVohra. Beginning in November 2014, the project will be executed in two phases. The first phase will help bring an additional 55,000 cubic meters of water per day to Cameroonian Capital Yaounde. The second phase, expected to commence in February 2015, will involve the repair of the water supply system in the remaining three towns.