NEW HOME: Billionaire entrepreneur Elon Musk, who founded Hawthorne rocket maker SpaceX, Tesla Motors and an Internet payment company that would become PayPal, has bought a 1.7-acre estate in Bel-Air for a reported $17 million. The 20,248-square-foot, seven-bedroom home sits on 1.7 acres and features a two-story library, a theater, gym, tennis court and swimming pool.
LAWSUIT: A bankrupt unit of Rosemead-based Edison International has been sued by Chevron Corp. affiliates, which claim that the Edison unit unfairly rejected a buyout offer and is forcing them to take on unwanted partners in two joint ventures. The San Ramon oil giant’s affiliates are partners in two cogeneration joint ventures near Bakersfield with Edison Mission Energy, which filed for bankruptcy protection last month.
DEAL DONE: Korn/Ferry International has completed its acquisition of Minneapolis staffing firm PDI Ninth House. The L.A. global staffing giant had said it would pay $80 million in cash, with the potential of adding an additional $15 million in cash if certain targets were met. PDI brings in $90 million to $100 million in annual fee revenue.
ACQUISITION COMPLETED: The Gores Group has completed acquisition of medical device maker Therakos Inc. from Johnson & Johnson’s Ortho-Clinical Diagnostics Inc. The Westwood investment firm, led by billionaire financier Alec Gores, did not disclose terms of the deal, which was first announced in October. Therakos is a 25-year-old company in Raritan, N.J., that makes a medical devices used to treat blood cancer in a process comparable with kidney dialysis.
RATE HIKE: DirecTV in El Segundo plans to raise customer bills an average of 4.5 percent. The nation’s largest satellite operator said the increase is needed because the fees it pays broadcasters and cable networks are going up by about 8 percent.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Nazarian Buys South Beach Hotel
- Korn/Ferry Completes Minnesota Acquisition
- Stocks Flat on Oil Price Rise, Greenspan's Observations
- Making Room
- News of the Week
- Hospitality Firm SBE Officially Acquires Morgans Hotel Group
- Korn/Ferry Net Income Surpasses Estimates
- Gores Group Completes Therakos Acquisition