Core Insights - Ubisoft has completed a strategic investment from Tencent, securing €1.16 billion for its subsidiary Vantage Studios, which is valued at a pre-money enterprise value of €3.8 billion, marking a significant milestone in Ubisoft's transformation [1][5]. Group Structure and Leadership - Vantage Studios, operational since October 1, 2025, is focused on autonomy, player centricity, and aims to accelerate the growth of Ubisoft's largest franchises, including Assassin's Creed, Far Cry, and Rainbow Six [2][5]. - The studio is led by co-CEOs Charlie Guillemot and Christophe Derennes, supported by a dedicated leadership team and an advisory committee [2]. Financial Implications - The investment will help deleverage Ubisoft's consolidated non-IFRS net debt and provide financial flexibility for strategic transformations and selected investments across the group [3][5]. - Tencent now holds a 26.32% economic interest in Vantage Studios, which remains under Ubisoft's control [4]. Shareholders' Agreement - The Shareholders' Agreement includes minority protection rights for Tencent, a five-year lock-up on Vantage Studios' securities, and stipulations ensuring Ubisoft maintains majority voting rights for at least two years [6]. - In the event of a change of control of Ubisoft, there are provisions for call and put options regarding Tencent's interest in Vantage Studios, with specific pricing mechanisms based on fair market value [7].

UBISOFT ANNOUNCES THE COMPLETION OF TENCENT’S STRATEGIC INVESTMENT IN VANTAGE STUDIOS PARIS – November 21, 2025 – Following the announcement of the binding agreement entered into with Tencent on March 27, 2025, Ubisoft is very pleased to announce the completion of the strategic investment of Tencent in the entity Ubisoft Nova SAS (referred to individually as “Vantage Studios”), built around the Assassin’s Creed, Far Cry, and Tom Clancy’s Rainbow Six franchises, thus securing a €1.16 billion cash investment ...

Accessibility StatementSkip Navigation NEW YORK, Nov. 20, 2025 /PRNewswire/ -- Lanvin Group Holdings Limited (NYSE: LANV, the "Company" or "Lanvin Group"), a global luxury fashion group, today announced that it will hold its annual general meeting of the shareholders (the "AGM") virtually through a live webcast and teleconference on December 18, 2025 at 9:00 AM EST. The AGM will serve as an open forum for shareholders to engage with the Board of Directors and the executive management of the Company, and wil ...

Core Insights - The Marquie Group, Inc. announced strategic investments in its subsidiary Apache Creek Golf Club to enhance market position and long-term value [1] Group 1: Investments and Enhancements - Apache Creek Golf Club has completed its annual overseeding process to ensure optimal playing conditions year-round, reflecting a commitment to operational excellence and customer satisfaction [2] - The club has unveiled a newly redesigned Pro Shop with an expanded selection of premium golf brands and modernized retail environment, enhancing the guest shopping experience [3] - Renovated community and clubhouse spaces have been reimagined to better serve golfers and local residents, providing an elevated venue for events and gatherings [3] Group 2: Management Commitment - Jeff Foster, Chairman and CEO of TMGI, emphasized the ongoing commitment of owner/manager Steve Dallas and his team to invest in assets and deliver a first-class experience for customers [4] - The focus on quality, service, and continuous improvement is aimed at maintaining Apache Creek as one of Arizona's top golf destinations [4] Group 3: Company Overview - The Marquie Group, Inc. is a publicly traded company that has evolved into an international management and investment company through its acquisition of GETGOLF, LLC, focusing on innovative businesses in golf, hospitality, and technology [5] - GETGOLF, LLC is a developing international golf platform that integrates various services to connect golfers and courses worldwide, with a launch scheduled for the third quarter of 2026 [6]

Core Insights - Onex Corporation announced a transformational investment and strategic relationship with AIG to enhance growth and enterprise value creation [1][5] - The acquisition of Convex, a leading specialty property and casualty (re)insurer, is valued at $7 billion, with Onex acquiring a 63% stake and AIG holding 35% [2][5] - AIG will also invest approximately $0.6 billion for a 9.9% interest in Onex' subordinate voting shares and commit $2 billion to Onex-managed strategies over three years [4][5] Transaction Overview - Onex and AIG will jointly acquire Convex, with Onex owning approximately 63% and AIG 35% post-acquisition [2][5] - The acquisition values Convex at a $7 billion equity valuation, which is 1.9 times its Q3 2025 tangible book value [2] Company Background - Convex was founded in 2019 and has rapidly grown into a significant player in the specialty property and casualty insurance market, with expected gross premium written of up to $6 billion in 2025 [3][6] - The management team of Convex will retain a significant economic interest, ensuring alignment with Onex and AIG [3] Financial Considerations - Onex will finance the acquisition through a combination of cash, debt financing, and proceeds from AIG's subscription, totaling approximately $3.8 billion for the 63% stake in Convex [9] - The transaction is expected to close in the first half of 2026, subject to regulatory approvals [10] Strategic Implications - The partnership with AIG is expected to enhance Onex' fee-related earnings and provide preferred access to AIG's investment funds [5][8] - Following the acquisition, Convex is projected to account for 42% of Onex' investing capital, contributing significantly to future shareholder value creation [10]

Financial Data and Key Metrics Changes - Revenue increased by 7% year-over-year, exceeding $1.1 billion [3][4] - Adjusted EPS was $0.85, $0.10 above the high end of the projected range [3] - Adjusted EBITDA totaled $225 million, with $215 million excluding approximately $10 million related to the sale of oil and gas rights, representing a 19% year-over-year improvement [3][14] - Adjusted EBITDA margin exceeded 20%, the highest since the pandemic and almost double the margin from 2019 [3][4] - Cash generated from operations year-to-date reached $299 million, a $273 million improvement from last year [4][14] Business Line Data and Key Metrics Changes - High Performance Materials & Components (HPMC) segment margins were above 24% [4][15] - Advanced Alloys & Solutions (AANS) segment margins improved to 17.3% [15] - Aerospace and Defense (A&D) revenue rose 21% year-over-year, accounting for 70% of total revenue [5][6] - Jet engine revenue, which is 39% of total revenue, grew 19% year-over-year [6][8] - Airframe sales grew 9% year-over-year, supported by increased production rates from Boeing and Airbus [7][8] Market Data and Key Metrics Changes - Defense revenue increased 51% year-over-year, reflecting broad-based strength across various defense programs [9][10] - The order book extends into mid-2027, indicating strong demand and supply constraints [7][10] - The company expects Q4 jet engine revenue growth in the high single to low double digits [7] Company Strategy and Development Direction - The company is focused on high-value materials and markets, with 70% of revenue now coming from aerospace and defense [12][20] - Investments in nickel and titanium capacities are aimed at expanding differentiated products without negatively impacting pricing [13][20] - The strategy emphasizes operational excellence, productivity improvements, and long-term customer partnerships [10][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong demand in core markets, particularly in aerospace and defense [5][20] - The company anticipates robust cash generation and margin expansion through disciplined execution and operational improvements [10][18] - Future growth is expected to be supported by long-term agreements and differentiated materials [12][20] Other Important Information - The company plans to raise full-year guidance for adjusted EBITDA and free cash flow based on strong Q3 performance [4][16] - The CFO, Don Newman, is set to retire after the fourth quarter, with a search for his successor underway [19] Q&A Session Summary Question: What changed since Q2 to drive the revised outlook and guidance increase? - Management noted stronger than expected A&D performance, particularly in defense, and operational productivity improvements [26][27] Question: What is being done to manage melt capacity for nickel alloys? - The company is focusing on productivity, reliability, and selective expansion of melt capacity to meet growing demand [29][30] Question: What does being the number one source of flat rolled titanium products to Airbus mean for the P&L? - This status translates to increased revenue and higher margins from premium titanium products, with a significant revenue increase expected next year [34][35] Question: What is the expected growth in airframe sales for 2026? - Management anticipates high single-digit growth in airframe revenues driven by steady production ramps and increased ATI content [59] Question: How is working capital improvement contributing to free cash flow? - Improvement in accounts receivable management and inventory efficiencies contributed to working capital improvements [52][53]

Core Insights - Infratil Limited (IFT) has agreed to acquire an additional 4.92% stake in Contact Energy Limited (CEN) for NZ$437.7 million, increasing its total shareholding to 14.3% [2][8] - The acquisition will be funded through NZ$218.8 million from existing debt capacity and NZ$218.8 million from the issuance of new Infratil shares to TECT Holdings at NZ$12.43 per share [3][8] - This acquisition follows Infratil's earlier sale of its 51% stake in Manawa Energy to Contact Energy in July 2025, which established an initial 9.4% holding in Contact Energy [4][8] Company Strategy - Infratil's Chief Executive, Jason Boyes, stated that the transaction is a "win-win" for both parties and reinforces the company's strategy to invest in high-quality assets within robust market environments [5] - The part-funding of the deal through new shares is aimed at preserving Infratil's flexibility for future growth while increasing ownership in a strong cashflow-generating business [5] Relationship Dynamics - TECT's Chief Executive, Wayne Werder, expressed satisfaction in continuing the long-standing relationship with Infratil by becoming a shareholder in the infrastructure firm [5]

Core Insights - CarParts.com, Inc. has announced board transitions following a strategic investment from ZongTeng Group, A-Premium, and CDH Investments [1] - Henry Maier and James Barnes will step down from the Board of Directors effective October 7, 2025 [2] - Thomas Yunlong Man and Na "Mina" He have been designated as board observers by the strategic investors [3][4] - The Board will consist of six directors following these changes [6] Company Overview - CarParts.com is a technology-led e-commerce company offering over 1 million automotive parts and accessories [7] - The company has been operating for over 25 years and aims to provide a seamless shopping experience for vehicle maintenance and repair [7] - CarParts.com operates a nationwide distribution network and a portfolio of private-label and marketplace brands [7]

Core Insights - Cadence Bank has been named the official banking sponsor of the Southern Intercollegiate Athletic Conference (SIAC), highlighting its commitment to Historically Black Colleges and Universities (HBCUs) and community engagement [2][4][5] Company Overview - Cadence Bank is a regional bank with assets totaling $55 billion, operating over 390 locations across the South and Texas, offering a range of banking, investment, trust, and mortgage services [5] - The bank has been recognized as one of the nation's best employers and as one of America's Best Banks in 2025 by Forbes [5] Sponsorship Details - The sponsorship agreement with SIAC commenced in July 2025 and will last until June 2029, aiming to foster strong relationships with HBCUs and enhance community connections [2][4] - The partnership aligns with Cadence's recruiting strategy to attract diverse talent, as the bank's operational footprint closely matches that of the SIAC [4] Community Impact - Cadence Bank emphasizes its role in supporting economic health through strategic investments, sponsorships, and initiatives aimed at uplifting local communities, students, and small businesses [4][5] - The SIAC provides Cadence with opportunities to engage directly with students, faculty, and alumni, enhancing the bank's community presence [4]

Core Insights - MDU Resources Group, Inc. announced that its subsidiary, Montana-Dakota Utilities Co., received an Advanced Determination of Prudence (ADP) and Certificate of Public Convenience and Necessity (CPCN) from the North Dakota Public Service Commission for acquiring a 49% stake in the Badger Wind Farm [1][2] Group 1: Project Details - The Badger Wind project, currently under construction near Wishek, North Dakota, is expected to be completed by the end of 2025, with an estimated investment of approximately $294 million for a 122.5 MW stake in the net 250 MW wind project [2] - The ADP confirms that the project is prudent up to an investment of $295.5 million, which includes $1.5 million of internal costs capitalized as part of the project, providing a regulatory framework that supports the project's financial viability [2] Group 2: Company Overview - MDU Resources Group, Inc. is a member of the S&P SmallCap 600 index and provides electric utility and natural gas distribution services to over 1.2 million customers across the Pacific Northwest and Midwest [3] - The company's pipeline business operates a network of over 3,800 miles of natural gas pipelines and storage systems, ensuring reliable energy delivery across the Northern Plains [3]