Craft retailer Michaels to go private in $5B deal

first_imgApollo Global Management will take over craft retailer Michaels in a deal that values the company at $3.3 billion. (Wikipedia Commons, iStock)Retailer Michaels has something new on the craft table: a takeover deal from Apollo Global Management.Amid a DIY boom spurred by the pandemic, the private equity firm said it will take the retailer private in a deal that values Michaels at $3.3 billion, the New York Times reported. The transaction value is $5 billion, the companies said in a statement.Based in Texas, Michaels has 1,275 stores in North America. With more people doing craft projects while stuck at home, its stock has skyrocketed over the past year. Previously, Amazon’s growth put pressure on the retailer, which like others had been forced to shutter some stores.In a statement, Michaels chairman James Quella said the deal made sense and offered “compelling value” to shareholders. Per the terms of the deal, Apollo will pay $22 per share, a 47 percent premium from $15 per share on Feb. 26, when a potential arrangement was first reported.The deal includes a 25-day “go-shop” period, which allows other bidders to submit superior offers, Bloomberg News reported.Read moreAC Moore to close all stores Rent relief for retailers is expiring. Now what? Michaels leases space in California Earlier this week, an Apollo-backed lender said it would buy Paper Source Inc., a stationery and craft store, after it filed for bankruptcy. The 158-store chain bought 30 stores from rival Papyrus last year, but weeks later the pandemic forced locations to close for several months.Apollo is also partnering with Vici Properties Inc. to buy the Las Vegas Sands Corp.’s real estate portfolio for $6.25 billion.[NYT, Bloomberg] — E.B. SolomontContact E.B. Solomont Share via Shortlink Email Address* Message* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Full Name* Commercial Real EstateReal Estate InvestmentRetail Real Estate Tagslast_img read more

Brazilian proptech startup Loft valued at nearly $3B

first_imgLoft co-founders Florian Hagenbuch and Mate Pencz (Endeavor, iStock)Brazilian real estate platform Loft has added another $100 million to a $425 million Series-D fundraising round that closed last month — bringing the firm’s valuation to an estimated $2.9 billion, according to TechCrunch.The additional funding makes it one of the largest ever fundraising efforts by a Brazilian startup.New York-based D1 Capital Partners led the initial round, joined by Fifth Wall Ventures, DST, Tiger Global and several other investors.Baillie Gifford led the supplemental round and was joined by Tarsadia Capital and Flight Deck, among other firms. Individual investors include the founders of Instacart and Sweetgreen.Loft functions much like Zillow or Redfin and offers additional services to assist with the buying and selling process. It was founded in 2018, and around 30,000 brokers work on the platform.Co-CEO Mate Pencz said the number of listings on the platform increased tenfold last year, and it now has around 13,000 listings in São Paulo and Rio de Janeiro. The firm plans to use the money to further grow its market share in those cities.Fifth Wall has been busy this year. The VC firm recently founded its third SPAC of the year, and SmartRent announced this week it would merge with one of those blank-check firms in a deal valued at around $2.2 billion.[TechCrunch] — Dennis Lynch   BrazilProptechResidential Real Estate Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Tags Share via Shortlinklast_img read more

Detecting rift basins in the Evans Ice Stream region of West Antarctica using airborne gravity data

first_imgA total of 11,500 line km of aerogravity data have been used to construct an free-air gravity anomaly map for the Antarctic region that may contain the microplate boundary between the Haag Nunataks block and southern Antarctic Peninsula. Along-line free-air gravity anomaly data resolved wavelengths of 9 km or greater with better than 5 mGal accuracy. Coincident radio echo soundings provided data to construct a digital terrain model. The gravity effect of the terrain was calculated by Gauss-Legendre quadrature (GLQ) and spectrally correlated with the free-air gravity data. Terrain-correlated free-air anomalies related to possible isostatic imbalances of the crust were separated from terrain-decorrelated anomalies that may reflect intra-crustal density contrasts. Subtracting terrain-correlated free-air anomalies from the gravity effects of the terrain yielded compensated terrain gravity effects (CTGE) that were used to model the Moho by inversion. The results indicate moderate but significant crustal thinning below the Evans Ice Stream that is consistent with an extensional origin for the deep, wide, steep-sided trough that contains the ice stream as well as the continued elevation of the footwall flank of the basin, Changes along the axis of the rift, both in the gravity anomaly field and the distribution of Moho topography, can be explained by processes associated with continental lithospheric extension. Subsequently, many of the features produced by extension have been modified by glacial erosion and the sub-ice topography and gravity data reflect this.last_img read more

Long-term variation of the Antarctic Circumpolar Wave

first_img[1] During the period 1968-1999, the character of circum-Antarctic anomalies in sea level pressure, sea ice edge, and sea surface temperature changed substantially. An Antarctic Circumpolar Wave (ACW) is only clearly visible in the period 1985-1994. Before, and perhaps after this, the signal, particularly in sea level pressure, is quite different with no clear sign of precession. Accompanying the change from precessional to nonprecessional modes is a change in the spatial pattern of variability and a change in the predictability of atmospheric anomalies from oceanic forcing. Evidence from general circulation model integration suggests that during the precessional mode of the ACW, there is enhanced predictability, as would be required to support a coupled ocean-atmosphere interaction.last_img read more

Circumpolar distribution of the pycnogonid-ectoparasitic gastropod Dickdellia labioflecta (Dell, 1990) (Mollusca: Zerotulidae)

first_imgThe Antarctic gastropod Dickdellia labioflecta (Dell, 1990) (originally described as Laevilittorina (Corneolittorina) labioflecta) is an obligate parasite of pycnogonids, which exploits their body fluids through the cuticular gland holes (Lehmann et al. 2007) and lays its eggs on the pycnogonid’s legs where embryos complete their life cycle (Hedgpeth 1964, Sirenko 2000, Lehmann et al. 2007). The ecology of D. labioflecta appears to be unique, as no other examples of such a specialized parasitic behaviour on pycnogonids are known. This life-style and the related anatomical specializations (gut and digestive gland morphology), prompted the erection of a new genus, Dickdellia Warén & Hain, 1996 provisionally included in the family Zerotulidae (Warén & Hain 1996). Although information is quite scant, to date, two pycnogonid host species are known for Dickdellia: Colossendeis megalonyx megalonyx Fry & Hedgpeth, 1969 (Lehmann et al. 2007) and Nymphon isabellae Turpaeva, 2000 (Sirenko 2000).last_img read more

A physically based calving model applied to marine outlet glaciers and implications for their dynamics

first_imgWe present results from numerical ice-flow models that include calving criteria based on penetration of surface and basal crevasses, which in turn is a function of longitudinal strain rates near the glacier front. The position of the calving front is defined as the point where either (1) surface crevasses reach the waterline (model CDw), or (2) surface and basal crevasses penetrate the fullthickness of the glacier (model CD). For comparison with previous studies, results are also presented fora height-above-buoyancy calving model. Qualitatively, both models CDw and CD produce similar behaviour. Unlike previous models for calving, the new calving criteria are applicable to both grounded termini and floating ice shelves and tongues. The numerical ice-flow model is applied to an idealized geometry characteristic of marine outlet glaciers. Results indicate that grounding-line dynamics are less sensitive to basal topography than previously suggested. Stable grounding-line positions can be obtained even on a reverse bed slope with or without floating termini. The proposed calving criteria also allowcalving losses to be linked to surface melt and therefore climate. In contrast to previous studies in whichcalving rate or position of the terminus is linked to local water depth, the new calving criterion is able toproduce seasonal cycles of retreat and advance as observed for Greenland marine outlet glaciers. Thecontrasting dynamical behaviour and stability found for different calving models suggests that a realisticparameterization for the process of calving is crucial for any predictions of marine outlet glacier change.last_img read more

Bathymetry and geological setting of the South Sandwich Islands volcanic arc

first_imgThe South Sandwich Islands and associated seamounts constitute the volcanic arc of an active subduction system situated in the South Atlantic. We introduce a map of the bathymetry and geological setting of the South Sandwich Islands and the associated East Scotia Ridge back-arc spreading centre that consists of two sides: side 1, a regional overview of the volcanic arc, trench and back-arc, and side 2, detailed maps of the individual islands. Side 1 displays the bathymetry at scale 1:750 000 of the intra-oceanic, largely submarine South Sandwich arc, the back-arc system and other tectonic boundaries of the subduction system. Satellite images of the islands on side 2 are at scales of 1:50 000 and 1:25 000 with contours and main volcanological features indicated. These maps are the first detailed topological and bathymetric maps of the area. The islands are entirely volcanic in origin, and most have been volcanically or fumarolically active in historic times. Many of the islands are ice-covered, and the map forms a baseline for future glaciological changes caused by volcanic activities and climate change. The back-arc spreading centre consists of nine segments, most of which have rift-like morphologieslast_img read more

River Cats Drop Bees

first_imgApril 19, 2018 /Sports News – Local River Cats Drop Bees Written by Tags: Baseball/PCL/Salt Lake Bees FacebookTwitterLinkedInEmail(Salt Lake City, UT)  —  The Bees allowed five runs over the sixth and seventh innings in a 5-3 loss to the River Cats at Smith’s Ballpark.Ivan Pineyro tossed four innings of three-run ball in relief to take the loss.  Jabari Blash plated two runs in defeat. Robert Lovelllast_img

Scoreboard roundup — 7/21/18

first_imgJuly 22, 2018 /Sports News – National Scoreboard roundup — 7/21/18 Written by FacebookTwitterLinkedInEmailiStock/Thinkstock(NEW YORK) — Here are the scores from Saturday’s sports events:INTERLEAGUEN.Y. Yankees 7, N.Y. Mets 6Miami 3, Tampa Bay 2Oakland 4, San Francisco 3, 11 InningsAMERICAN LEAGUEToronto 4, Baltimore 1Detroit 5, Boston 0Kansas City, 4 Minnesota 2Houston 7, L.A. Angels 0Cleveland 16, Texas 3Chicago White Sox 5, Seattle 0NATIONAL LEAGUEChicago Cubs 7, St. Louis 2Milwaukee 4, L.A. Dodgers 2Pittsburgh 6, Cincinnati 2St. Louis 6, Chicago Cubs 3Colorado 6, Arizona 5Atlanta at Washington 7:05 p.m., postponedSan Diego at Philadelphia 7:05 p.m., postponedWOMEN’S NATIONAL BASKETBALL ASSOCIATIONWashington 95, N.Y. Liberty 78Minnesota 80, Phoenix 75Copyright © 2018, ABC Radio. All rights reserved.center_img Beau Lundlast_img read more

Weber State Football Moves Up To Third in FCS STATS Poll

first_img FacebookTwitterLinkedInEmailOGDEN, Utah-Monday, Weber State football moved up to third in the FCS STATS poll after downing Sacramento State 26-14 Saturday at Stewart Stadium.This is the highest ranking in school history.The Wildcats, headed into Saturday’s game at Southern Utah at Eccles Coliseum in Cedar City, are 7-2 overall and 5-1 in Big Sky Conference play.Weber State has now won four straight games.The Wildcats also moved up to fourth in the AFCA Coaches poll.Weber State will conclude the season November 17 at Idaho State after which they will learn their postseason fate during the FCS Playoffs Selection Show November 18. Written by Brad James November 5, 2018 /Sports News – Local Weber State Football Moves Up To Third in FCS STATS Poll Tags: AFCA Coaches Poll/FCS Playoffs Selection Show/FCS STATS Poll/Idaho State/Southern Utah/Weber State Footballlast_img read more