Israel’s Babylon announced Monday that its proposed merger with software application firm ironSource would be cancelled indefinitely following weaker third quarter profits.
Following the news, Google said it would not renew its partnership with Babylon; Google’s backing out is more bad news for Babylon, as Google made up about 43 percent of the company’s revenue.
Babylon shares rose Monday, however, following Yahoo’s announcement that it would not cancel a cooperation agreement.
Babylon was looking to double its market capitalization through the merger with ironSource, also based in Israel.
According to Babylon, the company’s failed merger did not account for Google’s decision to not renew their partnership contract, which expires at the end of the month.
Full Content: Wall Street Journal
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Google and South Carolina Clash Over State Records Demand
May 8, 2024 by
CPI
Telefonica Germany Teams Up with Amazon Web Services to Migrate 5G Customers
May 8, 2024 by
CPI
Federal Judge Grants $7.4 Million Settlement in Pork Price-Fixing Case
May 8, 2024 by
CPI
Wilson Sonsini Bolsters Antitrust and Competition Practice with Key Partner Returns
May 8, 2024 by
CPI
EU to Scrutinize Telecom Italia’s Network Sale to KKR
May 8, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI