Apr 3, 2017

Pyrex maker (finally) finds a buyer

Cornell Capital has acquired World Kitchen, a Rosemont, Ill.-based maker of housewares under the Pyrex and CorningWare brands. No financial terms were disclosed, but the FT reports a purchase price north of $500 million and that Cornell will use World Kitchen as an acquisition platform with an eye on expanding further into the Asia housewares market.

Why it's a big deal: Because this is a company that just refuses to die. World Kitchen originally became independent as a byproduct of the 1990s asbestos litigation against former parent company Corning, agreeing to be acquired by KKR in 1998. That deal was a bust, however, with World Kitchen filing for Chapter 11 bankruptcy six years later. Creditors like Oaktree Capital Management have been in control ever since, and last April agreed to sell the company to Brazil's GP Investimentos for $566 million ― but GP scrapped the deal in November.

Bottom line: "Although far from the multibillion-dollar transactions that are the focus of the big listed buyout groups the purchase shows that even seemingly boring brands can offer great potential. For example, despite changing times, Pyrex is at present the most popular product on department store Macy's bridal registry." ― Financial Times

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SoftBank to cut its stake to get T-Mobile's Sprint deal done

Illustration: Rebecca Zisser/Axios

T-Mobile and Sprint announced a revised merger agreement that will see SoftBank getting a smaller share of the combined company, while most shareholders will receive the previously agreed upon exchange rate. The companies said they hope to get the deal as early as April 1.

Why it matters: The amended deal reflects the decline in Sprint's business, while leaving most shareholders' stake intact and removing another hurdle to the deal's closure.

Trump indulges Wall Street with Milken pardon

Photo Illustration: Sarah Grillo/Axios. Photo: Chris Graythen/Getty Images

Donald Trump loves Wall Street shenanigans. Companies owned by him have declared bankruptcy six different times, and he was once sued alongside Mike Milken for participating in a scheme to artificially inflate junk-bond prices.

Driving the news: Trump pardoned Milken this week, with an official statement positively gushing over Milken's role in developing the wilder side of fixed-income capital markets.