Mergers and acquisitions

MBS's sovereign wealth fund could buy Newcastle United

Newcastle United players during a training session
Newcastle players during a training session. Photo: Serena Taylor/Newcastle United via Getty Images

An investment fund controlled by Saudi Crown Prince Mohammed bin Salman is in talks to buy U.K. Premier League soccer team Newcastle United F.C. for around $445 million.

Why it matters: MBS has been working to diversify Saudi Arabia's investments, with a focus on sports and entertainment. The sale could give Newcastle a fresh infusion of cash for fresh talent and renovated facilities, the Wall Street Journal writes.

Hilco Redevelopment Partners to pay $240 million for Philadelphia Energy Solutions

Philadelphia Energy Solutions fuel tank
Photo: Getty Images

Hilco Redevelopment Partners will pay $240 million to buy Philadelphia Energy Solutions, a 5,000 acre oil refinery property in South Philadelphia, per bankruptcy court documents.

Why it matters: PES was the East Coast's oldest and largest oil refinery, before being partially destroyed by a fire and explosions last year. There had been hopes that this sale process would find a buyer interested in rebuilding and restarting the plant, which had employed around 1,000 people, but Hilco says it has no plans to do so.