The Milwaukee Bucks will be sold to Avenue Capital Management’s Marc Lasry and Fortress Investment Group LLC co-founder Wesley Edens for about $550 million, while the city will get $200 million to help fund a new arena.
Johnson Controls Inc., seeking to reduce its reliance on the cyclical auto industry, agreed to acquire Canada Pension Plan Investment Board’s Air Distribution Technologies for $1.6 billion to add ventilation products.
Detroit’s proposed 74 cent recovery rate on general-obligation debt, almost five times more than its last offer, has sent yields to the lowest in 10 months and signals a broader rally in local government securities.
Vincent Viola, whose high-frequency trading firm plans to raise millions of dollars in an initial public offering next month, is seeking tax dollars to help cover the bills for the Florida Panthers hockey team he bought six months ago.
U.S. stocks sank, extending the Standard & Poor’s 500 Index’s worst two-day drop since June, amid disappointing results at JPMorgan Chase & Co. and signs hedge funds were dumping the bull market’s best performers.
In Milwaukee, 54 percent of the population rents and the remaining 46 percent are homeowners. And in the past year the Milwaukee real estate market has seen an 1.2 percent increase in value, with a median sales price of $110,600, according to Zillow.