Wilmington-based WSFS Financial Corp. announced it will acquire Philadelphia-based Beneficial Bancorp for $1.5 billion in a transaction expected to close at the beginning of next year. WSFS plans to reinvest $32 million into the combined institution which will have a total of $13 billion in assets. Read more at the Philadelphia Business Journal.
A new study from COMMERCIAL Café ranks Philadelphia as the 26th on its list of the 40 most sustainably-powered city in the country. The list is based on data from the Census Bureau, U.S. Energy Information Administration and the Carbon Disclosure Project on sustainable urban planning, power generation, transportation, water and sanitation, and waste management. Read more at Philly Voice.
Samsung Electronics announced plans to spend $22 billion to invest in autonomous driving, the Internet of Things (IoT) and robotics businesses. The funds will go towards hiring artificial intelligence researchers in 1,000 artificial intelligence centers worldwide as well as investing in the company’s biopharmaceutical arm. Read more at The New York Post.
Starwood Property Trust Inc. has entered into an agreement to acquire a General Electric Co. energy-finance business for $2.56 billion. The GE portfolio includes $2.1 billion of 51 loans and $400 million of unfunded commitments. Read more at Yahoo Finance.
The New York Times added 109,000 digital-only subscribers in the second quarter of the year for a total of 2.9 million out of 3.8 million subscribers total. The publication’s revenue increased 20 percent during the same time period to $99 million. Read more at The New York Times.