Fintech PR
B. Riley Financial to Establish Partnership with Oaktree in the Great American Group Businesses
LOS ANGELES, Oct. 16, 2024 /PRNewswire/ — B. Riley Financial, Inc. (Nasdaq: RILY) (“B. Riley” and the “Company”), a diversified financial services platform, and funds managed by Oaktree Capital Management, L.P. (“Oaktree”), have signed a definitive agreement (the “Agreement”) to establish a partnership in Great American Holdings, LLC, a newly formed holding company (“Great American NewCo”).
Prior to the closing of the transactions contemplated by the Agreement, B. Riley will undertake a pre-closing internal reorganization and will contribute all of the interests in B. Riley’s Appraisal and Valuation Services, Retail, Wholesale & Industrial Solutions including the European Business, GA Europe, and Real Estate businesses (collectively known as the “Great American Group”) to Great American NewCo.
At the closing of the transaction, B. Riley will receive total consideration consisting of approximately $203 million in cash, subject to certain purchase price adjustments, Class B Preferred Units of Great American NewCo with an initial aggregate liquidation preference of approximately $183 million, and Class A Common Units of NewCo representing approximately 47% of the total outstanding common units. Oaktree will acquire Class A Preferred Units of Great American NewCo with an initial liquidation preference of approximately $203 million, as well as Class A Common Units representing approximately 53% of the aggregate amount of the issued and outstanding Class A Common Units of Great American NewCo, in exchange for cash consideration of approximately $203 million (the “Proposed Transaction”), implying a total enterprise value for the Great American NewCo of $386 million. The transaction has been approved by the Board of Directors of the Company and is subject to the receipt of required regulatory approvals and other customary closing conditions. It is expected to close in the fourth quarter of 2024.
Bryant Riley, Chairman and Co-Chief Executive Officer of B. Riley, said, “I am pleased to be partnering with Oaktree given its stellar track record and reputation as one of the world’s leading asset managers. We believe Oaktree’s scale and expertise in alternative investments and their strength as a capital provider, combined with the Great American Group’s leading position as a provider of asset disposition, financial advisory and real estate services, will prove complementary as we join forces to deliver financial products and services to better serve our clients.”
Mr. Riley continued, “As we communicated last month, this transaction is an important step in our plan to reduce our debt while reinvesting in our core financial services businesses. We are very excited about this new partnership we established with Oaktree in the Great American Group as it will enable meaningful debt reduction while retaining significant equity upside in the business with a highly capable new partner that will increase its future growth prospects.”
“Great American offers an exciting investment opportunity for Oaktree in a leading valuation appraisal, asset disposition and real estate platform. We are eager to provide both capital and our extensive operating expertise to support the future growth of the business,” said Nick Basso, Managing Director at Oaktree.
“As an experienced capital provider to the financial services sector, we are thrilled to partner with B. Riley and Great American’s talented leadership team. We look forward to bringing our resources and relationships to support Great American’s growth as an independent platform,” said Thomas Casarella, Managing Director at Oaktree.
Advisors
Moelis & Company LLC served as the exclusive financial advisor to B. Riley, and Sullivan & Cromwell LLP served as legal advisor to B. Riley. Wachtell, Lipton, Rosen & Katz served as legal advisor to Oaktree.
About B. Riley Financial
B. Riley Financial is a diversified financial services platform that delivers tailored solutions to meet the strategic, operational, and capital needs of its clients and partners. B. Riley leverages cross-platform expertise to provide clients with full service, collaborative solutions at every stage of the business life cycle. Through its affiliated subsidiaries, B. Riley provides end-to-end financial services across investment banking, institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, operations management, risk and compliance, due diligence, forensic accounting, litigation support, appraisal and valuation, auction, and liquidation services. B. Riley opportunistically invests to benefit its shareholders, and certain affiliates originate and underwrite senior secured loans for asset-rich companies. B. Riley refers to B. Riley Financial, Inc. and/or one or more of its subsidiaries or affiliates. For more information, please visit www.brileyfin.com.
About Oaktree
Oaktree is a leader among global investment managers specializing in alternative investments, with $193 billion in assets under management as of June 30, 2024. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real estate and listed equities. The firm has over 1,200 employees and offices in 23 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s performance or achievements to be materially different from any expected future results, performance, or achievements. Forward-looking statements speak only as of the date they are made and the Company assumes no duty to update forward looking statements, except as required by law. Actual future results, performance or achievements may differ materially from historical results or those anticipated depending on a variety of factors, some of which are beyond the control of the Company, including, but not limited to, the occurrence of any event, change or other circumstances that could give rise to the termination of the Agreement; the inability to consummate the transactions contemplated therein or the failure to satisfy other conditions to completion of the Proposed Transaction; potential litigation relating to the Proposed Transaction that could be instituted in connection with the Agreement; and the risk that the Proposed Transaction will not be consummated in a timely manner, if at all. In addition to these factors, we encourage you to review the “Risk Factors” set forth in B. Riley’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and other filings with the United States Securities and Exchange Commission, which identify important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements in this communication.
Contacts
B. Riley
Investors
[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/b-riley-financial-to-establish-partnership-with-oaktree-in-the-great-american-group-businesses-302277099.html
Fintech PR
CGTN: Hainan’s Message to the World: CGTN’s Exclusive Interview with Governor Liu Xiaoming
BEIJING, March 11, 2025 /PRNewswire/ — A Historic Milestone for Hainan
The Hainan Free Trade Port (Hainan FTP) is approaching a historic milestone with the implementation of independent customs operations, a key objective outlined in the Master Plan for Building the Hainan Free Trade Port. This achievement marks a fundamental and symbolic step in Hainan’s ongoing development, as the initiative has been written into the provincial government work report for seven consecutive years. Chinese President Xi Jinping has emphasized the importance of this initiative, stressing the need for a smooth, orderly, and risk-free transition.
In an exclusive interview with CGTN’s Liu Xin, Mr. Liu Xiaoming, Governor of the Hainan Province, confirmed that preparations are well underway to ensure a smooth and successful transition before the end of the year.
Contrary to misconceptions about isolation, the customs framework follows a “front line open, second line controlled, and free movement within” model. This structure facilitates international trade while maintaining necessary regulatory oversight between Hainan and the mainland.
“Progress has been smooth, with five major systems – policy, infrastructure, risk control, industry, and organizational support – gradually taking shape,” said Mr. Liu. “We are ready.”
A Business Environment Open to the World
Beyond customs operations, Hainan is committed to enhancing its business environment, recognizing it as a “golden ticket” to success. Efforts have been made to develop a market-oriented, law-based, and globalized business environment. Hainan has taken a national lead in streamlining government services, introducing a one-stop enterprise service platform with smart policy matching, credit repair, and regulatory support. Foreign enterprises registered in Hainan enjoy equal access to these services.
Addressing concerns about foreign investors’ experiences in Hainan, Liu Xiaoming emphasized the importance of improving internet access and payment convenience. Policies have been implemented to facilitate smoother transactions and daily life for foreign businesses and residents.
Strategic Industries Driving Growth
The province has focused on four key industries: tourism, modern services, high-tech industries, and tropical agriculture. The combined share of these sectors in Hainan’s economy has increased from 52.4% in 2018 to 67% in 2023. Additionally, Hainan has embraced five strategic directions: agriculture, maritime, aerospace, green development, and the digital economy.
Maritime development, in particular, stands out as a priority. “Harnessing the power of the ocean” is a key initiative for Hainan, which oversees about 2 million square kilometers of ocean, mostly deep sea. With nearly 1,000 enterprises and research institutions already engaged in deep-sea technology and marine industries, Hainan’s maritime economy has maintained double-digit growth, contributing to over one-third of the province’s GDP. Plans are underway to further expand deep-sea energy, high-end equipment manufacturing, offshore aquaculture, marine biomedicine, and maritime tourism. “Our goal is to create a ‘new Hainan on the sea’ within the next decade,” Liu Xiaoming stated.
Leading the Way in Green Development
In addition to economic development, environmental sustainability remains a top priority. Hainan is recognized as having the best ecological environment in China.
A prime example of Hainan’s green initiatives is the Bo’ao near-zero carbon demonstration zone. Through energy-efficient building renovations, renewable energy replacements, and agro-photovoltaic systems, carbon emissions on Dongyu Island, a permanent site for the Bo’ao Forum for Asia, have been reduced by 96.2%. The German Energy Agency has certified this as China’s first regional near-zero carbon demonstration zone.
With independent customs operations on the horizon, ever-improving business environment, strategic industrial development, and firm ecological commitments, Hainan is poised to become a global leader in trade, innovation, and sustainability. The Free Trade Port’s future promises dynamic growth and increased international engagement, ensuring that its development aligns with both national goals and global economic trends.
Video – https://www.youtube.com/watch?v=OjUOwbyLbJY
View original content:https://www.prnewswire.co.uk/news-releases/cgtn-hainans-message-to-the-world-cgtns-exclusive-interview-with-governor-liu-xiaoming-302397957.html
NICOSIA, Cyprus, March 11, 2025 /PRNewswire/ — Global iGaming platform BC.GAME has announced plans to expand upon its first esports team led by a quintet of world-class players. The BC.GAME ESPORTS team will compete on the global stage in 2025 against the world’s best CS2 players and be complemented by the formation of new BC.GAME teams.
The creation of BC.GAME ESPORTS in 2024 has expanded the BC.GAME brand and spotlighted the platform’s innovative iGaming offerings. In the process, it’s raising the profile of the five acclaimed CS2 players who will compete for top prizes in major tournaments in 2025 and beyond.
Tactical FPS game Counter-Strike 2 (CS2) is one of the world’s most popular esports games, attracting international teams that compete for millions of dollars in prize money. The BC.GAME ESPORTS team is composed of CS2 pros jkaem (Norway), nawwk (Sweden), Cypher (UK), pr1metapz (Germany), and Nexa (Serbia). Their combined skill and experience have equipped the team to challenge for prizes on the CS2 circuit.
Since forming in 2024, BC.GAME ESPORTS has already secured the Euproleague S17 Championship, United21 S23 Championship, and qualified for IEM Dallas 2025, making a bold statement on the international stage. At the IEM Dallas 2025 Europe Closed Qualifier, BC.GAME ESPORTS’ jkaem ranked second in player ratings (1.43), showcasing the team’s exceptional form.
30-year-old jkaem, who serves as team Rifler, boasts over 190,000 followers and a CS2 K/D (kill/death) ratio of 1.23. Four team members have a positive K/D ratio, with their credentials burnished by their coronation as Euproleague Season 17 Champions.
The early success of the BC.GAME ESPORTS team lays a strong foundation for further tournaments in 2025 while supporting BC.GAME’s broader goals of integrating crypto and esports. Through mainstreaming decentralized gaming economies, BC.GAME aims to unlock new experiences for players and fans alike.
While supporting its core CS2 team as the year progresses, BC.GAME ESPORTS plans to expand into more esports titles and collaborate with global teams and tournament organizers. In doing so, it aims to establish itself as the most influential esports brand in the Web3 era.
About BC.GAME ESPORTS
Founded in 2024, BC.GAME ESPORTS is an esports organization committed to global brand development and building authentic connections with the gaming community. Its CS2 team, formed of five of the world’s best Counter-Strike 2 players, has already enjoyed early tournament success. As BC.GAME ESPORTS expands into other esports, its founding team will be complemented by additional players that will challenge for top prizes while inspiring a new generation of gamers.
Learn more: BC.GAME ESPORTS
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View original content:https://www.prnewswire.co.uk/news-releases/bcgame-team-compete-for-top-prizes-as-bcgame-esports-expands-its-line-up-302397808.html
Fintech PR
Alibaba’s Accio Hits 1 Million Users, Unveiling New AI Features to Empower SMEs in Global Trade
Leveraging Reasoning models to Simplify Market Entry and Global Sourcing for SMEs
HANGZHOU, China, March 11, 2025 /PRNewswire/ — Alibaba International Digital Commerce Group (“Alibaba International”) announced today that its artificial intelligence (AI)-driven business-to-business (B2B) search engine, Accio, has surpassed 1 million users within five months of launch. To further empower small and medium-sized enterprises (SMEs), two new features—Business Research and Deep Search—are now available, offering AI-driven solutions for market entry and global sourcing.
Recent AI Momentum at Alibaba
Accio is an AI-native application designed to simplify global trade for SMEs. Built on Alibaba’s foundational technologies—including the Qwen large language model available as open-source—Accio leverages reasoning models fine-tuned with real industry data across the internet. These models power Accio’s multilingual capabilities and ability to generate precise market insights and actionable sourcing strategies.
“Reaching 1 million users is just the beginning. Our goal is to consistently refine our toolkit, enabling SMEs to seamlessly integrate AI functionalities into their workflows,” said Kuo Zhang, President of Alibaba.com, a leading platform for global B2B e-commerce and a business unit of Alibaba International. “With the enhanced Accio, anyone can now turn vague product ideas into actionable plans in minutes, not months. Everyone can get a shot at becoming an entrepreneur.”
Business Research: From Insights to Execution
Accio’s Business Research streamlines market analysis by automating labor-intensive tasks like data collection and trend tracking. Instead of juggling scattered reports, users input broad goals—such as launching a product in a new region—and receive structured, real-time reports on consumer demand, pricing trends and competitive landscapes. The tool identifies high-potential niches, and even generates ready-to-use business plans with cost estimates and supplier recommendations. This allows SMEs to act swiftly on opportunities without months of groundwork.
Deep Search: Precision Sourcing, Simplified
Deep Search tackles the complexities of global sourcing by adapting to intricate requirements—whether technical specs, certifications or budget constraints. If a query yields few results, it will intelligently refine searches using synonyms or industry terms, mimicking procurement experts. The feature also vets suppliers for compliance and reliability, delivering AI-curated shortlists in minutes. By translating decades of Alibaba’s trade data into an intuitive interface, it empowers newcomers to source like seasoned professionals.
Revamping Global Trade with AI
A recent Alibaba.com survey of over 4,000 sourcing decision-makers across the US, UK, Germany and France revealed that nearly 64% plan to integrate AI into their sourcing strategies by 2025. Their top motivations include long-term business growth, efficiency improvements and cost reductions.
With global trade projected to exceed $33 trillion in 2024[1], businesses are increasingly adopting advanced technologies to stay competitive. Tools like Accio address this need by simplifying AI adoption.
Alibaba.com is also undergoing a comprehensive upgrade to incorporate Accio’s capabilities, empowering its 50 million SME buyers and sellers to identify business opportunities and connect with trustworthy suppliers.
To try the new product, please visit: Accio.ai or Accio.com
# # #
About Alibaba International
Alibaba International Digital Commerce Group (Alibaba International) is dedicated to supporting the development of global digital trade with AI-powered technology. It operates various platforms with distinctive business models, covering multiple countries and regions around the world.
Media Contact
Lingnan Cui
Alibaba International
[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/alibabas-accio-hits-1-million-users-unveiling-new-ai-features-to-empower-smes-in-global-trade-302397145.html
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