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Raleigh Triangle Local and Business News

  • Google buys music-streaming startup Songza (officially)

    Google officially agreed to buy music-streaming curation app Songza Inc. after reports of the acquisition first surfaced in June.

    Financial details surrounding the deal were not disclosed, although the purchase was pegged at $15 million last month. Songza CEO Elias Roman told The Wall Street Journal that his 40-person team will be incorporated into Mountain View-based Google Inc.

    Google told the Journal it may incorporate Songza’s technology into its current music app, Google Play All Access…

  • Furiex shareholders approve Forest Labs' $1B buy

    Shareholders of Morrisville-based Furiex Pharmaceuticals (Nasdaq: FURX) have officially OK’d Forest Laboratories $1.4-billion buy of the company.

    By a vote of 8,636,934 to 13,949, stockholders approved the deal.

    The merger, announced in April, also snagged clearance from the Ukrainian Antimonopoly Committee – one of the final hurdles before the deal can close. Technically, Furiex will be acquired by Irish pharma Actavis (NYSE: ACT) which, as of Tuesday, has officially closed on its own acquisition…

  • Continental Realty buys Six Forks Road retail center for $6M

    A Baltimore real estate company has swooped in to buy the floundering Creekside Crossing retail center at the corner of Six Forks and Wake Forest Roads in Raleigh.

    Continental Realty Corp. paid $6.3 million for the center that, according to deed records, had been under bank ownership since 2012 when Wells Fargo foreclosed on the property.

    But compare that to a property tax value of $13.7 million for Creekside Crossing, which is what the tax appraisers thought it was worth in 2008 when the last…

  • Raleigh's Hatteras Funds acquired by New York's RCS Capital

    New York’s RCS Capital Corporation (NYSE: RCAP) acquired”substantially all” of the assets of Hatteras Funds, a Raleigh investment group.

    Hatteras is a boutique investment firm founded in 2003 that manages $2.7 billion in “alternative investment strategies for a broad range of institutions, endowments, pensions and high-net-worth individuals,” according to the group.

    It should not be confused with Hatteras Venture Partners, the Durham-based life sciences investment group that includes Clay…

  • Housing costs burden more than a third of Durham-Chapel Hill households

    Nearly 35 percent of Durham-Chapel Hill households are cost burdened, meaning they spend more than 30 percent of their income on housing, according to Harvard’s recently released national housing report.

    The report says about 17 percent of those households are severely burdened; they spend more than half of their income on housing.

    Durham-Chapel Hill’s market aligns with the rest of the country. Based on the most recent data, about 40.9 million American households (35.3 percent) are cost burdened,…