TPG makes $4.2B purchase; Stockyards to nearly double size; Cook Children's fights back.

Scheduling note: We are celebrating Independence Day all week and 817 Biz will take next week off.🧨

Fort Worth-based TPG Inc. has agreed to acquire German real estate software firm Aareon AG from Aareal Bank AG in a deal valued at $4.2 billion. The deal is expected to close before 2025. Aareon has approximately 2,000 employees and more than 13,000 customers. It had about $440 million in revenue during 2023.

The Oklahoma Supreme Court shut off what would have been the first publicly funded religious charter school in the U.S. by ruling that approval of an application by the Catholic Archdiocese of Oklahoma violates the Establishment Clause, which prohibits government from making any law “respecting an establishment of religion.” The court's ruling says the Oklahoma and U.S. constitutions were violated.

As expected, Fort Worth unanimously approved tax incentives toward a $1-billion project that would nearly double the size of the Fort Worth Stockyards. Included is funding to help build a 1,300-space underground garage near Billy Bob's Texas. Development partner Majestic Realty is expected to build approximately 300,000 square feet of commercial space, approximately 300 units of multi-family housing, and three hotels with at least 500 rooms.  

To keep Ikon Technologies in the city, Arlington was expected to pass a $7-million grant for the makers of software used by car dealerships. The agreement has head count and philanthropic stipulations that Ikon must meet during the next 15 years. The grant would be funded from sales tax revenue.

Cook Children’s today will announce it's taking legal action to stop the Texas Health and Human Services Commission from taking away its long-standing contract for Medicaid STAR and CHIP programs. HHSC’s decision threatens to take the choice of the Health Plan from more than 125,000 families in Tarrant County and surrounding areas.

Metrasens says its advanced detection systems for security and safety applications has been selected by the Fort Worth Independent School District, which is looking to bolster safety measures for graduation ceremonies and extracurricular events.

Wilks Development has entered a leasing partnership with Fort Worth-based The Woodmont Company, a full-service commercial real estate firm specializing in retail leasing nationwide. The collaboration aims to re-invigorate the historic Fort Worth Public Market by leasing spaces to a mix of retail and restaurants.

The Internal Revenue Service plans to deny thousands of improper Employee Retention Credit applications after it analyzed more than 1 million claims in 2023 and found between 60% and 70% showed an unacceptable level of risk. IRS Commissioner Danny Werfeln places the blame on third-party promoters. The IRS will start processing "low-risk" claims this summer; about 10-20% of ERC claims fall into that category. 

La La Land Kind Café has plans to open a location at 5733 Camp Bowie Blvd in Fort Worth. Completion is slated for mid-October, according to a state filing. The Dallas-based coffee chain has been featured in The New York Times and on the “Kelly Clarkson Show” and is known for baristas that say “I love you” when serving your beverage.

Construction of a 79,296-square-foot distribution center in Burleson that will supply franchised locations of Dunkin' across north Texas and 5 other states has begun. National DCP LLC, a Georgia-based supply chain management company, broke ground yesterday on the $25-million distribution center. By third quarter 2025, it is expected to service 73 Dunkin' locations in D-FW and 234 in Texas. 

Sabre Hospitality launched SynXis Concierge.AI, its first deployment of generative AI to transform customer service for hoteliers. Drawing on Sabre’s extensive data resources, Concierge.AI provides immediate, detailed and accurate responses to specific queries.

As Fort Worth nears one million residents, the city is focused on creating a transportation system that serves the many and varied communities. The goal of the M1M Master Transportation Plan will be to unify all of Fort Worth’s transportation-related plans. Attend an open house and give your input.

U.S. District Judge Mark Pittman in Fort Worth ruled that guidance issued by President Biden's administration barring hospitals and other medical providers from using online tracking technologies to monitor users of their websites was unlawful.

Miami International Airport has self-driving wheelchairs. Envoy Air, a subsidiary of American Airlines, uses them to transport about 120 passengers a day between two terminals. Riders choose their desired gate on a touch screen.

To address complaints about the process, Walt Disney Co.'s Florida theme parks will let visitors reserve a space for shorter lines on rides three or seven days ahead. Disney hotel guests will be able to book ride reservations seven days ahead and three days for all others.

According to the Texas Tribune, since Roe v. Wade was overturned June 24, 2022, five women were able to get an abortion, on average, each month in Texas. The state has 30 million residents and used to see about 4,400 abortions a month. Data, which is available through January 2024, shows some months during which no abortions were performed and there hasn't been a month with 10. 

Significant stat: Used EVs are less expensive than their traditional gas counterparts for the first time. Per a report from iSeeCars, used EVs in the U.S. were $2,600+ cheaper on average than equivalent gas vehicles in May. A year earlier, the average used EV was $8,000 more expensive.

 Snippets:

• Are “foolish traders” indirectly funding Grapevine-based GameStop's balance sheet?

• American is the latest airline to freeze pilot training amid industry woes.

• GM Financial Bank withdraws its application for deposit insurance.

• The latest version of LHN (Longhorn Network) streaming service launches July 1.

Announcements:

• City of Bedford: Hires Andrea Roy as City Manager. 

• Texas Business Hall of Fame: Names Edward Crawford, co-founder Coltala Holdings,the winner of the 2024 Greg Armstrong Future Texas Legend Veteran Award. 

• dentsu Media: Adds Cody Faldyn as Group Director, Strategy & Operations, Paid Social.

• Huntington National Bank: Hires Katrina Nunley as Senior National SBA Business Development Officer-VP.