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We believe that Azure Solutions will allow us to continue to enhance our existing creative solutions, prioritizing ad creatives with predicted higher return on investment. Given the pending acquisition of Teads, we currently do not intend to resume repurchasing shares. We also focus on deploying AI into our internal processes.
We have the plan, Frontier acquisition. It's going to take time until that's come into fruition because it's hanging on another acquisition. We will, as we have closed the Frontier acquisition, have more than 30 million passings -- fiber passing. And that includes investments in our network infrastructure.
Record volumes, strong financial performance, and the closing of the Magellan acquisition solidified 2023 as a year of significant growth and transformation for ONEOK. This commitment will continue to create value for our investors and support ONEOK's position as one of the midstream leaders of return on invested capital.
But before turning to our outlook, I wanted to briefly touch on our acquisition of Mint Mobile and Ultra on May 1. From a financial perspective, the acquisition resulted in a onetime prepaid base adjustment of approximately 3.5 Cable town with a K, would say this confirms the questionable return on investment.
Our merger synergies are expected to be approximately 7.5 Now, with the merger integration now substantially behind us, we will discontinue reporting synergies separately from overall business results going forward. And we now expect cash merger-related costs of 1.7 billion, which includes payments for merger-related costs.
This helps dilute fixed costs, particularly as we have excess logistics capacity while capital intensity is very low, which implies a very healthy return on invested capital. So firstly, I would say that the main news in the sector was the potential merger between BHP and Anglo American. It could be interesting for us?
You've got mergers. We certainly take a view, a longer-term view when we're planning in terms of our returns on invested capital. They're between merger -- potential mergers and acquisitions and issues with aircraft deliveries, the geared turbofan, I don't know in my 36 years in the industry.
And once someone's made that conversion, I believe we earn the right to even help them, achieve greater return on investment by with these other products. So, I even see us being more the benefactor of mergers as we move into the future, which oftentimes it was a wash or the larger company buys the smaller company. It's stable.
And with more than 20 years of finance and leadership expertise, Heena brings a breadth of experience across different facets of global finance, accounting, and mergers and acquisitions. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
The second main takeaway is that unlike many in our industry, 3D systems continue to deliver organic growth, not simply through acquisition. However, what's more eye opening for us is the market that the average return on investment for a new drug is just 1.2%. You got my full support on this, the merger stuff.
“Despite significant declines in global equity and fixed income markets during our fiscal year, our investment portfolio remained resilient, delivering stable returns while outperforming major indexes.” The positive fiscal-year results reflect returns on investments in infrastructure and certain U.S. and the U.S.
RITHOLTZ: Was this a distressed acquisition or — RIEDER: It was. But then over the years, you know, through an acquisition or their merger with Merrill Lynch Investment Management, all of a sudden became a big equity house. RIEDER: — to the investment grade market. I’m sorry, Larry and Rob?
Our return on invested capital of 13% is in the upper half of the S&P 500 and double the rest of the industry. We also saw an acceleration in co-brand trends with American Express remuneration of really -- of nearly 2 billion during the quarter, up 14% year over year on a broad-based acceleration in card spend and acquisitions.
During this conference call, management will make forward-looking statements based on current expectations and assumptions, including statements regarding our business outlook and prospects and our recently complete acquisition of Teads. On February 3rd, we closed our acquisition of Teads. With that, let me turn the call over to David.
This is just one of the reasons why we recommend you partner with an M&A (mergers and acquisitions) advisor to sell your business. Theyll pay a premium price when there are synergies to be gained by an acquisition. Synergy Potential Identify synergies and offer a competitive acquisition price.
This outlook does not include transaction and advisory costs incurred in connection with the acquisition of Stericycle nor post-closing financial contributions related to the planned acquisition of Stericycle. During the quarter, Stericycle shareholders approved the merger agreement.
Market Intelligence revenue increased 5% in the fourth quarter or 6% excluding acquisitions and divestitures, with positive revenue growth in every business line. Advisory & Transactional Services revenue grew by 27%, or 18% when excluding the impact from the World Hydrogen Leaders acquisition. Turning to our divisions.
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