SoFi to buy Technisys, Volkswagen considering IPO for Porsche, AT&T shuts down 3G network

Yahoo Finance's Julie Hyman breaks down today's trending business headlines, involving SoFi, Technisys, Volkswagen, Porsche, and AT&T.

Video transcript

JULIE HYMAN: SoFi said today it is buying cloud-based banking platform Technisys. It's an all-stock deal valued around $1.1 billion. And it's SoFi's largest thus far as it expands its fintech capabilities. Under this deal, Technisys's shareholders will get 84 million SoFi shares. That's less than 10% of its share count. The deal expected to close in the second quarter. SoFi shares are trading off by about 4% on the announcement.

Meantime, Volkswagen, along with Ferdinand Porsche's family announced today they're in talks to take Porsche public. The car manufacturer said it worked out a framework with Porsche that still needs approval by both companies. An IPO would provide Volkswagen with extra income to pursue its push into electric vehicles and self-driving cars. Those shares in US trading are up by about 5%.

And AT&T is shutting down its 3G network today. That means older smartphones and devices that ran on the network will no longer work. Verizon first launched 3G in 2002 at a time when Blackberries were the top smartphones and iPhones were still in the distant future. And if you still own a 3G phone or a phone that doesn't support HD phone calls, it will no longer make or receive calls.

Outside of cell phones, though, the shutdown could affect a lot of other devices-- e-readers, vehicles' SOS systems, home alarms, medical alert devices, other older tech that relies on the network. T-Mobile and Verizon have yet to take down their 3G networks. Sprint's will be decommissioned on March 31st, T-Mobile's on July 1st, and Verizon plans to take down its 3G at the end of the year, December 31st. Sozz.