Why B. Riley Stock Is Climbing Today
Portfolio Pulse from Erica Kollmann
B. Riley Financial, Inc. (NASDAQ:RILY) shares are rising after announcing the sale of its appraisal and valuations unit, Great American, to Oaktree Capital Management for $386 million. The deal is expected to close in Q4 2024, with B. Riley receiving cash and equity in the new entity.
October 14, 2024 | 2:45 pm
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B. Riley Financial's stock is climbing due to the announced sale of its appraisal unit to Oaktree Capital for $386 million. The deal involves cash and equity, expected to close in Q4 2024.
The announcement of the sale to Oaktree Capital is a significant event for B. Riley, providing a cash influx and equity stake in the new entity. This strategic move is likely viewed positively by investors, leading to a short-term price increase.
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