Streetbeat News

Acquisitions Mergers

AMZN

WBA

Amazon.com Inc (NASDAQ:AMZN) shares rose in after-hours trading following its selection to join the Dow Jones Industrial Average (DJIA), replacing Walgreens Boots Alliance Inc (NASDAQ:WBA). This change, effective Feb. 26, aims to better reflect the evolving American economy by increasing consumer retail exposure in the DJIA. The adjustment was influenced by Walmart's 3:1 split announcement, which alters its index weighting. Additionally, Uber will replace JetBlue Airways in the Dow Jones Transportation Average, enhancing exposure to the ride-sharing sector.

Portfolio Pulse from Adam Eckert

February 20, 2024 | 10:40 pm

ENLC

XOM

ExxonMobil, following its acquisition of Denbury, is exploring market-competitive CCS solutions across the Gulf Coast with EnLink Midstream. They are reassessing the Pecan Island Area project, indicating other joint opportunities may take precedence.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 10:08 pm

OXY

WES

Western Midstream Partners (WES) has addressed rumors about a potential sales process, clarifying that it has not initiated any such process nor engaged with bankers or advisors for this purpose. The statement followed news coverage suggesting a sales process and mentioned Occidental Petroleum Corporation's (OXY) interest in divesting assets, though WES did not specify which assets OXY might be considering for divestiture.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 10:04 pm

CLW

GPK

Graphic Packaging Holding Company (GPK) has agreed to sell its Augusta, Georgia bleached paperboard manufacturing facility to Clearwater Paper Corporation (CLW) for approximately $700 million. The sale is based on an Adjusted EBITDA of about $100 million. Both companies see the transaction as aligning with their strategic growth plans, with GPK focusing on its Texarkana facility for future bleached paperboard production. The deal is expected to close in Q2 2024, pending regulatory approvals.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 10:00 pm

CZR

WYNN

Caesars Entertainment, Inc. (NASDAQ:CZR) has announced an agreement to acquire WynnBET's Michigan iGaming operations from Wynn Resorts and extend its iGaming market access rights with the Sault Ste. Marie Tribe of Chippewa Indians. The deal, pending regulatory approvals, includes non-cash considerations and aims to expand Caesars' digital presence in Michigan. Caesars plans to transition WynnBET customers to its platform and launch a new iCasino offering.

Portfolio Pulse from Happy Mohamed

February 20, 2024 | 9:50 pm

MANU

Sir Jim Ratcliffe, through Trawlers Limited, has completed the acquisition of 25% of Manchester United plc's (NYSE:MANU) Class A and Class B shares. The transaction included a tender offer for Class A shares at $33.00 each, with Ratcliffe ultimately investing $200 million for additional shares, raising his total ownership to approximately 27.7% in both share classes. An additional $100 million investment is planned by the end of 2024 to support infrastructure improvements at Old Trafford.

Portfolio Pulse from Happy Mohamed

February 20, 2024 | 9:49 pm

PSN

Parsons Corporation (NYSE:PSN) has been awarded a three-year project management consultancy contract by Soudah Development, a company owned by Saudi Arabia's Public Investment Fund, for the development of Soudah Peaks, a luxury mountain tourism destination. The project aligns with Saudi Arabia's Vision 2030 and Parsons' commitment to environmental integrity and precision in project management.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 9:42 pm

TOL

Toll Brothers has raised its FY24 EPS guidance to $13.25-$13.75, up from $12.23 estimated, following a strong first quarter and the start of the spring selling season. The company also sold a parcel of land for $180.7 million, expecting a pre-tax gain of $175 million in Q2. With over 70,400 lots owned or controlled, Toll Brothers anticipates increasing community count and significant cash flow in FY24, supporting further investment and shareholder returns. FY24 financial guidance includes 10,000 to 10,500 unit deliveries, an average home price of $940,000 to $960,000, and other income of $260 million.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 9:39 pm

RKLB

TRIN

Trinity Capital Inc. (TRIN) has committed $120 million in equipment financing to Rocket Lab USA, Inc. (RKLB), a leading space launch and satellite technology provider. This financing will support Rocket Lab's expansion plans, including additional manufacturing capacity and R&D, following a $515 million contract with the Space Development Agency. Trinity's CEO, Kyle Brown, emphasized the partnership's role in advancing space innovation, while Rocket Lab's CFO, Adam Spice, highlighted the financing's contribution to scaling their launch and space systems businesses.

Portfolio Pulse from Happy Mohamed

February 20, 2024 | 9:29 pm

PHXM

PHAXIAM Therapeutics announced its intention to voluntarily delist its American Depositary Shares (ADSs) from the Nasdaq Capital Market, effective before trading opens on March 11, 2024. The company, listed on Euronext Paris as its primary market, aims to reduce cash utilization and focus financial resources on key development milestones. The delisting from Nasdaq is seen as a strategic move to save resources given PHAXIAM's current development stage. The company will file necessary forms with the SEC to initiate the removal of the ADS listing and deregistration. ADS holders have until May 20, 2024, to surrender their ADSs for the underlying ordinary shares, with The Bank of New York Mellon serving as the depositary.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 9:26 pm