Streetbeat News

Acquisitions Mergers

PSN

Parsons Corporation has agreed to acquire BCC Engineering, LLC for $230 million in an all-cash transaction. BCC, a full-service engineering firm, will be integrated into Parsons' North America Infrastructure business unit. The acquisition aligns with Parsons' strategy of acquiring high-growth companies and is expected to be accretive to revenue growth and adjusted EBITDA margins.

Portfolio Pulse from Benzinga Newsdesk

October 21, 2024 | 10:31 am

IVCA

Investcorp AI Acquisition Corp. (NASDAQ:IVCA) is set to merge with Bigtincan Holdings Limited, creating a new Nasdaq-listed entity, Bigtincan Limited, valued at $275 million. The deal involves a mix of equity and cash options for Bigtincan shareholders and aims to raise additional funds through PIPE and debt financing.

Portfolio Pulse from Benzinga Newsdesk

October 21, 2024 | 10:14 am

AUB

SASR

Atlantic Union Bankshares Corporation (NYSE:AUB) is set to acquire Sandy Spring Bancorp (NASDAQ:SASR) in a $1.6 billion all-stock merger, creating the largest regional bank in the lower Mid-Atlantic. The merger will enhance their presence in Northern Virginia and Maryland, with combined assets of $39.2 billion.

Portfolio Pulse from Benzinga Newsdesk

October 21, 2024 | 10:05 am

ROAD

Construction Partners, Inc. (CPI) has agreed to acquire Asphalt Inc., LLC, known as Lone Star Paving, for $654 million in cash and 3 million shares of Class A Common Stock. This acquisition is expected to be immediately accretive to earnings and contribute significantly to CPI's revenue and EBITDA by fiscal 2025. The transaction is anticipated to close in the first quarter of CPI's 2025 fiscal year.

Portfolio Pulse from Benzinga Newsdesk

October 21, 2024 | 10:05 am

AXP

UBS

American Express (AXP) is set to become the sole owner of Swisscard as UBS (UBS) sells its 50% stake. This move aligns with UBS's strategy post-Credit Suisse acquisition. Despite mixed Q3 results, American Express shows potential for future performance improvements.

Portfolio Pulse from Benzinga Neuro

October 21, 2024 | 8:10 am

BA

Emirates SkyCargo has ordered five additional Boeing 777 Freighters, expanding its fleet to meet growing global demand. This order increases Emirates' total Boeing widebody orders to 249, including 14 777 Freighters. The expansion reflects Dubai's rising status as a logistics hub.

Portfolio Pulse from Benzinga Newsdesk

October 21, 2024 | 7:19 am

ZION

Zions Bancorporation (NASDAQ:ZION) is set to release its Q3 earnings on Oct. 21, with expectations of $1.17 EPS and $778.86 million in revenue. Recent analyst actions include price target cuts and rating changes, reflecting cautious sentiment. Zions' shares recently closed at $51.25.

Portfolio Pulse from Avi Kapoor

October 21, 2024 | 6:51 am

MDLZ

JAB has acquired Mondelez's 86 million shares in JDE Peet's for €25.10 per share, increasing JDE Peet's free float by distributing shares to over 70 limited partners of JAB Consumer Partners.

Portfolio Pulse from Benzinga Newsdesk

October 21, 2024 | 6:43 am

CI

LOGI

NUE

PSA

SAP

Investors are focusing on several stocks as U.S. stock futures trade mixed. SAP, Nucor, and Logitech are expected to report earnings, while Public Storage announced a new COO. Cigna's shares fell due to resumed merger talks with Humana.

Portfolio Pulse from Avi Kapoor

October 21, 2024 | 6:11 am

SNY

Sanofi and CD&R have entered exclusive talks to transfer a 50% controlling stake in Opella, with Sanofi retaining a significant share. This move aims to enhance Opella's consumer healthcare journey while allowing Sanofi to focus on its biopharma operations. Sanofi has also upgraded its 2024 business EPS guidance.

Portfolio Pulse from Benzinga Newsdesk

October 21, 2024 | 5:57 am