Streetbeat News

Acquisitions Mergers

EDR

Silver Lake, a private equity firm, is reportedly planning to sell off parts of Endeavor Group Holdings, Inc. (EDR) following a takeover. A bid is expected to be delivered in the coming weeks, according to sources cited by Bloomberg.

Portfolio Pulse from Charles Gross

January 19, 2024 | 10:23 am

C

GS

Citigroup (NYSE:C) is undergoing a leadership overhaul and reorganization, with CEO Jane Fraser discussing the changes with managing directors. The bank is eliminating leadership roles in markets, risk, and investment banking, with some positions ending from Feb. 1. Citigroup plans to cut 20,000 jobs over the next two years after a $1.8 billion loss in Q4. The layoffs represent about 8% of its workforce and aim to streamline the bank and improve returns and share price. Meanwhile, Goldman Sachs (NYSE:GS) is hiring new talent for its asset and wealth management divisions, which saw a 23% revenue increase in Q4.

Portfolio Pulse from Benzinga Neuro

January 19, 2024 | 9:03 am

JBT

John Bean Technologies (JBT) has released its preliminary FY23 results, expecting adjusted EPS to exceed its guidance of $4.05 - $4.15, surpassing the consensus of $4.02. Revenue is projected to be between $1.66B and $1.67B, aligning with the consensus of $1.67B. JBT also announced its intention to acquire Marel hf at €3.60/share, with an enterprise value of about €3.5 billion. The deal is expected to result in cost synergies of over $125 million within three years and a significant ROIC within four to five years. The combined company would be named JBT Marel Corporation and maintain a strong presence in Iceland.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 8:01 am

OGI

Organigram Holdings Inc. announced the results of its Annual and Special Meeting, confirming shareholder approval for a C$124.6 million investment from British American Tobacco (BAT). This endorsement strengthens the partnership between the two companies and provides Organigram with additional capital.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 7:03 am

BOWN

Bowen Acquisition has entered into a merger agreement with Shenzhen Qianzhi Biotech Company. The agreement involves Bowen Acquisition's subsidiary, Bowen Merger Sub, merging with Qianzhi Group Holding, the parent of Qianzhi BioTech. The resulting entity will be a wholly-owned subsidiary of Bowen Acquisition. NewCo Shareholders will receive over 7.2 million ordinary shares of BOWN and up to an additional 1.4 million shares upon meeting certain earnout targets.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 6:43 am

MYGN

Myriad Genetics has acquired Precise Tumor, Precise Liquid, and a laboratory from Intermountain Precision Genomics. The terms of the deal were not disclosed. The acquisition aims to enhance Myriad Genetics' oncology business, improve operational efficiencies, and create new clinical development opportunities. Myriad Genetics' CEO, Paul J. Diaz, expressed gratitude to Intermountain Healthcare for their role in advancing precision oncology care and looks forward to providing comprehensive genomic profiling to Intermountain Health System's patients and providers.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 6:28 am

FRCB

JPM

JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon's pay for 2023 has been set at $36 million following the bank's record-breaking profits. The bank's revenue for 2023 was $49.6 billion, a result of the Federal Reserve's interest rate hikes and the acquisition of First Republic Bank (OTC:FRCB). Dimon plans to sell 1 million JPMorgan shares for financial diversification and tax-planning purposes starting in 2024.

Portfolio Pulse from Benzinga Neuro

January 19, 2024 | 6:26 am

ATXG

FTFT

Network 1 Financial Securities Inc., known for underwriting volatile IPOs in 2022, is planning to return to the U.S. exchanges by underwriting for Epsium Enterprise Ltd. and BRB Foods Inc. The firm previously led IPOs with significant first-day surges but has seen most of those stocks drop substantially since. Network 1 has faced regulatory scrutiny in the past, and while not named in a recent SEC lawsuit against an alleged indirect owner, the firm's history may influence investor perception.

Portfolio Pulse from Benzinga Neuro

January 19, 2024 | 6:10 am

AAPL

IRBT

PYPL

SAVE

TSLA

On Thursday, U.S. stocks closed positively with Apple, PayPal, Spirit Airlines, iRobot Corporation, and Tesla being the focus of investors. Apple (AAPL) saw a 3.26% rise in stock price amidst EU regulatory challenges. PayPal (PYPL) increased by 3.67% despite analyst downgrades. Spirit Airlines (SAVE) dropped by 7.17% due to merger issues with JetBlue. iRobot (IRBT) fell by 14.23% as the EU may reject Amazon's acquisition bid. Tesla (TSLA) decreased by 1.70% amid growth concerns.

Portfolio Pulse from Benzinga Neuro

January 19, 2024 | 2:04 am

AMZN

IRBT

The EU competition watchdog is likely to reject Amazon's $1.7-billion acquisition of iRobot, known for Roomba vacuum cleaners. The decision could halt Amazon's expansion, and iRobot's stock dropped over 40% after-hours following a 14.23% drop in the regular session. Amazon missed a deadline to propose remedies for competition concerns, and the final decision is expected by Feb. 14. iRobot shares fell to $14.08 in after-hours trading.

Portfolio Pulse from Michael Cohen

January 18, 2024 | 11:30 pm