Streetbeat News

Acquisitions Mergers

AAPL

AMZN

DIS

Walt Disney Co (DIS) is in talks with the NFL to give the league a minority stake in ESPN. Needham analyst Laura Martin believes this could add value to both parties but emphasizes the final deal terms are crucial. Martin maintains a Hold rating on Disney and predicts the deal could help Disney compete with Amazon (AMZN) and Apple (AAPL) for sports rights by offering equity instead of just cash. She maintains her Q1 2024 revenue estimate for Disney at $24.2 billion but lowers adjusted EPS estimates by 16% to $1.02. DIS shares saw a slight increase of 0.64% to $90.94.

Portfolio Pulse from Anusuya Lahiri

January 16, 2024 | 5:54 pm

ELAB

INMB

Elevai Labs, Inc. (NASDAQ:ELAB) stock is trading higher after announcing an exclusive worldwide licensing agreement with INmune Bio, Inc. (NASDAQ:INMB) to use INmune Bio's EMx technology for manufacturing hucMSCs. This technology allows Elevai to produce these cells more cost-effectively than purchasing them, which can be used in certain licensed topical cosmetic products. The agreement includes an initial deposit, a final tech transfer fee, and a nominal royalty on sales of products made using the technology.

Portfolio Pulse from Erica Kollmann

January 16, 2024 | 5:41 pm

DATS

DatChat, Inc. (NASDAQ:DATS) shares surged after announcing plans to separate into two publicly listed companies, distributing shares of SmarterVerse to DatChat shareholders. The move aims to accelerate growth for both entities. DatChat currently owns about 75% of SmarterVerse, which operates the Habytat AI Gaming platform and metaverse. The distribution is pending board approval. High short interest in DATS may be amplifying the stock's rise.

Portfolio Pulse from Erica Kollmann

January 16, 2024 | 5:23 pm

ANSS

SNPS

Synopsys, Inc (NASDAQ:SNPS) has agreed to acquire ANSYS, Inc (NASDAQ:ANSS) for an enterprise value of approximately $35 billion. Ansys shareholders will receive $197.00 in cash and 0.3450 shares of Synopsys stock per Ansys share, implying a 29% premium over Ansys' closing price on December 21, 2023. The deal is expected to increase Synopsys' TAM, improve financial metrics, and generate significant cost and revenue synergies. The transaction is expected to close in the first half of 2025, and Synopsys plans to fund the cash consideration with cash on hand and debt financing. ANSS stock traded lower by 5.15% following the news.

Portfolio Pulse from Anusuya Lahiri

January 16, 2024 | 5:20 pm

RDY

Dr Reddy's Laboratories has issued a statement in response to a Sky News article dated January 16, 2024, which suggested that the Indian pharmaceutical company was considering an acquisition of Nicotinell. Dr Reddy's stated that it does not comment on market speculations, providing no confirmation or details regarding the potential deal.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 5:14 pm

AAMC

Altisource Asset Management Corporation (AAMC) has settled litigation with Luxor Capital Group by repurchasing all 144,212 Preferred Shares held by Luxor. The settlement includes a $1M immediate cash payment and three promissory notes totaling $11M due over 3, 5, and 8 years, with interest options of 7.5% cash or 10% PIK. AAMC also agrees to pay Luxor 50% of any proceeds from a separate litigation, capped at $50M. The settlement prevents AAMC's common stock from being delisted by the NYSE and is seen as a positive step by AAMC's CEO.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 4:56 pm

HMST

HomeStreet, Inc. (HMST) stock is trading higher following the announcement of a definitive merger agreement with FirstSun Capital Bancorp.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 4:55 pm

AXP

Accel-KKR, a private equity firm, has agreed to acquire Accertify from American Express (NYSE:AXP). Accertify is a provider of fraud prevention and other financial security services, serving top online retailers and global airlines. The acquisition will allow Accertify to operate as an independent entity, focusing on growth and product innovation in the fraud prevention market. The global fraud detection and prevention market is projected to grow significantly, from $44.0 billion in 2023 to $182.7 billion by 2030. The terms of the acquisition were not disclosed. American Express was advised by Barclays and Cleary Gottlieb Steen & Hamilton LLP, while Accel-KKR was advised by Kirkland & Ellis LLP.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 4:48 pm

DATS

DatChat shares have seen an increase following the announcement of a proposed spin-off of its Habytat platform business. This strategic move could potentially unlock value for shareholders by allowing the company to focus on its core competencies while giving Habytat the opportunity to grow independently.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 4:47 pm

QSR

TAST

Restaurant Brands International Inc (QSR) is set to acquire Carrols Restaurant Group Inc (TAST) for $1 billion, or $9.55 per share, a 23.1% premium over Carrols' recent average price. The deal is part of Burger King's 'Reclaim the Flame' initiative aimed at boosting sales and franchisee profitability. Burger King, owned by Restaurant Brands, will invest $500 million to remodel 600 Carrols' Burger King restaurants and plans to re-franchise them within 5-7 years. The transaction is expected to close in Q2 2024. Following the news, QSR shares dropped by 3.21%, while TAST shares rose by 13%.

Portfolio Pulse from Shivani Kumaresan

January 16, 2024 | 4:46 pm