Streetbeat News

Acquisitions Mergers

LYB

LyondellBasell Industries NV (NYSE:LYB) has announced a $500 million deal to acquire a 35% stake in National Petrochemical Industrial Company (NATPET) in Saudi Arabia. The joint venture will enhance LYB's access to advantaged feedstocks and markets, and is aligned with Saudi Arabia's 2060 carbon reduction strategy. The deal is pending regulatory approval. Additionally, LYB and Alujain are considering building a new propylene production facility at the NATPET site. As of September 30, LYB had $2.84 billion in cash and liquid investments. LYB's stock saw a slight decrease of 0.10% to $94.34.

Portfolio Pulse from Lekha Gupta

January 16, 2024 | 4:46 pm

SNPS

Synopsys, Inc. (SNPS) shares are trading higher following the announcement of a definitive agreement to acquire Ansys. The acquisition is expected to enhance Synopsys's portfolio and market position.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 4:45 pm

STNG

Scorpio Tankers Inc (NYSE:STNG) has sold an MR product tanker and plans to exercise purchase options on five ships, aiming to close the sale in Q1 2024 and acquisitions in H1 FY24. The sale of STI Tribeca is for $39.1 million, and the acquisitions are expected to reduce the company's debt by $61.1 million. Scorpio Tankers' net debt was $1.23 billion as of Dec. 12. The company's TCE revenue for various vessels in Q4 was reported last month, and the CEO highlighted a strong product tanker market and commitment to lowering leverage and borrowing costs. STNG shares dropped 0.99% to $64.03.

Portfolio Pulse from Lekha Gupta

January 16, 2024 | 4:17 pm

AEM

Samsung SDI (KRX: 006400) has invested $18.5 million in Canada Nickel Company (TSXV:CNC) for an 8.7% stake and rights to 10% of the nickel-cobalt production from the Crawford project. This follows investments from Agnico Eagle Mines (NYSE:AEM) and Anglo American (LON: AAL). Despite a current oversupply and weak nickel market, companies are investing in anticipation of future EV battery demand.

Portfolio Pulse from Stjepan Kalinic

January 16, 2024 | 4:10 pm

RWBYF

Red White & Bloom Brands Inc. (RWB) has completed the acquisition of Aleafia Health Inc. and its subsidiaries for a total consideration of $31,667,700. The deal includes intellectual property assets, shares in Emblem Cannabis Corporation, Canabo Medical Corporation, and Aleafia Retail Inc., and a 9.4% stake in One Plant (Retail) Corp. This acquisition expands RWB's sales channels across five Canadian provinces, medical channels across Canada, and international channels to Australia, Germany, and the UK. It also includes cultivation and storage facilities in Ontario. The combined entity is expected to generate CA$140 million in annualized revenues and be accretive on an EBITDA basis in fiscal 2024. RWB shares traded lower by 7.6923% at $0.06 per share following the announcement.

Portfolio Pulse from Jelena Martinovic

January 16, 2024 | 3:36 pm

DATS

DatChat Inc. (NASDAQ: DATS) plans to distribute its shares of SmarterVerse to shareholders, subject to board approval. SmarterVerse, which operates the Habytat AI Gaming platform and metaverse, is expected to become a standalone public company. The distribution is contingent on SEC registration and regulatory approvals. DatChat's CEO Darin Myman highlighted the company's progress, including ten issued patents, the launch of Habytat AI social gaming platform, and the upcoming My Family Museum platform. The spin-off aims to unlock value and accelerate growth.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 3:33 pm

TRI

Thomson Reuters Corporation has acquired World Business Media Limited, a provider of editorial coverage for the (re)insurance industry. The acquisition aligns with Reuters' strategy to expand its news and insight services to new professional markets. World Business Media's products include The Insurer and The Insurer TV, and it also runs The Insurer Events. The business will be integrated into the Reuters News division and aims to provide greater value and actionable insight for insurance professionals globally. No financial terms of the acquisition were disclosed.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 3:32 pm

ANSS

SNPS

Synopsys (NASDAQ:SNPS) is set to acquire Ansys (NASDAQ:ANSS) for $35.00 billion in a mix of cash and stock, with the deal expected to close in the first half of 2025. Synopsys specializes in electronic design automation software, while Ansys provides engineering simulation software. The acquisition will allow Synopsys to gain ownership and control over Ansys, potentially leading to a merger.

Portfolio Pulse from Benzinga Insights

January 16, 2024 | 3:10 pm

DNN

GRDAF

Grounded Lithium Corp. (GLC) has entered into a strategic investment agreement with Denison Mines Corp (Denison), where Denison can earn up to a 75% interest in the Kindersley Lithium Project (KLP) by funding up to CAD$15.15M. The funds will advance the KLP, including a field pilot and other project expenditures. Denison will also become the KLP operator and has purchased a 5% gross overriding royalty on the KLP for CAD$800,000, which may reduce to 2% and be eliminated under certain conditions. The agreement includes three earn-in options, with Denison funding 100% of KLP expenditures during the earn-in period. The deal is subject to TSX Venture Exchange approval and GLC shareholder consent.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 3:05 pm

GS

Goldman Sachs CEO has indicated during a conference call that there has been a definite increase in the level of strategic dialogue on mergers and acquisitions (M&A).

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 2:56 pm