Streetbeat News

Acquisitions Mergers

SHEL

Shell PLC (NYSE:SHEL) has agreed to sell its Nigerian onshore subsidiary, The Shell Petroleum Development Company of Nigeria Limited (SPDC), to Renaissance, a consortium of five companies, for $1.3 billion. Additional payments to Shell could reach $1.1 billion related to receivables and cash balances. The deal aims to preserve SPDC's operational capabilities and Shell will continue to support SPDC JV facilities supplying gas to Nigeria LNG. Shell's stock is trading lower by 1.13% at $63.08 in premarket.

Portfolio Pulse from Shivani Kumaresan

January 16, 2024 | 2:22 pm

ANSS

SNPS

ANSYS, Inc. (ANSS) shares have declined following the announcement that Synopsys, Inc. (SNPS) will acquire ANSS for $19 billion, representing a 29% premium.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 2:21 pm

AJG

Arthur J. Gallagher & Co. has acquired MGB Re, a reinsurance firm based in Toronto, Ontario. The terms of the transaction were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 2:12 pm

KTOS

VLD

Kratos Defense & Security Solutions, Inc. (KTOS) has purchased a Velo3D Sapphire printer to enhance its technology development and supply chain efficiency. The printer will be used by Kratos SRE, a subsidiary of KTOS, to produce metal parts rapidly and cost-effectively, supporting the defense industry's evolving needs. Kratos SRE has previously used Velo3D's solutions through its Contract Manufacturer Network. Velo3D, Inc. (VLD) is recognized for its metal additive manufacturing technology, which is now STIG compliant, allowing connection to the DoD's SIPRNet. Both companies will attend the Military Additive Manufacturing Summit in Tampa, where Velo3D will present.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 2:11 pm

TAST

Carrols Restaurant Group's stock (TAST) is trading higher following the announcement that Restaurant Brands International will acquire the company. This acquisition is significant as it may affect the market position and future growth prospects of Carrols Restaurant Group.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 2:11 pm

TPG

TPG Growth, part of TPG (NASDAQ:TPG), is set to invest up to $228 million in Sayari, a risk intelligence provider. This strategic majority investment will support Sayari's global expansion and the launch of a new AI-powered supply chain platform in 2024. Sayari has experienced rapid growth and is trusted by government agencies and large companies. The deal, which will see Sayari's founders and investors retain significant stakes, is expected to close in Q1 2024, subject to regulatory approvals. TPG's investment reflects its long-standing interest in information services and government technology sectors.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 2:04 pm

HEI

HON

HEICO Corporation's subsidiary Sunshine Avionics has acquired an exclusive license and key assets for select Honeywell cockpit display product lines, including those for Boeing 737NG/777. The deal, terms of which were not disclosed, is expected to be accretive to HEICO's earnings after the first year. Sunshine Avionics will now produce, sell, and repair these displays, taking over from Honeywell. The acquisition enhances Sunshine Avionics' capabilities and supports job insourcing to South Florida.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 2:02 pm

DATS

DatChat (NASDAQ:DATS) plans to spin off its Habytat AI Gaming platform business into a new standalone public company. DatChat, which owns about 75% of SmarterVerse, Inc., will distribute its shares to DatChat shareholders. The spin-off aims to focus on DatChat's core social media ecosystem, My Family Museum, and unlock shareholder value. The distribution is subject to SEC registration and regulatory approvals. DatChat recently launched HabyPets, an AI-powered game, and a developer program on its Habytat metaverse.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 2:01 pm

PUYI

Puyi Inc. has announced a $13 million investment from New Dragon Group for 4,224,000 ordinary shares at $3.13 per share or $4.70 per ADS. This transaction will result in New Dragon holding approximately 1.1% of Puyi's enlarged outstanding ordinary shares. The shares include both newly issued shares and existing shares sold by certain shareholders. Puyi's CEO, Mr. Yong Ren, views the investment as a recognition of Puyi's acquisition-driven growth strategy and a sign of confidence in the company's long-term growth.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 1:51 pm

CLSK

MIGI

Mawson has initiated arbitration proceedings against CleanSpark, Inc. (CLSK) claiming at least $2 million related to the sale of its Georgia facility. Additionally, Celsius Mining LLC and related entities filed for Chapter 11 bankruptcy and have an ongoing legal dispute with Mawson, including an $8 million claim against Mawson and a demand for a $15.33 million deposit return. Mawson denies Celsius' claims and is considering counterclaims that could exceed the amounts asserted by Celsius. Mawson contests the bankruptcy court's jurisdiction and filed a motion to compel arbitration on January 2, 2024.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 1:50 pm