Streetbeat News

Acquisitions Mergers

UBER

Uber Technologies Inc (NYSE:UBER) is discontinuing its alcohol delivery service, Drizly, by March 2024, as part of a strategic shift to streamline its delivery services. The service was acquired for $1.1 billion during the pandemic when delivery services surged due to a decline in Uber's core ridesharing business. Uber aims to consolidate consumer access to food, groceries, and alcohol through Uber Eats. Despite the closure of Drizly, Uber's third-quarter gross bookings exceeded expectations, with an 11% year-on-year revenue increase, although it fell short of projections.

Portfolio Pulse from Anusuya Lahiri

January 16, 2024 | 12:23 pm

BRO

Bridge Specialty International, a division of Brown & Brown, Inc., has agreed to acquire Acorn International Network Pte Ltd, a Singapore-based company. The terms of the acquisition have not been disclosed.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 12:17 pm

AMTB

Amerant Bank, a subsidiary of Amerant Bancorp, Inc. (AMTB), has agreed to sell a loan portfolio worth approximately $401 million to Prime Finance Advisor for $370 million. The portfolio consists of non-relationship multifamily commercial real estate loans from the Bank's Houston, Texas portfolio. The sale includes customary terms and is expected to close by the end of January 2024.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 12:16 pm

VLVLY

Volvo (OTC:VLVLY) has agreed to sell its Arquus defense unit to John Cockerill Defense. The transaction is expected to be completed after staff consultations, concluding in Q1 2024. Volvo anticipates an operating loss of 900 million Swedish crowns ($87.44 million) due to the sale, impacting Q4 2023 earnings. Arquus, which contributes about 1% to Volvo's revenues, employs around 1,200 people in France. The loss will be reported under 'Group Functions & Other' and won't affect adjusted operating income. VLVLY's stock closed up 0.62% at $24.32.

Portfolio Pulse from Shivani Kumaresan

January 16, 2024 | 12:11 pm

EYEN

Eyenovia, Inc. has re-acquired the development and commercialization rights to MicroPine in the U.S. and Canada from Bausch + Lomb Ireland Limited. MicroPine is an investigational spray for pediatric progressive myopia, a condition affecting over 25 million children in the U.S. The re-acquisition enhances Eyenovia's phase III pipeline and commercial prospects, potentially doubling the asset value of the MicroPine program. Eyenovia will pay $2M in cash and $3M in shares upfront, plus future royalties on net sales.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 12:05 pm

BOWL

Bowlero Corp has announced the acquisition of Ten Pin Alley, a boutique bowling center, and the opening of a new Lucky Strike location in Moorpark, California. This expansion is part of Bowlero's strategy to grow its portfolio of entertainment centers, which could potentially increase its market share and revenue streams.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 12:04 pm

QSR

TAST

Restaurant Brands International (RBI) has reached an agreement to acquire all issued and outstanding shares of Carrols Restaurant Group (TAST) that it does not already own or are not held by affiliates, for $9.55 per share in cash.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 12:02 pm

BABA

BIDU

JD

TCEHY

Chinese tech giants Alibaba (BABA), Tencent (TCEHY), and Baidu (BIDU) have significantly reduced their external investments in 2023, with a nearly 40% cutback to 102 deals. The reduction is attributed to economic slowdown, regulatory challenges, and geopolitical tensions. Tencent's investment deals fell from 95 in 2022 to 39 in 2023, while Baidu's deals dropped to 24 from 52 in 2021, and Alibaba participated in 39 deals, down from 91 in 2021. Alibaba and Tencent have focused on AI and e-commerce investments, with Alibaba introducing an AI-powered chatbot at CES 2024. Alibaba's stock value decreased by 38% last year, and its shares are trading lower by 2.00% at $70.40 in premarket trading.

Portfolio Pulse from Anusuya Lahiri

January 16, 2024 | 11:58 am

FSUN

HMST

FirstSun Capital Bancorp (FSUN) and HomeStreet (HMST) have announced a strategic merger, creating a combined entity with assets of approximately $17 billion. The merger will result in a bank headquartered in Dallas, Texas, with a significant presence in 6 of the top 10 fastest-growing metropolitan statistical areas (MSAs) in the U.S. The combined company is expected to have strong performance metrics, including an estimated return on assets (ROA) of ~1.4% and return on average tangible common equity (ROATCE) of ~17%. The merger is anticipated to be highly accretive to FSUN's 2025 estimated earnings per share (EPS), with an increase of over 30%. Additionally, a $175 million equity raise, led by Wellington Management, has been fully committed to support the merger. The pro forma balance sheet of the combined entity is expected to be robust, with a high-quality deposit franchise and a neutral interest rate risk profile. The executive management team of the merged company will be highly experienced, with a track record of expertise in mergers and acquisitions (M&A).

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 11:33 am

STNG

Scorpio Tankers Inc. (NYSE:STNG) has announced the sale of the MR product tanker, STI Tribeca, for $39.1 million, expected to close in Q1 2024. Additionally, the company has exercised purchase options on five ships, including one MR product tanker and four Handymax product tankers, which will lead to a debt reduction of $61.1 million when the transactions are completed in the first half of 2024.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 11:30 am