Streetbeat News

Acquisitions Mergers

GE

GE Vernova's Power Conversion business in the UK has been awarded a contract by Team Resolute to provide hybrid propulsion technology for three Fleet Solid Support (FSS) ships for the UK Ministry of Defence. The collaboration with Navantia UK, the prime contractor for the FSS program, highlights GE Vernova's capabilities in naval propulsion and the UK's focus on efficient and sustainable naval operations. The delivery of the propulsion equipment is expected to begin in 2025.

Portfolio Pulse from Charles Gross

January 16, 2024 | 11:07 am

SHEL

Shell has agreed to sell its Nigerian onshore subsidiary, SPDC, to a consortium called Renaissance for $1.3 billion, with up to $1.1 billion in additional payments. The deal is subject to approval by the Nigerian government and other conditions. The additional payments are mainly related to prior receivables and cash balances, with most due at the transaction's completion.

Portfolio Pulse from Charles Gross

January 16, 2024 | 10:12 am

RY

Royal Bank of Canada (RBC), listed as 'RY' on TSX and NYSE, has announced that the targeted close date for its acquisition of HSBC Bank Canada is set for March 28, 2024. The transition will involve conversion activities until April 1, 2024, when HSBC Bank Canada's branches will reopen as RBC locations. RBC aims to enhance value for HSBC Bank Canada's clients with its banking products and services, including RBC Vantage, Avion Rewards, and MyAdvisor, among others. HSBC Bank Canada clients will be informed about the transition process in the coming weeks.

Portfolio Pulse from Benzinga Newsdesk

January 15, 2024 | 11:39 pm

JBL

Jabil Inc. (NYSE:JBL) has expanded its digital commerce capabilities with a new center of excellence in Chihuahua, Mexico. This third plant in Chihuahua, the fifth in the region, offers over one-million square feet of production capacity. The expansion supports nearshoring and access to advanced technologies like AI and robotics. Jabil's retail industry leadership is reinforced through collaborations with companies like Ocado, Revolut, SumUp, and VusionGroup. Jabil will showcase its innovations at NRF'24. The expansion benefits customers like Ocado by scaling the manufacturing of its Series 600 robot and VusionGroup by increasing production of ESL tags.

Portfolio Pulse from Benzinga Newsdesk

January 15, 2024 | 11:27 pm

AGI

Alamos Gold Inc. (NYSE:AGI) has announced the acquisition of Orford Mining Corporation, including the Qiqavik Gold Project in Quebec, Canada. Alamos will issue approximately 900,000 shares for a total consideration of C$16 million. Orford shareholders will receive 0.005588 of an Alamos share for each Orford share. The acquisition adds to Alamos' portfolio of exploration projects in Quebec and is in line with its strategy to build a pipeline of high-quality, long-term projects in top mining jurisdictions.

Portfolio Pulse from Benzinga Newsdesk

January 15, 2024 | 11:21 pm

TALO

Talos Energy Inc. (NYSE:TALO) has announced an agreement to acquire QuarterNorth Energy Inc. for $1.29 billion in a cash and stock deal. The acquisition will add high-quality deepwater assets to Talos's portfolio and is expected to be immediately accretive to shareholders. The deal includes 24.8 million shares of Talos stock and $965 million in cash, with closure anticipated by the end of Q1 2024, pending regulatory approvals.

Portfolio Pulse from Charles Gross

January 15, 2024 | 10:54 pm

TTI

TETRA Technologies, Inc. (TTI) has secured a $265 million credit facility from Silver Point Finance, consisting of a $190 million term loan and a $75 million delayed-draw term loan. The new facility will refinance TETRA's existing $163 million debt and fund its Arkansas bromine processing project. The new loan has a lower interest rate and extends the maturity to January 2030. TETRA's liquidity and expected cash flow are anticipated to cover the project's capital requirements.

Portfolio Pulse from Charles Gross

January 15, 2024 | 9:43 pm

RIO

Rio Tinto (RIO) reported a 3% increase in total copper equivalent production in Q4 2023, driven by the Gudai-Darri mine reaching capacity and increased ownership in Oyu Tolgoi. Iron ore production rose 2%, and aluminium production increased 9% with the Kitimat smelter at full capacity. The company formed the Matalco JV, acquired a 50% stake for $0.7 billion, and completed the acquisition of PanAmerican Silver's stake in Agua de la Falda. Challenges included a 16% drop in refined copper production and a 7% decrease in TiO2 production. Rio Tinto settled an SEC suit for $28 million and sold the Lake MacLeod operation for $251 million.

Portfolio Pulse from Charles Gross

January 15, 2024 | 9:41 pm

ACI

KR

Kroger (KR), Albertsons (ACI), and C&S Wholesale Grocers announced they are in ongoing talks with the FTC and state Attorneys General about their proposed merger and divestiture plan. They updated the anticipated closure timeline to the first half of Kroger's fiscal 2024, acknowledging a delay but reaffirming their commitment to the merger, which they believe will benefit customers, associates, and communities.

Portfolio Pulse from Charles Gross

January 15, 2024 | 8:02 pm

F

GM

MGA

ROK

STLA

U.S. automakers are expected to increase investment in automation following wage increases agreed with the United Auto Workers (UAW) union. Ford (NYSE:F), General Motors (NYSE:GM), and Stellantis (NYSE:STLA) face higher labor costs after a 25% wage hike. Ford anticipates $1.7 billion in lost profits for 2023 and $8.8 billion over four years due to the labor deal. The shift towards automation could negatively impact UAW workers in the long term. Companies like Rockwell Automation (NYSE:ROK) and Magna International (NYSE:MGA) could benefit as automakers deepen their automation investments.

Portfolio Pulse from Neil Dennis

January 15, 2024 | 7:48 pm