Streetbeat News

Acquisitions Mergers

FIX

Comfort Systems USA, Inc (NYSE:FIX) has agreed to acquire Summit Industrial Construction, LLC, with the transaction expected to close in Q1 2024. The acquisition is anticipated to contribute annualized revenues of $360M to $400M and EBITDA of $30M to $45M. Comfort Systems CEO Brian Lane sees Summit as a key platform for expanding off-site solutions for advanced technology and heavy industrial customers. As of Sept. 30, 2023, Comfort Systems had $137.6M in cash and equivalents. FIX shares closed down 0.38% at $205.67 on Friday.

Portfolio Pulse from Shivani Kumaresan

January 02, 2024 | 4:09 pm

BA

Akasa Air, an Indian budget carrier, is reportedly close to finalizing an order for approximately 150 Boeing 737 MAX narrowbody planes. This deal, expected to be announced at Wings India, would add to Akasa's existing order of 76 Boeing planes. The order aims to support Akasa's domestic and international expansion plans. Boeing (BA.N), which has not responded to queries, could see a positive impact as this order would help it gain ground in the competitive Indian aviation market.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 3:39 pm

MSFT

Microsoft's President, Brad Smith, praised the UK's Competition and Markets Authority (CMA) for its fair approach in approving the Activision Blizzard deal after initial resistance. The CMA had concerns about Microsoft gaining an unfair advantage in cloud gaming, leading to the deal being blocked in April 2023. Microsoft restructured the deal, including selling game streaming rights of 'Call of Duty' to Ubisoft, and received approval in October 2023. The FTC in the US is still challenging the deal.

Portfolio Pulse from Rounak Jain

January 02, 2024 | 3:32 pm

MNKD

MannKind Corporation's stock is trading higher following the announcement of a royalty purchase agreement with Sagard Healthcare, which could be worth up to $200 million.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 3:31 pm

NGM

NGM Biopharmaceuticals' stock is up following confirmation of a non-binding expression of interest from TCG for a potential acquisition of all outstanding shares, indicating a going-private transaction.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 3:24 pm

AGR

Avangrid, Inc. (AGR) shares have risen following the termination of their planned merger agreement with PNM Resources. The cancellation of the merger, which was previously anticipated to create synergies and growth opportunities, may now lead investors to reassess Avangrid's standalone growth potential and strategic plans moving forward.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 3:17 pm

VIA

VIASP

Via Renewables, Inc. (NASDAQ:VIA) shares surged after announcing an acquisition agreement with Retailco, LLC for a majority of its Class A common shares at $11.00 per share, a significant premium over recent market values. The deal, proposed by Via's CEO and Chairman William Keith Maxwell III, who controls Retailco and owns 65.7% of Via's stock, will result in the delisting of VIA from NASDAQ, while VIASP is expected to remain listed. The transaction includes a 30-day 'go-shop' period and is anticipated to close in Q2 2024. VIA shares rose 13.3% to $10.65 following the news.

Portfolio Pulse from Akanksha Bakshi

January 02, 2024 | 3:15 pm

NVS

VYGR

Voyager Therapeutics Inc (VYGR) stock soared after announcing a strategic collaboration and capsid license agreement with Novartis Pharma AG, a subsidiary of Novartis AG (NVS), for gene therapies targeting Huntington's disease and spinal muscular atrophy. Voyager will license its TRACER capsids to Novartis and receive $100 million upfront, including a $20 million equity purchase, with potential for $1.2 billion in milestones and royalties. Novartis will handle development and commercialization, while Voyager focuses on preclinical advancement. VYGR shares jumped 36% to $11.48.

Portfolio Pulse from Vandana Singh

January 02, 2024 | 2:50 pm

NIO

Regal Hotels International Holdings Ltd. and Cosmopolitan International Holdings Ltd. have signed a memorandum of cooperation with Saudi Arabia to develop up to 50 hotels in the Middle East, with an investment of up to $5 billion. The partnership aims to build 30 hotels in Saudi Arabia as part of the kingdom's efforts to diversify its economy away from oil. The companies will also establish an asset management platform to fund hotel-related projects. The Middle East is increasing investments in China and Hong Kong, with significant funds flowing into Chinese corporates from Middle Eastern states.

Portfolio Pulse from The Bamboo Works

January 02, 2024 | 2:34 pm

SATS

T

TMUS

VZ

Dish Network Corp has completed its merger with EchoStar Corp, with Dish continuing as a subsidiary under EchoStar's complete ownership. The merger is a strategic shift for Dish to focus on wireless services, competing with Verizon, T-Mobile, and AT&T. Dish Network's common stock was exchanged for EchoStar's stock as part of the deal. The merger aims to enhance Dish's financial capabilities for developing its 5G network and mobile services. Dish has been facing a decline in TV subscribers and a significant debt, which the merger with EchoStar aims to alleviate. The FCC approved the deal with minimal scrutiny.

Portfolio Pulse from Anusuya Lahiri

January 02, 2024 | 2:30 pm