Streetbeat News

Acquisitions Mergers

LMDX

RHHBY

Roche Holdings AG (OTC: RHHBY) has signed a definitive agreement to purchase parts of LumiraDx's point-of-care technology for $295 million, with an additional payment of up to $55 million. LumiraDx Limited (NASDAQ: LMDX) has appointed joint administrators for two subsidiaries, which hold most of the group's assets. The transaction is subject to regulatory approvals and is expected to close by mid-2024. Proceeds will repay loan agreement debts, with no distribution to shareholders. LMDX shares dropped 22.30% in premarket trading.

Portfolio Pulse from Vandana Singh

January 02, 2024 | 12:49 pm

HSBC

HSBC Holdings PLC has completed the sale of its French retail banking business to Crédit Commercial de France (CCF), a subsidiary of My Money Group, as of January 1, 2024. The transaction received all necessary regulatory approvals. HSBC's CEO, Noel Quinn, expressed his enthusiasm for the future focus on wholesale banking and wealth/private banking in Europe. My Money Group aims to exceed 30 billion euros in assets and a CET1 ratio over 15%. The deal, initially set at one euro, was adjusted for regulatory reasons. HSBC shares dropped 1.11% to $40.08 in premarket trading.

Portfolio Pulse from Nabaparna Bhattacharya

January 02, 2024 | 12:42 pm

NGM

NGM Biopharmaceuticals, Inc. has received a non-binding expression of interest from The Column Group (TCG) for a potential acquisition of all outstanding shares not already owned by TCG. TCG currently owns approximately 26.7% of NGM Bio's common stock. NGM Bio's Board has formed a special committee with independent advisors to consider the offer and other strategic alternatives. There is no certainty that a definitive agreement will be reached or that a transaction will occur, and NGM Bio will not comment further unless necessary.

Portfolio Pulse from Charles Gross

January 02, 2024 | 12:36 pm

PCCYF

XOM

Exxon Mobil Corp (XOM) has exited the West Qurna 1 oilfield in Iraq, transferring operations to PetroChina Co., Ltd. (PCCYF), which now becomes the lead contractor. The oilfield produces approximately 550,000 barrels per day and has over 20 billion barrels of estimated recoverable reserves. ExxonMobil's departure marks its exit from Iraq's energy sector, while PetroChina now holds the largest stake in the field. The deal was finalized in a meeting with senior Iraqi oil officials, ExxonMobil, PetroChina, and Basra Oil Co. ExxonMobil's shares are trading higher by 0.85% at $100.83 in premarket.

Portfolio Pulse from Lekha Gupta

January 02, 2024 | 12:20 pm

PPTA

Perpetua Resources Corp. is progressing with the Stibnite Gold Project, aiming to supply the U.S. with antimony and establish a major gold mine. The company is advancing through the NEPA process and preparing for construction. Andrew Cole's appointment to the Board of Directors is expected to enhance operational expertise.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 12:07 pm

BRK

BYDDF

NIO

TSLA

XPEV

Wang Chuanfu, CEO of BYD Co., has been praised by Charlie Munger for his manufacturing prowess, surpassing Elon Musk in this regard. BYD, a Chinese EV maker, is challenging Tesla's market dominance with its range of affordable electric vehicles. Warren Buffett's Berkshire Hathaway invested in BYD in 2008, recognizing its potential. BYD's success is also due to competition with other Chinese EV makers like Nio Inc and Xpeng Inc. The company is expanding globally and is expected to launch third-generation EVs next year.

Portfolio Pulse from Ramakrishnan M

January 02, 2024 | 12:05 pm

THR

Thermon Group Holdings, Inc. has acquired Vapor Power International, LLC, a provider of industrial process heating solutions. Vapor Power generated over $50 million in revenue for the year ended December 31, 2023. The acquisition is expected to be accretive to Thermon's GAAP earnings per share in the first twelve months post-acquisition. The seller was an investment group led by Stone Pointe, LLC, along with Vapor Power's management team. Financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 12:03 pm

IQV

IQVIA Holdings, Inc.'s planned acquisition of DeepIntent, a healthcare advertising firm, has been blocked by a U.S. court following a Federal Trade Commission (FTC) order due to concerns over potential harm to competition. The FTC argued that the merger could lead to higher consumer prices and negative effects on patients. Despite IQVIA's disappointment and disagreement with the FTC's stance, the company is considering its options after the court's decision. DeepIntent's CEO stated the company would remain independent if the merger was blocked. The financial details of the deal were not disclosed.

Portfolio Pulse from Nabaparna Bhattacharya

January 02, 2024 | 11:55 am

PRMW

Primo Water Corporation has completed the sale of a substantial part of its international operations in an all-cash deal valued at $575 million. The sale does not include Primo Water's businesses in the United Kingdom, Portugal, and Israel, which are expected to be sold throughout 2024.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 11:36 am

AGR

PNM

Avangrid Inc (AGR) has terminated its merger agreement with PNM Resources (PNM) due to the failure to receive all final regulatory approvals by December 31, 2023. The merger, which has been in progress since 2020, was expected to bring over $300 million in benefits to PNM's consumers and communities. Despite obtaining necessary approvals, except from the New Mexico Public Regulation Commission, the merger's future remained uncertain. Avangrid will now focus on its growth opportunities, including over $9 billion in incremental capital projects. Avangrid reaffirmed its 2023 EPS guidance, while PNM Resources will provide a financial update on February 6, 2024. PNM shares dropped 3.87% in premarket trading.

Portfolio Pulse from Shivani Kumaresan

January 02, 2024 | 11:31 am