Streetbeat News

Acquisitions Mergers

HSBC

Royal Bank of Canada (NYSE:RY) has received approval to acquire HSBC Holdings, Plc.'s (NYSE:HSBC) Canadian unit for C$13.5 billion ($10.2 billion). HSBC expects a pre-tax gain of $5.7 billion and plans a special dividend of $0.21 per share from the sale proceeds in H1 2024. The deal is expected to close in Q1 2024. RBC will create a Global Banking Hub in Vancouver with over 1,000 jobs and provide $7 billion in financing for affordable and sustainable housing in Canada. Additionally, RBC will create 100 new jobs in Winnipeg, Manitoba.

Portfolio Pulse from Nabaparna Bhattacharya

December 26, 2023 | 12:06 pm

ASML

INTC

Intel Corporation (NASDAQ:INTC) is set to receive a $3.2 billion grant from the Israeli government for a new $25 billion chip plant in Israel, with operations starting in 2027. Intel has committed to purchasing $16.6 billion in goods and services from Israeli suppliers over the next decade. The company is actively progressing with the construction of the site, which is part of its global supply chain resilience efforts. ASML Holding NV (NASDAQ:ASML) has started shipping components for a new chipmaking machine to Intel's Oregon factory.

Portfolio Pulse from Nabaparna Bhattacharya

December 26, 2023 | 12:02 pm

BMY

RYZB

Bristol Myers Squibb (BMY) is set to acquire RayzeBio (RYZB) for $62.50 per share, totaling approximately $4.1 billion in equity value. The cash transaction, net of estimated cash acquired, is valued at $3.6 billion. Both companies' Boards of Directors have unanimously approved the merger, which adds a premier radiopharmaceutical platform to Bristol Myers Squibb's portfolio.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 12:01 pm

AZN

GRCL

AstraZeneca Plc (NASDAQ:AZN) is set to acquire Gracell Biotechnologies Inc (NASDAQ:GRCL) to enhance its cell therapy portfolio. The deal is valued at $2.00/share plus a contingent value right of $0.30/share, totaling approximately $1.2 billion if all conditions are met. The acquisition includes GC012F, a CAR-T therapy for multiple myeloma and other diseases. Gracell's shares surged 63.3% in premarket trading after the announcement.

Portfolio Pulse from Vandana Singh

December 26, 2023 | 11:47 am

NNDM

SSYS

Stratasys Ltd (NASDAQ:SSYS) stock is surging after receiving a preliminary acquisition proposal from Nano Dimension Ltd (NASDAQ:NNDM) for $16.50 per share in cash. This offer represents a 40% premium over the volume-weighted average price of SSYS shares since September 28, 2023. SSYS's Board, which had previously rejected NNDM's offer for undervaluing the company, will consider this new proposal. Nano Dimension has over $800 million in net cash and is seeking financing to support the potential transaction. SSYS shares have risen 9.31% in premarket trading.

Portfolio Pulse from Lekha Gupta

December 26, 2023 | 11:35 am

AEP

American Electric Power (AEP) has agreed to sell its 50% stake in New Mexico Renewable Development (NMRD) to Exus North America for approximately $115 million. The deal includes a portfolio of 15 solar projects totaling 625 MW. AEP's expected net proceeds are about $104 million after taxes and fees. The sale, also involving PNM Resources' 50% stake for a total of $230 million, is set to close in February 2024 and is not anticipated to materially impact AEP's financial results.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 11:34 am

ALT

CSIQ

GRCL

HOLI

MANU

SES

SSYS

In Tuesday's pre-market session, several stocks are moving higher following various positive developments. Gracell Biotechnologies Inc. (GRCL) saw a significant pre-market increase after AstraZeneca announced plans to acquire the company for up to $1.2 billion. Other stocks experiencing gains include Manchester United plc (MANU) after Jim Ratcliffe's minority stake purchase, Stratasys Ltd. (SSYS) following a preliminary acquisition proposal from Nano Dimension, and Hollysys Automation Technologies Ltd. (HOLI) after a raised all-cash offer from Dazheng Group. Additionally, Li Auto Inc. (LI), Helmerich & Payne, Inc. (HP), Altimmune, Inc. (ALT), SES AI Corporation (SES), and Canadian Solar Inc. (CSIQ) also recorded pre-market gains.

Portfolio Pulse from Avi Kapoor

December 26, 2023 | 11:05 am

TEDU

Tarena International, Inc. (NASDAQ:TEDU) has entered into an agreement to sell its professional education business to a consortium led by Tarena Weishang Technology. The consortium includes an affiliate of the company's founder. The transaction is advised by Kroll, LLC and is expected to close by the end of March 2024.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 10:45 am

AAPL

CDRE

SNTG

TSLA

U.S. stock futures are trading higher, with investor focus on Tesla, Apple, Sentage Holdings, Versus Systems, and Cadre Holdings. Tesla reports over 20,000 car registrations in Sweden despite a workers' strike. Apple is in talks to license content for AI initiatives. Sentage Holdings posts a loss and a significant drop in operating revenue. Versus Systems announces a reverse stock split. Cadre Holdings plans to acquire ICOR Technology.

Portfolio Pulse from Avi Kapoor

December 26, 2023 | 7:32 am

JNJ

LIAN

LianBio has assigned its exclusive rights to develop and commercialize NBTXR3 in China, South Korea, Singapore, and Thailand to Janssen, a Johnson & Johnson company. The deal includes a one-time payment of $25 million to LianBio, with an additional sales milestone payment of $5 million possible. LianBio will assist in transitioning the asset to Janssen for up to six months.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 7:16 am