Streetbeat News

Acquisitions Mergers

PPL

PPL Corporation (NYSE:PPL) has reached a settlement agreement with Talen Energy to pay $115 million, ending litigation related to the 2015 spinoff of PPL Energy Supply, now Talen Montana. The settlement resolves all claims, with PPL avoiding further litigation costs and uncertainty. PPL's CEO Vincent Sorgi emphasized the company's belief in having acted appropriately during the sale of Montana hydro assets and the decision to settle was made considering the risks of ongoing defense and Talen's bankruptcy, which limited PPL's financial recovery options.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 4:16 pm

PRTC

PureTech Health's stock price has risen following the announcement that its Founded Entity, Karuna Therapeutics, will be acquired by Bristol Myers Squibb. This acquisition is significant as it may affect the valuation and future prospects of PureTech Health.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 3:48 pm

DSKE

Daseke Inc. shares have risen following the announcement that the company will be acquired by TFI International. This acquisition is expected to have a significant impact on Daseke's stock price in the short term.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 3:39 pm

EQNR

Equinor ASA (NYSE:EQNR) has transferred its assets in Azerbaijan to SOCAR, including interests in the Azeri Chirag Gunashli oil fields, the Baku-Tbilisi-Ceyhan pipeline, and the Karabagh field. This strategic move aligns with Equinor's plan to reshape its international oil and gas business and focus its portfolio. The companies also signed an MoU for low carbon solutions. EQNR shares rose by 1.03% to $31.92 following the news.

Portfolio Pulse from Akanksha Bakshi

December 22, 2023 | 3:34 pm

MARA

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares have risen over 40% in the past five days, buoyed by the announcement of a purchase agreement with Generate Capital, PBC for two Bitcoin mining sites. The acquisition, valued at $178.6 million, is expected to reduce Marathon's cost per coin by 30%. Following the news, HC Wainwright & Co. analyst Kevin Dede maintained a Buy rating on Marathon Digital and increased the price target from $20 to $24. The company's stock is trending among retail investors, with a high short interest of 22.57%. Bitcoin's rally and the potential approval of a spot Bitcoin ETF are also contributing to the positive sentiment.

Portfolio Pulse from Erica Kollmann

December 22, 2023 | 3:24 pm

BYDDY

BYD Company (OTC:BYDDY), a Chinese electric vehicle manufacturer, is planning to establish a new energy vehicle production base in Szeged, Hungary. This expansion into the European market follows the success of their first European factory in Komarom, Hungary, and the production of their 6 millionth new energy vehicle in Zhengzhou. BYD's stock (BYDDY) saw a 0.83% increase to $52.63 on Friday.

Portfolio Pulse from Shivani Kumaresan

December 22, 2023 | 3:14 pm

DSKE

TFII

TFI International's stock is trading higher following the announcement of its agreement to acquire Daseke for $8.30 per share in cash.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 3:14 pm

BMY

KRTX

Bristol-Myers Squibb (NYSE:BMY) is set to merge with Karuna Therapeutics (NASDAQ:KRTX), with the deal expected to close in the first half of 2024. Bristol-Myers Squibb will acquire KRTX stock for $14.00 billion in cash. The merger will combine Bristol-Myers Squibb's expertise in drug development for cardiovascular, cancer, and immune disorders with Karuna Therapeutics' focus on neuropsychiatric conditions.

Portfolio Pulse from Benzinga Insights

December 22, 2023 | 3:10 pm

DSKE

TFII

TFI International Inc. (NYSE:TFII) is set to acquire Daseke, Inc (NASDAQ:DSKE) for $8.30 per share in cash, valuing the deal at approximately $1.1 billion. This represents a significant premium over Daseke's recent stock prices. The merger will bolster TFI's Truckload segment, making it one of the largest in Canada and a major player in the U.S. specialized truckload market. The deal is expected to be EPS-neutral in 2024 and accretive by at least $0.50 per share in 2025. Shares of both companies rose on the news, with TFII up 5.15% and DSKE up 64.97%.

Portfolio Pulse from Nabaparna Bhattacharya

December 22, 2023 | 2:59 pm

ALVR

BMY

CYCC

KRTX

NCPL

NXTP

RMCO

U.S. stocks opened higher with the Dow Jones gaining over 50 points. Energy shares led gains, while consumer discretionary shares declined. Core PCE inflation in the U.S. cooled to 3.2% year-on-year in November, below expectations. Karuna Therapeutics (KRTX) surged 47% after Bristol Myers Squibb (BMY) agreed to acquire it for $14.0 billion. Royalty Management Holding (RMCO) and NextPlay Technologies (NXTP) also saw significant gains. AlloVir (ALVR), Cyclacel Pharmaceuticals (CYCC), and Netcapital (NCPL) traded down after various updates, including clinical trial results and public offering pricing.

Portfolio Pulse from Avi Kapoor

December 22, 2023 | 2:40 pm