Streetbeat News

Acquisitions Mergers

BMY

KRTX

Bristol Myers Squibb is set to acquire Karuna Therapeutics for $330.00 per share in cash, causing Karuna's shares to trade higher.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 12:31 pm

TSLA

Tesla Inc (NASDAQ:TSLA) has acquired land in Shanghai for a new Megapack battery factory, with construction expected to start in Q3 and production by mid-2024. The factory will have a capacity of 10,000 megapacks per year, complementing Tesla's energy generation business which grew 40% to $1.6 billion in Q3. Megapacks store energy to stabilize the grid, with each unit capable of powering 3,600 homes for an hour.

Portfolio Pulse from Anan Ashraf

December 22, 2023 | 12:12 pm

FANH

PUYI

Puyi Inc. plans to repurchase 4.03 million of its shares from Fanhua Inc., which is 4.46% of Puyi's share capital. Simultaneously, Fanhua will acquire a 15.41% stake in Fanhua Puyi Fund Sales for about RMB10.5 million.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 12:05 pm

BMY

KRTX

Bristol Myers Squibb anticipates that its deal with Karuna will result in a dilution of its non-GAAP EPS by around $0.30 in 2024 due to the financing costs associated with the transaction.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 12:03 pm

BMY

KRTX

Bristol Myers Squibb has agreed to acquire Karuna Therapeutics for $330.00 per share in cash, amounting to a total equity value of $14 billion, or $12.7 billion net of estimated cash acquired.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 12:02 pm

CVS

Analysts have provided mixed ratings for CVS Health (NYSE:CVS) over the past three months, with the most recent ratings being more bullish. The average 12-month price target for CVS is $93.2, down from the previous $101.00, indicating a potential decrease in stock value. CVS Health operates a vast network of retail pharmacies, is a major pharmacy benefit manager, and owns a top-tier health insurer. The company's recent acquisition of Oak Street Health could synergize with its existing operations. Financially, CVS has shown solid revenue growth, exceptional net margin, and strong ROE and ROA, with a sound debt-to-equity ratio.

Portfolio Pulse from Benzinga Insights

December 22, 2023 | 12:00 pm

ACI

KR

A U.S. District Judge in San Francisco dismissed an antitrust lawsuit against Kroger Co's proposed $24.6 billion acquisition of Albertsons Companies, Inc. The lawsuit claimed the merger would reduce competition and increase grocery prices, but was dismissed due to insufficient information on how it would affect the plaintiffs. This is the second dismissal, with the possibility of refiling. Kroger has been addressing antitrust concerns by agreeing to divest certain assets to C&S Wholesale Grocers. Kroger shares closed slightly higher at $45.02.

Portfolio Pulse from Shivani Kumaresan

December 22, 2023 | 11:56 am

TTE

TotalEnergies SE (NYSE:TTE) has agreed to sell a 25.5% stake in the Seagreen offshore wind farm to PTTEP for £522 million ($689 million), valuing the project at $4.3 billion. The deal aligns with TTE's renewable business model and post-transaction, TTE will retain a 25.5% stake. Additionally, TTE and PTTEP signed an MoU to explore renewable energy development. The Seagreen wind farm has a capacity of 1,075 MW and can power over 1.6 million homes. The transaction is expected to close after regulatory approvals. TTE shares closed up 1.79% at $68.40.

Portfolio Pulse from Lekha Gupta

December 22, 2023 | 11:38 am

THRX

Theseus Pharmaceuticals has agreed to be acquired by Concentra Biosciences for a price between $3.90 and $4.05 per share in cash, along with a contingent value right. The acquisition is anticipated to close in February 2024.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 11:34 am

AIR

TGI

AAR Corp (NYSE:AIR) reported Q2 FY24 sales of $545.4 million, a 16% increase Y/Y but below consensus estimates. Adjusted EPS rose 17% Y/Y to $0.81, beating estimates. The company announced the acquisition of Triumph Group's Product Support business for $725 million, which is expected to be accretive to revenue and Adjusted EPS in the first full fiscal year. AAR shares dropped 1.40% in premarket trading.

Portfolio Pulse from Lekha Gupta

December 22, 2023 | 11:10 am