Streetbeat News

Acquisitions Mergers

EPOW

Sunrise New Energy Co., Ltd. (NASDAQ:EPOW) has been granted a Japanese patent for a lithium-ion battery anode material preparation method, enhancing efficiency and power. The patent, valid for 20 years, signifies technological leadership and may provide a competitive market advantage.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 2:27 pm

CLSK

MARA

RIOT

Shares of Bitcoin miners Marathon Digital Holdings Inc (MARA), Riot Platforms Inc (RIOT), and CleanSpark Inc (CLSK) are trading higher as Bitcoin's price rises. Bitcoin is up 163% since the year's start, fueled by optimism for a spot Bitcoin ETF and potential Federal Reserve rate cuts in 2024. Marathon recently agreed to acquire two mining sites, adding 390 megawatts to its capacity. The stocks of MARA, RIOT, and CLSK have seen increases of 6.33%, 4.26%, and 6.48% respectively.

Portfolio Pulse from Adam Eckert

December 21, 2023 | 2:20 pm

HOOD

Sherwood Media, LLC, a subsidiary of Robinhood Markets, Inc. (HOOD), has acquired Chartr Limited, a UK-based data-driven media company and newsletter publisher. Chartr is known for its visual storytelling that simplifies complex data into understandable narratives. This acquisition aims to enhance Sherwood Media's content offerings, including Snacks, by providing readers with new ways to understand news and market trends. No financial terms of the acquisition were disclosed.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 2:09 pm

HUBB

Hubbell Incorporated (NYSE:HUBB) has agreed to sell its Residential Lighting business to Kingswood Capital Management, LP, for $131 million in cash. The business is projected to generate about $190 million in sales in 2023. The sale is part of Hubbell's strategy to focus on growth and margin by aligning its portfolio with grid modernization and electrification trends. The deal is subject to regulatory approvals and is expected to close in Q1 2024.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 2:06 pm

CSCO

Cisco Systems, Inc. has announced plans to acquire Isovalent, Inc., a company specializing in open source cloud native networking and security. The acquisition is aimed at enhancing Cisco's secure networking capabilities across public clouds. Cisco is dedicated to supporting the eBPF, Cilium, Tetragon, and cloud native open source communities. The acquisition is expected to close in the third quarter of 2024.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 2:02 pm

SEIC

SEI (NASDAQ:SEIC) has acquired Altigo, a cloud-based technology platform for alternative investments. The acquisition aims to meet the growing demand for alternative assets, expected to reach $23 trillion by 2027, and streamline the investment process. SEI plans to integrate Altigo's capabilities with its own to provide a comprehensive solution for private fund investing, targeting the distribution of alternative investment products in a SaaS model to its clients by the first half of 2024. The financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 2:02 pm

COVTY

Abu Dhabi National Oil Co. (ADNOC) is reportedly planning to increase its takeover offer for Germany's Covestro AG to about €60 per share, valuing the company at approximately €11.3 billion ($12.3 billion). This comes after Covestro rejected an initial offer from ADNOC as 'too low'. The new proposal includes job guarantees and an $8 billion investment post-deal. Covestro's Q3 sales were down 22.7% with EBITDA decreasing by 8.3%, aligning with their guidance. Covestro's stock (COVTY) closed lower by 1.15% at $29.25 on Wednesday.

Portfolio Pulse from Lekha Gupta

December 21, 2023 | 2:01 pm

FLFV

Feutune Light Acquisition Corporation has extended the deadline for its initial business combination from December 21, 2023, to January 21, 2024. The company has also deposited an additional $100,000 into its trust account to facilitate this extension.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 1:36 pm

BABA

PDD

U.S. lawmakers are investigating Alibaba Group Holding Limited (BABA), PDD Holdings Inc (PDD), and other Chinese-owned e-commerce platforms for data privacy practices and ties to the Chinese Communist Party. The inquiry, led by Reps. Cathy McMorris Rodgers and Gus Bilirakis, is particularly timely as Shein approaches a U.S. IPO. Concerns include data security risks, consumer safety, and forced labor in supply chains. BABA shares rose 1.98% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

December 21, 2023 | 1:35 pm

FET

Forum Energy Technologies (FET) has received approval from the Canadian Competition Bureau for its acquisition of Variperm Energy Services. The deal, valued at $150 million in cash and 2 million FET shares, is based on 3.7x Variperm's EBITDA. The acquisition is expected to boost FET's margins and cash flow, with a post-closing net leverage ratio of 1.9x and liquidity of $142 million.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 1:32 pm