Streetbeat News

Acquisitions Mergers

FIS

Alchemy Pay has partnered with Worldpay, a U.K.-based payment provider, to facilitate the purchase of cryptocurrencies using Visa and Mastercard payment rails. This collaboration aims to bridge traditional finance with the Web3 economy, making digital assets and NFTs more accessible. Worldpay, which was acquired by FIS in 2019 and recently sold a majority stake to GTCR, processes over 130 million transactions daily and has partnerships with several major crypto entities.

Portfolio Pulse from Khyathi Dalal

December 19, 2023 | 9:51 pm

GM

General Motors (GM) has reduced its Buick dealership network in the U.S. by about half through a voluntary buyout program, aiming to increase sales per location and profits. The program has cost GM approximately $1 billion and will continue into the next year. The reduction is also part of Buick's transition to exclusively offering electric vehicles (EVs) by 2030. Buick's U.S. sales have increased by 63% through the third quarter compared to the previous year, and the introduction of the new Envista crossover is expected to further boost sales.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 9:44 pm

FTCH

The NYSE is starting delisting proceedings against Farfetch due to its subsidiary's bridge financing agreements and asset disposal plans, which led to the resignation of all independent board members.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 9:43 pm

NVOS

Novo Integrated Sciences, Inc. (NASDAQ:NVOS) has received a partial assignment of a $1 Billion Gold-Bullion backed Bond from Blacksheep Trust. The Bond is a 20-year instrument with 12.5% annual interest, and the assignment to Novo is for up to 15 years without annual interest. This follows a Master Agreement between Novo and Blacksheep from September 27, 2023, for the transfer of $1 billion in collateral for monetization by Novo.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 9:40 pm

PRU

Prudential Financial, Inc. (NYSE:PRU) has entered into a $9.2 billion longevity risk transfer agreement with NN Life, a subsidiary of NN Group, marking its first international transaction in the Dutch market. The deal involves reinsuring over 200,000 policies and is part of Prudential's growth strategy to expand its Institutional Retirement Strategies business into The Netherlands. The company sees potential growth in the market following Dutch pension reform legislation.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 9:39 pm

CPK

Chesapeake Utilities Corporation's subsidiary, Sharp Energy, has acquired the propane operating assets of J.T. Lee and Son's in North Carolina. This acquisition adds approximately 3,000 customers and 800,000 gallons of propane distribution annually, along with a bulk plant with 60,000 gallons of storage. The deal is expected to bring cost savings and synergies due to an expanded service area in Wilmington.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 9:37 pm

TMDX

TransMedics has acquired a fixed-wing aircraft from Munday Aviation, LLC for approximately $13.2M on December 18, 2023, as disclosed in a filing. This acquisition adds to the nine aircraft previously acquired by the company, bringing the total to ten. These aircraft will be used to transport donor organs.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 9:27 pm

AMD

AMD has advised its shareholders to reject TRC Capital's unsolicited mini-tender offer of $123.45 per share, which is below the market value. The offer price is 4.24% less than AMD's closing price on Dec. 8, 2023, and 11.12% below the closing price on Dec. 18, 2023.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 9:16 pm

WPRT

Westport Fuel Systems has secured a $33 million contract from a global heavy truck manufacturer to adapt and commercialize its next-generation LNG HPDI fuel system for the Euro 7 vehicle platform. The development program will be funded by the OEM.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 9:14 pm

IVCB

OpSec Group, a leader in IP management and brand protection, and Investcorp Europe Acquisition Corp I (NASDAQ:IVCB), a SPAC, announced a strategic investment from SAKATA INX via unsecured convertible loan notes. This investment supports OpSec's upcoming public listing through a business combination with Investcorp Europe, which was agreed upon on April 25, 2023. The combined entity will trade under the symbol 'OPSC' on Nasdaq post-closing.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 9:14 pm