Streetbeat News

Acquisitions Mergers

CLAR

Warren B. Kanders has reported a 15.4% stake in Clarus Corporation as of December 18, 2023, according to an amended 13D filing with the SEC. The filing also detailed a definitive offer to purchase Clarus's Precision business, which includes Sierra Bullets and Barnes Bullets brands, for $160 million on a cash-free, debt-free basis.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 5:13 pm

TEF

The Spanish government has directed SEPI, a state holding company, to purchase up to a 10% stake in telecommunications company Telefonica.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 5:09 pm

ALB

LTHM

Allkem's shareholders approved a $10.6 billion merger with Livent, forming Arcadium Lithium, the world's third-largest lithium company. Livent shareholders will receive 2.406 shares for each share owned, while Allkem shareholders will own 56% of the new entity. Piper Sandler downgraded Livent from Neutral to Underweight with a price target cut from $18 to $15 due to a significant drop in lithium prices and potential pressure on contract structures. The lithium market faces oversupply and weakened demand, but long-term prospects remain positive due to the green energy transition and EV demand growth.

Portfolio Pulse from Stjepan Kalinic

December 19, 2023 | 4:53 pm

NIO

Nio Inc - ADR (NYSE:NIO) shares rose by 5.9% to $8.84 on Tuesday, potentially due to overall market strength and positive momentum from the announcement of a $2.2 billion strategic equity investment from Abu Dhabi-based investment group CYVN. This investment will give CYVN approximately 20.1% ownership in NIO and includes director nominations and strategic collaborations. The funds are expected to support NIO's technology, brand, and international expansion, with both parties optimistic about long-term growth.

Portfolio Pulse from Henry Khederian

December 19, 2023 | 4:50 pm

HIVE

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) has announced a $25 million bought deal private placement of 5 million special warrants at $5 each to support its Bitcoin production and expand its green mining operations by 100MW. The deal is led by Stifel Canada and Canaccord Genuity, with an option for the underwriters to purchase an additional 15% of the special warrants. The offering is contingent on regulatory and corporate approvals.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 4:44 pm

AU

AngloGold Ashanti's stock is up following the announcement of a C$22.05 million strategic investment in G2 Goldfields.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 4:25 pm

MARA

Marathon Digital Holdings has entered into a definitive purchase agreement to acquire two Bitcoin mining sites for $178.6 million, causing its shares to trade higher.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 4:11 pm

CCLP

KGS

CSI Compressco LP (CCLP) is being acquired by Kodiak Gas Services, Inc (KGS) in an all-equity deal valued at $854 million, including $619 million of net debt. CCLP unitholders will receive 0.086 shares of KGS stock per unit, equating to $1.65 per unit. The transaction is expected to close in Q2 FY24, subject to regulatory approvals. Post-acquisition, KGS will have the largest contract compression fleet and CCLP unitholders will own about 14% of the combined company. The deal is expected to be accretive to KGS's cash flow per share and neutral to leverage post-synergies. CCLP shares are down 5.42% at $1.57.

Portfolio Pulse from Lekha Gupta

December 19, 2023 | 4:07 pm

AZN

CGEN

GILD

Compugen Ltd's stock (CGEN) is trading higher following an agreement with Gilead Sciences Inc (GILD) to license its COM503 drug candidate, a potential first-in-class antibody for cancer immunotherapy. Gilead will pay Compugen $60 million upfront, $30 million upon IND clearance expected in 2024, and up to $758 million in additional payments, plus royalties on net sales. The deal is anticipated to reduce Gilead's 2023 EPS by $0.03-$0.05. Compugen also stands to receive a $10 million milestone payment from AstraZeneca (AZN) for the dosing of the first patient in a trial derived from its COM902 antibody.

Portfolio Pulse from Vandana Singh

December 19, 2023 | 3:36 pm

UFI

Unifi Aviation, a global aviation services leader, has seen its revenue more than double since 2021, becoming North America's largest aviation services company. As it celebrates its five-year anniversary, it has been recognized by Newsweek as one of 'America's Greatest Workplaces for Diversity' for 2024. The company has expanded by acquiring Up & Away, a UK-based aviation services firm, and launching operations in Canada with WestJet at Calgary International Airport. Unifi has also hired nearly 1000 new employees in Canada and expanded its teams in Orlando, San Francisco, and Atlanta.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 3:27 pm