Streetbeat News

Acquisitions Mergers

QRVO

Luxshare Precision Industry is set to acquire Qorvo's assembly and test facilities in Beijing and Dezhou, China. The terms of the transaction were not disclosed. The deal is expected to be completed by the first half of 2024. Qorvo will retain its sales, engineering, and customer support staff in China to serve customers. Post-transaction, Luxshare will assemble and test products for Qorvo under a long-term supply agreement.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 9:02 pm

ORLY

O'Reilly Automotive, Inc. has announced its intention to acquire Groupe Del Vasto, a Canadian distributor of automotive parts. The financial terms of the deal have not been disclosed. This acquisition is expected to expand O'Reilly's presence in the Canadian market, where Groupe Del Vasto has a significant footprint.

Portfolio Pulse from Bill Haddad

December 18, 2023 | 9:00 pm

CPNG

Coupang's stock initially rose after announcing the acquisition of Farfetch Holdings' business and assets but later traded lower.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 8:57 pm

CPNG

FTCH

Farfetch Ltd (NYSE:FTCH) stock was halted and traded lower after Coupang Inc (NYSE:CPNG) announced plans to acquire Farfetch, aiming to become a significant player in the luxury goods market. The acquisition provides Farfetch with $500 million in capital for technology and market expansion. Previously, Farfetch's shares experienced volatility when the company chose not to release third-quarter results and refrained from providing forecasts.

Portfolio Pulse from Henry Khederian

December 18, 2023 | 8:46 pm

SBGI

Sinclair Broadcast Group's stock (SBGI) is trading higher after reports emerged that Amazon is discussing an investment in Diamond Sports, a sports broadcasting company owned by Sinclair.

Portfolio Pulse from Bill Haddad

December 18, 2023 | 8:37 pm

BLK

GBTC

Galaxy Digital, led by Mike Novogratz, is looking to acquire more assets from bankrupt crypto companies following a successful deal with FTX. The company managed FTX's Bitcoin and Ether holdings, as well as investments in Grayscale's Bitcoin Trust, boosting its assets under management from $1.7 billion to $5.3 billion. Galaxy is offloading FTX's tokens under a US court mandate and is interested in FTX's venture capital portfolio. Galaxy is also planning to shift its stock listing to Nasdaq and is working on launching a euro-denominated stablecoin and a spot bitcoin ETF in collaboration with Invesco and Cboe Global Markets.

Portfolio Pulse from Murtuza Merchant

December 18, 2023 | 7:25 pm

BMRA

CKPT

EBIX

GPCR

IVVD

ZIMV

The Nasdaq Composite gained over 100 points, while U.S. stocks traded mostly higher. Communication services shares led the gains, while real estate shares fell. ZimVie Inc. (ZIMV) announced the sale of its spine business to H.I.G. Capital for $375 million. Invivyd, Inc. (IVVD) and Biomerica, Inc. (BMRA) shares surged after positive trial results and FDA clearance, respectively. Checkpoint Therapeutics (CKPT), Structure Therapeutics (GPCR), and Ebix, Inc. (EBIX) shares fell due to regulatory setbacks and Chapter 11 filing.

Portfolio Pulse from Avi Kapoor

December 18, 2023 | 7:21 pm

ADM

ADM (NYSE:ADM) has announced an agreement to acquire Revela Foods, a developer and manufacturer of dairy flavor ingredients. Revela is projected to have sales of $240 million in 2023 and will enhance ADM's capabilities in the $1.8 billion dairy flavors segment. Revela operates three production facilities in the U.S. Midwest and has been a portfolio company of New Heritage Capital since 2019. The acquisition, which is subject to regulatory approvals, is expected to be completed early in 2024. Financial terms were not disclosed. ADM has been expanding its flavor portfolio since acquiring WILD Flavors in 2014, with multiple acquisitions and global investments.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 7:13 pm

X

Senator John Fetterman has expressed opposition to the acquisition of United States Steel Corp. by a foreign company, stating it is detrimental to workers and Pennsylvania. He has vowed to do everything in his power to prevent the acquisition.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 7:04 pm

AMZN

Amazon is reportedly in discussions to invest in Diamond Sports Group, the largest regional-sports programmer in the U.S. This investment would further Amazon's foray into sports content, positioning it against competitors such as Disney and Netflix. Diamond Sports, which broadcasts over 40 major sports teams and filed for bankruptcy earlier this year, is considering a strategic investment and a streaming partnership with Amazon.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 6:45 pm