Streetbeat News

Acquisitions Mergers

TPG

TPG has acquired a 75% interest in Oxford Properties Group's industrial portfolio in the Greater Toronto Area for C$1 billion, valuing the portfolio at C$1.3 billion. This marks the first joint venture between TPG and Oxford and is one of the largest private industrial real estate transactions in Canada. The portfolio includes Brampton Business Park and Vaughan Business Park, totaling 5.1 million square feet. Oxford retains a 25% interest and will continue to manage the properties. The fully leased portfolio has high-quality tenants and benefits from longer-term leases. TPG has a history of investing in industrial real estate, and Oxford has a significant global industrial portfolio.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 6:27 pm

BNTX

BioNTech SE (NASDAQ:BNTX) has inaugurated its mRNA vaccine manufacturing site in Kigali, Rwanda, marking a significant step in establishing a resilient vaccine ecosystem in Africa. The site features BioNTainers, high-tech modular units for mRNA vaccine production. BioNTech plans to start local training in 2024 and initiate test mRNA production in 2025. The facility aims to support clinical development and commercial-scale production of vaccines for diseases like tuberculosis, malaria, HIV, and mpox. The Kigali site is fully funded by BioNTech with a $150 million investment and will employ around 100 people. The company is also exploring additional manufacturing sites in Africa and partnerships for infectious disease research.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 6:17 pm

GOOGL

META

QQQ

SEDG

TLT

VF

X

US stocks continued their year-end rally with the Nasdaq nearing record highs and the S&P 500, Dow Jones, and small caps also seeing gains. Despite Federal Reserve officials cautioning against market expectations for rate cuts in 2024, investors remain optimistic. Treasury yields rose slightly, negatively impacting the iShares 20+ Year Treasury Bond ETF (TLT). Oil prices increased following attacks in the Red Sea. Sector-wise, Communication Services (XLC) led gains, while Real Estate (XLRE) and Utilities (XLU) lagged. U.S. Steel Corp. (X) soared on acquisition news, Meta Platforms (META) and Alphabet (GOOGL, GOOG) rallied, V.F. Corporation (VF) dropped after a cyberattack, and SolarEdge Technologies (SEDG) declined on a Goldman Sachs downgrade.

Portfolio Pulse from Piero Cingari

December 18, 2023 | 6:14 pm

CPNG

Coupang, Inc. (CPNG) stock is trading higher following the announcement that the company will acquire the business and assets of Farfetch Holdings.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 6:08 pm

MT

Arcelor Mittal's stock (MT) is trading higher, potentially influenced by a merger and acquisition deal between Nippon Steel and US Steel, which may indicate a positive outlook for the steel industry.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 6:07 pm

EBIX

LNTH

X

Lantheus Holdings, Inc. (LNTH) shares fell by over 22% after announcing topline results from a phase 3 study with POINT Biopharma. Other stocks moved in Monday's mid-day session with notable gainers and losers across various sectors. United States Steel Corporation (X) rose after an acquisition announcement by Nippon Steel, while Ebix, Inc. (EBIX) shares plummeted following a Chapter 11 filing and asset sale agreement.

Portfolio Pulse from Avi Kapoor

December 18, 2023 | 6:05 pm

CGC

Canopy Growth Corporation (NASDAQ:CGC) has sold its This Works skincare and wellness brand to Inspirit Capital for up to £9.3 million ($11.7 million). The sale includes an upfront cash consideration, a loan note, and a contingent earn-out. This Works' leadership, staff, and IP will transfer to Inspirit Capital. The divestiture is part of Canopy Growth's strategy to focus on achieving North American cannabis market leadership by becoming a simplified, asset-light, cannabis-focused business. Canopy's shares traded lower at $0.5047 per share following the news.

Portfolio Pulse from Jelena Martinovic

December 18, 2023 | 5:45 pm

HODL

Jan van Eck, CEO of VanEck, predicts Bitcoin will surpass its $69,000 peak within 12 months, anticipating SEC approval for spot Bitcoin ETFs. VanEck, which filed for a Bitcoin-related ETF in 2017, has renamed its ETF proposal ticker to 'HODL'. Van Eck sees Bitcoin as a store-of-value investment, similar to gold, and expects the upcoming Bitcoin halving event to boost its value. He believes the SEC will approve all spot Bitcoin ETF applications simultaneously.

Portfolio Pulse from Murtuza Merchant

December 18, 2023 | 5:41 pm

TCEHY

Tencent Holding Ltd has shut down its U.S. video game studio Team Kaiju, which was part of its strategy to expand into the Western gaming market. The closure happened in June, with staff reassigned to other Tencent games. The studio, led by Scott Warner, was developing a high-budget multiplayer game. Warner left the studio in April. Tencent continues to focus on international markets with other projects like 'The Last Sentinel' at Lightspeed LA studio.

Portfolio Pulse from Anusuya Lahiri

December 18, 2023 | 5:37 pm

CLF

Cleveland-Cliffs (CLF) stock is trading higher following the announcement by Nippon Steel of a proposed acquisition of U.S. Steel. Cleveland-Cliffs, which had previously proposed to acquire U.S. Steel, stated it will now prioritize more aggressive share buybacks under its current authorization.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 5:30 pm