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Acquisitions Mergers

NIO

NIO Inc (NYSE:NIO) shares rose after announcing a $2.2 billion strategic equity investment from CYVN Holdings. CYVN will subscribe for 294 million newly issued Class A shares at $7.50 each, increasing its ownership to approximately 20.1% of NIO. The investment aims to strengthen NIO's balance sheet, brand positioning, sales, service capabilities, and investment in core technologies. The deal is expected to close by the end of December, with CYVN potentially nominating up to two directors to NIO's board.

Portfolio Pulse from Adam Eckert

December 18, 2023 | 1:46 pm

MUFG

Mitsubishi UFJ Financial Group Inc (NYSE:MUFG) has announced the acquisition of Link Administration Holdings Limited for A$1.11 billion, at a premium of 23.5% to the spot price. The deal will be executed through a Scheme of Arrangement and is subject to shareholder and regulatory approvals. The acquisition aligns with MUFG's strategy to expand its Global Asset Management and Investor Services Business. The transaction is expected to complete from June 2024 onwards. MUFG shares closed lower by 3.88% at $8.42 on Friday.

Portfolio Pulse from Lekha Gupta

December 18, 2023 | 1:42 pm

NIO

NIO's stock price is on the rise following the announcement of a $2.2 billion strategic equity investment from CYVN.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 1:39 pm

SGBX

SGD

Safe & Green Holdings Corp. (SGBX) has signed a Master Purchase Agreement with its real estate development subsidiary, Safe and Green Development Corporation (SGD), post-spinout. The agreement, valued over $140M, tasks SG Echo, a subsidiary of SGBX, with manufacturing modular units for SG DevCo's real estate projects. The projects are expected to generate over $800M in gross revenue. The deal is anticipated to maximize factory utilization and improve operating margins for SGBX due to economies of scale.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 1:34 pm

AYX

Alteryx has agreed to be acquired by Clearlake Capital Group and Insight Partners for $4.4 billion. Shareholders will receive $48.25 per share in cash, a 59% premium to the unaffected share price. After the acquisition, Alteryx will become a private company.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 1:34 pm

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NIO

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NIO Inc (NYSE:NIO) stock rose over 8% in premarket trading after announcing a $2.2 billion strategic investment from CYVN Holdings. The investment will support NIO's expansion and technology collaborations internationally, particularly in Europe. CYVN's investment increases its ownership to approximately 20.1% of NIO's equity. The European Union is scrutinizing Chinese EV imports for potential competition rule violations. NIO is also a significant holding in the KraneShares MSCI China Clean Technology Index ETF (NYSE:KGRN), comprising 9.93% of its portfolio.

Portfolio Pulse from Surbhi Jain

December 18, 2023 | 1:33 pm

VCIG

VCI Global Limited (NASDAQ:VCIG) has acquired a 51% stake in a special purpose vehicle (SPV) for CAD$12.1M, which includes assets from Nextech3D.AI Corporation's AI 3D modeling platform. This platform has seen a significant demand with over 50,000 3D models delivered, contributing to a 97% revenue growth for Nextech3D.AI in the first nine months of 2023. The global 3D modeling market is projected to grow at a CAGR of up to 20% until 2030, indicating a substantial market opportunity for VCI Global.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 1:32 pm

NOW

ServiceNow (NYSE:NOW) has announced the acquisition of task mining company UltimateSuite to enhance process mining and intelligent automation on the Now Platform. This acquisition aims to help customers identify bottlenecks and improve operational efficiencies by integrating UltimateSuite's task mining technology, which provides actionable insights and automation opportunities. The financial terms of the deal were not disclosed, and the acquisition is expected to close in Q1 2024. UltimateSuite, founded in 2020 and headquartered in Prague, has received industry recognition and was part of Accenture's Start-Up Accelerator and the Microsoft Founders Hub.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 1:31 pm

MMC

Stoch Analytics Limited, a new private company in Ireland, has acquired the Atlas software suite from Oliver Wyman, a part of Marsh McLennan (NYSE:MMC). Chris Stiefeling, formerly of Oliver Wyman, is now CEO of Stoch Analytics. The Atlas platform is used by life insurance companies for various actuarial tasks and is well-positioned to meet new regulatory demands. Stoch Analytics plans to focus on developing and marketing stochastic modeling solutions for the life insurance industry.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 1:19 pm

MOH

Molina Healthcare, Inc. (NYSE:MOH) has renegotiated the purchase agreement for acquiring Bright HealthCare's California Medicare business, reducing the purchase price from $510 million to approximately $425 million, net of certain tax benefits. This price now corresponds to 23% of the expected 2023 premium revenue of $1.8 billion. The acquisition is anticipated to add $1.00 per share to Molina's new store embedded earnings and is slated to close around January 1, 2024.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 1:18 pm