Streetbeat News

Acquisitions Mergers

CENN

Cenntro Electric Group has received an order from an Australian court to hold a meeting for shareholders to consider and vote on a proposed scheme. The explanatory statement for the scheme has been approved for distribution to shareholders, and the scheme booklet has been registered with the Australian Securities and Investments Commission (ASIC). The scheme meeting is scheduled for January 24, 2024, at 4:00 pm EST.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 9:50 pm

BXMT

Blackstone Real Estate Debt Strategies, Blackstone Real Estate Income Trust, CPP Investments, and Rialto Capital have acquired a 20% equity stake in a joint venture with the FDIC, holding a $16.8 billion commercial real estate loan portfolio from the defunct Signature Bank. The FDIC retains an 80% stake and provided 50% financing. The portfolio consists of over 2,600 loans, mostly performing and fixed-rate, in the New York area. Blackstone will manage the assets, and Rialto will service the loans. CPP Investments' credit portfolio is valued at C$75 billion as of September 30, 2023.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 9:38 pm

WBS

Webster Financial Corporation (WBS) has agreed to acquire Ametros Financial Corp for $350 million in cash. The deal is expected to be over 2% accretive to Webster's FY25 consensus estimates, generate an IRR over 25%, and have a five-year earn-back of tangible book value dilution. Ametros will become a subsidiary of Webster post-acquisition, with the transaction slated to close in Q1 2024 pending customary closing conditions and anti-trust review.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 9:31 pm

LNC

Lincoln Financial Group (NYSE:LNC) has agreed to sell its wealth management business to Osaic, Inc. The deal, expected to close in the first half of 2024, will provide Lincoln with a $700 million capital benefit, which will be used to improve its risk-based capital ratio and reduce its leverage ratio. The transaction includes the sale of Lincoln Financial Advisors Corporation and Lincoln Financial Securities Corporation, with approximately 1,450 financial professionals. Lincoln will retain Lincoln Financial Distributors and its independent agents, and expand its distribution relationship with Osaic. There are no expected material impacts to Lincoln's free cash flow or earnings from this transaction.

Portfolio Pulse from Happy Mohamed

December 14, 2023 | 9:07 pm

OSG

Overseas Shipholding Group (OSG) has announced a major upgrade program for its Alaskan Class fleet, to be completed by 2026. The program, in partnership with MAN Energy Solutions, includes engine replacements for better fuel efficiency, advanced control systems, and compliance with Carbon Intensity Indicator regulations. The upgrades, which also make the vessels 'Ready for Methanol', will be done during scheduled drydocking and represent a nearly $100 million investment. Additionally, OSG has amended charterparties for the Alaskan Navigator and Alaskan Legend, extending options through 2035.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 8:35 pm

NUBI

Nubia Brand International Corp's stockholders have approved a business combination with Honeycomb Battery Company. At the meeting, 70.4% of the shares present voted in favor. Nubia received redemption requests for 99.4% of its public shares before the deadline, with each share entitled to approximately $10.94 from the trust account.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 8:26 pm

FOUR

GPN

Global Payments Inc. is reportedly considering the acquisition of Shift4 Payments, according to CNBC. This potential deal could consolidate Global Payments' position in the payment processing space by integrating Shift4 Payments' technology and client base.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 8:16 pm

DRIV

GM

General Motors' self-driving unit Cruise is laying off 900 workers, a quarter of its workforce, following the departure of top executives and a series of setbacks including an accident, permit suspension, and production halts. The layoffs raise concerns about Cruise's future and the autonomous vehicle sector. Despite this, the Global X Autonomous & Electric Vehicles ETF (DRIV) has risen 18% since September. GM has reportedly reduced funding for Cruise, which plans a cautious return to service starting in one city.

Portfolio Pulse from Neil Dennis

December 14, 2023 | 8:05 pm

ADBE

ASYS

CPTN

FRGT

MRNA

RPHM

VCIG

U.S. stocks traded higher, with the Dow up 0.44%, NASDAQ up 0.42%, and S&P 500 up 0.54%. Energy shares rose by 2.5% while consumer staples fell by 0.7%. Adobe Inc. (ADBE) shares fell 5% after a weak sales forecast for FY24 despite beating Q4 earnings estimates. Freight Technologies (FRGT) surged 274% after Amazon Mexico renewed its logistics contract. Moderna (MRNA) rose 12% on positive melanoma study data with Merck. VCI Global (VCIG) gained 20% after its fintech arm agreed to acquire EVOLET. Amtech Systems (ASYS) fell 31% on poor Q4 sales and weak Q1 guidance. Reneo Pharmaceuticals (RPHM) dropped 85% after its study failed to meet primary efficacy endpoints. Cepton (CPTN) declined 26% on disappointing Q3 sales and a weak FY23 forecast. Oil prices increased by 3.6% to $72.00, and gold rose 2.9% to $2,055.10.

Portfolio Pulse from Avi Kapoor

December 14, 2023 | 7:23 pm

BLK

Valkyrie Investments has submitted its fourth amendment to the Spot Bitcoin ETF application, indicating a continuous offering for up to three years from the original offering date. CoinShares has obtained an exclusive option to acquire Valkyrie Funds, and BlackRock has enabled Wall Street banks to indirectly own crypto assets in the spot Bitcoin ETF. The SEC's recent interactions with BlackRock and Fidelity suggest an open dialogue, with market expectations that all ETF applications will be approved simultaneously to prevent a first-mover advantage. Valkyrie's approval deadline is January 10, 2024.

Portfolio Pulse from Khyathi Dalal

December 14, 2023 | 7:17 pm