Streetbeat News

Acquisitions Mergers

VSTO

Vista Outdoor and Czechoslovak Group (CSG) have announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, a significant step towards CSG's acquisition of Vista Outdoor's Sporting Products business. This expiration indicates that the deal has cleared an important regulatory hurdle and can proceed towards completion, pending other closing conditions.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 12:32 pm

VSTO

Vista Outdoor and Czechoslovak Group have received antitrust clearance for their proposed merger. The deal is anticipated to close in 2024, pending further regulatory approvals, including from the Committee on Foreign Investment in the United States, approval from Vista Outdoor's stockholders, and other customary closing conditions.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 12:31 pm

SNY

Sanofi SA is terminating its licensing agreement with Maze Therapeutics for the Pompe disease drug MZE001 due to an FTC lawsuit aimed at blocking the deal over antitrust concerns. The FTC argues that the $755 million deal would maintain Sanofi's monopoly in the Pompe disease treatment market, as Sanofi is the sole FDA-approved supplier of such treatments. Maze's MZE001, an oral treatment, is seen as a potential competitor to Sanofi's intravenous infusions. Despite the termination, Sanofi's stock is up 1.06% in premarket trading.

Portfolio Pulse from Vandana Singh

December 12, 2023 | 12:14 pm

LSXMA

LSXMB

LSXMK

SIRI

Liberty Media and SiriusXM have announced definitive agreements to merge Liberty Media's Liberty SiriusXM tracking stock group (LSXMA, LSXMB, LSXMK) with SiriusXM, creating a new public company, New SiriusXM. The new entity will operate under the SiriusXM name and brand, with a single series of common stock, expected to trade on the Nasdaq Global Select Market under the ticker symbol 'SIRI'.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 12:07 pm

OFIX

Orthofix Medical Inc. (NASDAQ:OFIX) has appointed three new independent directors to its Board, following a cooperation agreement with Engine Capital Management, LP, one of its largest shareholders with an 8.2% stake. The new directors are expected to contribute their expertise in finance, strategic development, healthcare, and medical technology to strengthen Orthofix's position in the global spine and orthopedics market.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 12:01 pm

DTEGY

ERIC

NOK

T

Nokia Corp (NYSE:NOK) announced a reduction in its 2026 comparable operating margin target from at least 14% to at least 13%, citing current market conditions, particularly in the Mobile Networks sector. Despite this, Nokia is optimistic about achieving the original target in the long term and sees further growth potential beyond 2026. The company also disclosed the acquisition of Fenix Group to enhance its wireless offerings in the defense segment, and a partnership with Deutsche Telekom AG (OTC:DTEGY) (OTC:DTEGF) for deploying a multi-vendor Open RAN network in Germany. Nokia's stock has declined 33.5% year-to-date but traded higher by 2.24% at $3.19 in premarket Tuesday. Last week, Ericsson (NASDAQ:ERIC) secured a deal with AT&T Inc (NYSE:T) for Open RAN deployment.

Portfolio Pulse from Anusuya Lahiri

December 12, 2023 | 11:34 am

CHH

WH

Choice Hotels has initiated an exchange offer to acquire all outstanding shares of Wyndham Hotels & Resorts. The offer includes $49.50 in cash and 0.324 shares of Choice common stock for each Wyndham share. Choice currently owns about 1.5 million shares of Wyndham, worth over $110 million. Additionally, Choice is preparing to nominate candidates to Wyndham's board.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 11:32 am

GE

The consortium of GE Vernova and MYTILINEOS has been awarded a £1 billion contract to build the UK's first high-capacity subsea link, Eastern Green Link 1 (EGL1), which involves constructing two High-Voltage Direct Current (HVDC) converter stations. The project is a joint venture between National Grid Electricity Transmission and SP Transmission.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 11:06 am

PERI

Perion Network has acquired Hivestack, a full-stack digital out-of-home platform. The terms of the acquisition include a $100M cash payment at closing and an additional performance-based payment plan of up to $25M over three years, contingent on employee retention and performance.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 11:02 am

ARKW

META

MSFT

QQQ

TSM

Cathie Wood's Ark Investment Management purchased shares of Meta Platforms, Inc. (META), Microsoft Corp. (MSFT), and Taiwan Semiconductor Manufacturing Company Ltd. (TSM) through its ARK Next Generation Internet ETF (ARKW). The tech sector has seen a significant surge, with the Invesco QQQ Trust (QQQ) up 49% year-to-date. Analyst Daniel Ives is optimistic about tech growth, particularly in cloud and AI. However, risks include valuation concerns and interest rate outlook. ARKW was down 1.54% at Monday's close but has gained 83.63% year-to-date.

Portfolio Pulse from Shanthi Rexaline

December 12, 2023 | 11:00 am