Streetbeat News

Acquisitions Mergers

SHEL

Shell plc has agreed to sell a 60% stake in Brazos Wind Holdings and a 50% stake in Madison Fields to InfraRed Capital Partners. Shell will retain power offtake from Brazos and manage both assets, which will benefit from IRA tax credits. The sale is expected to complete by early 2024.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 6:06 pm

AAP

Activist investors are pressuring Advance Auto Parts to proceed with the sale of its Worldpac unit. The move is aimed at unlocking value and improving the company's financial performance. The article suggests that the sale could attract significant interest from potential buyers.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 6:05 pm

ATUS

Altice USA, Inc (NYSE:ATUS) is in discussions to sell Cheddar News to private equity firm Regent LP with an earn-out deal structure, potentially yielding future proceeds of up to $50 million. Altice USA, which acquired Cheddar for $200 million in 2019, has seen its stock price drop nearly 60% this year, amid declining profits and revenues from high-speed broadband losses. The company reported a Q3 revenue decline but beat consensus estimates.

Portfolio Pulse from Anusuya Lahiri

December 11, 2023 | 5:54 pm

LLAP

Terran Orbital's stock price has declined following the company's announcement of a formal review of strategic alternatives to enhance shareholder value. Options may include an investment, sale, a 'take private' transaction, or an alternative strategic relationship.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 5:17 pm

ARGT

EDN

MELI

TEO

YPF

Javier Milei was inaugurated as Argentina's president, promising radical economic changes amid a hyperinflationary crisis. Milei plans to cut government spending to combat inflation projected to potentially reach 15,000%. U.S. officials attended the inauguration, indicating potential for improved U.S.-Argentina relations. Since Milei's election, Argentine stocks have surged, with the Global X MSCI Argentina ETF (ARGT) up 20%, and companies like EDN, YPF, TEO, and MELI showing significant gains.

Portfolio Pulse from Piero Cingari

December 11, 2023 | 5:12 pm

COGT

GGE

KTTA

MOR

NIR

U.S. stocks traded mixed with the Dow Jones gaining over 100 points, while the NASDAQ fell and the S&P 500 slightly rose. Industrials shares led gains, while communication services lagged. An investor consortium offered $5.8 billion to acquire Macy's Inc. amid competition from digital retailers. Pasithea Therapeutics, MorphoSys AG, and The Cigna Group saw shares rise on positive developments. Cogent Biosciences shares plunged after Phase 2 trial data, Green Giant announced a public offering, and Near Intelligence filed for Chapter 11. Oil and gold traded down, while European and Asian markets showed mixed results.

Portfolio Pulse from Avi Kapoor

December 11, 2023 | 5:11 pm

NIR

Near Intelligence has filed for Chapter 11 bankruptcy protection and has entered into an agreement to sell its business, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 5:10 pm

HOLI

Hollysys Automation Technologies (HOLI) shares surged following the announcement of an acquisition agreement with Ascendent Capital Partners. The deal is an all-cash transaction valued at around $1.66 billion.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 5:08 pm

AMZN

TGT

WMT

Walmart is adopting a strategy similar to Target's by using its 4,700 U.S. stores to fulfill e-commerce orders, aiming to compete more effectively with Amazon's online dominance. Walmart CFO John David Rainey emphasized the advantage of their physical footprint for last-mile delivery. Target's 'stores-as-hubs' model, which fulfills 95% of digital orders from store inventories, has been successful, and Walmart is now reallocating store space for digital order sorting and shipping. Walmart's approach could enhance delivery speed, a key factor in e-commerce competition, especially during the holiday season where Amazon leads in online gift shopping.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 5:08 pm

ATUS

Altice USA is negotiating the sale of Cheddar News to Regent LP, a private equity firm. The deal may involve an earn-out structure, with no initial payment but potential future proceeds for Altice based on Cheddar's performance, possibly reaching $50 million. Altice USA, facing a nearly 60% stock price drop and broadband losses, previously acquired Cheddar for $200 million in 2019. Regent has a history of media sector investments. No final deal is confirmed, and Altice USA declined to comment on the ongoing private discussions.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 4:40 pm