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Acquisitions Mergers

CARR

HON

Honeywell's CEO Vimal Kapur announced on CNBC the acquisition of Carrier Global Corp.'s Security Division for $4.95 billion, marking a significant expansion in Honeywell's security solutions portfolio.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 2:50 pm

SHEL

Shell PLC (NYSE:SHEL) is reportedly considering a $5 billion investment in Nigeria's offshore Bonga North oil project and an additional $1 billion investment over the next 5-10 years to boost natural gas production. The investments were discussed during a meeting between Nigerian President Bola Tinubu and Shell's director of gas and upstream operations, Zoe Yujnovich. Nigeria's offshore production has seen recent improvements, leading to increased output. Shell's stock (SHEL) saw a 0.6% increase to $63.66.

Portfolio Pulse from Shivani Kumaresan

December 08, 2023 | 2:43 pm

AX

Axos Financial, Inc. has completed the acquisition of two loan portfolios from the FDIC at a purchase price of approximately 63% of their par value. This transaction resulted in a discount of about $463.7 million for the purchased loans, which have an aggregate unpaid principal balance of $1.25 billion, reflecting a 37% discount to par value.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 2:38 pm

BA

EADSF

EADSY

RLLCF

TAWNF

Boeing Company (NYSE: BA) is close to finalizing a deal with Thai Airways International Public Co. (OTC:TAWNF) for up to 80 of its 787 Dreamliners. The deal, which includes firm orders, options, and purchase rights, is expected to be announced soon. This development comes after Boeing's recent $52 billion deal with Emirates. Airbus SE (OTC:EADSF) (OTC:EADSY) lost out on this opportunity due to pricing issues with Rolls Royce Holdings Plc (OTC:RLLCF), the exclusive engine supplier for Airbus's A350. The pricing deadlock has led to public criticism from customers like Emirates and Thai Airways. Boeing's shares were trading slightly lower in premarket.

Portfolio Pulse from Nabaparna Bhattacharya

December 08, 2023 | 2:22 pm

CARR

HON

Honeywell International Inc (HON) is set to acquire Carrier Global Corporation's (CARR) Global Access Solutions business for $4.95 billion in cash. The acquisition, which includes hardware and software solutions, aligns with Honeywell's focus on automation, aviation, and energy transition. The deal is expected to be cash-EPS accretive in the first full year and is anticipated to close by Q3 2024. Honeywell had $7.8 billion in cash as of September 30, 2023. Carrier plans to use the $4 billion net proceeds to reduce debt and resume share repurchases once leverage is back to 2x EBITDA. HON's stock price dropped by 2.58% while CARR's increased by 5.50% in premarket trading.

Portfolio Pulse from Shivani Kumaresan

December 08, 2023 | 2:13 pm

CCI

Crown Castle Inc (NYSE:CCI) announced the retirement of CEO Jay Brown, effective January 16, 2024, amid pressure from activist investor Elliott Investment Management, which disclosed a $2 billion position in the company. Anthony Melone has been appointed as interim CEO. Elliott has called for significant changes and may nominate a new Board if necessary. The company recently reported Q3 sales that missed estimates and a year-over-year decline in funds from operations. CCI shares rose 1.20% in premarket trading.

Portfolio Pulse from Lekha Gupta

December 08, 2023 | 1:57 pm

NETI

Cadeler A/S and Eneti Inc. have extended their share exchange offer for all outstanding shares of Eneti to December 14, 2023. Cadeler also reduced the minimum tender condition from 85.01% to 70%. Additionally, Cadeler announced the signing of a new loan facility.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 1:52 pm

AVGO

DELL

Dell Technologies anticipates a decline in its other businesses' net revenue starting in Q4 of FY24 due to Broadcom's acquisition of VMware. The impact is expected as a result of the change in ownership of VMware, which has been a significant part of Dell's business operations.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 1:50 pm

PARA

Skydance Media's CEO David Ellison and RedBird Capital are reportedly in talks with National Amusements, the majority shareholder of Paramount Global, about a potential deal. National Amusements holds a 77% stake in Paramount Global.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 1:41 pm

CURLF

Curaleaf Holdings, Inc. has received conditional approval to list its subordinate voting shares on the Toronto Stock Exchange (TSX). The company plans to delist from the Canadian Securities Exchange in conjunction with the TSX listing. This move will allow Curaleaf to access a broader set of global institutional investors and capital. Curaleaf's shares (OTCQX:CURLF) rose 1.88% to $4.33 after the announcement. TerrAscend Corp. is another MSO listed on the TSX.

Portfolio Pulse from Jelena Martinovic

December 08, 2023 | 1:29 pm