Streetbeat News

Acquisitions Mergers

AAPL

FXCOF

Apple Inc. (AAPL) and its suppliers, including Foxconn Technology Co., Ltd. (FXCOF), plan to manufacture over 50 million iPhones annually in India within the next two to three years. This move is expected to account for 25% of global iPhone production. The expansion includes a new Foxconn facility in Karnataka, set to begin operations in April, and a partnership with Tata Group for one of India's largest iPhone assembly plants. The developments aim to diversify production outside of China and increase market share.

Portfolio Pulse from Nabaparna Bhattacharya

December 08, 2023 | 12:00 pm

CARR

HON

Honeywell International Inc. is set to acquire the Global Access Solutions business of Carrier Global Corporation for $4.95 billion in an all-cash transaction. The purchase price is equivalent to 13 times the estimated 2023 EBITDA for the business. The transaction is expected to close in the third quarter of 2024.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 11:51 am

DIS

META

Elon Musk's confrontational approach with boycotting advertisers, including a harsh comment directed at Disney's Bob Iger, may be having repercussions as Disney-owned ESPN's NBA insider Adrian Wojnarowski appears on Meta's Threads for a Q&A session. This move could signify a loss for Musk's platform, especially as he aims to focus on video streaming and sports content. Musk continues to criticize Iger, accusing him of mismanaging Disney, particularly in light of Meta's legal issues around child exploitation material.

Portfolio Pulse from Rounak Jain

December 08, 2023 | 11:50 am

KSS

LEVI

Levi Strauss & Co (NYSE:LEVI) announced that CEO Chip Bergh will retire on April 26, 2024. Michelle Gass, former CEO of Kohl's Corporation (NYSE:KSS), will succeed him as president and CEO starting January 29, 2024. Bergh will become executive vice chair of the board until his retirement and then serve as a senior advisor until the end of the fiscal year 2024. Bergh is credited with taking Levi Strauss public in 2019 and expanding its brand portfolio.

Portfolio Pulse from Shivani Kumaresan

December 08, 2023 | 11:38 am

CARR

HON

Honeywell is set to acquire Carrier's security business for nearly $5 billion, according to the Wall Street Journal citing sources.

Portfolio Pulse from Charles Gross

December 08, 2023 | 11:36 am

BRO

Brown & Brown, Inc. has entered into an agreement to acquire Automotive Business Solutions, a move that expands its presence in the automotive market. The acquisition is expected to enhance Brown & Brown's service offerings and market reach.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 11:33 am

LYB

LyondellBasell (LYB) has agreed to sell its Ethylene Oxide & Derivatives business and a production facility in Bayport, Texas to INEOS for $700 million. The deal is expected to close in Q2 2024, subject to regulatory approvals and completion of maintenance at the facility. J.P. Morgan served as the financial advisor and King & Spalding as legal counsel for the transaction.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 11:32 am

BX

DLR

Blackstone Inc (BX) and Digital Realty Trust Inc (DLR) have announced a joint venture to develop four hyperscale data center campuses with an estimated development cost of $7 billion. The campuses will be located in Frankfurt, Paris, and Northern Virginia, aiming to support 10 data centers with approximately 500 MW of IT load capacity. Blackstone will hold an 80% ownership interest with $700 million of initial capital contributions, while Digital Realty will hold a 20% interest and manage the operations. The joint venture is expected to close in H1 2024, subject to approvals. DLR shares rose 1.47% to $136, while BX shares fell 0.71% to $113.05 in premarket trading.

Portfolio Pulse from Lekha Gupta

December 08, 2023 | 11:12 am

AAPL

Tata Group is set to build a large iPhone assembly facility in Hosur, Tamil Nadu, India, to support Apple Inc.'s expansion in the region. The plant aims to be operational in 12 to 18 months, with 20 assembly lines and 50,000 workers. This move aligns with Apple's strategy to diversify its production away from China and strengthens the partnership between Apple and Tata, which already manages an iPhone plant in Karnataka. Apple's production in India has grown to 7% of its total, with over $7 billion worth of iPhones assembled last fiscal year.

Portfolio Pulse from Shomik Sen Bhattacharjee

December 08, 2023 | 11:05 am

ICG

Intchains Group (ICG) has announced the expansion of its presence in the WEB3 industry by acquiring assets related to the Goldshell brand. This strategic move aims to enhance ICG's position in the growing WEB3 space.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 11:02 am