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Acquisitions Mergers

AVTR

Avantor Inc (NYSE:AVTR) announced a new operating model and a multi-year cost optimization initiative at its investor day, aiming to transition from three geographic segments to two business segments: Laboratory Solutions and Bioscience Production. The company expects to achieve $300 million in cost savings by 2026 and reiterated its FY23 guidance with a core organic revenue decline and adjusted EBITDA margin contraction. Two executives will leave Avantor in 2024. AVTR shares closed slightly higher.

Portfolio Pulse from Lekha Gupta

December 08, 2023 | 10:48 am

RIVN

TSLA

Rivian Automotive Inc (NASDAQ:RIVN) has laid off about 20 employees from its battery cell development team, including Victor Prajapati, a key figure who previously worked at Tesla Inc (NASDAQ:TSLA). The layoffs, which represent less than 8% of the battery team, are part of a shift in focus towards the R2 platform and defined programs, pausing new in-house cell development. Rivian will instead grow its cell chemistry team and work with manufacturing partners. The company reported Q3 revenue of $1.337 billion and a loss of $1.19 per share, beating estimates and raising its full-year production guidance to 54,000 vehicles.

Portfolio Pulse from Anan Ashraf

December 08, 2023 | 8:01 am

MT

ArcelorMittal has finalized the sale of its Kazakh steel and mining operation, ArcelorMittal Temirtau, to Qazaqstan Investment Corporation for a total consideration of $986 million. The deal includes an initial payment of $286 million, $250 million for outstanding intra-group dues, and an additional $450 million guaranteed by a sovereign fund, to be paid in four annual installments.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 7:42 am

STLA

Stellantis NV (NYSE:STLA) is reducing its workforce at Jeep manufacturing facilities in Detroit and Toledo due to California's stringent emissions standards. The company anticipates lower sales of gasoline-powered cars in states adhering to these regulations. Stellantis has criticized California's 2019 agreement with four automakers on fuel economy standards and is preparing for an electric offensive in 2024. The company also recalled over 32,000 Jeep Wrangler 4xe hybrids for potential fire risks, which may affect consumer confidence and sales.

Portfolio Pulse from Benzinga Neuro

December 08, 2023 | 5:38 am

TBCPU

Thunder Bridge Capital Partners III (TBCPU) has announced its intention to liquidate as it cannot complete a business combination by the deadline of February 10, 2024. The board of directors has made this decision after evaluating the company's inability to achieve a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar transaction.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 10:18 pm

AVHI

VASO

Vaso, a medical technology company, is set to list on Nasdaq through a SPAC merger, valuing the company at a pro forma equity value of $176 million, with a share price of $10.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 10:02 pm

AJG

Arthur J. Gallagher & Co., a global insurance brokerage, risk management, and consulting services firm, has acquired My Plan Manager, an Adelaide, South Australia-based company. My Plan Manager is known for being one of Australia's largest plan management services that supports National Disability Insurance Scheme (NDIS) participants. The financial terms of the acquisition were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 10:01 pm

AWK

Iowa American Water, a subsidiary of American Water Works Company Inc. (AWK), has acquired the water and wastewater systems of Donahue, Iowa, for $1.75 million. This acquisition, approved by the Iowa Utilities Board, adds 140 water and 118 wastewater customers to its Quad Cities service area.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 9:51 pm

INAQ

Insight Acquisition Corp. (IAC), a special purpose acquisition company listed on NASDAQ as INAQ, has confidentially submitted a draft registration statement on Form S-4 with the SEC. This submission is in relation to a proposed business combination with Alpha Modus, Corp., a company based in Metro-Charlotte, NC.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 9:48 pm

GLLI

Globalink Investment Inc. has announced an extension of the deadline to complete a business combination until December 9, 2023. This extension provides additional time for Globalink to finalize a merger or acquisition, which is a common practice for special purpose acquisition companies (SPACs) seeking to merge with a private company, making it public.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 9:46 pm