Streetbeat News

Acquisitions Mergers

JPM

JPMorgan Chase & Co has acquired a 10.6% stake in Spanish defense systems manufacturer Indra, becoming the second-largest stakeholder after the Spanish state holding company SEPI. The stake is valued at approximately €268 million ($294.10 million). This move comes as Indra's strategic importance increases due to geopolitical tensions in Europe and Spain's commitment to boost defense spending. JPMorgan's acquisition follows Escribano's stake increase in Indra to 8%.

Portfolio Pulse from Shivani Kumaresan

November 30, 2023 | 11:26 am

MTN

Vail Resorts Inc (NYSE:MTN) is set to acquire an 84% stake in Crans-Montana Mountain Resort in Switzerland from CPI Property Group. The deal includes an 80% stake in SportLife AG and 100% of 11 restaurants. The resort boasts 1,400 meters of vertical terrain and 140 kilometers of trails. The transaction, valued at CHF 118.5 million, is expected to close during the 2023-24 ski season, with the resort anticipated to generate CHF 5 million EBITDA in fiscal 2025. Vail Resorts had $562.9 million in cash as of July 1, 2023. MTN shares closed at $215.22, down 0.49% on Wednesday.

Portfolio Pulse from Shivani Kumaresan

November 30, 2023 | 10:40 am

AAPL

AXP

GS

SYF

V

Apple Inc. (AAPL) is speculated to be seeking a new partner for its Apple Card operations following the potential end of its partnership with Goldman Sachs. A job listing for a software engineer at Apple Processing LLC hinted at a collaboration with Brazilian fintech company Pismo, recently acquired by Visa. Goldman Sachs is reportedly considering transferring the Apple Card program to American Express, while Synchrony Financial might take over the business. No official confirmation from Apple has been made regarding these changes.

Portfolio Pulse from Benzinga Neuro

November 30, 2023 | 10:29 am

AAPL

Apple Inc. (AAPL) has reportedly refused to increase its payments to Arm Holdings despite Arm's recent IPO and pressure from Arm's parent company, SoftBank. Apple maintains a payment of less than $0.30 per iPhone for Arm's intellectual property, which is significantly lower than what other clients like Qualcomm and MediaTek pay. Despite the push for higher payments, Apple's contribution to Arm's sales remains below 5%, and the contract between the two companies has been extended beyond 2040.

Portfolio Pulse from Benzinga Neuro

November 30, 2023 | 10:12 am

QUIK

QuickLogic Corporation (NASDAQ:QUIK) has secured a new contract to provide embedded FPGA (eFPGA) IP for a leading global semiconductor company, targeting the UMC 22nm process. The financial terms of the deal have not been disclosed.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 10:05 am

OXY

Occidental Petroleum is reportedly in discussions to acquire Permian producer CrownRock in a deal valued at over $10 billion, according to The Wall Street Journal.

Portfolio Pulse from Charles Gross

November 30, 2023 | 9:34 am

HPE

Ofinno, a research lab specializing in 5G, Wi-Fi, and immersive media technologies, is transitioning from the public cloud to a private cloud using HPE GreenLake, a platform by Hewlett Packard Enterprise (NYSE:HPE). This move is expected to result in up to a 90% reduction in monthly operational costs and accelerate innovation. Ofinno has a history of selling patents to various industries, including consumer electronics, automotive, and telecommunications.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 8:42 am

VSTO

Vista Outdoor Inc. has rejected an unsolicited merger proposal from Colt CZ Group. The proposal was not considered to be in the best interests of Vista Outdoor or its shareholders.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 8:13 am

PSX

Phillips 66 confirms ongoing discussions with Elliott Investment and updates on its business goals, including raising shareholder distributions, monetizing non-core assets, returning cash flow to shareholders, and increasing savings and EBITDA targets.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 7:25 am

VLTO

Veralto (NYSE:VLTO) has advised its shareholders to reject TRC Capital's mini-tender offer to buy up to 2 million shares at $65.40 each, a 4.33% discount to the closing price on October 30, 2023. Veralto's stock closed at $73.32 on November 28, 2023.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 7:20 am