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Acquisitions Mergers

GOOG

GOOGL

META

Google has reached a deal with the Canadian government to pay $74 million annually to the Canadian news sector, averting a news block in Canada. The agreement is in response to the proposed Online News Act (Bill C-18), which would require digital platforms to compensate local publishers for news content. While Google has complied, Meta Platforms Inc. continues to block news content on Facebook and Instagram in Canada.

Portfolio Pulse from Ananya Gairola

November 30, 2023 | 1:31 am

BK

COIN

Swiss asset management firm Pando Asset AG has filed an S-1 registration statement for a spot Bitcoin ETF, aiming to list it on Nasdaq under the symbol PBC. The Bank of New York Mellon (BK) is to be the administrator, while Coinbase (COIN) is the custodian. Pando acknowledges competitive risks, including the potential for inadequate liquidity and the challenge of accumulating significant assets. The SEC has over 10 pending Bitcoin ETF applications from companies like BlackRock (BLK), Fidelity, and Ark Invest.

Portfolio Pulse from Murtuza Merchant

November 30, 2023 | 12:49 am

AVGO

Broadcom Inc. (NASDAQ:AVGO) is exploring 'strategic alternatives' for two VMware business units following its $69 billion acquisition of VMware. CEO Hock Tan communicated this in a leaked email, stating that the End-User Computing and Carbon Black cybersecurity units will be reviewed. Despite supporting these units during the transition, past actions by Broadcom suggest potential spin-offs or sales. Post-acquisition changes include employee layoffs and the departure of top VMware executives. Broadcom's stock saw a slight increase in after-hours trading.

Portfolio Pulse from Ryan Gustafson

November 29, 2023 | 11:02 pm

DIS

Bob Iger, CEO of Walt Disney Company (NYSE:DIS), addressed various issues at the NYT DealBook Summit 2023. He discussed underperforming box office results, particularly citing 'The Marvels' and admitted that increasing Disney+ content was a mistake leading to diluted quality. Iger commented on the advertising pullout from Twitter, now known as X, due to Elon Musk's public positions. He walked back on asset sales, stating Disney's linear TV networks are not for sale. Iger also touched on the conflict with Florida Governor Ron DeSantis and the company's special district rights. He spoke about succession planning, ensuring a robust process, and mentioned the activist investor battle with Nelson Peltz. Disney announced the addition of James P. Gorman and Jeremy Darroch to its board of directors.

Portfolio Pulse from Chris Katje

November 29, 2023 | 10:40 pm

ERJ

Porter Airlines has exercised purchase rights for an additional 25 Embraer E195-E2 jets, adding to their existing order of 50 jets. The deal is valued at $2.1 billion at list prices.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 10:25 pm

DFS

The board of Discover Financial Services has given management the green light to explore the sale of its Discover Student Loans portfolio. This strategic move could lead to a potential divestiture of the student loans segment, as the company evaluates its options.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 9:38 pm

DIS

The Walt Disney Company (NYSE:DIS) has appointed James P. Gorman, CEO of Morgan Stanley, and Sir Jeremy Darroch, former CEO of Sky, as new directors effective January and February 2024, respectively. The appointments aim to strengthen Disney's board with expertise in financial management and international media, aligning with strategic growth and shareholder value. Francis A. deSouza will not seek reelection to focus on new technology ventures.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 9:33 pm

AVGO

Broadcom CEO has indicated in a leaked email that the company is considering 'strategic alternatives' for two of VMware's business units. This could involve the sale or restructuring of these units as Broadcom evaluates its options.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 9:23 pm

LVS

Mark Cuban is rumored to be selling majority control of the Dallas Mavericks to Miriam Adelson, majority shareholder of Las Vegas Sands (NYSE:LVS). The potential sale, valued at $3.5 billion, comes as Cuban announces his departure from 'Shark Tank' and amidst speculation of a 2024 presidential run. Cuban has previously denied intentions to run for president, but has also stated 'never say never.' The sale of Mavericks shares by Adelson is to fund the purchase of a majority interest in an unnamed professional sports team.

Portfolio Pulse from Chris Katje

November 29, 2023 | 9:13 pm

TPCS

TechPrecision Corporation (NASDAQ:TPCS) has signed a definitive agreement to acquire Votaw Precision Technologies for $85M on a cash and debt-free basis. The acquisition is expected to more than double TechPrecision's revenue and EBITDA and enhance its strategic capabilities in the defense and aerospace industries. The deal includes a $70M payment at closing, semi-annual payments totaling $15M, and an earnout of up to $25M based on Votaw's FY2024 EBITDA. The acquisition is anticipated to be completed between December 15, 2023, and March 31, 2024, with TechPrecision having 45 days to conduct due diligence.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 9:13 pm