Streetbeat News

Acquisitions Mergers

MRK

Merck (NYSE:MRK) has entered into a definitive agreement to acquire Caraway Therapeutics, Inc. for a potential total of $610 million, including an upfront payment and contingent milestone payments. The upfront payment will be expensed in Q4 2023 and reflected in Merck's non-GAAP results.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 11:47 am

CRH

MLM

Martin Marietta Materials, Inc (MLM) has agreed to sell its South Texas cement business and related operations to CRH Americas Materials, Inc, a subsidiary of CRH plc (CRH), for $2.1 billion in cash. The divested assets, which include the Hunter cement plant and 20 concrete plants, are expected to generate a pro-forma 2023 EBITDA of about $170 million. The deal is anticipated to close in the first half of 2024, pending regulatory approvals. MLM plans to use the proceeds to further its SOAR 2025 growth objectives. MLM's stock closed down 1.48% at $455.21 on Monday.

Portfolio Pulse from Shivani Kumaresan

November 21, 2023 | 11:41 am

MANU

Sir Jim Ratcliffe's anticipated acquisition of Manchester United (MANU) may not be finalized before Thanksgiving as initially hoped. Concerns arise that the announcement could be delayed until the following week.

Portfolio Pulse from Charles Gross

November 21, 2023 | 11:39 am

J

Jacobs Solutions Inc (NYSE:J) has announced a definitive agreement to spin off its Critical Mission Solutions and Cyber & Intelligence businesses, merging them with Amentum to form a new publicly traded government services company. The new entity will have an estimated annual revenue of $13 billion. Jacobs and its shareholders will own 58.5%-63% of the new company, and Jacobs will retain its data solutions and digital technologies business. Jacobs expects to receive $1 billion in cash proceeds post-closure, with additional value from divesting its retained stake within 12 months. The deal is expected to close in the second half of FY24 and is projected to generate $50 million-$70 million in net cost synergies. Jacobs' CEO Bob Pragada believes this will streamline the company's portfolio and align it with global trends. Jacobs will announce Q1 2024 earnings and new productivity targets on November 21, 2023. The company's stock closed higher by 1.23% at $136.98 on Monday.

Portfolio Pulse from Lekha Gupta

November 21, 2023 | 11:04 am

CRM

MSFT

Over 95% of OpenAI's employees are willing to quit and follow Sam Altman to Microsoft Corp. (NASDAQ:MSFT) after his ouster. OpenAI's board is in intense discussions to address the situation, with an internal memo calling for unity. Despite the turmoil, OpenAI's leadership, including Altman, is expressing solidarity and ensuring operational continuity. Salesforce Inc. (NYSE:CRM) attempted to poach OpenAI talent but faced resistance from employees who remain committed to OpenAI's mission.

Portfolio Pulse from Rounak Jain

November 21, 2023 | 11:00 am

MLM

Martin Marietta has agreed to sell its South Texas Cement business and some related concrete operations to CRH for $2.1 billion in cash.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 8:18 am

J

Jacobs (NYSE:J) has announced a definitive agreement to spin-off and merge its Critical Mission Solutions and Cyber & Intelligence government services businesses with Amentum, forming a new publicly-traded company in the government services sector. This follows Jacobs' May announcement of its intent to separate its CMS business. The new entity will have approximately $13 billion in annual revenue. Jacobs will retain its next-generation data solutions and digital technologies business, which is part of its DVS segment.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 7:39 am

MLM

CRH plc has agreed to acquire a portfolio of cement and readymixed concrete assets in Texas from Martin Marietta Materials, Inc. for $2.1 billion. The assets include a cement plant with a 2.1mt capacity and 20 readymixed concrete plants, expected to generate $170 million in EBITDA for 2023.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 7:11 am

BTCUSD

DOGEUSD

Javier Milei, Argentina's next President, is gaining attention for his unconventional telepathic communications with his deceased dog, Conan, who he claims advised him on his political strategy. Milei's pro-Bitcoin stance has garnered support from prominent crypto figures like Balaji Srinivasan, Michael Saylor, Samson Mow, and Ryan Selkis, who are optimistic about potential Bitcoin-friendly reforms in Argentina. Elon Musk and Dogecoin co-founder Billy Markus also expressed positive sentiments about Argentina's future under Milei's leadership.

Portfolio Pulse from Mehab Qureshi

November 21, 2023 | 4:23 am

CRM

MSFT

Salesforce Inc. (CRM) CEO Marc Benioff has invited OpenAI researchers who have resigned to join Salesforce's Einstein Trusted AI research team, offering matching compensation. This follows Microsoft Corporation's (MSFT) move to form a new AI research team led by former OpenAI leaders Sam Altman and Greg Brockman. The invitation comes amid a potential mass exodus at OpenAI, where employees have threatened to leave unless the board is restructured and Altman and Brockman are reinstated.

Portfolio Pulse from Ananya Gairola

November 21, 2023 | 2:11 am