Streetbeat News

Acquisitions Mergers

CUEN

WHEN

Cuentas, Inc. (CUEN) has announced a binding letter of intent to acquire a majority stake in World Health Energy Holdings, Inc. (WHEN), with the transaction resulting in WHEN becoming a majority-owned subsidiary of Cuentas. The deal involves Cuentas issuing shares to UCG, Inc., representing 50% of Cuentas' capital, in exchange for UCG's 75% stake in WHEN. The acquisition aims to expand Cuentas' footprint into cybersecurity, AI, and telecom technology, targeting a market forecasted at $215 billion by Gartner. The transaction is subject to Nasdaq and shareholder approval, with completion expected by the end of 2023.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 2:14 pm

CEI

Camber Energy, Inc. (CEI) reported significant revenue growth for the 9-month period ended September 30, 2023, post its merger with Viking Energy Group, Inc. Revenues increased to approximately $24.4 million from $466 thousand in the same period last year. The company's stockholders' equity also improved, turning from a $33 million deficit to a $29.2 million positive position. Camber's CEO, James Doris, expressed optimism about the company's future growth and profitability in the energy sector.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:58 pm

AER

GE

AerCap Holdings NV's (AER) stock is trading lower after GE Capital US Holdings, a subsidiary of General Electric Company (GE), priced a secondary offering of 26.72 million AerCap shares at $65.25 each. GE also granted underwriters an option to buy up to 4 million more shares, which could end GE's ownership in AerCap. AerCap is repurchasing 7.859 million shares at $63.62 each and announced the acquisition of five GE90-115B engines from Sanad. AerCap's Q3 FY23 revenue grew 7% YOY to $1.701 billion, missing estimates, but adjusted EPS of $2.81 beat expectations. AerCap's shares are down 2.23% in premarket trading.

Portfolio Pulse from Lekha Gupta

November 14, 2023 | 1:58 pm

RIVN

Rivian Automotive, Inc. (RIVN) received final approval for its $5 billion EV plant in Georgia, two years after its announcement. The Georgia Supreme Court cleared Rivian of legal challenges, allowing the company to proceed with the Stanton Springs North project. The plant will produce more affordable EVs based on the R2 platform, with an expected MSRP of around $40,000. The facility aims to start assembly in 2026, reach an annual output of 400,000 vehicles, and create 7,500 jobs by 2028. Construction is set to begin in early 2024.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:46 pm

BCDA

INVO

THRX

Theseus Pharmaceuticals (THRX) is exploring strategic alternatives, causing its stock to surge by 53%. BioCardia (BCDA) announced FDA approval for its Phase 3 clinical trial of CardiAMP cell therapy for ischemic heart failure, leading to a 166% stock increase. INVO BioScience (INVO) reported a smaller-than-expected GAAP EPS loss of $0.70, beating estimates by $0.17, but missed revenue targets by $0.96M, with a total revenue of $0.97M, resulting in a 51% stock jump.

Portfolio Pulse from ryanfaloona@benzinga.com

November 14, 2023 | 1:41 pm

TECK

Teck Resources Limited's stock (TECK) is trading higher following the announcement of the complete divestiture of its steelmaking coal business, valued at an implied enterprise value of $9 billion.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:41 pm

GLNCY

TECK

Teck Resources Limited (NYSE:TECK) has agreed to sell its steelmaking coal business, Elk Valley Resources, to Glencore plc and Nippon Steel Corporation for an implied enterprise value of $9 billion. Glencore will acquire a 77% stake for $6.9 billion, while Nippon Steel will buy a 20% interest. Proceeds will be used to strengthen Teck's balance sheet and return cash to shareholders. The deal is expected to close in Q3 2024 for Glencore and Q1 2024 for Nippon Steel, subject to regulatory approvals. Glencore will establish a Canadian head office for the business, maintain jobs, and increase investment in the community.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:34 pm

CSCO

SPLK

Splunk Inc. has announced the expiration of the Hart-Scott-Rodino waiting period for its acquisition by Cisco for $157 per share in cash. The merger is still subject to other closing conditions, including antitrust and foreign investment law approvals and Splunk stockholder approval. The expected completion is by the end of Q3 2024.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:24 pm

HESM

Hess Midstream LP (HESM) has announced a definitive agreement to repurchase $100 million of Class B units from its Sponsors, Hess Corporation and Global Infrastructure Partners. The repurchase will reduce the total unit count by approximately 20% and is expected to provide immediate accretion to shareholders. The transaction, unanimously approved by the Board of Directors, is part of Hess Midstream's strategy to return capital to shareholders, with $1.55 billion already returned since 2021. The repurchase is expected to increase distributable cash flow per Class A share and support distribution growth above the annual target of 5% through 2025. The repurchase will be funded through borrowings under Hess Midstream's existing credit facility and is expected to close on November 16, 2023.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:21 pm

HESM

Hess Midstream LP (HESM) has announced a definitive agreement to repurchase $100 million of Class B units from its sponsors, Hess Corporation and Global Infrastructure Partners. The repurchase will reduce the total unit count by approximately 20% and is expected to provide immediate accretion to shareholders. The transaction, which will be funded through borrowings, is expected to close on November 16, 2023, and will result in increased distributable cash flow per Class A share, supporting distribution growth above the annual target of at least 5% through 2025.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:21 pm