Streetbeat News

Acquisitions Mergers

GOOG

GOOGL

META

SNAP

Snap Inc (NYSE:SNAP) has confirmed layoffs within its product management team as part of a reorganization to streamline operations and speed up decision-making. The layoffs affected less than 20 employees and were not linked to specific products. Snap has been hiring technical staff, including former Google executives Eric Young and Darshan Kantak, and has made high-profile hires in its advertising team from Meta Platforms and Google. Snap's Q3 earnings beat consensus with $0.02 per share and sales of $1.19 billion, with DAUs up 12% to 406 million. SNAP shares were down 1.33% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

November 10, 2023 | 2:11 pm

GHM

Graham Corporation (NYSE:GHM) has acquired P3 Technologies, a custom turbomachinery engineering, product development and manufacturing business. The acquisition is expected to immediately contribute to Graham's earnings and expand its turbomachinery solutions. P3's annual revenue is expected to be approximately $6.0 million in fiscal 2023 with gross and adjusted EBITDA margins that are consistent with Graham's fiscal 2027 goal. The acquisition price has not been disclosed, but the stock element of the purchase price is valued at $2 million.

Portfolio Pulse from Benzinga Newsdesk

November 10, 2023 | 2:01 pm

TSLA

Tesla, Inc. is reportedly launching its first direct operation in South America, specifically in Chile. The company has registered its name and started hiring for various roles. This move marks Tesla's first direct commercial venture in South America. Meanwhile, TSLA shares are trading lower by 0.63% to $208.66 premarket on the last check Friday.

Portfolio Pulse from Nabaparna Bhattacharya

November 10, 2023 | 1:38 pm

NVO

Novo Nordisk plans to invest over $6 billion starting in 2023 to expand its manufacturing facilities in Denmark to meet increasing demand for its weight-loss products and other drugs. The investment will create additional capacity across the entire global value chain from manufacturing active pharmaceutical ingredients (API) to packaging. The company also plans to acquire more companies with drugs in the early- to mid-stages of development through 'bolt-on' deals.

Portfolio Pulse from Vandana Singh

November 10, 2023 | 1:34 pm

LILA

Liberty Latin America Ltd. (NASDAQ:LILA) has signed an agreement with Phoenix Tower International (PTI) to monetize approximately 1,300 mobile tower sites across Panama, Jamaica, The Bahamas, Puerto Rico, Barbados, and the British Virgin Islands. The deal, worth $355 million, also includes arrangements to extend coverage with an additional 500 sites over the next five years, increasing total proceeds to $407 million. The net proceeds are expected to be used to reduce debt and further invest in the company's businesses.

Portfolio Pulse from Benzinga Newsdesk

November 10, 2023 | 1:26 pm

BWMN

Bowman Consulting has acquired Reno-based engineering firm CFA, Inc. The acquisition is expected to operate at an annualized net service billing run rate of approximately $5M.

Portfolio Pulse from Benzinga Newsdesk

November 10, 2023 | 12:34 pm

GAME

GameSquare Holdings has entered into a definitive agreement to sell its non-core radio business assets to SoCast, Inc. for $4M. The transaction is expected to close by the end of November.

Portfolio Pulse from Benzinga Newsdesk

November 10, 2023 | 12:12 pm

HUT

USBTC

US Bitcoin Corp (USBTC) is progressing with its all-stock merger with Hut 8 Mining Corp, a North American digital asset mining pioneer. The merger is expected to close by November 30, 2023, and the common stock of the combined company, Hut 8 Corp., is expected to be listed on the Nasdaq and the Toronto Stock Exchange under the proposed ticker symbol HUT.

Portfolio Pulse from Charles Gross

November 10, 2023 | 11:45 am

AULT

Ault Alliance has completed the purchase of a majority interest in Eco Pack Technologies Limited. The financial details of the transaction were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

November 10, 2023 | 11:34 am

HUT

Hut 8 Mining Corp. (HUT) has announced that the registration statement on Form S-4 for its proposed merger with U.S. Data Mining Group, Inc. dba US Bitcoin Corp (USBTC) has been declared effective by the SEC. The combined company will be named Hut 8 Corp. and will be a U.S.-domiciled entity. The common stock of the new entity is expected to be listed on the Nasdaq and the Toronto Stock Exchange under the ticker symbol HUT. The transaction is expected to close by November 30, 2023, subject to USBTC stockholder approval and other customary closing conditions.

Portfolio Pulse from Benzinga Newsdesk

November 10, 2023 | 12:09 am