Streetbeat News

Acquisitions Mergers

TER

Teradyne, Inc. (NASDAQ:TER) and Technoprobe S.p.A. have announced a strategic partnership, with Teradyne acquiring a 10% stake in Technoprobe and Technoprobe acquiring Teradyne's Device Interface Solutions business for $85 million. The partnership aims to accelerate growth and offer higher performance semiconductor test interfaces. The companies will also engage in joint development projects. The transactions are expected to close in the first half of 2024.

Portfolio Pulse from Benzinga Newsdesk

November 08, 2023 | 12:25 am

AJG

EVBN

Evans Bancorp, Inc. (NYSE:EVBN) has announced a definitive agreement to sell The Evans Agency, LLC to Arthur J. Gallagher & Co. (NYSE:AJG) for $40 million. The transaction is expected to be completed in Q4 2023. The sale is expected to result in a net gain of approximately $15.1 million after tax for Evans Bancorp and eliminate $12 million of goodwill and other intangibles. The proceeds from the sale will be used to support strategic growth initiatives and enhance long-term shareholder value.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 10:56 pm

BBAI

BigBear.ai has announced a definitive merger agreement to acquire Pangiam, a leader in Vision AI for global trade, travel, and digital identity industries. The purchase consideration is approximately $70 million in an all-stock transaction. The combined company will establish a comprehensive Vision AI portfolio, uniting Pangiam's facial recognition and advanced biometrics capabilities with BigBear.ai's computer vision capabilities. The acquisition is expected to close in Q1 2024, subject to approval by BigBear.ai's shareholders and regulatory approval.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 10:52 pm

TEVA

Teva Pharmaceutical Industries Ltd. (TEVA) has appointed Dr. R. Ananthanarayanan as CEO of its Active Pharmaceutical Ingredients business (Teva api). Dr. Ananth will start his role on November 27, 2023, and will be based in Teva's U.S. headquarters. He brings over 34 years of experience in global API businesses and has previously served as CEO of a portfolio company of a global leading private equity firm and a leading Contract Development and Manufacturing Organization. This appointment is part of Teva's Pivot to Growth strategy announced in May 2023.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 10:44 pm

NETI

Offshore wind turbine and foundation installation companies Cadeler A/S and Eneti Inc. have announced a share exchange offer for all outstanding shares of Eneti Inc. The offer is part of a business combination agreement announced in June 2023 and is expected to close in Q4 2023. The combined group will be named Cadeler, headquartered in Copenhagen, Denmark, and listed on the New York Stock Exchange and the Oslo Stock Exchange. Cadeler's management anticipates the business combination will deliver annual synergies of €106 million.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 10:42 pm

FLYW

Flywire Corporation (NASDAQ:FLYW) has acquired StudyLink, a provider of international student admissions, application and agent management software serving universities in Australia. The acquisition is expected to enhance Flywire's education payments business and accelerate its market share in the Australian education sector. Flywire will also expand its existing relationship with Navitas, the previous majority owners of StudyLink, as a key payments partner for Navitas's campuses and colleges worldwide.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 10:22 pm

MITT

WMC

AG Mortgage Investment Trust, Inc. (MITT) stockholders have approved the issuance of common stock for the merger with Western Asset Mortgage Capital Corporation (WMC). The merger is expected to close in Q4 2023, subject to approval from WMC's stockholders and other closing conditions.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 10:09 pm

XNCR

Xencor, Inc. (NASDAQ:XNCR) has sold portions of its financial interests from Alexion Pharmaceuticals and MorphoSys AG to OMERS Life Sciences for $215 million. The deal includes royalties from sales of Ultomiris and Monjuvi from July 1, 2023, and a majority of a milestone payment earned this year. Xencor will also be eligible for a new Ultomiris sales-based milestone payment from OMERS.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 10:04 pm

CARG

CarGurus (NASDAQ:CARG) has announced its decision to fully acquire CarOffer for $75 million in an all-cash transaction. The deal is expected to close in December 2023. CarGurus had previously acquired a 51% stake in CarOffer in 2021. The acquisition is part of CarGurus' strategy to strengthen operations between the two platforms and accelerate plans for solutions that power its development of a transaction-enabled platform supporting dealers and consumers.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 9:16 pm

BMRN

IBB

Activist investor Elliott Investment Management has taken a significant position in BioMarin Pharmaceutical Inc (BMRN), engaging with the company on its strategic direction amid leadership changes and the evolving status of its hemophilia treatment, Roctavian. The hedge fund has invested over $1 billion in BioMarin. Amidst these developments, BioMarin's stock has experienced a notable decline, dropping 24% year-to-date. This has triggered conversations about BioMarin's potential as an acquisition target.

Portfolio Pulse from Vandana Singh

November 07, 2023 | 9:13 pm