Streetbeat News

Acquisitions Mergers

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

AFT

AIF

MFIC

MidCap Financial Investment Corporation (MFIC), Apollo Senior Floating Rate Fund Inc. (AFT) and Apollo Tactical Income Fund Inc. (AIF) have announced merger agreements. The combined company will have approximately $3.4 billion of total investments and $1.4 billion of net assets. The merger is expected to provide financial and strategic benefits to all shareholders, creating a larger, more scaled business development company focused on middle market direct lending. Post-merger shareholder ownership is estimated to be 69% for current MFIC shareholders, 16% for current AFT shareholders, and 15% for current AIF shareholders.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 8:10 pm

CCJ

Cameco and Brookfield have completed the acquisition of Westinghouse Electric Company. The deal is expected to strengthen the companies' position in the nuclear energy market.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 7:58 pm

BTI

CGC

OGI

STZ

TAP

Constellation Brands, Inc. (STZ) has let all its warrants to acquire shares of Canopy Growth Corp. (CGC) expire, stating it has no current plans related to Canopy. This means Constellation no longer beneficially owns any of the common shares underlying the warrants. However, through its subsidiaries, it still holds a stake in Canopy amounting to 171.5 million common shares or around 20.7% of the total outstanding shares. Other alcohol companies, such as Molson Coors Beverages Co. (TAP), have also invested in the cannabis industry. Additionally, tobacco company British American Tobacco (BTI) has made a strategic equity investment in Canadian cannabis company Organigram Holdings Inc. (OGI).

Portfolio Pulse from Jelena Martinovic

November 07, 2023 | 6:19 pm

CPG

Crescent Point Energy has announced the acquisition of Hammerhead Energy, which has led to a decrease in Crescent Point Energy's share price.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 5:18 pm

SEAT

Vivid Seats Inc (NASDAQ:SEAT), an online platform for event ticket sales, is acquiring Vegas.com for approximately $240 million. The deal includes $151.2 million in cash and $88.8 million in Class-A common stock of Vivid Seats. Vegas.com offers services to Las Vegas visitors such as show tickets, tour bookings, and travel accommodations. Vivid Seats has raised its 2023 revenue forecast to $685.0 million-$705.0 million from $630.0 million-$650.0 million and provided a 2024 outlook for revenues in the range of $810.0 million-$840.0 million.

Portfolio Pulse from Shivani Kumaresan

November 07, 2023 | 4:44 pm

MSFT

Microsoft Corporation (NASDAQ:MSFT) shares are trading higher, with a gain of nearly 7% over the last five days and more than 13% over the last month. This follows several game updates and releases by Blizzard Entertainment, a division of Activision Blizzard, which was recently acquired by Microsoft. Microsoft's Q1 financial reports also exceeded expectations, with earnings of $2.99 per share and quarterly revenue of $56.517 billion.

Portfolio Pulse from Erica Kollmann

November 07, 2023 | 4:42 pm

EMR

Emerson Electric Co (NYSE:EMR) reported Q4 FY23 net sales growth of 5% YoY to $4.09 billion, missing the consensus of $4.19 billion. Adjusted EPS improved 21% YoY to $1.29, also missing the consensus of $1.31. The company's CEO expects the acquisition of National Instruments (NI) to solve many challenges and create long-term shareholder value. However, the company's shares fell by 7.88% following the announcement.

Portfolio Pulse from Akanksha Bakshi

November 07, 2023 | 4:12 pm

BMRN

IBB

Activist investor Elliott Investment Management has built a stake in BioMarin Pharmaceutical and has been in discussions with the company about its future. Elliott has spent over $1 billion on the stake in BioMarin, which focuses on rare genetic disorders and is valued at $14.6 billion. BioMarin is currently undergoing a change in chief executives and slow progress in the launch of its drug Roctavian. The company's shares are down 24% year-to-date, significantly underperforming the iShares Biotechnology ETF, which is down 8.6%.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 3:34 pm

KMI

NEP

Kinder Morgan, Inc. (KMI) has agreed to acquire NextEra Energy Partners, LP's (NEP) South Texas assets, STX Midstream, for $1.815 billion. The STX Midstream pipeline system includes a set of integrated, large-diameter, high-pressure natural gas pipelines. KMI expects the investment to be accretive to its shareholders and plans to fund the transaction with cash on hand and short-term borrowings. The transaction is expected to close in the first quarter of 2024.

Portfolio Pulse from Nabaparna Bhattacharya

November 07, 2023 | 3:32 pm