Streetbeat News

Acquisitions Mergers

BABA

Alibaba Group (NYSE:BABA) is progressing with its artificial intelligence initiatives and IPO goals for its segments. The company's logistics arm, Cainiao, part of a consortium, has made a preliminary buyout offer to Chinese logistics company Best. The consortium plans to fund the deal primarily through Cainiao's equity capital and cash. Cainiao is preparing for its $1 billion Hong Kong IPO. Alibaba, which currently holds about 70% of Cainiao, will likely retain over 50% of the unit following the IPO. Alibaba's rival, Shein, is considering a U.S. IPO with a valuation of up to $490 billion.

Portfolio Pulse from Anusuya Lahiri

November 07, 2023 | 2:45 pm

EDRY

EuroDry has announced the delivery of M/V Maria, an eco ultramax drybulk carrier. The company has also arranged a sustainability-linked loan of $11M with Eurobank to partly finance the acquisition.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 2:29 pm

KMF

KYN

Kayne Anderson Energy Infrastructure Fund, Inc. (KYN) and Kayne Anderson NextGen Energy & Infrastructure, Inc. (KMF) announced the preliminary results of the elections made by KMF stockholders regarding the merger between KYN and KMF. Approximately 54.7% of KMF stockholders elected to receive newly issued common stock of KYN or were deemed to have made this election, while approximately 45.3% elected to receive cash. The final results will be available after the merger closes, which is expected on November 13, 2023.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 1:43 pm

MMAT

Meta Materials Inc. (MMAT) announced preliminary positive results from its restructuring, focusing on core business lines generating revenue. The company's CFO and COO, Uzi Sasson, has been appointed as CEO, effective immediately. The company has also reported recent multi-million-dollar business wins, new purchase orders worth $6.2 million, and a larger agreement with a G10 central bank customer worth up to $41.5M over 5 years. The company is showcasing its latest innovation at the Dubai Airshow in November 2023.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 1:41 pm

KEYS

Keysight Technologies has filed a tender offer for all remaining outstanding shares of ESI Group at a price of 155 Euros per share.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 1:40 pm

SGE

Strong Global Entertainment, Inc. (NYSE:SGE) has acquired Innovative Cinema Solutions, LLC (ICS), a provider of technical services and solutions to national cinema chains. ICS, which recorded $6 million in revenue in 2022, will be integrated into SGE's subsidiary, Strong Technical Services, Inc. The acquisition is expected to add meaningful revenue and scale to SGE's operations.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 1:37 pm

WWAC

Aeries Technology, Inc has completed its business combination with Worldwide Webb Acquisition Corp. (NASDAQ:WWAC), becoming a publicly traded company. The combined company's ordinary shares and warrants will be listed on The Nasdaq Stock Market LLC under the symbols 'AERT' and 'AERTW'. Aeries Technology offers a range of management consultancy services and currently has 30+ clients across various verticals in the U.S. and other international markets. The company is also in discussions to raise further capital to execute on its growth and M&A strategy.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 1:36 pm

BOWL

Bowlero Corp has reiterated its FY24 revenue guidance of $1.14B - $1.19B, which is in line with the estimated $1.16B. The company also expects Q2 revenue to be between $295M-$310M, compared to the estimated $299.71M. The company plans to heavily reinvest in the business in FY24, with over $160M allocated to acquisitions, $40M to new builds, and $75M to conversions.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 12:40 pm

ATVI

MSFT

Blizzard Entertainment's boss, Mike Ybarra, expressed optimism about the company's future autonomy following its acquisition by Microsoft Corp. (NASDAQ:MSFT). Ybarra believes the merger will usher in a new era of creative freedom and enhanced ability to serve players. Xbox head Phil Spencer also indicated support for revisiting classic titles from Activision Blizzard, Inc.'s (NASDAQ:ATVI) extensive game library, but clarified Xbox would not mandate it.

Portfolio Pulse from Rounak Jain

November 07, 2023 | 11:58 am

SNA

Snap-on Incorporated (SNA) has acquired Mountz, Inc. for $40 million in cash. The acquisition is expected to strengthen Snap-on's position in the critical industries segment.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 11:37 am