Streetbeat News

Acquisitions Mergers

BVN

Compañia de Minas Buenaventura S.A.A. (Buenaventura) has announced the sale of its risk and insurance brokerage, Contacto Corredores De Seguros S.A., to Howden Holdco Perú S.A.C. for $33.7M in cash, plus an additional variable cost capped at $1.6M. The sale is part of Buenaventura's strategy to strengthen its balance sheet and increase liquidity. The proceeds will be used to accelerate deleveraging and support financing of the San Gabriel and Yumpag projects.

Portfolio Pulse from Benzinga Newsdesk

November 03, 2023 | 1:03 pm

CTG

Cegeka Groep NV and Computer Task Group, Incorporated (NASDAQ:CTG) have announced the extension of the expiration date of their offer to acquire all outstanding shares of CTG. The offer, initially set to expire on November 3, 2023, has been extended to December 12, 2023. As of November 2, 2023, approximately 56.9021% of the outstanding shares had been tendered. The offer is subject to certain conditions, including regulatory approvals.

Portfolio Pulse from Benzinga Newsdesk

November 03, 2023 | 1:02 pm

BAM

CCJ

Cameco and Brookfield Asset Management have received all necessary regulatory approvals for their joint acquisition of Westinghouse Electric Company. The transaction is expected to close on November 7. Cameco will finance its share of the acquisition using a $600 million term loan and available cash, and will not be utilizing the $280 million bridge commitment.

Portfolio Pulse from Benzinga Newsdesk

November 03, 2023 | 12:33 pm

TRV

Travelers Companies Inc. (TRV) is set to acquire Corvus Insurance for approximately $435 million. This acquisition will accelerate the deployment of advanced cyber capabilities.

Portfolio Pulse from Benzinga Newsdesk

November 03, 2023 | 12:13 pm

CNDB

GCT Semiconductor is set to become a publicly listed company through a merger with Concord Acquisition Corp III. The pro forma valuation of GCT is $661 million, with an initial enterprise value of approximately $461 million. The transaction is expected to provide GCT with up to $87 million in gross proceeds to fund the development of a full-band 5G chipset portfolio and expansion into new markets.

Portfolio Pulse from Benzinga Newsdesk

November 03, 2023 | 12:06 pm

HUT

Hut 8 Mining Corp has received court approval for its stalking horse bid for four natural gas power plants and a Bitcoin mine in North Bay. This acquisition will allow Hut 8 to control its energy costs and increase its Bitcoin mining capacity.

Portfolio Pulse from Benzinga Newsdesk

November 03, 2023 | 10:53 am

ENSG

Ensign Group has acquired a post-acute care campus in Texas, expanding its portfolio to 297 healthcare operations across thirteen states. The financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

November 03, 2023 | 10:04 am

FET

Forum Energy Technologies has agreed to acquire Variperm Energy Services for $150 million in cash and 2 million shares of FET's common stock. The deal values Variperm at approximately 3.7x its trailing twelve months EBITDA as of September 30, 2023. The transaction is expected to close in January 2024, subject to customary closing conditions and Canadian regulatory approval. The combined company is expected to have a revenue of $873 million, an increase of 17%, and adjusted EBITDA of $121 million, an increase of 77%.

Portfolio Pulse from Benzinga Newsdesk

November 03, 2023 | 6:19 am

RIVN

Rivian (NASDAQ:RIVN) has hired former Mercedes-Benz executive Arnhelm Mittelbach as the first manager of its upcoming Georgia plant. The plant, set to commence construction next year, will produce Rivian’s next-gen R2 products, which will be priced more affordably than the current models. The first production phase of the new plant is expected to begin next year, with an estimated annual capacity of 200,000 once fully operational. Rivian plans to ramp up to a 400,000 annual EV capacity by the end of the decade.

Portfolio Pulse from Benzinga Neuro

November 03, 2023 | 2:30 am

CLF

MT

STZHF

X

The strategic review of United States Steel Corp. (X) to sell all or part of itself is nearing its end, with site visits for potential buyers scheduled for next week. Cleveland-Cliffs (CLF), ArcelorMittal (MT), and Stelco (STZHF) are among the potential buyers. The United Steelworkers might transfer counterbid rights to Cleveland-Cliffs.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 9:55 pm