Streetbeat News

Acquisitions Mergers

ACN

Accenture (NYSE:ACN) has acquired The Shelby Group, a provider of digital procurement and optimization services. The acquisition is expected to enhance Accenture's sourcing and procurement technology transformation capabilities. The Shelby Group's team of 172 professionals will join Accenture Technology's Connected Solutions group. Financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 5:15 pm

NARI

Inari Medical has reported its Q3 results and announced plans to acquire LimFlow for $250 million in cash. This has led to a decrease in Inari Medical's share price.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 4:23 pm

COP

ConocoPhillips CEO has stated that the company has a high bar for mergers and acquisitions, and is not surprised by the ongoing consolidation wave in the industry.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 4:17 pm

FUN

SIX

Cedar Fair (NYSE:FUN) has announced a merger with Six Flags Entertainment (NYSE:SIX) expected to be completed by the first half of 2024. The terms of the agreement involve Cedar Fair giving Six Flags Entertainment $8.00 billion in exchange for SIX stock. The form of payment has not been disclosed yet.

Portfolio Pulse from Benzinga Insights

November 02, 2023 | 3:10 pm

LLY

Eli Lilly reported Q3 sales of $9.49 billion, up 37% Y/Y, beating the consensus of $8.95 billion. The growth was driven by Mounjaro, Verzenio, and Jardiance, as well as $1.42 billion from the sale of rights for the olanzapine portfolio. However, the company cut its annual profit guidance due to recent acquisitions. Eli Lilly's shares are up 4.83% at $581.03.

Portfolio Pulse from Vandana Singh

November 02, 2023 | 2:03 pm

KELYA

Kelly (NASDAQ:KELYA, KELYB) has announced a definitive agreement to sell its European staffing business to Gi Group Holdings S.P.A. for up to €130 million. The transaction is expected to close in Q1 2024. This move allows Kelly to focus on higher margin, higher growth global managed service provider (MSP) solutions, global recruitment process outsourcing (RPO) solutions, and specialty outcome-based and staffing services in North America. The sale unlocks significant capital for Kelly to invest in organic and inorganic growth.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 1:32 pm

VSAT

Viasat Inc. announced a reduction of its global workforce by approximately 800 roles, or about 10%, as part of its integration program following the acquisition of Inmarsat. The move is aimed at streamlining operations and achieving operational and cost efficiencies. The company expects to incur charges of around $45 million related to the workforce reduction, predominantly in the second half of fiscal year 2024.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 1:29 pm

LLY

NVO

WW

WW International Inc (NASDAQ:WW), formerly known as Weight Watchers, is set to report its Q3 earnings on Nov. 2. The company has been struggling with falling revenues and a large debt pile of $1.4 billion. The recent $132 million acquisition of Sequence Health is expected to provide new subscribers access to weight-loss drugs such as Ozempic, Wegovy, Mounjaro, and Trulicity. The stock is down about 30% over the past month.

Portfolio Pulse from Surbhi Jain

November 02, 2023 | 1:09 pm

STRR

Star Equity Holdings, Inc. (NASDAQ:STRR) has completed the acquisition of Minneapolis-based building supply center and lumber yard, Big Lake Lumber, Inc. The acquisition will be integrated into Glenbrook Building Supply, Inc., one of the businesses in Star's Construction division. The transaction is expected to diversify Glenbrook's revenue mix and generate substantial value for Star shareholders.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 1:00 pm

LMB

Limbach Holdings, Inc. (NASDAQ:LMB) has acquired Industrial Air, LLC, a specialty mechanical contractor based in North Carolina, for $13.5 million in an all-cash transaction. Industrial Air is expected to contribute an estimated $30.0 million in revenue and $4.0 million in EBITDA annually. The acquisition expands Limbach's presence in the industrial and institutional sectors in a fast-growing geographic market.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 12:55 pm