Streetbeat News

Acquisitions Mergers

ZYXI

Zynex Inc. is reportedly considering strategic options, including a potential sale of the company, according to Bloomberg. No final decision has been made yet.

Portfolio Pulse from Charles Gross

October 30, 2023 | 10:02 pm

INST

Instructure Holdings has signed an agreement to acquire Parchment for approximately $835M. The net purchase price, including a tax benefit, is approximately $795M. Parchment, with over 15,000 customers, is expected to contribute approximately $115M of revenue in 2024.

Portfolio Pulse from Benzinga Newsdesk

October 30, 2023 | 9:18 pm

HUBB

Hubbell Incorporated (HUBB) has announced its plan to acquire Systems Control for $1 billion. The deal is expected to enhance Hubbell's position in the energy and utility markets.

Portfolio Pulse from Benzinga Newsdesk

October 30, 2023 | 9:15 pm

IEX

IDEX Corporation has announced a definitive agreement to acquire STC Material Solutions from Artemis for a cash consideration of $206M, subject to customary post-closing adjustments.

Portfolio Pulse from Benzinga Newsdesk

October 30, 2023 | 9:04 pm

SITC

SITE Centers has announced the spin-off of its convenience portfolio into a separate publicly-traded REIT named Curbline Properties Corp. Curbline will be the first public REIT exclusively focused on the convenience sector. SITE Centers has sold $646M of assets since June 30, 2023, at a 6.5% cap rate and has $242M of additional assets under contract for sale. The company has obtained a $1.1B financing commitment, with proceeds expected to be used to repay all outstanding unsecured debt. SITE Centers has declared a Q4 dividend of $0.13 per share and expects to declare and pay a special cash dividend of at least $0.10 per share prior to January 31, 2024.

Portfolio Pulse from Benzinga Newsdesk

October 30, 2023 | 9:00 pm

INTC

JBL

Jabil Inc. has agreed to take over the manufacture and sale of Intel's silicon photonics transceiver product lines. The deal is expected to allow Intel to focus on its core business while Jabil expands its product portfolio.

Portfolio Pulse from Benzinga Newsdesk

October 30, 2023 | 8:54 pm

RYAN

Ryan Specialty (NYSE:RYAN) has signed a definitive agreement to acquire AccuRisk Holdings, a medical stop loss managing general underwriter. The acquisition, expected to close in December 2023, will add exceptional talent, unique capabilities, and product depth to Ryan Specialty's employee benefits practice. AccuRisk generated approximately $25 million of revenue for the 12 months ended July 31, 2023.

Portfolio Pulse from Benzinga Newsdesk

October 30, 2023 | 8:51 pm

CEQP

Crestwood Equity Partners LP (CEQP) announced that its unitholders have approved the previously announced transaction with Energy Transfer LP. The transaction is expected to close on November 3, 2023. Upon completion, Crestwood common unitholders will receive 2.07 Energy Transfer common units for each Crestwood common unit they own.

Portfolio Pulse from Benzinga Newsdesk

October 30, 2023 | 8:50 pm

GLPG

Galapagos NV (NASDAQ:GLPG) has signed a letter of intent to transfer its Jyseleca business to Alfasigma. The deal includes a €50 million upfront payment, potential milestone payments totaling €120 million, and mid-single to mid-double-digit royalties on European sales. Galapagos will pay up to €40 million by June 2025 to Alfasigma for Jyseleca related development activities. The company also plans to streamline its operations and expects annualized savings between €150 million and €200 million.

Portfolio Pulse from Benzinga Newsdesk

October 30, 2023 | 8:38 pm

LITE

Lumentum Holdings Inc. (NASDAQ:LITE) has announced an agreement to acquire Cloud Light for $750 million. The company expects the deal to be immediately accretive to earnings per share and more than double its cloud intra-data center infrastructure revenue in the 12-month period after the close of the transaction. Shares of LITE were up 11.4% at $40.20 at the time of publication.

Portfolio Pulse from Ryan Gustafson

October 30, 2023 | 7:43 pm