Streetbeat News

Acquisitions Mergers

ETR

Entergy Corp (NYSE:ETR) has agreed to sell its gas distribution business to Bernhard Capital Partners for approximately $484 million in cash. The net proceeds from the transaction will be used to strengthen Entergy's credit through the repayment of debt and to support customer-centric capital needs. The sale is expected to close in approximately 21 months.

Portfolio Pulse from Shivani Kumaresan

October 30, 2023 | 4:01 pm

LITE

Lumentum has announced an agreement to acquire Cloud Light for $750 million, which has led to an increase in Lumentum's share price.

Portfolio Pulse from Benzinga Newsdesk

October 30, 2023 | 3:55 pm

SRC

Realty Income Corporation (NYSE:O) has agreed to acquire Spirit Realty Capital Inc. (NYSE:SRC) in an all-stock transaction valued at approximately $9.3 billion. The merger will result in an enterprise value of approximately $63 billion for the combined company. Realty Income's shares are down 6.32% at $45.91 at the time of publication.

Portfolio Pulse from Erica Kollmann

October 30, 2023 | 3:30 pm

Realty Income has announced its agreement to acquire Spirit Realty Capital in an all-stock transaction valued at approximately $9.3 billion. This has led to a decrease in Realty Income's share prices.

Portfolio Pulse from Benzinga Newsdesk

October 30, 2023 | 3:29 pm

MIRO

UTHR

United Therapeutics (NASDAQ:UTHR) has announced the acquisition of Miromatrix Medical (NASDAQ:MIRO) for $91 million in cash, expected to be completed in Q4 of 2023. United Therapeutics specializes in drug development for pulmonary arterial hypertension, while Miromatrix Medical is a life sciences company pioneering bioengineering fully transplantable organs.

Portfolio Pulse from Benzinga Insights

October 30, 2023 | 3:10 pm

EAR

Eargo Inc (NASDAQ:EAR) shares surged after the company announced it will be taken private by Patient Square Capital. An affiliate of Patient Square agreed to acquire all outstanding shares of Eargo for $2.55 per share in cash. The transaction is expected to close in Q1 2024, after which Eargo will become a privately held company and will no longer be listed on the Nasdaq.

Portfolio Pulse from Adam Eckert

October 30, 2023 | 2:15 pm

ALV

AMZN

DIS

GOOG

HSBC

LUV

MCD

PEAK

RIVN

TRP

WDC

XPO

Southwest Airlines may face a fine due to operational disruptions last December. Healthpeak Properties and Physicians Realty Trust are merging in a $21B deal. Google can turn ANC headphones and wireless earbuds into heart rate monitors. Toyota's September sales grew due to strong demand. Rivian will start charging for its charging network. Autoliv plans to reduce its headcount in France. FDA warns against the use of certain eye drops. Nelson Peltz gains backing from Isaac Perlmutter for changes at Disney. TC Energy explores asset sales worth $10B. Amazon uses generative AI for holiday ad boost. Blackstone buys a majority stake in Care Hospitals in India. McDonald's Q3 sales grew by 14% YoY. HSBC's Q3 revenues increased by 40% YoY. Panasonic's H1 FY24 sales grew by 1% YoY. Western Digital plans to split its business. XPO's Q3 FY23 revenue grew by 1.7% YoY.

Portfolio Pulse from Vandana Singh

October 30, 2023 | 2:07 pm

MIRO

UTHR

United Therapeutics Corporation (NASDAQ:UTHR) has agreed to acquire Miromatrix Medical Inc (NASDAQ:MIRO) for $3.25 per share in cash, totaling approximately $91 million. The deal includes an additional $1.75 per share in cash upon achieving a clinical development milestone related to Miromatrix's mirokidney product by December 31, 2025. The acquisition will expand United Therapeutics' organ manufacturing programs. The transaction is expected to close in Q4 2023.

Portfolio Pulse from Vandana Singh

October 30, 2023 | 2:03 pm

ALZN

COMM

EAR

MCD

MIRO

TENX

VYNE

U.S. stocks traded higher with the Dow Jones index gaining over 250 points and NASDAQ rising by 1.20%. McDonald's Corp reported better-than-expected earnings for its third quarter with a sales growth of 14% YoY. Miromatrix Medical Inc. shares shot up 231% after United Therapeutics agreed to acquire the company. VYNE Therapeutics Inc. shares also rose by 52% after the company announced a private placement of $88 million. Eargo, Inc. shares were up by 54% after the company announced it will be taken private by Patient Square Capital. However, CommScope Holding Company, Inc. shares dropped 30% after the company reported preliminary third-quarter financial results. Alzamend Neuro, Inc. and Tenax Therapeutics, Inc. shares also fell by 25% and 21% respectively.

Portfolio Pulse from Lisa Levin

October 30, 2023 | 1:46 pm

DOC

PEAK

Healthpeak Properties Inc (NYSE:PEAK) and Physicians Realty Trust (NYSE:DOC) have agreed to a $21 billion all-stock merger. The combined company will have a 52 million square foot portfolio and is expected to generate run-rate synergies of at least $40 million by the end of year one and up to $60 million by the end of year two. The merged entity will operate under the Healthpeak Properties Inc. name and trade under the ticker symbol 'DOC'. Post-merger, Healthpeak and Physicians Realty Trust shareholders will own approximately 77% and 23% of the combined company, respectively.

Portfolio Pulse from Vandana Singh

October 30, 2023 | 1:46 pm