Streetbeat News

Acquisitions Mergers

FRLA

OCLN

Fortune Rise Acquisition Corporation (NASDAQ:FRLA) and OriginClear Inc. (OTC Other: OCLN) have announced a definitive business combination agreement with Water On Demand Inc. (WOD), a subsidiary of OriginClear. The combined company is valued at approximately $72 million. The proceeds will be used to develop the Water On Demand water-as-a-service network, grow the Modular Water and Progressive Water business units, and carry out an aggressive acquisition program. The transaction is expected to close in Q2 2024.

Portfolio Pulse from Happy Mohamed

October 24, 2023 | 8:02 pm

INTC

TSM

Intel Corp. plans to spin off its Programmable Solutions Group (PSG) as an independent entity, with the aim of conducting an initial public offering (IPO) within the next two to three years. Intel's PSG, which designs and manufactures field programmable gate arrays (FPGAs), has been a strong performer, delivering three consecutive record-breaking quarters. The move is part of Intel's strategy to focus on its manufacturing foundry operations and compete with Taiwan Semiconductor Manufacturing Co. Ltd.

Portfolio Pulse from Aditi Ganguly

October 24, 2023 | 7:32 pm

HOLI

A buyer consortium has expressed its expectation that the board of Hollysys Automation Technologies will proceed with a special meeting. The consortium also commented that the $25/share proposal from the company's Co-COOs appears to be an even emptier gesture than the 2021 management takeover proposal.

Portfolio Pulse from Benzinga Newsdesk

October 24, 2023 | 7:23 pm

HOLI

A buyer consortium led by Recco Control Technology and Dazheng Group has expressed continued interest in acquiring Hollysys Automation Technologies Ltd. (HOLI), despite the company's recent update on its sale process.

Portfolio Pulse from Benzinga Newsdesk

October 24, 2023 | 7:19 pm

IBM

BMO Capital Markets analyst Keith Bachman reiterated a Market Perform rating on International Business Machines Corporation (IBM) with a price target of $152. Bachman notes steady software demand and potential for IBM to meet or exceed estimates in 2HFY23, helped by M&A. The early closure of the Apptio deal could provide a slight upside. However, Bachman remains skeptical about IBM's consulting estimates in 2HFY23 and expects margin challenges to persist.

Portfolio Pulse from Nabaparna Bhattacharya

October 24, 2023 | 6:02 pm

ESMT

EngageSmart Inc (NYSE:ESMT) has been downgraded by several analysts following its acquisition by Vista Equity Partners for $4.0 billion or $23 per share. The purchase price represents a premium of about 23% to the unaffected closing price of ESMT's shares on October 4, 2023. Analysts from Raymond James, KeyBanc Capital Markets, and Needham have downgraded the company's rating due to fair valuation concerns, despite projecting steady growth for the company.

Portfolio Pulse from Lekha Gupta

October 24, 2023 | 5:58 pm

RTX

RTX Corporation reported a 12% YoY increase in Q3 FY23 adjusted net sales to $18.95 billion, beating the consensus of $18.59 billion. The company also reported a GAAP sales decline of 21% YoY to $13.46 billion. Adjusted EPS improved 3% YoY to $1.25, beating the consensus of $1.21. The company repurchased $1.4 billion of RTX shares and announced a $10 billion accelerated share repurchase program. RTX also announced a definitive agreement to sell its Cybersecurity, Intelligence and Services business for ~$1.3 billion.

Portfolio Pulse from Akanksha Bakshi

October 24, 2023 | 4:33 pm

CGC

Canopy Growth Corporation (NASDAQ:CGC) shares are trading higher, recovering from a loss of over 20% last week. The company recently received EU GMP certification for its cannabis cultivation facility in Ontario, allowing it to continue exporting certified medical cannabis globally. Canopy Growth is also planning to merge its U.S. assets into a separate holding company, Canopy USA.

Portfolio Pulse from Erica Kollmann

October 24, 2023 | 4:19 pm

ORAN

Orange CEO Christel Heydemann is confident that the merger of Orange's Spanish operations with MÁSMÓVIL will be completed in Q1 2024. The merger is currently under scrutiny by EU antitrust officials. Orange and MÁSMÓVIL have chosen Romania's Digi to acquire assets they plan to divest to address EU antitrust concerns. The CEO also dismissed rumors of a sale of SFR as consolidation rumors resurface in France.

Portfolio Pulse from Benzinga Newsdesk

October 24, 2023 | 3:30 pm

AMZN

CHWY

WMT

Amazon is considering entering the veterinary telehealth sector, a move that would directly challenge Walmart, which already offers such services to its Walmart+ subscribers. This comes as the pet market becomes increasingly competitive. Amazon's consideration of this new service follows its expansion into the human health sector by acquiring One Medical. The company might consider partnering with Pawp for its potential pet telehealth offering, or it could collaborate with other startups in the pet telehealth space or develop its platform, similar to what Chewy did during the pandemic.

Portfolio Pulse from Anusuya Lahiri

October 24, 2023 | 3:18 pm