Streetbeat News

Acquisitions Mergers

CVX

HES

Chevron Corp (NYSE:CVX) has agreed to acquire Hess Corp (NYSE:HES) in an all-stock transaction valued at $53 billion, or $171 per share, representing a 10.3% premium. The total enterprise value of the deal, including debt, is $60 billion. The acquisition is expected to diversify CVX's portfolio and enhance production and free cash flow. The deal is expected to close in H1 2024, subject to HES' shareholder approval and regulatory conditions.

Portfolio Pulse from Lekha Gupta

October 23, 2023 | 11:11 am

NM

N Logistics Holdings has announced plans to acquire all outstanding shares of common stock of Navios Maritime Holdings not already owned by NLHC for $2.28 per share. This follows an offer made by an affiliate of Ms. Frangou on September 13, 2023.

Portfolio Pulse from Benzinga Newsdesk

October 23, 2023 | 11:03 am

SHOO

Steve Madden has announced the acquisition of Almost Famous for $52M in cash, subject to working capital adjustment, plus an earn-out provision. Almost Famous has been the exclusive licensee of Madden NYC apparel since its launch in 2022.

Portfolio Pulse from Benzinga Newsdesk

October 23, 2023 | 11:00 am

R

Ryder has agreed to acquire all outstanding equity of IFS Holdings, also known as Impact Fulfillment Services. The deal includes 15 operations across multiple states and is expected to add approximately $250 million in annual total revenue to Ryder's supply chain solutions business segment. The transaction is expected to be accretive to shareholders.

Portfolio Pulse from Benzinga Newsdesk

October 23, 2023 | 10:58 am

CHS

EJH

POWW

SWBI

Four consumer stocks, AMMO, Inc. (POWW), Smith & Wesson Brands, Inc. (SWBI), E-Home Household Service Holdings Limited (EJH), and Chico's FAS, Inc. (CHS), are considered overbought with their Relative Strength Index (RSI) values above 70, indicating they may crash this quarter. AMMO posted a profit for Q1 with significant improvements in gross margin and strong cash flow. Smith & Wesson's board authorized a new buyback of up to $50 million. E-Home's stock jumped around 65% over the past month. Chico’s FAS announced a definitive agreement to be acquired by Sycamore Partners for $1 billion.

Portfolio Pulse from Lisa Levin

October 23, 2023 | 10:45 am

DIS

Reliance Industries is reportedly close to finalizing a cash and stock deal to acquire Walt Disney's operations in India, according to ET Now.

Portfolio Pulse from Charles Gross

October 23, 2023 | 10:32 am

TGH

Textainer Group Holdings Ltd (NYSE:TGH) has agreed to be acquired by Stonepeak, an alternative investment firm, for $50.00 per share in cash, totaling about $2.1 billion. The transaction represents an enterprise value of approximately $7.4 billion and a premium of about 46% over Textainer's closing share price on October 20, 2023. Upon completion, Textainer will become a privately held company. The deal is expected to close in Q1 2024.

Portfolio Pulse from Shivani Kumaresan

October 23, 2023 | 10:18 am

CVX

HES

Chevron has announced a deal to acquire Hess for $171 per share, totaling $53 billion. This news has led to a decrease in Chevron's share price.

Portfolio Pulse from Benzinga Newsdesk

October 23, 2023 | 10:13 am

OOMA

Ooma, a cloud-based communications and connected services provider, has acquired 2600Hz, Inc., a leader in communications applications for service providers, for $33 million.

Portfolio Pulse from Benzinga Newsdesk

October 23, 2023 | 10:03 am

FTV

Fortive has agreed to acquire EA Elektro-Automatik for $1.45 billion in cash, net of $215 million of tax benefits from Bregal Unternehmerkapital. The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in early first quarter of 2024. The acquisition is expected to be accretive to adjusted gross and operating margins and neutral to modestly accretive to adjusted diluted net earnings per share in fiscal 2024.

Portfolio Pulse from Benzinga Newsdesk

October 23, 2023 | 10:02 am