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Acquisitions Mergers

BABA

BIDU

MSFT

TCEHY

XIACF

XIACY

Alibaba Group Holding Ltd and Tencent Holdings Ltd, along with other investors including Ant Group Co and Xiaomi Corp, have invested $342 million in AI startup Beijing Zhipu Huazhang Technology Co. The investment comes as the US intensifies its advanced AI technology sanctions against China. Zhipu aims to rival Microsoft Corp's OpenAI's ChatGPT. Baidu Inc's founder Robin Li also highlighted its large language model Ernie, reaching OpenAI's GPT-4 levels.

Portfolio Pulse from Anusuya Lahiri

October 20, 2023 | 2:55 pm

VFS

VinFast Auto Ltd. (NASDAQ:VFS) shares are trading lower after the company signed an equity subscription agreement with YA II PN, Ltd. (Yorkville) for up to $1 billion. The funds will be used for developing manufacturing facilities, working capital, strategic investments, and acquisitions. The company recently agreed to acquire a 99.8% stake in VinES Energy Solutions and is planning to expand into Southeast Asia.

Portfolio Pulse from Nabaparna Bhattacharya

October 20, 2023 | 2:33 pm

JAZZ

Jazz Pharmaceuticals is reportedly exploring strategic options, including a potential sale, breakup, or divestment of parts of the business. The company is said to be speaking with advisers to gauge potential interest.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 2:16 pm

WTM

White Mountains Insurance Group (WTM) has agreed to acquire a majority stake in Bamboo Ide8 Insurance Services, an MGA focused on the California homeowners insurance market. The investment is expected to be around $285 million, acquiring about 70% of Bamboo's basic shares. Bamboo's current management will continue to lead the business. The transaction is expected to close in Q1 2024.

Portfolio Pulse from Akanksha Bakshi

October 20, 2023 | 2:11 pm

HKD

AMTD has announced the successful completion of its 100% acquisition of 'The Art Newspaper'.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 2:00 pm

F

South Korean battery manufacturer SK on Co. Ltd., a subsidiary of SK Innovation Co. Ltd., has raised approximately $944 million in May to expand its global production capacity. The company operates in the United States, South Korea, China, and Hungary, and aims to boost its production capacity to a minimum of 220 gigawatt-hours by 2025. SK on has secured over $3.3 billion in funding this year, surpassing its initial goal. The company also secured a loan of $1.5 billion from Hyundai Motor Co. and Kia Corp. and plans to use the credit to produce batteries for future Ford and Lincoln electric vehicles.

Portfolio Pulse from Aditi Ganguly

October 20, 2023 | 2:00 pm

SNDL

SNDL Inc. (NASDAQ:SNDL) plans to consolidate all cultivation activities at its Atholville, New Brunswick facility, centralizing manufacturing, processing, and production operations to Kelowna, British Columbia. The company expects this optimization to result in over $10 million in annual savings through reduced overhead, power costs, and labor efficiencies. This is in addition to the previously announced $18.2 million of annualized cost savings since the acquisition of The Valens Company Inc. in January 2023.

Portfolio Pulse from Jelena Martinovic

October 20, 2023 | 1:42 pm

CNGL

Canna-Global Acquisition has announced the termination of a deal and plans to promptly begin evaluating other potential business combination targets, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 1:13 pm

CNGL

Canna-Global (CNGL) has received a termination notice from New Quantum and is now looking to explore other potential business combination targets. However, there is no guarantee of a successful transaction.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 1:12 pm

SSNLF

WDC

Kioxia Holdings Corp is seeking capital infusion from Japan Investment Corp to support its merger with Western Digital Corp (NASDAQ:WDC). The financial details of the capital infusion are undisclosed. The merger aims to create a holding company for NAND flash memory chips production. The deal faced opposition from SK Hynix Inc, a competitor and indirect shareholder in Kioxia. The combined market share of Kioxia and Western Digital for NAND memories is 35.4%.

Portfolio Pulse from Anusuya Lahiri

October 20, 2023 | 1:09 pm