Streetbeat News

Acquisitions Mergers

BOWL

VICI

VICI Properties Inc. has completed the acquisition of 38 bowling entertainment centers from Bowlero Corp. in a sale-leaseback transaction for $432.9 million. This marks VICI's first sale-leaseback transaction in the family entertainment sector. The deal is expected to be immediately accretive to AFFO per share and diversifies VICI's tenant base and geographic reach. VICI also entered into a triple-net master lease agreement with Bowlero, with an initial total annual rent of $31.6 million.

Portfolio Pulse from Happy Mohamed

October 19, 2023 | 8:27 pm

DISH

TMUS

DISH Network and T-Mobile have amended their License Purchase Agreement. DISH will make an upfront payment of $100M to T-Mobile within three business days from the date the U.S. District Court enters the amended final judgment.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 8:24 pm

BANC

PACW

Banc of California has received final regulatory approval for its merger with PacWest Bancorp. The merger is expected to close before the end of 2023.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 8:15 pm

ENOV

Enovis Corporation (NYSE:ENOV) shares are trading lower after the company announced a proposed private offering of $400 million of convertible senior notes and issued preliminary third-quarter results. The company plans to use a portion of the proceeds from the offering to fund the acquisition of LimaCorporate S.p.A. Preliminary Q3 results show revenues expected to be between $414 and $418 million, an increase of roughly 8 to 9% from the same period last year.

Portfolio Pulse from Ryan Gustafson

October 19, 2023 | 7:38 pm

MMI

Marcus & Millichap (NYSE:MMI), a commercial real estate brokerage firm, announced the sale of a Fairfield Inn & Suites located in Salem, Virginia. The property was sold for an undisclosed price. The buyer was procured by the DDM Hotel Group of Marcus & Millichap on behalf of the developer, Kaylan Hospitality.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 5:29 pm

PTCT

PTC Therapeutics has entered into an agreement with Royalty Pharma to monetize up to $1.5 billion of the Evrysdi Royalty Stream. This has led to an increase in PTC Therapeutics' share prices.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 5:26 pm

RADCQ

WBA

Walgreens Boots Alliance Inc (WBA) has agreed to a $192.5 million settlement following allegations of misleading information regarding its 2015 attempt to purchase Rite Aid Corp (RADCQ). The misleading information led to an increase in Rite Aid's stock value, but the withdrawal of the merger in 2017 resulted in significant financial losses for investors. The settlement is expected to bring relief to Rite Aid's investors, especially given the company's recent filing for Chapter 11.

Portfolio Pulse from Shivani Kumaresan

October 19, 2023 | 5:05 pm

SUM

Summit Materials has received a revised proposal to acquire all of its fully diluted equity interests for $38.00 per share. This has led to an increase in the company's share price.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 4:51 pm

MSFT

SONY

Sony Group Corp is banking on the release of Marvel's Spider-Man 2 to boost its PlayStation 5 (PS5) sales this year. The game, developed by Sony's Insomniac Games, is expected to drive sales, especially as it will be available in a bundle with the console. Sony aims to sell 25 million PS5s this fiscal year. Meanwhile, Microsoft Corp has completed the acquisition of Activision Blizzard Inc, a key partner of Sony.

Portfolio Pulse from Anusuya Lahiri

October 19, 2023 | 4:16 pm

WSO

Watsco, Inc. reported Q3 sales of $2.127 billion, beating the analyst consensus of $2.050 billion, and an EPS of $4.35, beating the analyst consensus of $4.27. The company registered a 3% increase in gross profit and a 9% increase in operating income. Watsco's CEO expressed confidence in future growth and welcomed the acquisition of Gateway Supply Company.

Portfolio Pulse from Nabaparna Bhattacharya

October 19, 2023 | 3:59 pm