Streetbeat News

Acquisitions Mergers

CHK

DVN

MRO

PXD

SWN

XOM

Devon Energy Corp (DVN) is reportedly considering strategic acquisitions to boost its presence in the U.S. shale sector, including a potential merger with Marathon Oil Corp (MRO). Devon Energy is also considering a strategic move involving CrownRock LP. The broader energy sector is witnessing similar consolidation efforts, with Chesapeake Energy Corp (CHK) considering an acquisition of Southwestern Energy Co (SWN) and Exxon Mobil Corp (XOM) agreeing to a $60 billion deal for Pioneer Natural Resources Co (PXD).

Portfolio Pulse from Vandana Singh

October 19, 2023 | 12:49 pm

CUEN

Cuentas, Inc. (NASDAQ:CUEN) has announced significant management changes, including the appointment of Mr. Shlomo Zakai as Chief Financial Officer and Mr. Adiv Baruch as Strategic Business Officer. These changes come in anticipation of a future acquisition and product launch. Mr. Zakai brings extensive experience in the financial sector and a track record in publicly traded companies on the Nasdaq Stock Market and in OTC Markets.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 12:36 pm

VFS

Vietnam-based EV maker VinFast Auto Ltd. (NASDAQ:VFS) predicts continued electric car and scooter sales to an affiliated ride service owned by its founder, Pham Nhat Vuong, into 2024. The company has sold about 13,000 electric cars to Green SM, a Vietnam-based taxi operator and leasing provider 95% owned by VinFast's founder. The sales from Green SM made up approximately two-thirds of VinFast's EV sales in the first two quarters following its Nasdaq listing. VinFast also plans to acquire a 99.8% stake in VinES Energy Solutions from Vuong for approximately $462 million debt.

Portfolio Pulse from Nabaparna Bhattacharya

October 19, 2023 | 12:12 pm

PTCT

RPRX

PTC Therapeutics has entered into an agreement with Royalty Pharma to monetize up to $1.5B of the Evrysdi royalty stream. Royalty Pharma will acquire additional royalties on Evrysdi for $1B upfront. The agreement also includes options for PTC to sell up to all of its retained royalties on Evrysdi for up to $500 million or for Royalty Pharma to acquire half of such retained royalties for up to $250 million at a later date.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 12:07 pm

LRHC

La Rosa Holdings Corp (NASDAQ:LRHC) has acquired a controlling interest in Horeb Kissimmee Realty, LLC, a franchisee that generated $10.8 million in revenue in 2022. The acquisition, along with the previous purchase of La Rosa Realty Lake Nona, Inc, is expected to double the company's top-line revenue. The company's shares closed higher by 7.66% at $2.53 on Wednesday.

Portfolio Pulse from Anusuya Lahiri

October 19, 2023 | 12:00 pm

RPRX

Royalty Pharma has announced an agreement to purchase up to $1.5 billion of PTC Therapeutics' royalty on Evrysdi. The deal involves an upfront payment of $1.0 billion, with an option for PTC Therapeutics to sell the rest of the royalty for up to $500 million. Royalty Pharma also has the option to buy half of the remaining royalty for up to $250 million. The transaction is expected to enhance Royalty Pharma's long-term Adjusted Cash Receipts growth.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 12:00 pm

LRHC

La Rosa Holdings has acquired a controlling interest in its franchisee, Horeb Kissimmee Realty LLC. In 2022, Kissimmee generated revenue of $10.8M and had positive net income.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 11:59 am

SUM

Summit Materials has filed a preliminary M&A-related proxy statement, causing its shares to spike higher.

Portfolio Pulse from Charles Gross

October 19, 2023 | 11:47 am

CSGP

CoStar Group Inc (NASDAQ:CSGP) has proposed to acquire UK-based property portal OnTheMarket for £100 million. OnTheMarket, the third most visited residential property portal in the UK, posted revenues of about £35 million for the year ending July 31, 2023. CoStar Group plans to invest £46.5 million into sales and marketing in the first year after the acquisition. The company's shares closed lower by 2.68% at $77.66 on Wednesday.

Portfolio Pulse from Shivani Kumaresan

October 19, 2023 | 11:27 am

DISH

TMUS

DISH Network Corp and T-Mobile US Inc have agreed to extend the deadline for DISH to purchase a set of T-Mobile airwaves, a decision approved by a U.S. court. The new deadline is April 1. DISH will pay T-Mobile a $100 million extension fee, subject to court approval. The extension will help DISH compete as the nation's fourth facilities-based carrier. DISH shares are trading lower by 0.79% at $5.02 premarket.

Portfolio Pulse from Anusuya Lahiri

October 19, 2023 | 11:25 am