Streetbeat News

Acquisitions Mergers

OLK

TMO

Thermo Fisher Scientific Inc (TMO) has announced a deal to acquire Olink Holding AB (OLK) for about $3.1 billion, causing OLK shares to rise by over 65%. The acquisition is expected to be completed by mid-2024. OLK projects to deliver revenues of $200 million in 2024 and is expected to grow mid-teens organically. Thermo Fisher anticipates about $125 million of adjusted operating income from revenue and cost synergies by year five following acquisition closure.

Portfolio Pulse from Lekha Gupta

October 17, 2023 | 2:44 pm

AJG

Arthur J. Gallagher & Co. has acquired international insurance broker Clements Worldwide. The terms of the transaction were not disclosed. Clements provides insurance products and services for various sectors including expats, diplomats, military personnel, nonprofits, contractors, embassies, and schools. The acquisition is expected to enhance Gallagher's international capabilities and provide significant cross-selling opportunities.

Portfolio Pulse from Benzinga Newsdesk

October 17, 2023 | 2:02 pm

AVGO

VMW

A spokesperson from VMware has confirmed that they expect the deal to close on October 30, 2023, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

October 17, 2023 | 1:54 pm

CIR

CIRCOR International has announced that all regulatory approvals for its merger have been obtained. The transaction is expected to be completed on October 18, 2023, pending the fulfillment of standard closing requirements.

Portfolio Pulse from Benzinga Newsdesk

October 17, 2023 | 1:46 pm

FTRE

LH

Activist hedge fund Starboard Value has acquired an 8.7% stake in contract-research organization Fortrea Holdings Inc. (NASDAQ:FTRE). Starboard plans to push for changes to boost margins and share-price appreciation. Fortrea recently completed its spinoff from Laboratory Corporation Of America Holdings (NYSE:LH). Starboard believes that Fortrea did not operate optimally under Labcorp due to its smaller scale. The news led to a 3.29% increase in FTRE shares in premarket trading.

Portfolio Pulse from Nabaparna Bhattacharya

October 17, 2023 | 1:23 pm

OLK

TMO

Thermo Fisher Scientific has announced its plans to acquire Olink. This news has led to a rise in Olink's share prices.

Portfolio Pulse from Benzinga Newsdesk

October 17, 2023 | 1:11 pm

APO

BN

BNRE

Brookfield Corporation (BN) and its affiliate Brookfield Reinsurance Ltd (BNRE) are considering entering the UK's pension insurance sector, specifically the bulk annuities segment. Potential acquisition targets could include companies like Just Group and Pension. This move aligns with a broader trend in the financial industry, with entities like Brookfield and Apollo Global Management (APO) increasingly entering the life insurance and annuities sector. The UK presents a significant investment opportunity for Brookfield, with approximately £1.3 trillion in defined benefit pension schemes in the private sector.

Portfolio Pulse from Vandana Singh

October 17, 2023 | 12:54 pm

ASMB

SPRC

WH

Aegis Capital Corp. acted as Exclusive Placement Agent on a $5.0 Million Private Placement for SciSparc Ltd. (NASDAQ:SPRC). Gilead Sciences and Assembly Biosciences announced a 12-year partnership for antiviral therapies, with Assembly Bio to receive $100M upfront payment. Wyndham Hotels & Resorts shares are trading higher after Choice Hotels proposed to acquire the company for $90.00 per share.

Portfolio Pulse from ryanfaloona@benzinga.com

October 17, 2023 | 12:42 pm

OLK

TMO

Thermo Fisher Scientific Inc. (TMO) has announced plans to acquire Olink Holding AB (OLK) for $26.00 per common share in cash, a 74% premium to Olink's closing price on October 16, 2023. The deal values Olink at approximately $3.1 billion. Olink's proprietary technology, Proximity Extension Assay (PEA), provides high throughput protein analysis. The acquisition is expected to be completed by mid-2024, subject to regulatory approvals. Olink is expected to deliver over $200M of revenue in 2024 and grow mid-teens organically as part of Thermo Fisher.

Portfolio Pulse from Benzinga Newsdesk

October 17, 2023 | 12:26 pm

MEDS

TrxADE Health, Inc. (NASDAQ:MEDS) has reaffirmed its commitment to the pharmaceutical industry through its subsidiary TrxADE, Inc. The company, which recently merged with Superlatus, Inc., operates a pharmaceutical business-to-business exchange platform and added 199 new members in Q3 2023. The company aims to continue providing innovative solutions to the evolving needs of the pharmaceutical industry.

Portfolio Pulse from Benzinga Newsdesk

October 17, 2023 | 12:24 pm