Streetbeat News

Acquisitions Mergers

VEON

VEON Ltd. has completed its exit from Russia with the closing of the sale of its Russian operations to a group of senior members of the PJSC VimpelCom management team. The transaction does not provide for any buy-back arrangements and signifies a complete exit from the Russian market for VEON. The company now focuses on six emerging markets - Pakistan, Ukraine, Bangladesh, Kazakhstan, Uzbekistan and Kyrgyzstan.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2023 | 1:20 pm

BMY

MRTX

Bristol Myers Squibb & Co (BMY) has agreed to acquire Mirati Therapeutics Inc (MRTX) for $58.00 per share in cash, totaling $4.8 billion. Mirati stockholders will also receive one non-tradeable Contingent Value Right (CVR) for each Mirati share held, potentially worth an additional $1.0 billion. The acquisition is expected to dilute Bristol Myers Squibb's adjusted EPS by approximately $0.35 per share in the first 12 months after the transaction closes. The deal is expected to close by the first half of 2024.

Portfolio Pulse from Vandana Singh

October 09, 2023 | 1:07 pm

AVD

American Vanguard Corporation (NYSE:AVD) has acquired Punto Verde, a distributor in Ecuador, through its subsidiary AMVAC LATAM. The acquisition is expected to add about five percent to the company's total Latin American sales and strengthen its product portfolio and market access in the region. The deal is part of American Vanguard's expansion of its Green Solutions business and its commitment to sustainable practices.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2023 | 1:06 pm

AER

AerCap Holdings NV (AER) reported Q3 FY23 transactions and financial developments. The company signed 134 lease agreements, purchased 33 airlines, and completed 52 sale deals. It also repurchased about 20 million shares worth $1.2 billion and carried out financing transactions worth $3.9 billion. In Q2 FY23, the company reported a 10% YoY total lease revenue growth to $1.72 billion, missing the analyst consensus of $1.82 billion. Adjusted EPS of $2.56 beat the analyst consensus of $2.06.

Portfolio Pulse from Lekha Gupta

October 09, 2023 | 12:55 pm

AWIN

AERWINS Technologies Inc. (NASDAQ:AWIN) plans to establish a US subsidiary in Los Angeles to redesign its XTURISMO Ltd Edition prototype 1 hoverbike for wider markets, including the US and Europe. The company aims to seek certification of the XTURISMO by the FAA. The redesign will include various enhancements and will be led by the company's Executive Chairman and President, Kiran Sidhu. Sidhu has agreed to provide up to $300,000 in working capital for the initial phase of this redesign initiative.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2023 | 12:38 pm

DM

SSYS

Desktop Metal, Inc. (NYSE:DM) has announced the termination of its shareholder rights plan in connection with the termination of the merger agreement with Stratasys Ltd. (NASDAQ:SSYS). The amendment to the rights agreement will be detailed in a Form 8-K to be filed with the SEC.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2023 | 12:35 pm

CSCW

Color Star Technology Co., Ltd. has entered into a letter of intent to acquire Yi Ti Technology. The acquisition aims to expand Color Star's reach into the sports technology segment. The terms of the deal have not been disclosed.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2023 | 12:34 pm

BMY

MRTX

Bristol Myers Squibb has announced its intention to acquire Mirati Therapeutics for $58 per share. This news has led to a decrease in Mirati Therapeutics' share price.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2023 | 12:34 pm

APLD

LEVI

PXD

SAR

XOM

The CNN Money Fear and Greed index moved from 'Extreme Fear' to 'Fear' following the release of recent jobs data. U.S. stocks settled higher on Friday, with the S&P 500 closing the week higher by around 0.48%, while the Dow Jones closed down 0.30% last week. Levi Strauss & Co (NYSE:LEVI) shares fell 0.8% on Friday following third-quarter results, while Pioneer Natural Resources Company (NYSE:PXD) shares jumped more than 10% following a report suggesting Exxon Mobil Corporation (NYSE:XOM) is nearing a $60 billion deal to buy the company. Investors are awaiting earnings results from Saratoga Investment Corp. (NYSE:SAR) and Applied Digital Corporation (NASDAQ:APLD) on Monday.

Portfolio Pulse from Lisa Levin

October 09, 2023 | 12:31 pm

CLMB

Climb Global Solutions, Inc. (NASDAQ:CLMB) has acquired DataSolutions Holdings Limited, a leading IT and security solutions distributor in Ireland and the UK, for $16.3 million. The acquisition is expected to be accretive to earnings and adjusted EBITDA. DataSolutions brings its robust share of the Irish and UK markets to Climb, along with 14 blue-chip vendor partners. The acquisition is expected to enhance Climb's gross profit and adjusted EBITDA margins, and fortify its foundation for long-term growth.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2023 | 12:31 pm