Streetbeat News

Acquisitions Mergers

LAB

Standard BioTools announced it will merge with SomaLogic in an all-stock deal, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

October 04, 2023 | 4:08 pm

CIVI

Civitas Resources Inc (NYSE:CIVI) has agreed to acquire oil-producing assets in the Midland Basin of west Texas from Vencer Energy for approximately $2.1 billion. The acquisition, expected to close in January 2024, will add around 44,000 net acres in the Midland Basin and current production of about 62 Mboe/d. Following the acquisition, Civitas raised its FY24 total production guidance to 325 – 345 Mboe/d and capital expenditure to $1,950 million – $2,250 million. The company expects the buyout to boost FCF per share by 5% in 2024.

Portfolio Pulse from Lekha Gupta

October 04, 2023 | 4:06 pm

LVOX

NICE

LiveVox Holdings, Inc (LVOX) has agreed to be acquired by NICE Ltd (NICE) for $3.74 per share in cash, a 12% premium over LVOX's last closing price. The deal will see NICE's CXone platform join LiveVox's proactive outreach portfolio, offering a unified platform for deploying conversational AI. The transaction is expected to be cash flow positive and accretive to NICE's operating income, margin and non-GAAP EPS during 2024, and will not impact NICE's share buyback program. The deal is expected to close in the first half of 2024.

Portfolio Pulse from Nabaparna Bhattacharya

October 04, 2023 | 3:29 pm

AON

Aon is set to acquire Global Insurance Brokers to enhance its risk capital offering for clients in India. The financial terms of the deal have not been disclosed.

Portfolio Pulse from Benzinga Newsdesk

October 04, 2023 | 3:05 pm

AYI

BROG

CDT

FREY

LVOX

RPM

Several US stocks recorded gains in Wednesday's trading session. Conduit Pharmaceuticals Inc. (CDT) surged 39.7% to $6.72. LiveVox Holdings, Inc. (LVOX) climbed 8.1% to $3.61 after NICE announced it will acquire the company. FREYR Battery (FREY) gained 7.5% to $4.9250 after an operational progress update. Acuity Brands, Inc. (AYI) rose 6.6% to $178.48 following better-than-expected quarterly earnings. Brooge Energy Limited (BROG) gained 6.6% to $5.85 after GULFNAV submitted a proposal to acquire all of its businesses and assets. RPM International Inc. (RPM) rose 6.3% to $98.65 after reporting better-than-expected Q1 financial results and issuing guidance.

Portfolio Pulse from Lisa Levin

October 04, 2023 | 2:09 pm

PTC

PTC Inc has acquired pure-systems, a provider of product and software variant management solutions. The acquisition is expected to enhance PTC's standing in the Application Lifecycle Management (ALM) market and strengthen ties with regulated industry customers. The financial terms of the deal were not disclosed.

Portfolio Pulse from Akanksha Bakshi

October 04, 2023 | 1:44 pm

CSCO

SBUX

On CNBC's 'Halftime Report Final Trades', Starbucks Corporation (SBUX), Cisco Systems, Inc. (CSCO), and The Boeing Company (BA) were named as final trades. Starbucks was found in violation of federal labor law for selectively raising wages at non-unionized stores. Cisco Systems announced its acquisition of Splunk Inc (SPLK) for $28 billion. Boeing is reportedly increasing the production of its 737 aircraft due to a surge in orders.

Portfolio Pulse from Priya Nigam

October 04, 2023 | 1:14 pm

UBS

UBS Group AG is reportedly offering higher interest rates on deposits to attract and retain clients following its acquisition of Credit Suisse. The move is aimed at mitigating the outflows experienced by Credit Suisse. The Swiss banking giant is offering approximately 1.8% interest on deposits exceeding 50,000 Swiss francs held for a minimum of three months. The acquisition of Credit Suisse came with its challenges for UBS, including a loss of $1.6 billion due to the reclassification of loans.

Portfolio Pulse from Nabaparna Bhattacharya

October 04, 2023 | 1:13 pm

AJG

Arthur J. Gallagher & Co. has announced the acquisition of Louisville, Kentucky-based WLA Insurance, LLC, also known as Altman Insurance Services. The terms of the transaction were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

October 04, 2023 | 1:05 pm

INTC

MBLY

Intel Corp (NASDAQ:INTC) announced plans to spin off its Programmable Solutions Group business as a standalone entity, aiming for accelerated growth and increased competitiveness. The standalone operations are expected to start on Jan.1, 2024. Intel's executive vice president, Sandra Rivera, will become the CEO of the new business. Intel's shares are trading higher following the announcement.

Portfolio Pulse from Adam Eckert

October 04, 2023 | 1:04 pm