Streetbeat News

Acquisitions Mergers

AAPL

AMZN

DIS

FWONA

Apple Inc. is reportedly considering a $2 billion annual bid for the global rights to Formula One, currently owned by Liberty Media Corp. This follows Apple's successful acquisition of Major League Soccer (MLS) rights, which saw a boost in viewership and streaming subscribers. Other companies with Formula One rights include ESPN, a unit of Walt Disney Co, and Amazon.com, Inc. was another bidder on the U.S. rights. The move is part of Apple's push into streaming with original content and sports deals.

Portfolio Pulse from Chris Katje

October 02, 2023 | 5:01 pm

CMSQF

RITM

SCU

Rithm Capital Corp (RITM) has agreed to acquire Computershare Mortgage Services Inc. and certain affiliated companies, including Specialized Loan Servicing LLC (SLS), from Computershare Ltd (CMSQF) for about $720 million. The deal includes an unpaid principal balance of mortgage servicing rights worth about $136 billion. The acquisition will be financed through a combination of existing cash, available liquidity, and additional MSR financing. Post-acquisition, RITM will transfer SLS's portfolio and operations to its portfolio company, Newrez LLC, increasing its third-party servicing business to $180 billion.

Portfolio Pulse from Lekha Gupta

October 02, 2023 | 4:35 pm

BECN

Beacon (NASDAQ:BECN) has completed the acquisition of waterproofing distributor Garvin Construction Products. The acquisition is in line with Beacon's Ambition 2025 plan to grow above market by expanding its footprint and complementary product offering. Since launching the plan, Beacon has completed eight acquisitions and opened 16 new greenfield locations in 2023.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 4:19 pm

BHRB

SMMF

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) and Summit Financial Group, Inc. (NASDAQ:SMMF) have submitted regulatory filings related to their merger agreement. The merger, announced on August 24, 2023, is expected to close in Q1 2024, subject to regulatory and shareholder approvals.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 4:02 pm

LTRY

Lottery.com Inc (NASDAQ:LTRY) has agreed to acquire Nook Holdings Limited, a company known for its innovative approach to co-working in Dubai. Nook will be rebranded as Sports.com, a dynamic sports entertainment platform offering various services. Lottery.com held $54.4 million in cash and equivalents as of June 30, 2023.

Portfolio Pulse from Shivani Kumaresan

October 02, 2023 | 3:33 pm

ASPA

LGIQ

DLQ, Inc., a subsidiary of Logiq, Inc. (OTCQX:LGIQ), has announced the effectiveness of its registration statement on Form S-4 in connection with its pending merger with ABRI SPAC I, Inc. (NASDAQ:ASPA). The merger is expected to close in Q4 2023, subject to approval by the stockholders of both companies and Nasdaq's approval of the combined company's listing application. The combined company is expected to be renamed 'Collective Audience, Inc.' and remain listed on the Nasdaq Global Market under the proposed ticker symbols 'CAUD' and 'CAUDW'.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 3:25 pm

NVO

Novo Nordisk has received FDA approval for Rivfloza, a treatment for primary hyperoxaluria type 1 (PH1), a rare genetic disease. The approval is based on the results of the phase 2 PHYOXTM2 clinical trial and interim data from the ongoing phase 3 PHYOXTM3 extension study. Rivfloza was developed by Dicerna Pharmaceuticals, which was acquired by Novo Nordisk in 2021. The company plans to make the treatment available for eligible patients in early 2024.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 3:16 pm

LAD

Lithia & Driveway (NYSE:LAD) has revised its agreement with Pendragon plc to acquire Pendragon's UK motor division and vehicle management division. The total cash consideration has been increased by 42% to £397 million. The deal also includes a strategic partnership with Pinewood Technologies and a North American joint venture. Lithia has obtained preliminary commitments from major automotive retailers to adopt the Pinewood dealer management systems. The acquisition will be financed using Lithia's existing on-balance sheet capacity.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 3:09 pm

GEF

Greif, Inc. (NYSE:GEF) has acquired Reliance Products, a Canadian producer of barrier and conventional blow molded jerrycans and small plastic containers. The acquisition was facilitated through Greif's pre-existing credit facility and is valued at approximately 6.75x proforma adjusted EBITDA. The financial terms were not disclosed. The acquisition is expected to add geographic breadth and new barrier technology to Greif's jerrycan and small plastic container offering.

Portfolio Pulse from Akanksha Bakshi

October 02, 2023 | 2:35 pm

DB

HOLI

Hollysys Automation Technologies, Ltd (NASDAQ:HOLI) has formed a special committee to conduct a formal sale process. The committee will engage in discussions with Recco Control Technology and Dazheng Group (Hong Kong) Investment Holdings Company in response to their unsolicited, non-binding offer to acquire the company at $25.00 per share in cash. Deutsche Bank will assist in soliciting additional serious and compelling offers.

Portfolio Pulse from Anusuya Lahiri

October 02, 2023 | 2:29 pm