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Acquisitions Mergers

BUD

TLRY

Tilray Brands Inc (NASDAQ:TLRY) shares are trading lower after the company announced the closure of its all-cash transaction with Anheuser-Busch Inbev SA (NYSE:BUD), acquiring eight beer and beverage brands and associated breweries and brewpubs. Tilray also settled a commercial agreement dispute with HEXO Corp, which it acquired earlier this year, with MediPharm Labs set to receive $9 million in total considerations including $3 million in cash and $4.5 million in Tilray stock. Tilray is expected to report a loss of 4 cents per share on quarterly revenue of $174 million on Oct. 4.

Portfolio Pulse from Adam Eckert

October 02, 2023 | 2:22 pm

ENLT

Enlight Renewable Energy (NASDAQ:ENLT) has secured a 15-year power purchase agreement for its Pupin wind farm in Serbia. The state-owned utility Elektroprivreda Srbije will purchase 72% of the project's output at a price of EUR 69 per MWh. The Pupin project, with a total generation capacity of 94 megawatts, will cost USD$149-157 million and is expected to generate revenues of USD$22-24 million and EBITDA of USD$13-15 million in its first full year of operation. Enlight is set to acquire a 66% stake in the project, subject to regulatory approval.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 2:05 pm

BUD

TLRY

Tilray Brands, Inc. (NASDAQ:TLRY) has completed its acquisition of eight beer and beverage brands from Anheuser-Busch (NYSE:BUD). The U.S. craft beer market is projected to generate approximately $30 billion in revenue in 2023 and grow at a CAGR of approximately 7.2% throughout the year. Tilray is expected to become the 5th largest craft beer business in the U.S. market this year, up from the 9th. Tilray shares were trading 1.26% higher at $2.42 per share during Monday’s pre-market session.

Portfolio Pulse from Nina Zdinjak

October 02, 2023 | 2:00 pm

MEDIF

TLRY

MediPharm Labs Corp. has settled a commercial agreement dispute with Tilray's Hexo for $9 million. The dispute was over a long-term supply agreement for cannabis concentrates. As part of the settlement, Hexo will abandon its appeal against MediPharm. The settlement includes a $3 million immediate cash payment, $4.5 million in Tilray common shares, $1 million in Tilray cannabis products, and a $500,000 supply agreement to provide Tilray with MediPharm products and services over four years.

Portfolio Pulse from Nina Zdinjak

October 02, 2023 | 1:49 pm

DWAC

Shares of Digital World Acquisition Corp. (DWAC) fell by 4.6% following the addition of a new termination clause to the merger deal with Trump's media firm. This clause allows either party to terminate the deal under certain conditions.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 1:42 pm

LTRY

Lottery.com has announced the acquisition of Nook Holdings, which will be rebranded as Sports.com. The financial details of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 1:30 pm

M

Toys R Us is planning a robust re-entry into the U.S. market with plans to launch as many as 24 new stores. The company is also exploring retail avenues at airports and cruise ships. The parent entity of Toys R Us, WHP Global, unveiled its expansion strategy 'Air, Land and Sea'. The company's inaugural airport outlet is set to open in November at the Dallas/Fort Worth International Airport. WHP also revealed plans to set up over 400 new Toys R Us outlets within Macy's Inc locales countrywide.

Portfolio Pulse from Shivani Kumaresan

October 02, 2023 | 1:27 pm

MG

MISTRAS Group, Inc. (MG: NYSE) has announced the implementation of the first Project Phoenix initiative, a reorganization of the Company's Products & Systems segment expected to increase Adjusted EBITDA by $4.0 Million in Fiscal 2024. The company also announced the appointment of Gennaro (Jerry) D'Alterio as Executive Vice President and Chief Commercial Officer. These initiatives are part of the company's strategy to accelerate the transition into faster growing markets and improve the performance of its traditional energy-related market operations.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 1:16 pm

SVFD

Save Foods, Inc. (NASDAQ:SVFD) has increased its investment in Plantify Foods, Inc. (TSXV:PTFY) by purchasing an additional 55,004,349 common shares, making it the largest shareholder with 23.13% of Plantify's issued and outstanding share capital. Save Foods' CEO, David Palach, expressed his belief in Plantify's potential and commitment to sustainable food production. The decision to increase the investment was based on the potential synergies between the two companies and the rapid global growth in interest and sales of Plantify's products.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 1:15 pm

ACN

Accenture PLC has acquired Tokyo-based integrated marketing firm, SIGNAL, for an undisclosed amount. The acquisition will enhance Accenture's marketing capabilities and add 100 industry experts to its team in Japan. Last week, Accenture reported Q4 revenue growth of 4% Y/Y to $15.98 billion, missing the consensus of $16.07 billion. ACN shares are trading lower by 0.55% at $305.42 premarket.

Portfolio Pulse from Lekha Gupta

October 02, 2023 | 12:59 pm