Streetbeat News

Acquisitions Mergers

BABA

Alibaba Group Holding Limited (NYSE:BABA) is undergoing a significant business transformation, including leadership changes within its core e-commerce unit, Taobao and Tmall Group. Trudy Dai Shan has relinquished her roles at several Alibaba subsidiaries to focus on Alibaba's primary e-commerce operations. Alibaba clarified that these changes are routine business registration adjustments at the subsidiary level. The company is also restructuring into six primary groups and spinning off its logistics network, Cainiao, for an IPO in Hong Kong. However, the overall market's performance and delay in Cainiao's listing have tempered the excitement surrounding this move.

Portfolio Pulse from Anusuya Lahiri

October 02, 2023 | 11:37 am

OLN

Olin Corporation (NYSE:OLN) has completed the acquisition of White Flyer Targets, a leader in recreational trap, skeet, and sporting clay targets. The acquisition includes White Flyer's five manufacturing facilities and its ECO FLYER® target product line. The transaction was funded with cash on hand and is expected to be immediately accretive to Olin's shareholders.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 11:35 am

PEV

Phoenix Motor has signed a non-binding convertible bond term sheet of up to $300M with a California-based investor. The funding is intended to support the potential acquisition of commercial electric vehicle assets, for which Phoenix has expressed interest.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 11:27 am

CMI

Cummins Inc has completed the acquisition of two commercial vehicle manufacturing plants from Faurecia for €199.2 million. The acquisition is expected to enhance Cummins' existing mixer portfolio and ensure continued access to the technology and facilities it needs to meet current and future demand for low-emissions products.

Portfolio Pulse from Shivani Kumaresan

October 02, 2023 | 11:26 am

ACDC

ProFrac Holding is exploring strategic options for its proppant production segment, Alpine Silica, including a public offering, sale, merger, or recapitalization. Entities affiliated with its largest shareholders, the Wilks Family, have invested $50 million in perpetual convertible preferred equity securities issued by the company.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 11:06 am

ALTR

Altair Engineering Inc. has acquired Michigan-based optimization software company OmniQuest. The financial details of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 11:06 am

TKR

The Timken Company (TKR) has acquired Rosa Sistemi S.p.A., a European manufacturer of roller guideways, linear bearings, and other industrial motion products. Rosa Sistemi is expected to generate around $15 million in revenue in 2023.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 10:52 am

CPU

Rithm Capital has acquired Computershare Mortgage Services and certain affiliated companies, including Specialized Loan Servicing, for approximately $720 million.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 10:34 am

TT

Trane Technologies (NYSE:TT) has announced a definitive agreement to acquire Nuvolo, a global leader in cloud-based connected workplace and enterprise asset management products. The acquisition will combine the companies' complementary capabilities, technology, offerings, and customer bases across shared key verticals such as healthcare, life sciences, retail, public sector, and education.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 10:32 am

HOLI

Hollysys Automation Technologies has formed a special committee of its board to conduct a formal sale process. The committee will evaluate a proposal from a bidder group.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 10:02 am