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Acquisitions Mergers

CBSTF

MSOS

Jesse Channon, a representative of the Cannabis Company, has stated that he does not foresee much M&A activity in the cannabis sector until regulatory issues are resolved.

Portfolio Pulse from Benzinga Newsdesk

September 27, 2023 | 9:56 pm

VSEC

VSE Corporation has mutually agreed to terminate the sale of its Federal and Defense segment to Bernhard Capital Partners. The deal was initially announced on May 1, 2023, and no termination fee will be required. The VSE Federal and Defense segment will remain in discontinued operations as the assets are held for sale.

Portfolio Pulse from Benzinga Newsdesk

September 27, 2023 | 9:33 pm

FNCB

PFIS

Peoples Financial Services and FNCB Bancorp have agreed to a strategic merger valued at $129.0M. FNCB shareholders will receive 0.1460 shares of Peoples common stock for each share of FNCB common stock they own. The deal implies a price per share to holders of FNCB Common Stock of approximately $6.44 per share. The transaction is projected to deliver 59% EPS accretion to Peoples 2025 estimated EPS and inclusive of all merger synergies, with a tangible book value earn-back period of 2.4 years.

Portfolio Pulse from Benzinga Newsdesk

September 27, 2023 | 9:18 pm

PRCH

Porch Group has invested $57M in cash in HOA, its insurance carrier. The investment is in exchange for a $49M surplus note from HOA and the acquisition of HOA's rights to potential claims related to the fraud connected to Vesttoo Ltd. and others.

Portfolio Pulse from Benzinga Newsdesk

September 27, 2023 | 9:09 pm

SJM

J.M. Smucker has agreed to sell its Sahale Snacks brand to Second Nature Brands for $34M in an all-cash transaction. The deal includes all trademarks and a leased manufacturing facility in Seattle, along with about 100 employees. The company expects the impact of the sale to be immaterial to its adjusted earnings per share on a full-year basis.

Portfolio Pulse from Benzinga Newsdesk

September 27, 2023 | 9:03 pm

GHC

Graham Holdings Company (GHC) has acquired a Toyota dealership in Henrico, Virginia, from McGeorge Toyota. The purchase price was not disclosed. The dealership will be operated and managed by Christopher J. Ourisman and his team. GHC holds a 90% stake in the dealership.

Portfolio Pulse from Benzinga Newsdesk

September 27, 2023 | 8:52 pm

FTLF

FitLife Brands is set to acquire substantially all of the assets of MusclePharm for $18.5M, subject to customary adjustments. The all-cash transaction is expected to be highly accretive to existing shareholders once all transaction-related costs have been expensed. The transaction is expected to close by October 16, 2023.

Portfolio Pulse from Benzinga Newsdesk

September 27, 2023 | 8:50 pm

MOBV

MOBVU

Mobiv Acquisition Corp (NASDAQ:MOBVU, MOBV, MOBVW) has filed its Definitive Proxy Statement for the planned business combination with SRIVARU Holding Limited, a provider of premium electric motorcycles. The company has also entered into a Lock-Up Waiver, effective September 29, 2023, for up to 100,000 shares of Class B common stock held by Mobiv Pte. Ltd. The focus of SRIVARU is in India, a market forecast to exceed $36 billion by 2027.

Portfolio Pulse from Benzinga Newsdesk

September 27, 2023 | 8:42 pm

CE

Celanese has completed the formation of Nutrinova, a Food Ingredients joint venture with Mitsui & Co., Ltd. Celanese contributed its Food Ingredients business assets, technology, and employees, retaining a 30% stake. Mitsui acquired the remaining 70% stake for $472.5 million. The company plans to use the transaction proceeds to execute its deleveraging plan in the third quarter.

Portfolio Pulse from Benzinga Newsdesk

September 27, 2023 | 8:28 pm

LBBB

Nature's Miracle Holdings Inc. has appointed Vien Le as its CFO and Darin Carpenter as its COO. Le, a seasoned finance executive, assumed his duties in August 2023. Carpenter, an experienced senior executive, will assume his role on October 1, 2023. Nature's Miracle and Lakeshore Acquisition II Corp. (NASDAQ:LBBB) previously announced a definitive business combination agreement. Upon closing, the combined company is expected to change its name to Nature's Miracle Holding Inc. and its common stock is expected to be traded on the Nasdaq Global Market.

Portfolio Pulse from Happy Mohamed

September 27, 2023 | 8:25 pm