Streetbeat News

Acquisitions Mergers

BP

SHEL

BP P.L.C. (NYSE:BP) and Shell PLC (NYSE:SHEL) have received licenses for exploration in three deepwater blocks from the government of Trinidad and Tobago. The decision follows complex negotiations and is aimed at boosting the country's hydrocarbon development. The blocks are located in deep water and require different and novel considerations due to the nature of the expected exploration and possible future production. The contract comes almost nine months after Trinidad's government refused bids initially submitted by the consortium for failing to meet minimum thresholds.

Portfolio Pulse from Nabaparna Bhattacharya

September 22, 2023 | 11:17 am

ATS

ATS has entered a definitive agreement to acquire Avidity Science, LLC for $195 million. The company expects $1.5 million of cost and commercial synergies by year 3, and $2.6 million by year 5.

Portfolio Pulse from Benzinga Newsdesk

September 22, 2023 | 11:04 am

AWK

American Water Works Company Inc's subsidiary, Pennsylvania American Water, has agreed to acquire Audubon Water Company for approximately $8 million. The deal will see an affiliate of Pennsylvania American Water merge with Audubon, and Audubon shareholders will receive AWK shares in exchange for their Audubon shares. Pennsylvania American Water plans to invest over $20 million into the system to upgrade aging water infrastructure within the first five years of ownership.

Portfolio Pulse from Shivani Kumaresan

September 22, 2023 | 10:30 am

TSLA

Tesla Inc. is planning to expand its operations in India, focusing on enhancing the country's battery storage infrastructure. The company is in advanced talks to establish an EV factory in India and plans to introduce its Powerwall technology, a system designed to store power from solar panels or the grid. However, Tesla's pursuit of incentives for a battery storage factory has been met with hesitation from Indian officials. Despite this, the government is considering creating a business model that may extend subsidies to consumers of such products.

Portfolio Pulse from Shomik Sen Bhattacharjee

September 22, 2023 | 10:27 am

AONC

CCG

EOSE

ING

PCT

PHAR

SCHL

Several stocks including Scholastic Corporation, Pharming Group N.V., American Oncology Network Inc, Cheche Group Inc., ING Groep N.V., PureCycle Technologies, Inc., and Eos Energy Enterprises, Inc. are moving lower in Friday's pre-market session. Scholastic reported downbeat Q1 results, while ING Groep announced the sale of its 85% stake in fintech subsidiary, Cobase.

Portfolio Pulse from Lisa Levin

September 22, 2023 | 10:02 am

AWK

Pennsylvania American Water, a subsidiary of American Water (AWK), has acquired Audubon Water Company for $8 million.

Portfolio Pulse from Benzinga Newsdesk

September 22, 2023 | 6:21 am

CYBN

DMTTF

Cybin (NYSE:CYBN) has completed enrollment in its Phase 2 study of novel deuterated psilocybin analog CYB003 for the potential treatment of Major Depressive Disorder (MDD). The company has delivered the highest dose of the drug with no serious adverse events reported. Cybin is planning to scale its clinical program around CYB003, which is protected by a U.S. patent until 2041, to a multinational Phase 3 study in early 2024. The company is also anticipating a potential FDA “Breakthrough Therapy” designation in 2023’s last quarter. Additionally, Cybin's acquisition of Small Pharma (OTC:DMTTF) is expected to take place within the last quarter of 2023.

Portfolio Pulse from Lara Goldstein

September 22, 2023 | 2:04 am

JPM

Ukrainian President Volodymyr Zelenskyy met with several billionaires, including former Google CEO Eric Schmidt, Mike Bloomberg, Robert Kraft, Barry Sternlicht, Bill Ackman, and former Secretary of State Henry Kissinger, to discuss financing for rebuilding Ukraine and its economy. The meeting was reportedly organized by JPMorgan Chase & Co. No details on any financial commitments were disclosed. JPMorgan has previously expressed interest in Ukraine's reconstruction and signed a memorandum of understanding with the country in February.

Portfolio Pulse from Chris Katje

September 21, 2023 | 11:26 pm

SCBFY

Standard Chartered's innovation arm, SC Ventures, has launched a digital banking technology solutions provider, Audax Financial Technology. The Singapore-based company aims to assist banks in their digital transformation by creating new business models and seeking new revenue avenues. Audax will continue to serve Standard Chartered by powering its Banking-as-a-Service (BaaS) proposition, SC nexus. The B2B2X market, which Audax is part of, is expected to reach $440 billion in annual revenues by 2030.

Portfolio Pulse from Khyathi Dalal

September 21, 2023 | 10:45 pm

ACAQ

SPAC company Athena has announced an extension of the deadline to complete its initial business combination. The new deadline is now set for October 22, 2023.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 9:48 pm