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Acquisitions Mergers

NVDA

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Tether Group is acquiring 10,000 Nvidia H100 GPUs for $420 million and a 20% stake in Northern Data. Northern Data plans to rent the chips to AI startups. The deal will be conducted through an Irish shell company, Damoon. Northern Data will acquire a 70% ownership stake in exchange for shares equal to 20% of its ownership. The total cost of the deal remains undisclosed.

Portfolio Pulse from Khyathi Dalal

September 21, 2023 | 2:37 pm

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Despite a general fall in U.S. stocks, several companies saw gains. Cisco Systems agreed to acquire Splunk for $157 per share, causing Splunk's stock to rise by 20.8%. Calliditas Therapeutics, Exscientia, Klaviyo, Compañía de Minas Buenaventura, FedEx, FactSet Research Systems, The Greenbrier Companies, and Cipher Mining also saw stock increases due to various factors such as collaborations, IPOs, upgrades, and earnings reports.

Portfolio Pulse from Lisa Levin

September 21, 2023 | 2:25 pm

IVP

Inspire Veterinary Partners (IVP) has announced its intention to acquire a 100% ownership interest in a Pennsylvania animal hospital. This has led to a rise in the company's share prices.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 2:16 pm

BIIB

RETA

Reata Pharmaceuticals, Inc. (NASDAQ:RETA) announced that its stockholders have approved the company's acquisition by Biogen Inc. Approximately 99.65% of the votes cast by the company's Class A and Class B common stockholders approved the merger. The expected closing date of the merger is September 26, 2023.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 2:14 pm

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Weekly jobless claims fell to 201,000, below estimates. Cisco Systems is acquiring Splunk for $28 billion, causing a rally in Splunk's stock and a fall in Cisco's. Starbucks announced a 7.5% increase in its quarterly dividend. Keurig Dr Pepper appointed Tim Cofer as COO, effective Nov.6, 2023. Kraft Heinz recalled 83,800 cases of Kraft Singles due to choking hazard. Google is replacing Broadcom with Marvell for AI chips. Nio launched a smartphone to compete in China's EV market. Toshiba is going private after a successful $14 billion tender offer from JIP. Unilever is selling some of its non-core beauty brands. UBS terminated 70% of Credit Suisse's HK research staff. VinFast plans to ship EVs to Europe by end of 2023. Paramount Global and Warner Bros. Discovery stocks rose amid reports of a potential end to the Hollywood writers' strike. Arm Holdings and Instacart stocks declined, raising concerns about tech IPOs. The DOJ limited access to key evidence in its antitrust case against Google. Kia launched its cheapest EV in South Korea. KB Home reported a Q3 sales decline of 13.9% YoY but beat estimates. Darden Restaurants reported Q1 sales growth of 11.6% YoY, beating estimates. FactSet Research reported Q4 sales growth of 7.3% YoY, slightly beating estimates.

Portfolio Pulse from Vandana Singh

September 21, 2023 | 2:02 pm

Southern Co's subsidiary, Southern Power, has acquired its 29th solar project, the Millers Branch Solar Facility, from EDF Renewables. The 200 MW facility, located in Texas, is expandable to 500 MW and is expected to be operational by 4Q25. The facility will sell its electricity and renewable energy credits through a 20-year agreement with Thermo Fisher Scientific. This acquisition increases Southern Power's solar portfolio to over 2,590 MW within its 5,130 MW renewable fleet.

Portfolio Pulse from Akanksha Bakshi

September 21, 2023 | 1:58 pm

AMTI

CYTH

Applied Molecular Transport Inc (AMTI) has agreed to merge with Cyclo Therapeutics Inc (CYTH) in an all-stock transaction. The combined company will operate under Cyclo Therapeutics and continue trading on The Nasdaq Capital Market under the CYTH ticker. The merger is expected to close in Q4 2023. AMT stockholders will receive approximately 0.174 shares of Cyclo Therapeutics for each of their shares in AMT. After the merger, the existing Cyclo Therapeutics management team will lead the combined company.

Portfolio Pulse from Vandana Singh

September 21, 2023 | 1:46 pm

UFPI

UFP Industries Inc's subsidiary, UFP Global Holdings Ltd, has acquired 80% of the equity in a newly formed company, UFP Palets y Embalajes SL, for approximately $52 million. The acquisition includes the former pallet manufacturing operations of Palets Suller SL, Serrería y Palets Chiva SL and Drevex Castellón SL, collectively known as Palets Suller Group. The move is aimed at expanding UFP's value-added packaging business in Europe.

Portfolio Pulse from Shivani Kumaresan

September 21, 2023 | 1:25 pm

EVR

Unilever has engaged Morgan Stanley and Evercore to sell some of its non-core beauty and personal care brands, including Q-Tips and Impulse. This move is part of a strategy to streamline the business amidst inflation. The portfolio, known as Elida Beauty, posted about $760 million in revenue in 2022. Unilever reported a 9.1% sales growth in the first half of FY23.

Portfolio Pulse from Shivani Kumaresan

September 21, 2023 | 1:08 pm

AJG

Arthur J. Gallagher & Co. has announced the acquisition of Ace Commercial Insurance Center. The terms of the transaction were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 1:06 pm