Streetbeat News

Acquisitions Mergers

EFSH

1847 Holdings has engaged Spartan Capital to explore strategic options, including potential privatization. This could lead to significant changes in the company's structure and operations.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 10:36 am

AYX

BITF

CALT

IOVA

KRP

NEGG

NKLA

WULF

Several US stocks recorded gains in Monday's pre-market trading session. Newegg Commerce (NEGG) shares climbed 8.7% after falling 5% on Friday. Iovance Biotherapeutics (IOVA) shares rose 7.2% following FDA's extension of its BLA Priority Review for lifileucel. Bitfarms (BITF) shares gained 6%, Nikola Corporation (NKLA) rose 5.9%, and Alteryx (AYX) shares gained 5.2% after Morgan Stanley upgraded it from Equal-Weight to Overweight. TeraWulf (WULF) shares rose 4.7% following recent production updates. Hyatt Hotels (H) shares climbed 4.7%, Kimbell Royalty Partners (KRP) shares gained 4.6% after closing a $455 million acquisition, and Calliditas Therapeutics (CALT) shares gained 4.5%.

Portfolio Pulse from Lisa Levin

September 18, 2023 | 10:34 am

FLGC

Flora Growth Corp. (NASDAQ:FLGC) has agreed to acquire Australian Vaporizers Pty Limited in an all-stock transaction valued at $1.7 million. The deal, expected to close in Q4 2023, will see Flora exchange 600,676 of its common shares for all issued and outstanding shares of Australian Vaporizers. The acquisition is expected to contribute $5.2 million in annual revenues, $1.2 million in gross margins, and $0.5 million in net income to Flora.

Portfolio Pulse from Charles Gross

September 18, 2023 | 10:08 am

LAD

Lithia Motors Inc (NYSE:LAD) plans to enter a strategic partnership with Pinewood Technologies and acquire the UK motor and fleet management divisions of Pendragon plc for approximately $350 million. The deal is expected to generate over $4.5 billion in annual revenues and expand Lithia's presence in the UK market. Lithia will also take a 16.7% ownership in the remaining Pinewood business. The acquisition of Pendragon Vehicle Management (PVM) is expected to add a profitable fleet management services business to Lithia. Post-completion, Lithia would have estimated annualized revenues of over $38 billion.

Portfolio Pulse from Shivani Kumaresan

September 18, 2023 | 10:04 am

QSG

QuantaSing, a global leader in AI and machine learning, has announced the acquisition of Kelly's Education, a leading provider of educational services. The acquisition is expected to expand QuantaSing's global presence and strengthen its position in the education sector.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 9:02 am

BTG

B2Gold has acquired AngloGold Ashanti's 50% stake in the Gramalote Project. The purchase price will be paid in cash and consists of several payments based on certain milestones, including $20 million upon closing of the transaction, $10 million upon announcing a construction decision, and $10 million upon commercial production, among others.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 7:26 am

LAD

Lithia & Driveway has formed a strategic partnership with Pinewood Technologies and acquired Pendragon's Fleet Management and UK Motor Divisions. This acquisition is expected to generate over $4.5 billion in annual revenues and will increase Lithia's presence in the UK market. Lithia will also take a 16.7% ownership in the remaining Pinewood business.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 6:29 am

KKR

SGAPY

Private equity firm KKR has committed to invest $1.1 billion for a 20% stake in Singtel's regional data centre business. This investment is expected to boost Singtel's growth in the data centre market.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 4:33 am

BRK

During the 2008 financial crisis, Warren Buffett's Berkshire Hathaway (BRK) invested $3 billion in Dow Chemical to facilitate its acquisition of Rohm and Haas. Despite the economic chaos and a decline in Dow's stock value, Buffett stood firm on his commitment. By 2016, Dow transitioned the preferred shares into common shares, eliminating the obligation of substantial dividend payments. Berkshire Hathaway sold these shares, leading to an estimated pre-tax profit of $3 billion, effectively doubling the initial investment.

Portfolio Pulse from Bibhu Pattnaik

September 17, 2023 | 6:42 pm

AAPL

Apple Inc.'s supplier, Foxconn, plans to double its workforce and investment in India within a year. The company is expanding its presence in India as part of its strategy to shift away from China. Foxconn currently operates a factory in Tamil Nadu, India, that manufactures iPhones and employs 40,000 people. The company also plans to invest $600 million in two projects in Karnataka, India, for manufacturing iPhone casing components and chip-making equipment.

Portfolio Pulse from Benzinga Neuro

September 17, 2023 | 6:13 pm