Streetbeat News

Acquisitions Mergers

EVTC

Evertec has announced that Sinqia's stockholders have approved their merger transaction. The terms of the deal have not been disclosed.

Portfolio Pulse from Benzinga Newsdesk

September 14, 2023 | 3:14 pm

GXO

PFSW

GXO Logistics (NYSE:GXO) has announced a merger with PFSweb (NASDAQ:PFSW), expected to be completed in Q4 of 2023. GXO Logistics will give PFSweb $181.00 million in cash in exchange for PFSW stock.

Portfolio Pulse from Benzinga Insights

September 14, 2023 | 3:10 pm

IGT

PFSW

VIRT

Several US stocks traded higher, with PFSweb, Inc. (PFSW) jumping 48.3% after GXO Logistics announced its acquisition. International Game Technology PLC (IGT) also jumped 9.6% following a report suggesting Apollo is among potential suitors for IGT's global gaming unit. Virtu Financial, Inc. (VIRT) rose 9.2% after Citigroup upgraded it from Neutral to Buy and announced a $20 price target.

Portfolio Pulse from Lisa Levin

September 14, 2023 | 2:25 pm

GXO

PFSW

GXO Logistics Inc (NYSE:GXO) has agreed to acquire eCommerce order fulfillment provider PFSweb Inc (NASDAQ:PFSW) for $7.50 per share in cash, a total equity value of approximately $181 million. The acquisition will help GXO expand its U.S. offerings in cosmetics and luxury, leveraging PFSweb's client relationships and technology. The transaction is expected to close in Q4 2023.

Portfolio Pulse from Shivani Kumaresan

September 14, 2023 | 2:22 pm

ING

ING Groep (NYSE:ING) has announced the sale of its 85% stake in fintech subsidiary, Cobase, to U.K.-listed Alpha Group. The deal is yet to be approved by the Dutch Central Bank. The remaining stake will be acquired through a performance-based earn-out between 2025 and 2028. The initial consideration for the deal is £8 million.

Portfolio Pulse from Khyathi Dalal

September 14, 2023 | 2:07 pm

CZR

DAL

GOOG

GRAB

MSFT

PEP

SBUX

SFTBF

TSLA

Arm Holdings is preparing for an IPO that could value the company at $54 billion. Goldman Sachs has dismissed multiple employees due to violations of its communications guidelines. Google is reducing its global recruiting department due to a hiring slowdown. Starbucks founder and former CEO Howard Schultz is leaving the company's board. Marvel Studios' VFX workers have voted for unionization. Singapore may impose new rules on ride-hailing companies like Grab Holdings. Kroger's Home Chef division is in a logo dispute with Grubhub. Carrefour is issuing price alerts on products from suppliers like Nestle, PepsiCo, and Unilever. CrownRock is preparing for a potential sale that could value the company at over $10 billion. Delta Air Lines and United Airlines are facing an antitrust lawsuit. Ron Baron holds over $1 billion in shares in SpaceX. Microsoft is facing a formal EU complaint over its Teams app. Electronic Arts' Stig Asmussen is leaving the company. OpenAI is opening a new office in Dublin. Caesars Entertainment has suffered a cybersecurity breach.

Portfolio Pulse from Vandana Singh

September 14, 2023 | 1:56 pm

ELA

Envela Corporation has announced its agreement to acquire Steven Kretchmer, Inc. The transaction will be funded by cash on hand and the acquired company will operate as a subsidiary within Envela's Consumer Division.

Portfolio Pulse from Benzinga Newsdesk

September 14, 2023 | 1:20 pm

GXO

PFSW

GXO Logistics has announced its plans to acquire PFSweb, leading to a rise in PFSweb's share prices.

Portfolio Pulse from Benzinga Newsdesk

September 14, 2023 | 1:20 pm

ELA

Envela has agreed to acquire jewelry manufacturer Steven Kretchmer. The terms of the deal were not disclosed. This acquisition is expected to enhance Envela's consumer division.

Portfolio Pulse from Benzinga Newsdesk

September 14, 2023 | 1:19 pm

BUD

TLRY

Tilray Brands, Inc. (NASDAQ:TLRY) (TSX:TLRY) is expanding its beer business nationally, starting in Georgia. The expansion follows the acquisition of eight beer and beverage brands from Anheuser-Busch (NYSE: BUD), making Tilray the 5th largest craft beer business in the U.S. Tilray's CEO anticipates creating a beer infused with cannabis upon legalization in the U.S.

Portfolio Pulse from Jelena Martinovic

September 14, 2023 | 1:16 pm