Streetbeat News

Acquisitions Mergers

NMR

PRU

WPCBF

Nomura (NYSE:NMR), Prudential Financial (NYSE:PRU), and Warburg Pincus (OTC:WPCBF) have invested in Bermuda-based Prismic Life Reinsurance. Nomura's investment accounts for a 65% stake, Prudential owns 20%, and Warburg Pincus controls 15%. The three companies have launched a life and annuity reinsurance platform, with Prudential and Warburg Pincus also providing asset management services to the reinsurance company.

Portfolio Pulse from Khyathi Dalal

September 11, 2023 | 2:44 pm

KXIN

Kaixin Auto Holdings (NASDAQ:KXIN) plans to acquire 100% of WM Motor Holdings Limited by issuing new shares. WM Motor is a Chinese smart new energy vehicle company with capabilities in product design, R&D, supply chain management, vehicle and battery pack manufacturing, online digital marketing, sales and services channels, auto financing, etc. WM Motor has sold over 100,000 smart electric passenger cars in about 200 cities in China.

Portfolio Pulse from Shivani Kumaresan

September 11, 2023 | 2:11 pm

AVTA

Avantax Inc. (NASDAQ:AVTA) has agreed to be acquired by Cetera Holdings for about $1.2 billion in an all-cash deal. Avantax stockholders will receive $26.00 per share in cash, a 30% premium over the September 8, 2023, closing stock price. After the completion, Avantax will become a standalone business unit within the Cetera family.

Portfolio Pulse from Akanksha Bakshi

September 11, 2023 | 2:00 pm

UBS

UBS Group AG is planning to cut at least 100 wealth-management jobs in Asia due to muted client activity and a slowing economy in China. The roles to be cut include relationship managers in Hong Kong and Singapore that were integrated from Credit Suisse. UBS plans to retain most private bankers in Australia and India. This follows UBS's Q2 EPS of $8.99 and its announcement of targeting gross cost savings of $10 billion by 2026, which would result in 3,000 job cuts due to its merger with Credit Suisse.

Portfolio Pulse from Lekha Gupta

September 11, 2023 | 1:44 pm

SBEV

Splash Beverage Group has signed a letter of intent to acquire Western Son Vodka. The terms of the deal have not been disclosed.

Portfolio Pulse from Benzinga Newsdesk

September 11, 2023 | 1:31 pm

CXDO

Crexendo has surpassed 3.5 million users, doubling its end user base since its acquisition of NetSapiens in June 2021.

Portfolio Pulse from Benzinga Newsdesk

September 11, 2023 | 1:24 pm

ALGT

JBLU

SAVE

JetBlue and Allegiant have announced a divestiture agreement in connection with JetBlue's combination with Spirit Airlines. JetBlue will transfer all holdings of Spirit Airlines to Allegiant after the closing of the combination. This move is aimed at promoting the continued growth of ultra-low-cost options at Boston Logan, Newark Liberty International, and Fort Lauderdale-Hollywood airports.

Portfolio Pulse from Benzinga Newsdesk

September 11, 2023 | 1:05 pm

AJG

Arthur J. Gallagher & Co. has acquired Southern Insurance Group. The terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

September 11, 2023 | 1:01 pm

TCOA

AnyTech365 is set to go public through a merger with Zalatoris Acquisition Corp. The transaction values AnyTech365 at $220 million. AnyTech365 offers a unique AI-powered solution for all customer IT and cybersecurity needs.

Portfolio Pulse from Benzinga Newsdesk

September 11, 2023 | 12:39 pm

YOSH

Yoshiharu has signed a non-binding memorandum of understanding to acquire Jjanga LLC, HJH LLC, and Ramen Aku LLC restaurants in Las Vegas.

Portfolio Pulse from Bill Haddad

September 11, 2023 | 12:37 pm