Streetbeat News

Acquisitions Mergers

GELYF

LCAA

Lotus Technology, a British automaker, has unveiled its first electric hyper-GT vehicle, Emeya, which is expected to go into production in 2024. This is part of Lotus's plan to launch four new electric models over the next five years. Lotus is also planning a merger with L Catterton Asia Acquisition Corp (NASDAQ:LCAA) and is expected to become a public company with a pro forma enterprise value of $5.6 billion. Geely Automobile Holdings Ltd (OTCPK: GELYF) is the majority shareholder of Lotus.

Portfolio Pulse from Anan Ashraf

September 08, 2023 | 12:22 pm

ACI

KR

Kroger Co. (NYSE:KR) and Albertsons Companies Inc. (NYSE:ACI) have announced a divestiture plan with C&S Wholesale Grocers, LLC as part of their proposed merger. The plan includes the sale of 413 stores, 8 distribution centers, 2 offices, and 5 private label brands across 17 states and the District of Columbia. The divestiture plan ensures no stores will close as a result of the merger and that all frontline associates will remain employed. The merger is expected to close in early 2024, subject to regulatory clearance and other closing conditions.

Portfolio Pulse from Benzinga Newsdesk

September 08, 2023 | 12:16 pm

ADER

The Delaware Court of Chancery has declined to force the closing of the proposed merger between 26 Capital Acquisition Corp. (NASDAQ:ADER) and Tiger Resort, Leisure and Entertainment Inc., operating as Okada Manila. However, the court has allowed 26 Capital to seek damages at a damages trial, which the company intends to pursue.

Portfolio Pulse from Benzinga Newsdesk

September 08, 2023 | 12:03 pm

REPYY

Repsol S.A. (OTC:REPYY) has acquired renewable energy platform ConnectGen for $768 million, marking its entry into the U.S. onshore wind market. The acquisition is part of Repsol's strategy to strengthen its position in the renewable energy business. The company plans to allocate 35% of its investments to low-carbon projects by 2023. The deal will add an onshore wind power growth platform in the U.S. to Repsol's portfolio, supporting its target of 20,000 MW of installed capacity by 2030.

Portfolio Pulse from Nabaparna Bhattacharya

September 08, 2023 | 11:42 am

ABG

Asbury Automotive Group has agreed to acquire Jim Koons Automotive Companies, the ninth largest privately-owned dealership group in the U.S. The deal, one of the largest in auto retail history, includes 20 dealerships, 29 franchises, six collision centers and high volume Toyota and Stellantis dealerships. Asbury plans to fund the purchase with its existing liquidity, credit facility and cash on hand.

Portfolio Pulse from Benzinga Newsdesk

September 08, 2023 | 11:03 am

BIOC

PSTV

Plus Therapeutics Inc (PSTV) has expanded its supply agreement with Biocept Inc (BIOC) by acquiring an option to exclusively license Biocept's CNSide, a tumor cell capture and enumeration platform. Plus Therapeutics will provide $150,000 in stock to Biocept and has the option for exclusivity for the field of radiotherapy in exchange for a $1.0 million payment before January 1, 2024. The feasibility phase of the study is expected to be completed in 1H of 2024.

Portfolio Pulse from Vandana Singh

September 08, 2023 | 10:30 am

ALGN

DDD

3D Systems has addressed shareholder concerns regarding Align Technology's acquisition of Cubicure. The company reassured its investors that the acquisition will not significantly impact its business operations.

Portfolio Pulse from Benzinga Newsdesk

September 08, 2023 | 5:43 am

AAPL

DIS

Speculation has resurfaced about a potential acquisition of Disney by Apple, following Bob Iger's return as CEO of Disney. This theory has been debated for years, despite Apple's history of infrequent major acquisitions. Neither Disney nor Apple have responded to the speculation. The possibility of such a mega-deal raises questions about regulatory approval.

Portfolio Pulse from Benzinga Neuro

September 08, 2023 | 4:50 am

TSLA

Anduril Industries, a defense technology company, has acquired autonomous aircraft developer Blue Force Technologies. The acquisition will help Anduril to increase its reach within the Department of Defense. Tesla CEO Elon Musk had a discussion with Anduril founder Palmer Luckey about the capabilities of Fury, an autonomous air vehicle developed by Blue Force. Musk suggested that achieving a high altitude could help increase the speed of the vehicle.

Portfolio Pulse from Anan Ashraf

September 08, 2023 | 4:39 am

DHCA

Brand Engagement Network (BEN) is planning to go public on Nasdaq through a proposed business combination with SPAC company DHC Acquisition. The deal implies a pre-money equity value of $250M for BEN and values it at a pro-forma enterprise value and pro-forma equity value of approximately $358 million and $398 million, respectively. The combined company will be listed on Nasdaq under the symbol 'BNAI'.

Portfolio Pulse from Benzinga Newsdesk

September 07, 2023 | 9:36 pm