Streetbeat News

Acquisitions Mergers

IMPP

Imperial Petroleum Inc (NASDAQ:IMPP) announced a $10 million share buyback program and a deal to acquire two vessels for a total of $71 million. The vessels will be delivered by January 2024, financed using available cash resources. The company's shares are currently trading flat at $1.36.

Portfolio Pulse from Henry Khederian

September 07, 2023 | 4:35 pm

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GM

SFTBY

VWAGY

SoftBank Group Corp has invested over $1 billion in autonomous trucking startup, Stack AV, led by founders formerly associated with Ford Motor Company and Volkswagen AG. This investment comes after SoftBank sold its stake in Cruise LLC to General Motors Co for $2.1 billion. SoftBank is also preparing for the IPO of Arm Holdings Ltd, a leading chip designer, with expected valuations between $50 billion to $54 billion.

Portfolio Pulse from AJ Fabino

September 07, 2023 | 4:29 pm

SUM

Summit Materials, Inc. (NYSE:SUM) announced a combination with Argos North America Corp. (Argos USA) in a cash and stock transaction valued at $3.2 billion. The deal will create the fourth-largest cement platform in the U.S. and accelerate Summit's 'Elevate Summit' strategy. Cementos Argos will receive approximately $1.2 billion in cash and approximately 54.7 million shares of Summit stock. The combined company will continue to operate as Summit Materials and trade on the NYSE under the ticker symbol 'SUM'. Following the announcement, SUM shares are trading lower by 7.92% to $33.15.

Portfolio Pulse from Nabaparna Bhattacharya

September 07, 2023 | 3:45 pm

MGA

Magna International Inc (NYSE:MGA) has revised its FY25 revenue outlook following the acquisition of Veoneer Active Safety. The company raised its revenue guidance to $46.7 billion - $49.2 billion, up from the previous $44.7 billion - $47.2 billion. The Power & Vision outlook has also been increased to $16.8 billion - $17.4 billion. However, the company's sales outlook for other sectors and its adjusted EBIT margin outlook for FY25 remain unchanged. MGA shares are currently trading lower by 2.45% at $58.06.

Portfolio Pulse from Lekha Gupta

September 07, 2023 | 3:22 pm

BTI

British American Tobacco PLC (NYSE:BTI) has agreed to sell its Russian and Belarusian businesses to a consortium led by BTI Russia's management team. The businesses will be renamed ITMS Group, and BTI will not have a presence in Russia or Belarus or gain financially from ongoing sales in these markets. The company reaffirmed its FY23 outlook for organic constant currency revenue growth of 3%-5% and adjusted EPS growth in constant currencies in mid-single digits.

Portfolio Pulse from Lekha Gupta

September 07, 2023 | 3:09 pm

ATVI

EA

GME

MSFT

GameStop Corporation (NYSE:GME) exceeded Wall Street estimates with its Q2 results, showing signs of successful efforts to boost the company’s digital presence. The company reported a 2% rise in revenue to $1.16 billion, attributed to significant software releases and increased sales of new gaming hardware. GameStop shares rose almost 6% in extended trading. The company is also reducing its physical presence, closing stores in Europe. Meanwhile, Microsoft (NASDAQ:MSFT) is nearing the completion of its acquisition of Activision Blizzard (NASDAQ:ATVI), and Electronic Arts (NASDAQ:EA) is focusing on growing its existing franchises.

Portfolio Pulse from Upwallstreet

September 07, 2023 | 2:20 pm

OMC

Omnicom's Public Relations Division, Omnicom PR Group, has acquired PLUS Communications. The terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

September 07, 2023 | 2:03 pm

TLRY

Tilray Brands, Inc. (NASDAQ:TLRY) (TSX:TLRY) is launching new cannabis strains through its lifestyle brand Redecan. This move follows Tilray's acquisition of HEXO Corp. The new strains will be available in Ontario, Alberta, and soon in British Columbia. The acquisition of HEXO allowed Tilray to double its pre-roll segment share and maintain a diversified portfolio with 161 SKUs listed. Tilray's shares traded 2.01% lower at $2.92 per share during the pre-market session on Thursday.

Portfolio Pulse from Jelena Martinovic

September 07, 2023 | 1:43 pm

KKR

KKR & Co. Inc. is investing approximately $750 million in Zenobē, a provider of transport electrification and battery storage solutions, to accelerate the global decarbonization of diesel fleets. The investment is part of KKR's global climate strategy and will be used to meet the growing demand for EV adoption from bus operators and other commercial fleet businesses globally. KKR and current majority shareholder, Infracapital, will become joint majority shareholders of Zenobē.

Portfolio Pulse from Nabaparna Bhattacharya

September 07, 2023 | 1:34 pm

SASI

Sigma Additive Solutions is set to acquire NextTrip for approximately $48 million and plans to sell its quality assurance software assets to a strategic buyer. The company's shares are trading higher following the announcement.

Portfolio Pulse from Benzinga Newsdesk

September 07, 2023 | 1:30 pm