Streetbeat News

Acquisitions Mergers

NXGN

Software investment firm Thoma Bravo has agreed to acquire NextGen Healthcare Inc (NXGN) for $23.95 per share in cash. The deal represents a 46.4% premium to the company's unaffected closing stock price on August 22 and a 39.2% premium to the 30-day volume-weighted average price for the period ending September 1. The transaction is expected to close in Q4 2023, after which NextGen Healthcare will become a privately held company.

Portfolio Pulse from Vandana Singh

September 06, 2023 | 3:13 pm

ENB

Enbridge has entered agreements with Dominion Energy to acquire EOG, Questar and PSNC for a total purchase price of $14 billion. This has led to a decrease in Enbridge's share price.

Portfolio Pulse from Benzinga Newsdesk

September 06, 2023 | 2:59 pm

NBSE

Symetryx Corporation has acquired 20% of the common stock in Neubase Therapeutics Inc. (NASDAQ:NBSE) and is urging the Board to issue a $1 per share dividend. Symetryx believes that Neubase's cash position makes it an attractive merger candidate and that a dividend would not make the company less attractive. Symetryx intends to engage with Neubase's management to maximize shareholder value and is open to all options, including a merger, acquisition, special dividend, or a winding down of the company.

Portfolio Pulse from Happy Mohamed

September 06, 2023 | 2:02 pm

MEDS

TRxADE Health, Inc. (NASDAQ:MEDS) has merged with Superlatus, Inc. and announced a binding agreement to acquire The Urgent Company, Inc. and its portfolio of consumer brands. This acquisition is expected to enhance Superlatus' position in the sustainable and fair food products market and increase its market share. The acquired brands' products are available in over 6,000 stores nationwide. The sustainable and fair food products market is predicted to grow fivefold by 2030.

Portfolio Pulse from Happy Mohamed

September 06, 2023 | 1:50 pm

MOD

Modine (NYSE:MOD), a global leader in thermal management technology, has announced the sale of three of its businesses based in Germany to affiliates of Regent LP. The terms of the deal were not disclosed.

Portfolio Pulse from Charles Gross

September 06, 2023 | 1:26 pm

AVAV

AeroVironment Inc's (NASDAQ:AVAV) shares are trading higher after reporting better-than-expected Q1 results and issuing strong guidance. The company reported revenues of $152.3 million, up 40% YoY, and earnings of $1 per share, beating estimates. The company also announced the acquisition of Tomahawk Robotics, expected to close in Q2. Following the results, Baird analyst Peter Arment upgraded AeroVironment from Neutral to Outperform and raised the price target from $95 to $128.

Portfolio Pulse from Adam Eckert

September 06, 2023 | 1:24 pm

UPXI

Upexi Inc. (NASDAQ:UPXI) has announced strategic operational measures to monetize non-core assets, reduce expenses, and drive profitability. The company sold its wholly owned subsidiary, Interactive Offers, for $1.25 million and will receive a 2.5% royalty on advertising revenue for 2 years. Upexi also acquired the remaining 45% of Cygnet Online, now owning 100% of its equity. These measures aim to reduce capital expenditures, increase cash flow, and invest in high margin subscription businesses.

Portfolio Pulse from Happy Mohamed

September 06, 2023 | 1:21 pm

SONY

WMG

Warner Music Group Corp (WMG) has acquired a majority stake in 10K Projects, a record company known for its next-generation talent. The deal is part of WMG's strategy to tap into the next generation of music business leaders and up-and-coming talent. This follows WMG's acquisition of hip-hop label 300 Entertainment and Russian indie label Zhara Music in 2021. In Q3 2023, WMG reported a 9% YoY revenue growth to $1.56 billion, beating the consensus of $1.48 billion.

Portfolio Pulse from Anusuya Lahiri

September 06, 2023 | 1:02 pm

ACI

KR

SFBQF

C&S Wholesale Grocers, backed by SoftBank Corp (SFBQF), is reportedly nearing a deal to buy stores from The Kroger Company (KR) and Albertsons Companies, Inc. (ACI). The move is aimed at gaining regulatory approvals for Kroger and Albertsons' imminent $24.6 billion acquisition. The transaction value and store count are unknown. ACI shares are trading higher by 1.55% at $22.90, and KR shares are up 0.18% at $45.10 premarket.

Portfolio Pulse from Lekha Gupta

September 06, 2023 | 12:55 pm

PAVS

Paranovus Entertainment Technology Ltd. (NASDAQ:PAVS) has signed a non-binding Letter of Intent to acquire BlueLine Studios Inc., a video game developer, for approximately $3.2 million in cash and unregistered Class A ordinary shares. The deal is expected to close in Q4 2023, subject to approvals and financing. The acquisition is part of Paranovus's strategic shift towards AI-powered online entertainment. BlueLine Studios, known for its AI-powered games, will focus on the development of the Hollywood Sunshine project post-acquisition.

Portfolio Pulse from Happy Mohamed

September 06, 2023 | 12:36 pm