Streetbeat News

Acquisitions Mergers

WTS

Watts Water Technologies Inc (WTS) has agreed to acquire Bradley Corporation for $303 million, which is expected to be around $268 million after adjusting for estimated tax benefits. The acquisition is expected to close in Q4 FY23 and enhance WTS' exposure to commercial and industrial end markets. The deal is expected to be modestly accretive to 2024 adjusted EPS and benefit adjusted EBITDA margins by 2027. WTS plans to fund the deal through cash and an existing revolving credit facility.

Portfolio Pulse from Lekha Gupta

August 31, 2023 | 3:35 pm

ACER

ZVRA

Zevra Therapeutics (NASDAQ:ZVRA) has announced a merger with Acer Therapeutics (NASDAQ:ACER), expected to be completed in Q4 of 2023. Zevra will give Acer $15 million in ZVRA stock in exchange for ACER stock.

Portfolio Pulse from Benzinga Insights

August 31, 2023 | 3:10 pm

CLVT

EBAY

GOOG

MNDY

NVDA

AI21 Labs, a generative AI startup, has raised $155 million in a Series C funding round, reaching a valuation of $1.4 billion. The funding round included participation from Alphabet Inc, Nvidia Corp, and Prof. Amnon Shashua, among others. The funds will be used to expand AI21 Labs' text-generating AI services for businesses. The company has also recently partnered with industry leaders such as Carrefour, Clarivate Plc, EBay Inc, Monday.Com Ltd, and Ubisoft.

Portfolio Pulse from Anusuya Lahiri

August 31, 2023 | 2:49 pm

EMAN

eMagin Corporation's stockholders have approved the company's acquisition by Samsung Display Co., Ltd. The transaction, valued at approximately $218 million, will see all outstanding shares of eMagin common stock acquired for $2.08 per share in cash. The deal is expected to close in the second half of 2023, subject to regulatory approvals. Upon completion, eMagin will become a private company and its common stock will no longer trade on the NYSE American.

Portfolio Pulse from Happy Mohamed

August 31, 2023 | 2:47 pm

COTY

Kylie Jenner is considering buying back her 51% stake in Kylie Cosmetics from Coty Inc (COTY) due to dissatisfaction with the company's management of the brand. Kim Kardashian is also contemplating redeeming her 20% stake in her skincare line, SKKN by Kim, which Coty agreed to buy. Coty's stock is up 32% YTD, and the company reported a 16% YoY sales growth in Q4 FY23.

Portfolio Pulse from Anusuya Lahiri

August 31, 2023 | 2:46 pm

TITN

Titan Machinery Inc's shares surged by 12% following better-than-expected Q2 FY24 results. The company reported a 29.4% Y/Y revenue growth to $642.57 million, surpassing the consensus of $602.41 million. EPS was $1.38, beating the consensus of $1.17. The company also announced the acquisition of J.J. O'Connor & Sons Pty. Ltd. for $63 million in cash. Titan Machinery reiterated its FY24 outlook, expecting EPS of $4.60 - $5.25 against the consensus of $4.90.

Portfolio Pulse from Lekha Gupta

August 31, 2023 | 2:36 pm

ACER

AGIL

AXLA

LGVN

MMLP

NCNC

U.S. stocks traded higher following the release of economic reports. Initial jobless claims fell by 4,000 to 228,000, lower than market estimates of 235,000. Acer Therapeutics Inc. (ACER) shares rose 164% after Zevra Therapeutics announced it will acquire the company. Shares of noco-noco Inc. (NCNC) and Longeveron Inc. (LGVN) also rose. AgileThought, Inc. (AGIL), Axcella Health Inc. (AXLA), and Martin Midstream Partners L.P. (MMLP) saw their shares drop.

Portfolio Pulse from Lisa Levin

August 31, 2023 | 2:24 pm

MDALF

SATX

SatixFy Communications Ltd (NYSE:SATX) shares surged by over 26% after the company announced a deal to sell its digital payload division, SatixFy Space Systems UK Ltd., to MDA Ltd. (OTC:MDALF) for $40 million. The transaction also includes $20 million in advanced payments under new commercial agreements. The deal is expected to close in Q4 FY23.

Portfolio Pulse from Lekha Gupta

August 31, 2023 | 2:21 pm

ACER

Zevra Therapeutics has announced its plans to acquire Acer Therapeutics. The deal could potentially value Acer at up to $91 million.

Portfolio Pulse from Benzinga Newsdesk

August 31, 2023 | 2:08 pm

ACER

Zevra Therapeutics has announced its plans to acquire Acer Therapeutics. The total potential value of the deal is up to $91M, which includes approximately 2.96M shares of Zevra common stock valued at $15M and up to an additional $76M in a series of potential cash payments.

Portfolio Pulse from Happy Mohamed

August 31, 2023 | 1:59 pm