Streetbeat News

Acquisitions Mergers

AMZN

GOOG

NVDA

Open-source AI firm Hugging Face, backed by Nvidia Corp, has raised $235 million at a $4.5 billion valuation from major tech companies including Alphabet Inc, Amazon.Com Inc, Salesforce, Inc, Advanced Micro Devices, Inc, Intel Corp, International Business Machines Corp, and Qualcomm Inc. The funds will be used to hire talent to compete in the AI space. The company's valuation and prominent backers reflect the effectiveness of a collaborative approach to AI building.

Portfolio Pulse from Anusuya Lahiri

August 25, 2023 | 5:47 pm

BB

CG

BlackBerry Limited (NYSE:BB) stock is trading higher amid reports of a potential takeover offer from Veritas Capital, a Carlyle Group (NASDAQ:CG) company. BlackBerry had previously shared plans to review its portfolio and consider strategic alternatives to boost shareholder value. The company reported Q1 revenue of $373 million, beating the consensus of $160.35 million, and its stock has gained 47% YTD.

Portfolio Pulse from Anusuya Lahiri

August 25, 2023 | 4:40 pm

BB

CG

Veritas has made an offer to acquire Blackberry, according to a source familiar with the matter.

Portfolio Pulse from Happy Mohamed

August 25, 2023 | 3:50 pm

BB

BlackBerry shares are trading higher following a Bloomberg report suggesting Veritas is possibly considering a takeover offer for BlackBerry.

Portfolio Pulse from Benzinga Newsdesk

August 25, 2023 | 3:43 pm

BB

Private equity firm Veritas is reportedly considering a takeover offer for Blackberry, according to Bloomberg.

Portfolio Pulse from Happy Mohamed

August 25, 2023 | 3:35 pm

NCNC

PNAC

Prime Number Acquisition I Corp has completed its business combination with noco-noco Pte. Ltd. The combined company, nono-noco, will start trading under the symbol 'NCNC' on the Nasdaq on Monday. The shares of Prime Number Acquisition I Corp are currently trading lower.

Portfolio Pulse from Benzinga Newsdesk

August 25, 2023 | 3:19 pm

LII

Lennox International Inc (NYSE:LII) has agreed to sell its Hyfra Process Cooling business unit to the Glen Dimplex Group. The deal, expected to close in Q4 2023, will allow Lennox to focus on its North American operations. The financial terms were not disclosed. LII shares are trading higher by 0.85% at $360.71.

Portfolio Pulse from Shivani Kumaresan

August 25, 2023 | 3:08 pm

BX

MGM

O

Realty Income Corp (NYSE:O) plans to invest $950 million to acquire a 21.9% stake in a joint venture that owns 95% of the real estate assets of The Bellagio Las Vegas. The stake is being purchased from Blackstone Real Estate Income Trust, Inc. of Blackstone Inc (NYSE:BX) for around $300 million. Realty Income will also acquire a yield-bearing preferred equity interest in the joint venture for $650 million. The transaction is expected to close in Q4 2023. MGM Resorts International (NYSE:MGM) will retain a 5.0% ownership in the asset.

Portfolio Pulse from Lekha Gupta

August 25, 2023 | 2:10 pm

VST

The U.S. Justice Department is scrutinizing Vistra Corp.'s (NYSE:VST) planned $6.3 billion acquisition of Energy Harbor Corp. due to potential antitrust concerns. The deal could significantly increase Vistra's nuclear capacity, but the Justice Department's Antitrust Division fears it may lessen competition and increase wholesale electricity prices. The Department has not yet concluded whether the proposed transaction violates antitrust laws.

Portfolio Pulse from Nabaparna Bhattacharya

August 25, 2023 | 2:06 pm

MSFT

Microsoft's stock has seen a 12% decline after reaching an all-time high in July 2023, but maintains a year-to-date increase of 32%. The company's strategic moves include the integration of Databricks software into its Azure cloud server, which could strain its relationship with OpenAI. Microsoft's acquisition of Activision Blizzard, valued at $69 billion, faces regulatory challenges from the UK's CMA over cloud gaming dominance concerns.

Portfolio Pulse from Zaheer Anwari

August 25, 2023 | 1:19 pm