Streetbeat News

Acquisitions Mergers

PHX

PHX Minerals Inc. (NYSE:PHX) has agreed to acquire approximately 988 net royalty acres targeting the Haynesville play in Louisiana and Texas and the SCOOP play in Oklahoma from five separate sellers for an aggregate consideration of $13.6 million in cash. The acquisition is expected to be immediately accretive on a cash flow per share basis and is expected to close in mid-September. The assets associated with the acquisitions include high interest locations concentrated in the core of the Haynesville and SCOOP under active operators including Aethon and Chesapeake Energy.

Portfolio Pulse from Happy Mohamed

August 24, 2023 | 8:31 pm

HOLI

A buyer consortium led by Recco Control Technology and Dazheng Group has reaffirmed their offer to acquire Hollysys Automation Technologies at $25 per share.

Portfolio Pulse from Benzinga Newsdesk

August 24, 2023 | 8:31 pm

DHC

Diversified Healthcare Trust (DHC) has provided an update on its Senior Housing Operating Portfolio (SHOP) segment, revealing a July 2023 occupancy of 79.0%, 750 basis points below July 2019, but 30 basis points above June 2023. The company's President and CEO, Jennifer Francis, stated that the outlook for SHOP for the second half of the year remains uncertain due to expected higher expenses. She reiterated that the previously announced merger with Office Properties Income Trust is the best path forward for DHC.

Portfolio Pulse from Happy Mohamed

August 24, 2023 | 8:30 pm

KIM

Kimco Realty has acquired Stonebridge at Potomac Town Center for $172.5 million.

Portfolio Pulse from Benzinga Newsdesk

August 24, 2023 | 8:11 pm

AKAM

Akamai Technologies has acquired select enterprise customer contracts from StackPath. The transaction is expected to add approximately $20M in revenue and be accretive to non-GAAP earnings per share by $0.03-$0.05 for FY24.

Portfolio Pulse from Benzinga Newsdesk

August 24, 2023 | 8:03 pm

SPG

Fast-fashion giant Shein has acquired a one-third interest in Forever 21's operator, SPARC Group, making it a minority shareholder. The deal will allow Forever 21's goods to be manufactured and sourced by SPARC and then sold to Shein. The partnership could potentially expand to include other SPARC brands. Forever 21 sees this as an opportunity to tap into the Gen Z market, while Shein aims to build trust among American consumers amid controversies over its environmental footprint and cotton sourcing.

Portfolio Pulse from Vandana Singh

August 24, 2023 | 6:05 pm

SONY

Sony Group Corp has acquired audio technology and high-end gaming headphones brand, Audeze, through its subsidiary Sony Interactive Entertainment LLC. The acquisition is expected to enhance the audio experience of PlayStation games. Audeze will continue to operate independently and be a part of the PlayStation ecosystem. As of June 30, 2023, Sony's cash and cash equivalents stood at JPY1.5 trillion.

Portfolio Pulse from Lekha Gupta

August 24, 2023 | 4:48 pm

SNE

Sony Interactive Entertainment (SIE) has announced its intention to acquire Audeze, a leading audio technology brand and developer of high-end gaming headphones. The acquisition is expected to enhance the audio experience of PlayStation games. Audeze will continue to operate independently and develop multi-platform products, while benefiting from being a part of the PlayStation ecosystem.

Portfolio Pulse from Happy Mohamed

August 24, 2023 | 4:03 pm

AMD

NVDA

SSNLF

TSM

Nvidia's strong Q2 results have led to a selloff in AMD stock. Nvidia beat earnings and sales consensus, while AMD's Q2 results showed a YoY revenue drop. AMD is set to launch new graphics cards and has acquired AI software leader Mipsology. AMD also secured a deal with Samsung for its HBM3 memory technology. Both AMD and Nvidia are considering Samsung as a potential supplier due to TSM's inability to meet demand.

Portfolio Pulse from Anusuya Lahiri

August 24, 2023 | 3:54 pm

ABBV

CVS

NVS

CVS Health Corp has launched Cordavis, a subsidiary, to work with manufacturers to commercialize biosimilar products in the U.S. pharmaceutical market. Cordavis has contracted with Sandoz, a unit of Novartis AG, to commercialize Hyrimoz, a biosimilar for AbbVie Inc's product Humira. The product is expected to launch in Q1 2024 and will be priced 80% lower than Humira.

Portfolio Pulse from Vandana Singh

August 24, 2023 | 2:04 pm