Streetbeat News

Acquisitions Mergers

FORG

PING

SAIL

ForgeRock Inc's stock (NYSE:FORG) gained after a report indicated that Thoma Bravo LLC is set to finalize its acquisition of ForgeRock valued at $2.3 billion. The U.S. Justice Department decided not to contest the merger despite concerns about stifling competition within customer-facing identity management software. Thoma Bravo already owns ForgeRock's direct rival, Ping Identity Holding Corp (NYSE:PING), and last year acquired SailPoint Technologies Holdings Inc (NYSE:SAIL), another significant player in the industry.

Portfolio Pulse from Anusuya Lahiri

August 22, 2023 | 7:00 pm

AWK

Illinois American Water, a subsidiary of American Water (AWK), has acquired the Village of Broadlands water system for $425,000. The acquisition, approved by the Illinois Commerce Commission, adds 155 water customers to the company's eastern Illinois service area. The company plans to invest in critical infrastructure improvements in the first year.

Portfolio Pulse from Happy Mohamed

August 22, 2023 | 6:39 pm

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NVDA

SFTBF

SFTBY

British chip designer Arm Ltd, backed by SoftBank Group Corp, has filed for an IPO with valuations estimated between $60 billion and $70 billion. This comes amidst a year of reduced IPOs and after a failed deal to sell the company to Nvidia Corporation due to antitrust concerns. Despite a marginal decrease in revenue and net income for the fiscal year ending this March, Arm's overall profitability and market standing remain strong. The IPO could potentially signal a resurgence in the IPO market, but experts urge caution due to Arm's unique position in the market.

Portfolio Pulse from AJ Fabino

August 22, 2023 | 5:40 pm

NAAS

NaaS Technology Inc. (NASDAQ:NAAS) plans to acquire Swedish EV charging solutions provider Charge Amps for approximately $66.4 million. This follows NaaS' acquisition of over 89% stake in Sinopower HK earlier this June.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 5:03 pm

MMM

ZBH

3M Co has filled several leadership positions for its independent healthcare company post-spin-off. Bryan C. Hanson, former president and CEO of Zimmer Biomet Holdings Inc, has been named CEO, and Monish Patolawala has been named president and CFO. Both appointments are effective from September 1. Last year, 3M announced its intention to spin off its Health Care business, which generated revenues of $8.4 billion in 2022.

Portfolio Pulse from Lekha Gupta

August 22, 2023 | 4:39 pm

FORG

Thoma Bravo is set to close its acquisition of ForgeRock as the Department of Justice (DOJ) has decided not to block the deal. This news has led to an increase in ForgeRock's share price.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 4:38 pm

FORG

Private equity firm Thoma Bravo is set to close a $2.3 billion acquisition deal for ForgeRock (FORG) as the Department of Justice (DOJ) has decided not to pursue a lawsuit against the deal.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 4:36 pm

AVAV

AeroVironment Inc (NASDAQ:AVAV) has agreed to acquire Tomahawk Robotics for $120 million in cash and stock. The acquisition will enhance the interoperability and interconnectivity of unmanned systems through a singular platform. Tomahawk Robotics will become part of AeroVironment's Unmanned Systems segment. AVAV shares are trading lower by 0.49% at $93.61.

Portfolio Pulse from Shivani Kumaresan

August 22, 2023 | 4:32 pm

ATVI

MSFT

Microsoft Corporation's stock gapped up over 1% after announcing a revision in its deal to buy Activision Blizzard, negating its current downtrend. However, the stock sold off from its high-of-day intraday. For a new uptrend to confirm, Microsoft will need to form a higher high over the coming days. If Microsoft continues to trend lower, Tuesday’s reversal could serve as a bear trap and the steep downtrend could continue, increasing volatility in the stock market due to Microsoft’s heavy weighting within the S&P 500.

Portfolio Pulse from Melanie Schaffer

August 22, 2023 | 4:20 pm

MEDS

Trxade Health Inc (NASDAQ:MEDS) shares are trading higher after the company announced that Superlatus, the food technology and distribution company it recently merged with, agreed to acquire The Urgent Company and its portfolio of brands. The brands are sold in over 6,000 stores including Whole Foods, Kroger, Costco and Thrive Market. The deal is expected to strengthen Superlatus' position in the sustainable food products space.

Portfolio Pulse from Adam Eckert

August 22, 2023 | 4:16 pm