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Acquisitions Mergers

ESTE

PR

Permian Resources Corp (PR) has signed a definitive acquisition deal to buy Earthstone Energy Inc (ESTE) for around $4.5 billion, including ESTE's net debt. The acquisition will add over 400,000 Permian net acres to PR's assets and is expected to be accretive to FCF per share by over 30% annually in the next two years. PR also plans to raise the quarterly base dividend by 20% to $0.06 per share, starting Q1 2024. The deal is expected to close by year-end 2023.

Portfolio Pulse from Lekha Gupta

August 21, 2023 | 12:20 pm

RBC

RBC Bearings Incorporated (NYSE:RBC) has announced the acquisition of the business assets of Specline, Inc., a manufacturer of precision bearings for the commercial and defense aerospace markets, for $18.7 million. Specline, headquartered in Carson City, Nevada, generated approximately $8.4 million in net sales over the last twelve months.

Portfolio Pulse from Happy Mohamed

August 21, 2023 | 12:11 pm

BOWL

Bowlero Corp. (NYSE:BOWL) has announced definitive agreements to acquire Merri-Bowl Lanes and BAM! Entertainment Center in Michigan. These acquisitions, expected to close in fall 2023, mark the company's 4th and 5th locations in the state. The move aligns with Bowlero's strategic growth initiatives.

Portfolio Pulse from Happy Mohamed

August 21, 2023 | 12:08 pm

AVGO

VMW

Vmware's acquisition by Broadcom has achieved significant regulatory milestones, leading to a rise in Vmware's share prices.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 12:03 pm

TMBR

Timber Pharmaceuticals has agreed to be acquired by LEO Pharma for up to $36M, including an initial upfront consideration of $14M and up to an additional $22M in contingent value rights.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 12:03 pm

SPRU

Spruce Power has acquired a portfolio of 2,400 residential solar systems and contracts for $20.9 million. The portfolio is expected to generate $4 million of annual revenue.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 11:32 am

RTX

Australia has purchased over 200 Tomahawk cruise missiles from the U.S., manufactured by RTX Corp (NYSE:RTX), to enhance its military capabilities. The deal, worth about A$1.3 billion, comes after the U.S. approved the sale of M142 High Mobility Artillery Rocket Systems to Australia for $975 million. This is part of Australia's efforts to acquire advanced military technology amid China's significant military build-up.

Portfolio Pulse from Shivani Kumaresan

August 21, 2023 | 11:16 am

ESTE

PR

Permian Resources is set to acquire Earthstone Energy in an all-stock transaction valued at $4.5 billion.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 11:05 am

AVGO

VMW

Broadcom has received final transaction approval from the UK's Competition and Markets Authority for its deal with VMware. In the US, the pre-merger waiting periods have expired, and there are no legal impediments to closing under US merger regulations. Broadcom is in the advanced stages of obtaining the remaining required regulatory approvals, which it expects to receive before October 30, 2023.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 10:47 am

SEDA

SDCL EDGE Acquisition has reported a Letter of Intent (LOI) for a business combination with Magnet Joint Venture GmbH and certain assets of KME SE, comprising KME Specialty Aerospace Business. Post-business combination, KME is expected to hold a majority stake in the entity, which will be listed on the New York Stock Exchange.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 10:35 am