Streetbeat News

Acquisitions Mergers

BALL

CCK

Ball Corp (NYSE:BALL) has agreed to sell its Aerospace business to BAE Systems for $5.6 billion in cash. The proceeds, along with strong FCF generation through BevCan operations, will be used to further de-lever the company. The deal is seen as a positive move by Mizuho Securities analyst Christopher Parkinson, who reiterated a Neutral rating on BALL shares with a price target of $59. The analyst also suggested that the deal could reignite debate on Crown Holdings Inc's (NYSE:CCK) willingness to divest non-BevCan related businesses.

Portfolio Pulse from Shivani Kumaresan

August 18, 2023 | 5:10 pm

XYL

Stifel analyst Nathan Jones has reiterated a Buy rating on Xylem Inc (NYSE:XYL) shares with a price target of $133. The merger with Evoqua Water Technologies Corp is expected to generate $140 million of cost synergies within three years. Xylem plans to leverage its complementary digital capabilities with Evoqua to build the leading global smart water infrastructure company. Xylem shares are currently trading higher by 0.42% at $99.93.

Portfolio Pulse from Shivani Kumaresan

August 18, 2023 | 5:07 pm

INTC

President Joe Biden is hosting South Korean President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida at Camp David, with China and North Korea being the main topics of discussion. The leaders pledged to strengthen Asian-Pacific relations amid escalating tensions with North Korea and China. The meeting comes after China rejected Intel Corporation's (NASDAQ:INTC) planned $5.4 billion acquisition of Israel-based Tower Semiconductor.

Portfolio Pulse from Anthony Noto

August 18, 2023 | 4:43 pm

AVGO

VMW

Broadcom Inc. has secured up to $28.39 billion in new debt commitments for its proposed $61 billion acquisition of VMware, Inc. The deal is currently under scrutiny by multiple regulatory watchdogs. The loans may be increased by up to $2 billion fifteen business days after the Funding Date. The U.K.'s antitrust regulator gave the merger deal interim clearance in July, while approval from the U.S. Federal Trade Commission is still pending.

Portfolio Pulse from Nabaparna Bhattacharya

August 18, 2023 | 3:37 pm

TAP

TLRY

Tilray Brands, Inc. (NASDAQ:TLRY) has acquired the remaining 57.5% equity ownership of Truss Beverage Co. from Molson Coors Canada (NYSE:TAP). Truss Beverage is a joint venture between Molson Coors and HEXO Corp affiliates, which Tilray acquired in June. The acquisition is expected to boost Tilray's competitive positioning and expand its portfolio of cannabis beverage brands.

Portfolio Pulse from Jelena Martinovic

August 18, 2023 | 3:34 pm

SFTBY

Softbank has purchased Vision Fund's stake in Arm Ltd. at a valuation of over $64 billion. Softbank is expected to announce plans for an Arm IPO as early as Monday, according to sources.

Portfolio Pulse from Happy Mohamed

August 18, 2023 | 3:06 pm

INTC

NVDA

QCOM

The European Commission has mandated Qualcomm Inc (NASDAQ:QCOM) to secure EU antitrust consent before concluding its acquisition of Israeli firm, Autotalks. The decision comes despite the transaction amount not surpassing the EU's monetary benchmark for regulatory review. The central point of contention is around vehicle-to-everything (V2X) semiconductors, where both Qualcomm and Autotalks are dominant players in the European Economic Area (EEA).

Portfolio Pulse from Anusuya Lahiri

August 18, 2023 | 2:54 pm

AMZN

BKE

DIS

HNST

INTC

MRNA

MSFT

NVS

PFE

XPEV

YELL

Moderna and Pfizer's updated COVID-19 vaccines show effectiveness against new variants. Novartis plans to spin off its Sandoz unit in October. Amazon is bolstering its social commerce capabilities. Instacart is reportedly preparing for an IPO. Honest Company is relying on Walmart to boost its financials. SpaceX's valuation is on par with Intel and Disney. YELLOW Corp received a $1.3 billion acquisition offer. Microsoft is selling a new version of Databricks software. XPeng, Estee Lauder, Deere & Co, and Buckle Inc reported their earnings.

Portfolio Pulse from Vandana Singh

August 18, 2023 | 2:20 pm

REG

Regency Centers Corp (NASDAQ:REG) has completed the acquisition of Urstadt Biddle Properties Inc. The combined company will have a pro forma equity market capitalization of about $11 billion and a total enterprise value of around $16 billion. The combined portfolio will comprise 480 total properties, containing over 56 million square feet of gross leasable area. Regency expects the acquisition to be immediately accretive to core operating earnings.

Portfolio Pulse from Lekha Gupta

August 18, 2023 | 2:17 pm

BGXX

Bright Green Corporation (NASDAQ:BGXX) reported no revenues for Q2 2023 as it continues to construct facilities for cannabis cultivation, research, and distribution. The company's total operating expenses were $3.0 million, down from $19.2 million in Q2 2022. Bright Green also reported a net loss of $3.0 million and a diluted loss per share of $0.02. The company is focusing on raising $500 million through the USCIS EB-5 Program and plans to acquire Alterola.

Portfolio Pulse from Nina Zdinjak

August 18, 2023 | 2:01 pm