Streetbeat News

Acquisitions Mergers

GOOGL

META

MSFT

OpenAI, backed by Microsoft Corp (NASDAQ:MSFT), has acquired the team at Global Illumination. The team, which has previously contributed to Meta Platforms Inc (NASDAQ:META) and Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL), will now work on OpenAI's core products, including ChatGPT.

Portfolio Pulse from Anusuya Lahiri

August 17, 2023 | 11:32 am

EMR

Emerson has entered into a definitive agreement to acquire Afag Holding AG. The acquisition will enhance Emerson's capabilities in factory automation and create a motion portfolio combining Afag's electric linear motion solutions with Emerson's pneumatic motion technology.

Portfolio Pulse from Benzinga Newsdesk

August 17, 2023 | 10:57 am

PLL

Piedmont Lithium has acquired a 22.5% stake in Atlantic Lithium Limited's Ewoyaa Lithium Project. This acquisition is expected to strengthen Piedmont's lithium supply chain.

Portfolio Pulse from Benzinga Newsdesk

August 17, 2023 | 10:53 am

TPR

Tapestry has provided its fiscal year 2024 outlook, expecting revenue of $6.9 billion, which is slightly lower than the $6.93 billion estimate. The company also expects EPS of $4.10-$4.15, lower than the $4.23 estimate. The company has suspended its share repurchase program ahead of the planned acquisition of Capri Holdings Limited.

Portfolio Pulse from Benzinga Newsdesk

August 17, 2023 | 10:52 am

TPR

Tapestry has raised its FY2023 adjusted EPS guidance from $3.85-$3.90 to $4.10-$4.15, beating the estimated $3.90. The company also increased its FY2023 sales guidance from $6.70B to $6.90B, matching the estimate. For FY2024, Tapestry expects revenues of $6.9 billion, a 3-4% increase from the previous year, and an EPS of $4.10 to $4.15. The company has suspended its share repurchase program ahead of the planned acquisition of Capri Holdings Limited.

Portfolio Pulse from Benzinga Newsdesk

August 17, 2023 | 10:50 am

ACI

KR

Officials from seven U.S. states have written to the Federal Trade Commission (FTC) opposing Kroger Company's (NYSE:KR) proposed $24.6 billion acquisition of Albertsons Companies Inc (NYSE:ACI). They argue that the merger would give Kroger/Albertsons nearly a quarter of the U.S. food retail market. The FTC is currently conducting an antitrust probe into the deal.

Portfolio Pulse from Shivani Kumaresan

August 17, 2023 | 10:46 am

STLA

Stellantis (STLA) has invested over $100M in Controlled Thermal Resources (CTR) to advance the development of a geothermal lithium project. CTR is expected to start supplying battery-grade lithium hydroxide monohydrate to Stellantis in 2027. The project is expected to create 480 construction jobs and 940 direct project jobs when fully developed.

Portfolio Pulse from Benzinga Newsdesk

August 17, 2023 | 10:12 am

BALL

Ball Corp (NYSE:BALL) shares are trading higher by around 5% after the company disclosed a plan to sell its aerospace business to BAE Systems for $5.6 billion in cash. The transaction is expected to close in H1 2024. Post deal closure, Ball plans to use the proceeds to reduce net debt and boost its share repurchase authorization program and quarterly dividend.

Portfolio Pulse from Lekha Gupta

August 17, 2023 | 9:40 am

KKR

TPG Rise Climate is set to acquire a majority stake in UK-based A-Gas from its current owners, including majority owner KKR. KKR will retain a significant minority stake in the business and continue to collaborate with TPG Rise Climate and the A-Gas Leadership Team. The deal is expected to close by the end of 2023, pending regulatory approvals.

Portfolio Pulse from Charles Gross

August 17, 2023 | 8:48 am

BALL

Ball Corporation (NYSE:BALL) has announced an agreement to sell its aerospace business to BAE Systems for $5.6 billion in cash. The transaction, which represents 19.6x Ball Aerospace's LTM comparable EBITDA, is subject to regulatory approvals and is projected to close in the first half of 2024.

Portfolio Pulse from Benzinga Newsdesk

August 17, 2023 | 7:24 am