Streetbeat News

Acquisitions Mergers

OXY

Occidental Petroleum Corp (NYSE:OXY) has signed a definitive deal to acquire all the outstanding equity of Carbon Engineering Ltd. for around $1.1 billion. The acquisition is expected to close by 2023 and is in line with Occidental's integrated net-zero strategy. The deal will allow Occidental to accelerate advanced direct air capture (DAC) technology breakthroughs and deployment of DAC as a global carbon removal solution.

Portfolio Pulse from Lekha Gupta

August 16, 2023 | 1:12 pm

EMR

Emerson Electric Co (NYSE:EMR) has announced a definitive agreement to acquire FLEXIM Flexible Industriemeßtechnik GmbH (Flexim), a manufacturer of clamp-on ultrasonic flow measurement for liquids, gases, and steam. The acquisition will expand Emerson's automation portfolio and measurement capabilities. The transaction is expected to close by the end of Emerson's fiscal 2023. Financial terms were not disclosed.

Portfolio Pulse from Shivani Kumaresan

August 16, 2023 | 1:12 pm

GM

General Motors (GM) has invested in Mitra Chem, an AI-enabled battery materials innovator, as part of a Series B funding round. The investment is aimed at commercializing GM's EV battery production and reducing prices. GM plans to co-develop iron-based cathodes and additional cell chemistries with Mitra Chem. The startup will assist GM in developing lithium manganese iron phosphate (LMFP) cells and lithium iron phosphate (LFP) cells. The investment will also help Mitra Chem scale its operations and speed up the entry of its battery materials formulation into the market.

Portfolio Pulse from Happy Mohamed

August 16, 2023 | 12:40 pm

INTC

TSEM

Tower Semiconductor and Intel have mutually agreed to terminate their pending takeover deal, which was awaiting regulatory approval. This has led to a decrease in Tower Semiconductor's stock price.

Portfolio Pulse from Benzinga Newsdesk

August 16, 2023 | 12:38 pm

NVOS

SPGC

Shares of several companies including Novo Integrated Sciences, EBET, DLocal Limited, Precision BioSciences, T2 Biosystems, STRATA Skin Sciences, The Alkaline Water Company, Lineage Cell Therapeutics, Tivic Health Systems, and Biophytis S.A. are trading higher in pre-market due to various reasons such as better-than-expected financial results, strategic transactions, and strong quarterly results. On the other hand, shares of Sacks Parente Golf, Coherent Corp., Castellum, Greenbrook TMS, Carmell Therapeutics Corporation, SRM Entertainment, SCYNEXIS, Tower Semiconductor, Trevena, and Mercury Systems are trading lower in pre-market due to reasons such as downbeat quarterly results, pricing of IPO, termination of merger deal, and weak forecasts.

Portfolio Pulse from Lisa Levin

August 16, 2023 | 12:19 pm

MXL

SIMO

Silicon Motion Technology Corporation (NASDAQ:SIMO) has terminated its merger agreement with MaxLinear, Inc. (NASDAQ:MXL) due to alleged breaches of the deal by MaxLinear. Silicon Motion plans to pursue substantial damages in excess of the agreement's termination fee.

Portfolio Pulse from Benzinga Newsdesk

August 16, 2023 | 12:04 pm

CEQP

ET

Energy Transfer (ET) has announced plans to acquire Crestwood Equity Partners (CEQP) in an all-equity transaction valued at $7.1 billion.

Portfolio Pulse from Benzinga Newsdesk

August 16, 2023 | 12:01 pm

DINO

HEP

HF Sinclair (DINO) has agreed to acquire Holly Energy Partners (HEP) in a deal that includes a fixed exchange ratio of 0.315 of HF Sinclair common stock and $4.00 in cash for each publicly held HEP common unit.

Portfolio Pulse from Benzinga Newsdesk

August 16, 2023 | 11:29 am

INTC

NVDA

SFTBF

SFTBY

TSEM

Tower Semiconductor's stock fell after it and Intel agreed to terminate their takeover deal due to lack of regulatory approval from China. Intel will pay a termination fee of $353 million to Tower. This follows a similar situation where Nvidia and Softbank's deal for Arm Ltd also faced regulatory opposition.

Portfolio Pulse from Anusuya Lahiri

August 16, 2023 | 11:26 am

DTIL

Precision BioSciences has completed a strategic transaction with Imugene for Azer-Cel in cancer, leading to a rise in its share prices.

Portfolio Pulse from Benzinga Newsdesk

August 16, 2023 | 11:13 am