Streetbeat News

Acquisitions Mergers

DAL

Private jet company Wheels Up Experience Inc. is set to cede control to investors including Knighthead Capital Management and Certares Management in a new financing deal. The deal involves $500 million in new financing from affiliates of Knighthead and Certares, Delta Air Lines Inc., and other investors, who will receive 95% of Wheels Up's equity in return.

Portfolio Pulse from Happy Mohamed

August 15, 2023 | 4:32 pm

SOLO

Electrameccanica Vehicles has announced a proposed merger agreement with Tevva, causing its shares to trade higher.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2023 | 4:32 pm

CASY

Casey's General Stores, Inc. (NASDAQ:CASY) has announced an agreement to acquire 63 convenience stores from EG America, LLC, a subsidiary of EG Group Ltd. The stores are located in Kentucky and Tennessee and currently operate under the Minit Mart and Certified Oil banners. The deal is expected to close later this year, subject to regulatory approvals.

Portfolio Pulse from Happy Mohamed

August 15, 2023 | 3:01 pm

AMZN

CAH

EXPGY

FSLR

PFE

PHG

RYAAY

TME

TWOA

Home Depot reported a 2% YoY sales decline in Q2 FY23, beating analyst consensus. Philips is recalling several ventilators due to dust and dirt issues, classified as 'most serious' by the FDA. Tencent Music reported a 5.5% YoY revenue growth in Q2, missing consensus. Cardinal Health reported a 48% YoY increase in Q4 FY23 adjusted EPS, beating consensus. Pfizer received FDA approval for its blood cancer therapy. LatAm Logistic Properties is going public via a $578M SPAC merger. Experian was charged by the FTC for spamming consumers. Amazon's Devices Chief, David Limp, announced his retirement. First Solar's internal audit revealed instances of forced labor in its Malaysian operations. Ryanair expects to exceed its monthly passenger record in August.

Portfolio Pulse from Vandana Singh

August 15, 2023 | 1:59 pm

BRK.A

DHI

Berkshire Hathaway has acquired a stake of approximately 6 million shares in D.R. Horton, leading to an increase in D.R. Horton's stock price.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2023 | 1:59 pm

PHX

PHX Minerals' board of directors has unanimously rejected an unsolicited proposal from WhiteHawk Income Corporation. The board deemed the proposal as grossly inadequate in terms of value offered to PHX and its stockholders, overstating the value of WhiteHawk's assets, and highly dilutive to PHX stockholders.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2023 | 1:19 pm

GNL

RTL

Orange Capital plans to vote against the merger of Global Net Lease (GNL) and Retail REIT (RTL), citing concerns over dilution of GNL's high-quality portfolio, inferior business quality of RTL, substantial dilutive stock issuance, high internalization costs, and limited strategic alternatives post-merger. Orange Capital suggests alternatives such as a stand-alone internalization of GNL, a potential sale of GNL to a third party, or continuation of the current status quo.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2023 | 1:05 pm

TWOA

LatAm Logistic Properties (LLP), a developer, owner, and manager of industrial and logistics real estate in Central and South America, is set to go public via a $578 million SPAC merger with Two (NYSE:TWOA). The combined company will have a post-transaction enterprise value of $578 million. The business combination is expected to close in Q4 2023. Following the merger, the company's shares will trade on the NYSE under the ticker symbol 'LLP'.

Portfolio Pulse from Anusuya Lahiri

August 15, 2023 | 12:53 pm

FLT

FLEETCOR Technologies, Inc. (NYSE:FLT) has announced the sale of its Russia business to a local investment group, exiting the Russian market. The company also launched a $450 million Accelerated Share Repurchase (ASR) program with Bank of America, with approximately 80% of the shares expected to be repurchased by August 21, 2023. The terms of the sale were not disclosed.

Portfolio Pulse from Happy Mohamed

August 15, 2023 | 12:46 pm

GILD

Gilead Sciences and Tentarix have announced a collaboration to discover and develop novel therapies for cancer and inflammation. Tentarix will receive payments and an equity investment of $66M from Gilead. Gilead also has the option to acquire up to three subsidiaries from Tentarix for $80M each.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2023 | 12:37 pm