Streetbeat News

Acquisitions Mergers

F

Ford has hired Peter Stern, former Apple Vice President of Services, to lead the newly formed Ford Integrated Services. Stern will report to Ford President and CEO Jim Farley and will focus on integrating hardware, software, and services across Ford Blue, Model e, and Ford Pro. The move is part of Ford's strategy to transform the company by building sustained customer relationships and capturing new, high-margin services, subscription, and digital revenue.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2023 | 1:21 pm

EVGRF

NWTN

NWTN Inc. has announced a strategic investment of $500 million in China Evergrande New Energy Vehicle Group Ltd. (EVGRF), acquiring approximately 27.50% of the total number of enlarged issued ordinary shares of EVGRF. The transaction is expected to close in Q4 2023. This move aims to accelerate NWTN's development in the electric vehicle space and facilitate EVGRF's research, development, and mass production of new car models for export overseas.

Portfolio Pulse from Happy Mohamed

August 14, 2023 | 1:13 pm

AJG

Arthur J. Gallagher & Co. has acquired Horn, a company specializing in risk management and insurance services. The financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2023 | 1:06 pm

YVR

Liquid Media Group has received a non-binding term sheet from a fast-growing company. If the terms of the Letter of Intent (LOI) are agreed upon, Liquid Media Group would retain 25% of the post-merger entity, while the shareholders of the target company would own 75%.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2023 | 1:02 pm

BNIX

Bannix Acquisition Corp. has extended the deadline for its initial business combination from August 14, 2023, to September 14, 2023. This decision was made by the board of directors and is the sixth extension. The sponsor, Instant Fame LLC, will deposit into the trust account the lesser of $75,000 or $0.07 for each share not redeemed in connection with the special meeting.

Portfolio Pulse from Happy Mohamed

August 14, 2023 | 12:59 pm

CHK

SBOW

Chesapeake Energy Corp (CHK) has agreed to sell its remaining Eagle Ford assets to SilverBow Resources Inc (SBOW) for $700 million. The deal includes around 42,000 net acres and about 540 wells. The total proceeds from Eagle Ford divestiture will exceed $3.5 billion. The transaction is expected to close in 2023. CHK plans to use the proceeds to boost its balance sheet and share repurchase program.

Portfolio Pulse from Lekha Gupta

August 14, 2023 | 12:55 pm

IHS

MA

META

Mastercard Inc (NYSE:MA) is set to acquire a minority stake in MTN Group Ltd's fintech business for $5.2 billion. The deal will involve a commercial agreement on payments and remittances using Mastercard's technology infrastructure to expand in Africa. The investment is expected to enhance MTN's valuation and balance sheet. Other companies like Airtel Africa Plc, Safaricom Plc, and Vodacom Group Ltd are also shifting towards digitalization.

Portfolio Pulse from Anusuya Lahiri

August 14, 2023 | 12:43 pm

AMZN

DIDIY

SFTBF

WE

SoftBank Group Corp is considering acquiring the remaining 25% stake in British chip designer Arm Ltd from its investment fund, Vision Fund 1. This could help alleviate past losses for VF1 investors from investments like WeWork Inc and DiDi Global Inc. SoftBank plans to list Arm on Nasdaq in September with a valuation of $60 billion - $70 billion. The company also explored partnerships with tech companies like Amazon.Com, Inc as cornerstone investors in Arm's IPO.

Portfolio Pulse from Anusuya Lahiri

August 14, 2023 | 12:39 pm

MOND

Travel technology company Mondee has acquired Skypass for $15M in cash and common stock priced at $10 per share. The acquisition aims to bring AI capabilities to small and medium-sized enterprises (SMEs).

Portfolio Pulse from Benzinga Newsdesk

August 14, 2023 | 12:36 pm

GRI

GRI Bio, Inc. (NASDAQ:GRI) reported Q2 2023 financial results, with cash and cash equivalents of ~$4.8M. The company is advancing its clinical pipeline for inflammatory, fibrotic, and autoimmune diseases. It is preparing to launch a Phase 2a biomarker study for GRI-0621, a treatment for IPF, and expects to file an IND for GRI-0803 in H1 2024. GRI Bio recently completed a merger with Vallon Pharmaceuticals and began trading on Nasdaq under the ticker 'GRI'.

Portfolio Pulse from Happy Mohamed

August 14, 2023 | 12:35 pm