Streetbeat News

Acquisitions Mergers

FWRD

Shares of Forward Air (FWRD) are trading lower following multiple analyst downgrades. This comes after the company announced a merger with Omni Logistics.

Portfolio Pulse from Benzinga Newsdesk

August 11, 2023 | 12:14 pm

TSNDF

TerrAscend Corp. reported Q2 2023 financial results, with net revenue of $72.1 million, up 3.9% sequentially and 12.7% YoY. Gross profit was $36.2 million, up 6.8% sequentially and 50.8% YoY. The company reported a net loss from continuing operations of $12.9 million, compared to a loss of $19.2 million in Q1 2023. Adjusted EBITDA from continuing operations was $12.8 million, compared to $12.2 million in Q1 2023. The company also acquired four dispensaries in Maryland and listed on the TSX.

Portfolio Pulse from Vuk Zdinjak

August 11, 2023 | 11:50 am

PAG

Penske Automotive has acquired BMW of Wilmington and Porsche Wilmington dealerships. The acquisitions are expected to generate an annualized revenue of approximately $140 million. No financial terms of the deal were disclosed.

Portfolio Pulse from Benzinga Newsdesk

August 11, 2023 | 11:01 am

TSAT

MDA Ltd. has been selected as the prime contractor for Telesat's Low Earth Orbit satellite constellation, Telesat Lightspeed. The contract, valued at approximately $2.1 billion, is the largest in MDA's history and includes the design, manufacture, assembly, and test of 198 satellites.

Portfolio Pulse from Benzinga Newsdesk

August 11, 2023 | 10:22 am

ARCE

Arco Platform Ltd (NASDAQ:ARCE) has agreed to a merger with Achieve Holdings and Achieve Merger Sub, a subsidiary of Bidders' HoldCo. Investment entities affiliated with General Atlantic L.P. and Dragoneer Investment Group, LLC will acquire all outstanding shares of ARCE for $14.00 per share in cash, a 55% premium over the closing price of $9.04 on November 30, 2022. The enterprise value of the acquisition is about $1.5 billion. The merger is expected to close in Q4 2023 or Q1 2024.

Portfolio Pulse from Shivani Kumaresan

August 11, 2023 | 10:11 am

ARCE

Arco has signed an agreement to go private at $14 per share in cash, a 55% premium over the closing share price on November 30, 2022. The agreement has been unanimously recommended by a special committee of independent directors of Arco's board. The company's founders will maintain a controlling ownership stake and company leadership.

Portfolio Pulse from Benzinga Newsdesk

August 11, 2023 | 5:42 am

BMWYY

BSAQ

MBGAF

TSLA

Vietnamese EV maker VinFast is offering a 10-year or 125,000 miles bumper-to-bumper warranty on its new vehicles, far exceeding the basic warranty of four years offered by Tesla, BMW, and Mercedes. VinFast also provides a 10-year warranty on the battery and 24/7 emergency roadside assistance. The company entered the U.S. market in March and is expected to begin trading on the Nasdaq following a SPAC merger with Black Spade Acquisition Co.

Portfolio Pulse from Anan Ashraf

August 11, 2023 | 3:09 am

LCW

Learn CW Investment Corporation, a special purpose acquisition company, plans to extend the period to consummate its initial business combination by one month, from August 13, 2023 to September 13, 2023. This extension is subject to a deposit of $115,000 into the company's trust account by August 13, 2023. This is the fifth of up to six one-month extensions allowed by the company's governing documents.

Portfolio Pulse from Happy Mohamed

August 10, 2023 | 10:01 pm

AMRC

Ameresco, Inc. (NYSE:AMRC) has announced the acquisition of an energy resilience project from Bright Canyon Energy. The project, located at the Joint Forces Training Base in Los Alamitos, California, includes a microgrid, solar panels, and a battery energy storage system. The acquisition is part of a two-phase transaction between Ameresco and Pinnacle West Capital Corp, with the second phase involving the acquisition of Bright Canyon Energy Corporation set to close later in 2023.

Portfolio Pulse from Happy Mohamed

August 10, 2023 | 9:07 pm

ACHR

BA

Wisk Aero, Archer, and Boeing have reached an agreement to settle litigation and enter into a collaboration for autonomous flight. Archer will make Wisk its exclusive provider of autonomy technology for future aircraft variants. Boeing is investing in Archer to support the integration of Wisk's autonomous technology.

Portfolio Pulse from Benzinga Newsdesk

August 10, 2023 | 8:57 pm