Streetbeat News

Acquisitions Mergers

KKR

PARA

PARAA

KKR & Co Inc's Q2 FY23 results and acquisition deal led to a price target increase by several analysts. The company reported revenues of $3.63 billion, significantly higher than the previous year, and an EPS of $0.73, beating the consensus. KKR also disclosed the buyout of Simon & Schuster from Paramount Global for $1.62 billion. Despite the positive news, KKR shares are trading lower by 1.11%.

Portfolio Pulse from Lekha Gupta

August 08, 2023 | 7:46 pm

CPB

SOVO

Needham analyst Matt Mcginley has downgraded Sovos Brands Inc (SOVO) from Buy to Hold and removed the $22.50 price target following the announcement of its acquisition by The Campbell Soup Company (CPB) for $23/share. The total enterprise value is estimated at $2.65 billion. CPB expects to realize $50 million in cost savings over the next two years. The analyst believes that Sovos' Rao's brand will generate $1 billion in sales over the medium term.

Portfolio Pulse from Shivani Kumaresan

August 08, 2023 | 6:59 pm

BUD

TLRY

Tilray Brands Inc (NYSE:TLRY) has acquired eight beer and beverage brands from Anheuser-Busch Inbev (NYSE: BUD). The all-cash deal, expected to close this year, includes current employees, breweries, and brewpubs associated with the brands. The acquisition will generate craft beer pro forma revenue of $250 million and strengthen Tilray's distribution capabilities. Tilray's CEO, Irwin Simon, stated that the company is diversifying its business and is not solely dependent on cannabis legalization in the U.S.

Portfolio Pulse from Adam Eckert

August 08, 2023 | 6:19 pm

BETZ

DKNG

MGM

PENN

PENN Entertainment is set to report its Q2 financial results. The company is expected to report a revenue of $1.67 billion, matching its Q1 revenue. Analysts estimate earnings per share of 42 cents. The company's Interactive sports betting unit reported a YoY increase in revenue in Q1. PENN completed the acquisition of Barstool Sports in February and raised its full-year guidance to a range of $6.37 billion to $6.81 billion. The company's shares have lagged behind peers, down 33% in the last year and 17% YTD.

Portfolio Pulse from Chris Katje

August 08, 2023 | 6:08 pm

CG

The Carlyle Group Inc (NASDAQ:CG) has agreed to acquire a significant minority stake in Singapore-based engineering services firm Quest Global. The deal will see current investors Bain Capital and Advent International exit, while Quest Global will repurchase its own shares. The transaction is subject to regulatory approvals. Carlyle recently reported Q2 total segment revenues of $977.9 million, beating the consensus of $809.1 million.

Portfolio Pulse from Lekha Gupta

August 08, 2023 | 6:05 pm

TYL

Tyler Technologies (NYSE:TYL) has acquired Computing System Innovations (CSI), a provider of AI automation, redaction, and indexing solutions. The acquisition will enhance Tyler's electronic filing and redaction offerings, and the company plans to leverage CSI's AI and automation technology across its other verticals. CSI's Intellidact Platform will be integrated into Tyler's eFile & Serve solution, making the filing process quicker and more accurate.

Portfolio Pulse from Happy Mohamed

August 08, 2023 | 6:02 pm

TRNS

Transcat Inc (NASDAQ:TRNS) has acquired Axiom Test Equipment, Inc for $38 million, paid through a combination of $28 million in company stock and $10 million in cash. Axiom is a rental provider of Electronic Test Equipment across the U.S. The acquisition is expected to bolster Transcat's high margin rental business, with near-term combined gross margins expected to be in the 28% to 30% range.

Portfolio Pulse from Shivani Kumaresan

August 08, 2023 | 5:35 pm

EADSY

Airbus SE is considering selling a stake in Brazil-based helicopter maker Helibras, after gaining complete ownership of the firm earlier in FY23. Airbus acquired the remaining 15.5% stake from the state of Minas Gerais in January for $19.4 million. Helibras has been investing in exports, which currently account for 20% of the firm's output. Airbus shares traded lower by 1.03% to $35.72 on the last check Tuesday.

Portfolio Pulse from Nabaparna Bhattacharya

August 08, 2023 | 5:23 pm

TAP

Molson Coors Beverage Company (NYSE:TAP) has agreed to acquire whiskey producer Blue Run Spirits. The acquisition is expected to support Molson Coors' evolution into a total beverage company and its premiumization strategy. The deal will more than double the size of Molson Coors' spirits team and provide Blue Run with growth resources. The founders of Blue Run will remain with the brand, with one taking on an expanded role as vice president of Coors Spirits Co.

Portfolio Pulse from Shivani Kumaresan

August 08, 2023 | 4:44 pm

DISH

DISH Network has announced a merger with EchoStar, leading to a rise in DISH's share prices.

Portfolio Pulse from Bill Haddad

August 08, 2023 | 4:32 pm