Streetbeat News

Acquisitions Mergers

KKR

PARA

Private equity firm KKR & Co Inc is in advanced talks to acquire Simon & Schuster for $1.65 billion. The deal would conclude Paramount Global's attempt to sell the publisher after a previous deal with Penguin Random House was quashed. Simon & Schuster had a strong 2022, with 19% revenue growth to $1.18 billion and 16% operating profit growth to $248 million. The deal comes amid declining print book sales and threats from AI technology.

Portfolio Pulse from Anusuya Lahiri

August 04, 2023 | 3:22 pm

KRNL

Kernel Group Holdings has announced amendments to its charter and trust agreement, and plans to extend the deadline to complete a business combination until September 5. The company has also deposited $150K into its trust account.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 3:19 pm

AAPL

MSFT

Microsoft Corp. (NASDAQ:MSFT) is discontinuing its smart assistant, Cortana, in Windows 11 due to its $10 billion investment in OpenAI and the success of ChatGPT. The company is pivoting to Bing Chat, powered by OpenAI's ChatGPT. Cortana, which was launched in 2014, has not received any major feature update in nearly two years. Apple Inc. (NASDAQ:AAPL) is also facing internal debates on how to modernize its smart assistant, Siri.

Portfolio Pulse from Rounak Jain

August 04, 2023 | 3:16 pm

AMZN

ASRT

BIGC

TUP

Several stocks experienced significant pre-market trading movements. Tupperware Brands Corporation (TUP) surged 53.3% after announcing a debt restructuring agreement. Missfresh Limited (MF) rose 39.2% after announcing share purchase agreements for financing and business acquisition. BigCommerce Holdings, Inc. (BIGC) rose 20.2% following better-than-expected quarterly results. Amazon.com, Inc. (AMZN) rose 8.5% after reporting upbeat Q2 results and strong guidance. On the other hand, Assertio Holdings, Inc. (ASRT) fell 43.9% after reporting Q2 results and updates related to the acquisition of Spectrum Pharmaceuticals, Inc.

Portfolio Pulse from Lisa Levin

August 04, 2023 | 3:16 pm

AHI

Advanced Health Intelligence Ltd (ASX: AHI) (NASDAQ:AHI) has signed an exclusive, perpetual license agreement with Shanghai-based Changlin Network Technology Ltd. The deal includes an upfront payment of $10 million to AHI, an annual license fee of $5 million, and a 25% revenue share of gross sales. Changlin, which plans to go public in 2024, will initially issue a 50% holding to AHI, expected to be restructured to 25% but not less than 20% at the IPO. The deal is contingent on Changlin securing financing and SAFE approval in China.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 2:55 pm

FCPT

Four Corners Property Trust (FCPT) has acquired a dual-tenant property housing Aspen Dental and WellNow Urgent Care for $3.3 million. The property is located in a strong retail corridor in New York and is corporately guaranteed by Aspen Dental Management and WellNow Urgent Care.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 2:51 pm

ACCD

ADPT

ARKF

ARKK

ARKW

HOOD

NTLA

PACB

TER

Ark Invest, led by Cathie Wood, has purchased $5.6 million worth of Robinhood shares following the company's first profitable quarter. The shares were distributed across Ark's Fintech Innovation ETF, Innovation ETF, and Next Generation Internet ETF. Other trades included purchases of Pacific Biosciences, Adaptive Biotechnologies, Accolade Inc, Intellia Therapeutics, and Teradyne shares for various Ark ETFs.

Portfolio Pulse from Benzinga Neuro

August 04, 2023 | 2:50 pm

SPT

Sprout Social, Inc. (NASDAQ:SPT) has acquired Tagger Media, Inc., an influencer marketing and social intelligence platform, for a cash consideration of $140 million. The acquisition is expected to strengthen Sprout Social's position in the social media software market and provide a comprehensive platform for brands to execute a holistic social strategy. The deal was funded with a combination of cash from Sprout Social's balance sheet and its newly established revolving credit facility.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 2:45 pm

DAVA

Endava has acquired TLM, a company that provides outsourced development services for PC and console video games and other digital entertainment. The terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 2:44 pm

Missfresh Limited (NASDAQ:MF) has entered into two share purchase agreements for financing and a business acquisition. Investors will subscribe to 5.4 billion Class B ordinary shares for a total of $27 million, giving them 88.1% of the company's total issued and outstanding shares. The company will also acquire all ordinary shares of Mejoy Infinite Limited for $12 million. Post-acquisition, Missfresh will provide customized digital marketing solutions and services.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 2:42 pm