Streetbeat News

Acquisitions Mergers

META

In 2009, Brian Acton was rejected by Facebook, now Meta Platforms Inc (NASDAQ:META), only to sell his company, WhatsApp, to them for $19 billion in 2014. Acton, who held a 20% stake in WhatsApp, netted more than $3 billion from the acquisition. Sequoia Capital, an investor in WhatsApp, also made significant returns from the deal. Today, WhatsApp has over 2 billion active users and is run by Meta along with Facebook and Instagram.

Portfolio Pulse from Aaron Bry

August 04, 2023 | 2:40 pm

RHP

Ryman Hospitality Properties has updated its 2023 business performance outlook to reflect the acquisition of JW Marriott Hill Country. The financial impact of this acquisition on the company's future performance is yet to be disclosed.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 2:38 pm

KKR

Private equity firm KKR is reportedly in advanced talks to acquire Simon & Schuster for approximately $1.65 billion. The deal comes after a previous agreement with Penguin Random House was blocked by a federal judge.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 2:34 pm

EXR

Extra Space Storage has revised its FY23 Core FFO per share outlook from $8.30-$8.60 to $8.15-$8.35. This revision is due to the proximity of the Life Storage merger closing to the earnings release. The revised estimates exclude any impact from the Life Storage Merger.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 2:34 pm

DNR

XOM

Denbury has announced that due to its pending merger with ExxonMobil, its prior guidance should no longer be relied upon. The company is not providing or updating any quarterly or full-year guidance.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 2:33 pm

CWH

Camping World Holdings, Inc. (CWH) has acquired the assets and real estate of Crain RV. The financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 2:17 pm

TSLA

Tesla has acquired German wireless charging company Wiferion. The acquisition could have significant implications for Tesla's vehicle charging efforts. Wiferion had previously made a licensing deal with WiTricity, allowing it to enter the U.S. and North American markets. It's unclear when Tesla plans to deploy Wiferion's wireless charging technology.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 2:07 pm

AMZN

KR

WMT

Amazon is preparing for a significant overhaul of its grocery business to capture a larger share of the $1.5 trillion U.S. grocery market, intensifying competition with Walmart and Kroger. The company plans to merge its various e-commerce supermarket offerings into one online cart and start offering fresh-food delivery to non-Prime subscribers. Amazon is also revamping its physical stores and considering adding refrigerated sections to its urban warehouses.

Portfolio Pulse from Anusuya Lahiri

August 04, 2023 | 2:00 pm

DIS

FOX

FOXA

MANU

Tom Brady, the retired NFL quarterback, has announced a minority investment in Championship English soccer club Birmingham City. Brady partnered with Knighthead Capital Management for the investment. He will become Chairman of the new Advisory Board and will be involved in various aspects of the club, including health, nutrition, wellness, recovery systems and programs, global marketing efforts, and new commercial partnership opportunities. Brady is also working to acquire a stake in the NFL’s Las Vegas Raiders and owns stakes in the Las Vegas Aces (WNBA) and a Pickleball franchise. Media rights for Championship games in the U.S. belong to ESPN, a unit of The Walt Disney Company.

Portfolio Pulse from Chris Katje

August 04, 2023 | 1:46 pm

MMP

OKE

Magellan Midstream Partners LP (MMP) reported Q2 2023 revenues of $877.2 million, beating the consensus of $797.9 million. The company also raised its FY23 net income per unit guidance from $4.95 to $5.05. In Q2, Magellan inked a merger agreement with ONEOK Inc (OKE) in a cash-and-stock transaction valued at approximately $18.8 billion.

Portfolio Pulse from Lekha Gupta

August 04, 2023 | 1:39 pm