Streetbeat News

Acquisitions Mergers

PSX

Phillips 66 (PSX) reported Q2 adjusted EPS of $3.87, beating the consensus of $3.54. Revenue of $35.74 billion also exceeded the consensus of $34.55 billion. The company returned $1.8 billion to shareholders through dividends and share repurchases in Q2. Since July 2022, the company has returned $5.4 billion to shareholders, with a target of $10 billion to $12 billion by year-end 2024. The company closed the $3.8 billion acquisition of DCP Midstream, LP in Q2. PSX shares are trading lower by 1.48% at $110.45 premarket.

Portfolio Pulse from Lekha Gupta

August 04, 2023 | 11:19 am

SMTI

Sanara MedTech Inc. (NASDAQ:SMTI) has announced the acquisition of certain assets related to its collagen products business from Applied Nutritionals, LLC, The Hymed Group Corporation, and Dr. George Petito. The initial purchase price for the assets is $15.25 million. The acquisition is a major milestone for Sanara's strategy to own the intellectual property for its hydrolyzed collagen products and control its manufacturing to reduce costs and expand R&D efforts.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 11:18 am

SYNH

Syneos Health, Inc. (NASDAQ:SYNH) stockholders have approved an agreement to take the company private through an acquisition by a consortium of private investment firms, including Elliott Investment Management L.P., Patient Square Capital, and Veritas Capital. The transaction, expected to close in the second half of 2023, will see stockholders receive $43.00 in cash for each share of Syneos Health common stock owned at the closing of the transaction.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 11:13 am

AMZN

INTC

NVDA

SFTBF

Softbank-backed British chip designer Arm Ltd is planning an initial public offering (IPO) at a valuation of $60 billion - $70 billion by September, reflecting its optimistic outlook on artificial intelligence chips. The company aims to raise $10 billion in the IPO. Nvidia Corp and Intel Corp have engaged in preliminary talks to become anchor investors in the IPO. Amazon.com Inc has adopted Arm-based chips for its Amazon Web Services.

Portfolio Pulse from Anusuya Lahiri

August 04, 2023 | 11:12 am

SKIN

The Beauty Health Company's (NASDAQ:SKIN) SkinStylus microneedling device has received FDA clearance for use on facial acne scarring, making it the only such device cleared for both face and abdomen. This comes five months after BeautyHealth's acquisition of the brand. The microneedling market is expected to reach $1 billion by 2030.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 11:08 am

RNG

RingCentral has expanded its video offerings by acquiring the events and session product lines from Hopin. The terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 11:06 am

PACI

Private aviation company Volato is set to become a public company through a business combination with PROOF Acquisition Corp I (NYSE:PACI). The deal values Volato at $190 million and is expected to provide $25 million in additional proceeds. Volato reported 2022 revenue of nearly $100 million. The combined entity will trade under the ticker symbol 'SOAR'. Volato also completed a Series A funding round led by PROOF.vc in July 2023.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 11:05 am

DRH

DiamondRock Hospitality Company (NYSE:DRH) has acquired Chico Hot Springs Resort and an adjacent ranch in Paradise Valley, Montana for $33 million. The acquisition was funded from corporate cash on hand. The company expects Chico to generate a 10.5% NOI yield on the total purchase price upon stabilization.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 11:05 am

DHC

OPI

Flat Footed LLC (FFL), a top shareholder of Diversified Healthcare Trust (DHC), has released a presentation urging fellow shareholders to reject the proposed merger with Office Properties Income Trust (OPI). FFL, which owns approximately 9.8% of DHC's outstanding common shares, believes the merger is flawed and value-destructive.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 11:05 am

SYNA

Yitoa Intelligent Control has agreed to acquire the production, supply chain, and sales rights of touch and display driver integration products from Synaptics.

Portfolio Pulse from Charles Gross

August 04, 2023 | 10:59 am