Streetbeat News

Acquisitions Mergers

DV

DoubleVerify has agreed to acquire Scibids Technology SAS in a cash and stock transaction valued at $125M. The deal, which is expected to close in the third quarter, includes additional potential consideration based on certain performance metrics. Scibids is known for building AI that automates and optimizes an advertiser's programmatic buying of digital ad campaigns.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2023 | 9:16 pm

DRQ

Dril-Quip, Inc. (NYSE:DRQ) has acquired Great North Wellhead and its subsidiaries for approximately $80 million. The acquisition expands Dril-Quip's market presence in well construction and is expected to be immediately accretive to key financial metrics. Great North, a leading provider of customized wellheads and mission-critical proprietary completion solutions, will enhance Dril-Quip's Well Construction portfolio and expand its addressable market in land-based wellheads. The transaction is also expected to result in cost synergies and revenue expansion.

Portfolio Pulse from Happy Mohamed

July 31, 2023 | 9:04 pm

LNN

Lindsay Corporation has acquired FieldWise, a company specializing in providing agricultural producers with innovative solutions. The terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2023 | 9:03 pm

DT

Dynatrace has signed an agreement to acquire Rookout, a provider of enterprise-ready and privacy-aware solutions for developers. The transaction, which will be funded from cash on hand, is not expected to have a material impact on Dynatrace's fiscal year 2024 financials.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2023 | 8:48 pm

PAAS

RIO

Rio Tinto has agreed to acquire PanAmerican Silver's 57.74% stake in Agua de la Falda for $45 million and 100% of the Meridian Property for $550,000. Rio Tinto will also enter a joint venture with Codelco to explore and potentially develop Agua de la Falda's assets. The joint venture builds on a previous collaboration agreement between Rio Tinto and Codelco aimed at improving safety, productivity, and ESG outcomes.

Portfolio Pulse from Happy Mohamed

July 31, 2023 | 7:50 pm

MGPI

Truist Securities analyst Bill Chappell reiterated a Buy rating on MGP Ingredients, Inc. (MGPI) with a price target of $125. The analyst believes the company's recent acquisitions, including high-end whiskey brand Penelope, and the exit from third party manufacturing of vodka, gin and industrial alcohol will boost the company's valuation. The analyst expects MGPI's valuation to move closer to the 20-25X forward EBITDA valuation of its large cap spirits peers versus the current 14.2x EV/EBITDA valuation.

Portfolio Pulse from Shivani Kumaresan

July 31, 2023 | 6:58 pm

AAPL

INDA

Apple's main supplier, Foxconn Technology Group, is planning to invest $500 million to build two component factories in India, diversifying from China. At least one factory will produce Apple parts, including for iPhones. A formal announcement is expected this week.

Portfolio Pulse from Happy Mohamed

July 31, 2023 | 6:22 pm

TSLA

UBER

Uber plans to purchase 100 Tesla Model Y vehicles for the Japan market. These vehicles will be deployed as Uber Premium exclusive vehicles by 2024.

Portfolio Pulse from Happy Mohamed

July 31, 2023 | 5:18 pm

EVI

EVI Industries Inc has announced a definitive agreement to acquire ALVF, Inc. dba ALCO Washer Center, a distributor of commercial laundry products. The acquisition aims to increase EVI's customer base and expand its distribution and service footprint in the northeast region of the U.S. The deal is EVI's twenty-fifth acquisition of a commercial laundry business. EVI shares are trading higher by 3.47% at $25.36.

Portfolio Pulse from Shivani Kumaresan

July 31, 2023 | 4:26 pm

ACHR

AMC

GDRX

NEWR

NKLA

SOFI

SYM

Several US stocks recorded gains on Monday, with Archer Aviation, GoodRx Holdings, Fifth Wall Acquisition Corp., Xiao-I Corporation, Symbotic, SoFi Technologies, Nikola Corporation, Innoviz Technologies, Aurora Acquisition Corp., Canoo, 2U, Faraday Future Intelligent Electric, New Relic, Palantir Technologies, AMC Entertainment Holdings, BlackBerry, and Roku all seeing significant increases. Notable events include Archer Aviation's contracts with the US Air Force, GoodRx's upgrade by TD Cowen, Symbotic and SoFi's better-than-expected results, Nikola's agreement with J.B. Hunt Transport, New Relic's acquisition by Francisco Partners and TPG, and AMC's record admissions revenue.

Portfolio Pulse from Lisa Levin

July 31, 2023 | 4:13 pm