Streetbeat News

Acquisitions Mergers

INDA

LYT

Nasdaq-listed Lytus Technologies (NASDAQ:LYT) has announced its entry into the Indian fintech market with the launch of a payments gateway for Indian consumers. The company plans to invest $50 million over the next five years to expand its fintech services in India. The initial rollout will focus on a B2B model, with plans to extend services to individual subscribers within the next 12 months. The company also plans to expand its fintech services to include AI-driven next-generation payment platforms, P2P lending, blockchain, insurtech, digital shareholder services, cross-border payments, among other services.

Portfolio Pulse from Happy Mohamed

July 24, 2023 | 12:58 pm

LIVE

Live Ventures has acquired Precision Metal Works for a total consideration of approximately $28 million, which includes $25 million in cash and a $3 million earn-out.

Portfolio Pulse from Benzinga Newsdesk

July 24, 2023 | 12:58 pm

LIVE

Live Ventures Incorporated (NASDAQ:LIVE) has acquired Precision Metal Works, Inc. (PMW), a Kentucky-based Metal Stamping and Value-Added Manufacturing Company, for approximately $28 million. The acquisition is expected to add $75 million to Live Ventures' annual revenue and be immediately accretive to earnings. PMW's existing management team and all its employees will be retained.

Portfolio Pulse from Happy Mohamed

July 24, 2023 | 12:56 pm

AGRI

AgriFORCE Growing Systems Ltd. (AGRI) has provided a business update following a recent management restructuring. The company has reduced its average monthly operating cash burn by approximately 31% since year end and continues to explore areas for further cost reduction. The company is also working to complete previously announced acquisitions and is progressing through due diligence.

Portfolio Pulse from Happy Mohamed

July 24, 2023 | 12:52 pm

WLMS

Williams Industrial Services Group Inc. (WLMS) has filed for Chapter 11 bankruptcy and agreed to sell most of its assets to EnergySolutions for $60 million. The assets include the company's nuclear, fossil, energy delivery, and paper mill operations. EnergySolutions will not acquire the company's water contracts in Florida and Texas. WLMS has also secured up to $19.5 million in debtor-in-possession financing from its existing lenders.

Portfolio Pulse from Happy Mohamed

July 24, 2023 | 12:48 pm

INFI

Infinity Pharmaceuticals has terminated its previously announced merger agreement with MEI Pharma, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

July 24, 2023 | 12:43 pm

REXR

Rexford Industrial Realty, Inc. (REXR) has announced the acquisition of an industrial property in Southern California for $210 million. The acquisition was funded using proceeds from forward equity settlements. The company's year-to-date investments total $1.1 billion. The acquired property is 100% leased to two tenants and is expected to generate an initial unlevered cash yield of 5.0%, projected to grow to 6.2% through re-leasing at market rents and contractual annual rent increases of 4.0%.

Portfolio Pulse from Happy Mohamed

July 24, 2023 | 12:40 pm

INFI

The merger agreement between Infinity Pharmaceuticals and MEI Pharma has been terminated. This decision was made after MEI failed to obtain stockholder approval for the merger during a special meeting. MEI also faced an unsolicited public proposal from activist stockholders to acquire the company at a significant discount.

Portfolio Pulse from Benzinga Newsdesk

July 24, 2023 | 12:36 pm

LIVE

Live Ventures has acquired Precision Metal Works for approximately $28M. The acquisition, which did not involve any issuance of stock, is expected to be immediately accretive to earnings and strengthens Live Ventures' steel manufacturing segment.

Portfolio Pulse from Benzinga Newsdesk

July 24, 2023 | 12:34 pm

CEI

VKIN

Camber Energy Inc (AMEX:CEI) shares are trading lower after a surge of more than 50% on Friday due to the approval of a merger with Viking Energy (OTCQB:VKIN). The merger, expected to be completed by August 1, will result in Viking becoming a wholly owned subsidiary of Camber. Camber expects to benefit from several aspects of Viking's business, including its custom energy and power solutions, clean energy and carbon capture system, and proprietary open conductor detection systems.

Portfolio Pulse from Adam Eckert

July 24, 2023 | 12:27 pm