Streetbeat News

Acquisitions Mergers

AMZN

C

JPM

MSFT

VMW

WFC

US stocks settled higher on Wednesday, with the Nasdaq surging over 1% due to easing inflation rates. Big banks such as JPMorgan Chase & Co., Citigroup Inc., and Wells Fargo & Company are set to release earnings on Friday. Vmware, Inc shares gained 2.8% after Broadcom Inc won approval to acquire it. The Nasdaq 100 rose 1.24% amid gains in shares of Amazon.com, Inc. and Microsoft Corp. The CBOE Volatility Index fell 8.8%.

Portfolio Pulse from Lisa Levin

July 13, 2023 | 10:00 am

IMAX

IMAX Corp plans to fully acquire its Hong Kong-listed subsidiary, IMAX China, for $124 million. The acquisition will give IMAX increased flexibility to drive growth opportunities in the Chinese market. The transaction is expected to close later this year and be immediately accretive to IMAX. The deal is also expected to unlock annual public company cost savings of around $2 million and tax efficiencies.

Portfolio Pulse from Lekha Gupta

July 13, 2023 | 9:51 am

META

Elon Musk is pushing Twitter staff to develop better features to compete with Meta Platforms Inc.'s Threads. This comes as Threads reached 100 million users in five days, and Twitter's traffic fell by 5% in the first two days of Threads' launch. Musk's decisions since acquiring Twitter have been criticized, and his employees have reportedly said 'Threads is just better'.

Portfolio Pulse from Rounak Jain

July 13, 2023 | 9:37 am

ADBE

EWU

The UK's Competition and Markets Authority (CMA) has referred Adobe's $20 billion acquisition of Figma for a Phase 2 investigation. This could potentially delay or even derail the deal.

Portfolio Pulse from Charles Gross

July 13, 2023 | 9:07 am

CG

MCD

Carlyle Group and Trustar Capital are planning to raise $4B from wealth funds to buy part of their stakes in McDonald's operations in Hong Kong and Mainland China, according to Bloomberg.

Portfolio Pulse from Charles Gross

July 13, 2023 | 8:49 am

ATVI

MSFT

Microsoft's vice chair and president, Brad Smith, expressed disappointment at the Federal Trade Commission's (FTC) decision to appeal the court ruling that allowed Microsoft's acquisition of Activision Blizzard. The FTC had previously sued to block the acquisition, arguing it would harm competition. However, the court ruled in favor of Microsoft, stating the acquisition was beneficial for competition and consumers.

Portfolio Pulse from Benzinga Newsbot

July 13, 2023 | 5:27 am

BRK

D

Warren Buffett's 1999 investment in MidAmerican Energy, now Berkshire Hathaway Energy, has grown into a $90 billion asset. The company is one of the largest electric utilities in the U.S., serving 5.2 million customers, and is the second-largest owner of renewable energy. It also operates a large U.K. utility, a leading natural-gas pipeline, and the U.S. real estate brokerage business HomeServices of America. The company recently increased its stake in the Maryland LNG facility, Cove Point, to 75% by purchasing a 50% interest for $3.3 billion from Dominion Energy.

Portfolio Pulse from Benzinga Newsbot

July 13, 2023 | 4:08 am

IMAX

IMAX Corporation has filed a proposal to acquire the remaining 96.3M shares in IMAX China for HK$10 per share in cash. This offer represents a 49% premium to the 30-day average closing price. If approved, IMAX Corporation will own 100% of IMAX China.

Portfolio Pulse from Benzinga Newsdesk

July 12, 2023 | 10:02 pm

MDRR

Medalist Diversified REIT (MDRR) board has approved the negotiation of sale of its interests in four properties from its portfolio. The company is also exploring opportunities that might include mergers, investments, or other strategic combinations. The board has also approved the temporary suspension of dividends.

Portfolio Pulse from Benzinga Newsdesk

July 12, 2023 | 9:02 pm

FATP

FATPU

Fat Projects Acquisition has announced its intention to extend the deadline to complete its business combination to August 15, 2023.

Portfolio Pulse from Benzinga Newsdesk

July 12, 2023 | 8:46 pm