Streetbeat News

Acquisitions Mergers

FCPT

Four Corners Property Trust (FCPT) has acquired two Wawa properties in New Jersey for $2.5M. The properties are corporate-operated under a long-term, triple net lease with an average of 1.4 years of term remaining. The transaction was priced at a 6.7% cap rate on rent.

Portfolio Pulse from Benzinga Newsdesk

July 11, 2023 | 9:34 pm

BLAC

Bellevue Life Sciences Acquisition (BLAC) and OSR Holdings have signed an exclusive letter of intent for a business combination. The terms of the deal have not been disclosed. OSR Holdings is expected to go public in the fourth quarter of 2023.

Portfolio Pulse from Benzinga Newsdesk

July 11, 2023 | 8:46 pm

COTY

Kim Kardashian is reportedly in discussions to buy back her stake in her beauty business from Coty Inc. The details of the deal are not yet disclosed.

Portfolio Pulse from Benzinga Newsdesk

July 11, 2023 | 8:38 pm

AIG

RNR

BMO Capital Markets analyst Michael Zaremski upgraded RenaissanceRe Holdings Ltd (RNR) to Outperform from Market Perform, raising the rating from $198 to $216. The upgrade is based on expected gains from RNR's recent acquisition of American International Group's (AIG) reinsurance business and anticipated benefits from increased demand for property reinsurance due to population and wage growth in catastrophe-prone regions. However, Zaremski expressed caution about RNR's reinsurance pricing power in 2024.

Portfolio Pulse from Lekha Gupta

July 11, 2023 | 7:45 pm

D

Dominion Energy has concluded the sale of 50% noncontrolling limited partner interest in Cove Point LNG, LP, to Berkshire Hathaway Energy. The transaction value was $3.5 billion, which is close to the analyst's estimate of $4 billion. The sale is part of Dominion Energy's deleveraging strategy, aiming to achieve a target Funds From Operations (FFO)/debt of ~15%. However, the company may need up to $8 billion in additional deleveraging to reach the target.

Portfolio Pulse from Nabaparna Bhattacharya

July 11, 2023 | 7:35 pm

ATVI

MSFT

Microsoft Corp. (NASDAQ:MSFT) and Activision Blizzard Inc. (NASDAQ:ATVI) have agreed to temporarily suspend their ongoing London appeal over the $69 billion merger, following a U.S. court ruling allowing the merger to proceed. The U.K.'s Competition and Markets Authority (CMA) is open to considering any proposals from Microsoft to restructure the transaction to address their concerns. The parties will now explore potential modifications to the transaction that could address the CMA's concerns regarding cloud gaming.

Portfolio Pulse from Franca Quarneti

July 11, 2023 | 7:26 pm

ATVI

BRK.A

MSFT

Berkshire Hathaway, owned by Warren Buffett, is set to make a profit of over $1 billion from its stake in Activision Blizzard, following Microsoft's successful bid to acquire the video game company. This is based on the assumption that Berkshire Hathaway has retained its stake in Activision Blizzard and has not sold any shares since it reported owning a $4.2 billion position in the company at the end of the first quarter. Activision Blizzard's stock surged by more than 10% on Tuesday, bringing it just a few dollars below its $95 buyout price.

Portfolio Pulse from Happy Mohamed

July 11, 2023 | 7:24 pm

EPAC

Enerpac Tool Group has announced a definitive agreement to sell Cortland Industrial to Tufropes. The terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

July 11, 2023 | 7:22 pm

ILMN

VGK

Illumina is expected to face a record EU antitrust fine on Wednesday for closing its acquisition of Grail before securing EU antitrust approval, according to Reuters. This could potentially impact Illumina's financials and reputation.

Portfolio Pulse from Benzinga Newsdesk

July 11, 2023 | 6:52 pm

TTWO

Shares of Take-Two Interactive Software, Inc. (NASDAQ:TTWO) hit a new 52-week high, trading higher by 4.38% to $150.24. The rise is in sympathy with Activision Blizzard after a federal judge denied the FTC's request for a preliminary injunction of Microsoft's acquisition of the company. The FTC had not shown it is likely to succeed on its assertion that the combined firm will lessen competition in the video game library subscription and cloud gaming markets.

Portfolio Pulse from Henry Khederian

July 11, 2023 | 6:14 pm