Streetbeat News

Acquisitions Mergers

MODG

SPY

The Senate is holding a hearing on the merger between the PGA Tour and LIV Golf. The hearing will discuss the future of golf following this merger.

Portfolio Pulse from Happy Mohamed

July 11, 2023 | 2:10 pm

EBAY

eBay Inc. has completed its acquisition of Certilogo, an AI-powered apparel and fashion goods digital IDs and authentication provider. The acquisition will allow eBay to offer brands secure, connected product solutions and protect customers from counterfeits. eBay also announced the launch of a new trading card submission service for the eBay vault.

Portfolio Pulse from Nabaparna Bhattacharya

July 11, 2023 | 2:00 pm

AMZN

APPL

CHTR

KKR

META

MSFT

NYT

RNLSY

UBER

WDFC

Amazon is expected to offer deeper discounts on Prime Day 2023, potentially adding $4 billion - $6 billion of incremental revenue. Apple expands its retail channels in China by opening a store on WeChat. Morgan Stanley hires Marco Caggiano from JPMorgan to lead its M&A division. Meta Platforms' Threads app is estimated to generate $8 billion in annual revenue over the next two years. Charter Communications plans to introduce a new two-tier cable package system. Renault and Geely Automobile form a JV to launch a new powertrain technology company. WD-40 reports better than expected Q3 earnings. New York Times will shut down its sports desk and shift its daily coverage to The Athletic. Uber's CFO Nelson Chai plans to leave the company. KKR is reportedly exploring options for its majority interest in NVC Lighting's China business. Microsoft confirms additional job cuts following the 10,000 layoffs announced in January.

Portfolio Pulse from Vandana Singh

July 11, 2023 | 1:27 pm

APG

APi Group Corp (APG) has provided preliminary expectations for Q2 2023, expecting adjusted EBITDA to be at or above the midpoint of the previously announced guidance of $195 million to $205 million. The company also expects high single-digit organic net revenue growth, margin expansion, and improved FCF conversion. APG recently concluded a strategic acquisition in the Safety Services segment for around $35 million and plans to acquire at least two more businesses in the same segment in Q3. These acquisitions are expected to contribute around $35 million in annualized net revenue in 2024.

Portfolio Pulse from Lekha Gupta

July 11, 2023 | 1:17 pm

ALCC

Advanced fission technology company Oklo is set to go public through a merger with AltC Acquisition Corp. (ALCC). The deal values Oklo at $850 million and is expected to provide up to $500 million of gross capital to accelerate Oklo's business plan. The combined company will operate as Oklo and is expected to be listed on the NYSE under the ticker 'OKLO'.

Portfolio Pulse from Happy Mohamed

July 11, 2023 | 1:07 pm

MMP

OKE

Magellan Midstream Partners (MMP) has scheduled a virtual special meeting of unitholders for September 21, in connection with its pending merger with Oneok (OKE).

Portfolio Pulse from Benzinga Newsdesk

July 11, 2023 | 1:06 pm

CSE:CHV

Canada House Cannabis Group Inc. (CSE:CHV) and Montréal Cannabis Médical Inc. (MTL Cannabis) have entered into a second restated share exchange agreement. This agreement is for the completion of the second tranche of Canada House's acquisition of all issued and outstanding shares of MTL Cannabis. The transaction constitutes a 'reverse takeover' of the company, and upon completion, the company will change its legal name to MTL Cannabis Corp., with its common shares to trade on the CSE under the ticker symbol 'MTLC'.

Portfolio Pulse from Vuk Zdinjak

July 11, 2023 | 12:54 pm

NVT

nVent Electric has acquired Italy-based TEXA Industries, a provider of industrial cooling applications. The acquisition is expected to enhance nVent's portfolio and strengthen its position in high-growth verticals such as industrial automation and energy storage. nVent held $303.1 million in cash and equivalents as of March 31, 2023. NVT shares closed higher by 2.41% at $51.82 on Monday.

Portfolio Pulse from Shivani Kumaresan

July 11, 2023 | 12:43 pm

DWAC

Digital World Acquisition Corp (DWAC) has appointed Eric Swider as the permanent CEO, effective July 6, 2023. The company recently settled an $18 million SEC investigation into its planned merger with Trump Media & Technology Group. Elon Musk welcomed Donald Trump back to Twitter after acquiring it for $44 billion. In April, DWAC appointed Katherine Chiles as CFO, Alexander Cano as President and secretary, and Frank Andrews as the non-executive chairman. DWAC shares are trading 1.26% lower at $13.28 premarket.

Portfolio Pulse from Anusuya Lahiri

July 11, 2023 | 12:40 pm

TER

Teradyne (NASDAQ:TER) has appointed Ujjwal Kumar as Group President of Teradyne Robotics. Kumar, who has a 25-year career spanning multiple industries and corporations, will succeed Greg Smith, who was promoted to Teradyne's CEO in February. Kumar plans to leverage Teradyne's market leadership positions and expand served markets organically and through strategic acquisitions.

Portfolio Pulse from Happy Mohamed

July 11, 2023 | 12:29 pm