Streetbeat News

Acquisitions Mergers

LYV

Live Nation Entertainment Inc has acquired a majority stake in Colombian firm Páramo Presenta, aiming to strengthen its presence in Latin America. The deal was executed through OCESA, a company in which Live Nation acquired a controlling interest in December 2021. As of March 31, 2023, Live Nation's cash and cash equivalents stood at $7.0 billion.

Portfolio Pulse from Lekha Gupta

July 10, 2023 | 4:35 pm

EWU

VSAT

The UK's Department for Business, Energy & Industrial Strategy has issued a final order regarding the acquisition of Connect Topco Limited by Viasat.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 4:08 pm

JUPW

Jupiter Wellness Inc (NASDAQ:JUPW) has entered into an asset purchase agreement with GBB Drink Lab Inc. The deal includes all operating assets related to GBB Drink Lab, including the Safety Shot beverage, valued at $53 million. The Safety Shot business segment is expected to generate $25 million in revenues and $4 million in net income by Q1 2024 for Jupiter Wellness. The global hangover cure products market is expected to reach $4.67 billion by 2028.

Portfolio Pulse from Shivani Kumaresan

July 10, 2023 | 3:57 pm

NEX

PTEN

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) plans to acquire Ulterra Drilling Technologies for around $800 million, following a $5.4-billion merger with Nextier Oilfield Solutions Inc (NYSE:NEX). RBC Capital Markets notes improved free cash flow metrics for PTEN after these deals. Analyst Keith Mackey upgraded PTEN from Sector Perform to Outperform, maintaining a price target of $19.

Portfolio Pulse from Priya Nigam

July 10, 2023 | 2:44 pm

HLI

Houlihan Lokey, Inc. (NYSE:HLI) has agreed to acquire 7 Mile Advisors (7MA), an independent advisory firm specializing in IT services. The acquisition will enhance Houlihan Lokey's IT services coverage capabilities and expand its geographic footprint with an office in Charlotte, North Carolina. The deal is expected to be completed this quarter.

Portfolio Pulse from Akanksha Bakshi

July 10, 2023 | 2:42 pm

BABA

BTGOF

GSK

HNHPF

IEP

JNJ

META

NVO

SIVBQ

UBS

Meta's Threads app has reached 100 million users in five days, making it the fastest-growing consumer application in history. Nanobiotix has entered a global licensing, co-development, and commercialization agreement with Janssen Pharmaceutica, a unit of Johnson & Johnson, for the investigational radioenhancer NBTXR3. GSK's Arexvy vaccine for respiratory syncytial virus has been approved in the UK for older adults. BT Group's CEO Philip Jansen is stepping down within the next 12 months. Foxconn has withdrawn from a $19.5 billion semiconductor joint venture with Vedanta, impacting India's chipmaking plans. General Motors has reduced the starting price for the Cadillac Lyriq by 14% in China. SVB Financial Group is suing the U.S. Federal Deposit Insurance Corporation to recover $1.93 billion. Saudi National Bank's plan to increase its stake in UBS Group's Credit Suisse has been halted by Swiss regulator FINMA. Godrej Aerospace is planning to invest in General Electric's GE414 engine manufacturing operations. Carl Icahn has revised loan agreements and recovery strategy after a short-seller attack led to a 40% drop in Icahn Enterprises' shares. Novo Nordisk's weight-loss medications are under European investigation over suicidal risks. Alibaba's Youku is airing a series focusing on China's semiconductor leadership.

Portfolio Pulse from Vandana Singh

July 10, 2023 | 2:30 pm

LYV

Live Nation Entertainment, Inc. (NYSE:LYV) has acquired a majority stake in Páramo Presenta, the leading music promoter in Colombia. The acquisition was executed through OCESA, which Live Nation acquired a controlling interest of in December 2021. Páramo is known for its flagship event, Estereo Picnic, a 4-day music festival in Bogotá, which is Colombia’s largest music festival. All future events will be ticketed through Eticket, OCESA’s Colombian ticketing entity and part of Live Nation Entertainment’s ticketing platform.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 2:29 pm

AAPL

HNHPF

INTC

STM

TSEM

Foxconn, a supplier to Apple Inc, has withdrawn from a $19.5 billion semiconductor joint venture with Indian conglomerate Vedanta, posing a challenge to India's chipmaking plans. The joint venture was part of India's economic strategy to foster domestic electronics manufacturing. Foxconn's withdrawal may impact the efforts to attract foreign investors for local chip production. The joint venture was one of the three applications for chip manufacturing under a $10 billion incentive scheme in India.

Portfolio Pulse from Anusuya Lahiri

July 10, 2023 | 2:03 pm

PLSH

Panacea Life Sciences Holdings, Inc. (OTCQB:PLSH) is set to acquire eight retail locations in Tampa, Florida, which offer Kava, Kratom, VAPE and CBD products. The acquisition, which includes inventory, equipment, recipes, distribution facilities and a warehouse, generated $2.9 million of annual revenues for the fiscal year ended December 31, 2022. The purchase will be made through the issuance of approximately 85,000 shares of a new class of convertible preferred stock, convertible into approximately 8.5 million shares of common stock.

Portfolio Pulse from Vuk Zdinjak

July 10, 2023 | 2:00 pm

AAPL

INDA

Foxconn, a major supplier for Apple, has withdrawn from a $19.5 billion joint venture in India that was set to produce semiconductor and display components. The reason for the withdrawal was not provided. This move is a significant setback to India's ambitions to become a global high-tech manufacturing hub. Despite this, Foxconn continues to build other factories across India.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 1:36 pm