Streetbeat News

Acquisitions Mergers

AAPL

SOPA

Society Pass Incorporated's unit NextGen Retail Inc has agreed to acquire 95% of Indonesia-based PT Inetindo Info, a subsidiary of Story-I Limited, for approximately $1.85 million. Inetindo is an Apple Inc. Premium Reseller and an electronic gaming retailer. The deal is expected to close by September 2023 and is anticipated to be accretive to SoPa's non-GAAP earnings per share. Following the news, SOPA shares rose by 9.3%.

Portfolio Pulse from Nabaparna Bhattacharya

July 07, 2023 | 3:28 pm

GME

GameStop Corp (NYSE:GME) is in a unique position with a cash reserve of $1.31 billion and no debt. The company can leverage this capital to explore various avenues such as investing in Web3 technologies, acquiring other companies, venturing into new markets, and earning interest on conservative investments. GameStop can also engage in a share buyback program, potentially repurchasing 60 million shares of its common stock at $22 per share.

Portfolio Pulse from Kevin Malone

July 07, 2023 | 3:18 pm

VMI

Valmont Industries Inc (NYSE:VMI) has agreed to acquire HR Products, an Australian irrigation parts supplier, for an undisclosed sum. The acquisition will expand Valmont's geographic footprint and grow its parts presence in a key agriculture market. The deal is expected to be immediately accretive to earnings, with Year 1 revenue of about $45 million. The transaction is expected to close in Q3 2023.

Portfolio Pulse from Shivani Kumaresan

July 07, 2023 | 2:53 pm

AAPL

AVGO

BABA

CRON

DISH

EADSY

KKR

LVMHF

NVO

SBUX

SPOT

TSLA

TikTok plans to launch a new music streaming service in Brazil and Indonesia, posing a threat to Spotify. Cronos Group is considering a potential sale after attracting acquisition interest. DISH Network is considering merging with EchoStar Corp. Novo Nordisk has filed lawsuits against pharmacies for illegally selling products containing semaglutide. Alibaba's stock is trading higher amid reports of China looking to end its regulatory overhaul on Ant Group. Starbucks is being sued by the National Labor Relations Board for illegal termination. ChatGPT's website traffic and app downloads have declined. Zoom Video is planning to double its technology investments in the Asia-Pacific region. Broadcom is considering a major investment in Spain's semiconductor sector. Airbus delivered 72 airplanes to 48 customers in June. KKR is acquiring a majority stake in PangeaCo. Tesla is laying off some battery production workers at its Shanghai plant. LVMH-backed firm is considering an IPO of Birkenstock in the US market.

Portfolio Pulse from Vandana Singh

July 07, 2023 | 1:31 pm

CRBU

LZM

MARA

NIO

SOUN

Benzinga's Stock Whisper Index highlights five stocks that warrant attention for the week of July 6, 2023. The stocks include Nio Inc, which saw volatile shares after reporting quarterly deliveries and an analyst update; Marathon Digital Holdings, which saw shares jump due to updated filings for Bitcoin ETFs; Caribou Biosciences, which saw shares surge after announcing an equity investment from Pfizer; Lifezone Metals, which completed a SPAC merger with GoGreen Investments Corporation; and SoundHound AI, which saw strong interest despite a lack of news or company updates.

Portfolio Pulse from Chris Katje

July 07, 2023 | 1:04 pm

MDGS

Medigus subsidiary, Jeffs' Brands, intends to acquire a 50.01% interest in an AI marketing business, B24Chat. The move aims to enhance Jeffs' Brands' machine learning capabilities and upgrade its marketing and services performance. The investment is valued at $1M.

Portfolio Pulse from Benzinga Newsdesk

July 07, 2023 | 1:03 pm

AVGO

CSCO

Broadcom Inc (NASDAQ:AVGO) is considering a $1 billion investment in a European Union-funded program to develop a semiconductor industry in Spain. The Spanish government plans to allocate up to €12 billion ($13 billion) from the EU's pandemic relief funds for the project. Prior to this, Cisco Systems Inc (NASDAQ:CSCO) had plans to launch a new chip design center in Barcelona. AVGO shares traded higher by 0.24% at $850.00 in the premarket on the last check Friday.

Portfolio Pulse from Anusuya Lahiri

July 07, 2023 | 12:57 pm

GLTA

Galata Acquisition Corp. and Marti Technologies Inc. have announced that their shareholders have approved the previously announced business combination. The combined company will operate as Marti Technologies, Inc. and its shares and warrants are expected to trade on the NYSE American Stock Exchange under the symbols 'MRT' and 'MRTW', respectively, switching from the symbol 'GLTA'. The business combination is expected to close on July 10, 2023.

Portfolio Pulse from Happy Mohamed

July 07, 2023 | 12:32 pm

VMI

Valmont Industries, Inc. (NYSE:VMI) has announced its plans to acquire HR Products, a leading wholesale supplier of irrigation parts in Australia. The acquisition is part of Valmont's global agriculture growth strategy and is expected to expand its geographic footprint and parts presence in a key agriculture market. The transaction, which will be funded with cash on hand, is expected to be immediately accretive to earnings, with Year 1 revenue of approximately US $45 million. The deal is expected to close in the third quarter of 2023.

Portfolio Pulse from Happy Mohamed

July 07, 2023 | 12:17 pm

CPNBF

KKR

KKR & Co Inc has announced a deal to acquire a majority stake in PangeaCo and the existing fiber optic networks of Telefonica del Peru SAA and Entel Perú. The investment will be made through KKR's Global Infrastructure Investors III fund. The deal will result in the creation of ON*NET Fibra de Perú, an independent company controlled by KKR, which will operate the largest fiber optic network in Peru. KKR will own a 54% stake in the new company, with Telefonica Hispanoamérica and Entel Perú holding 36% and 10% respectively.

Portfolio Pulse from Lekha Gupta

July 07, 2023 | 11:31 am