Streetbeat News

Acquisitions Mergers

PTEN

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) is set to acquire Ulterra Drilling Technologies for $370 million in cash and 34.9 million shares of PTEN common stock. The deal is expected to close in Q3 2023. Ulterra is expected to generate $160 million-$180 million of EBITDA in 2023, creating revenue synergies within the first year. PTEN shares are currently trading lower by 0.16% to $12.30.

Portfolio Pulse from Nabaparna Bhattacharya

July 05, 2023 | 3:50 pm

BZAMF

BZAM Ltd. has completed the sale of Galaxie Brands Corporation for $556,522. In conjunction with this, BZAM and its lender have agreed to amend the terms of their credit agreement. The amendments include changes to the EBITDA financial covenant, reduction of the term portion of the credit facility, and prepayments on the term portion of the credit facility.

Portfolio Pulse from Vuk Zdinjak

July 05, 2023 | 3:40 pm

KNX

Knight-Swift Transportation Holdings Inc (NYSE:KNX) has completed the acquisition of U.S. Xpress Enterprises, Inc. The deal was valued at around $808 million, with Knight-Swift assuming U.S. Xpress' $484 million of outstanding debt and purchasing its outstanding equity for $324 million. Following the transaction, U.S. Xpress was de-listed from the NYSE. However, Knight-Swift expects Q2 results to be lower than expected due to weakness in the full truckload market. The company's shares are trading lower by 2.80% at $54.35.

Portfolio Pulse from Lekha Gupta

July 05, 2023 | 3:29 pm

LCFY

Locafy Limited (NASDAQ:LCFY) has acquired additional SEO technology, Citation Boost technologies, from Jimmy Kelley Digital. The technology will work alongside Locafy's existing software to increase the online prominence of local citations. The company plans to make this solution more widely available by the end of the 2023 September quarter or Locafy's fiscal Q1 2024. LCFY shares are trading higher by 3.11% to $6.58.

Portfolio Pulse from Nabaparna Bhattacharya

July 05, 2023 | 3:19 pm

DWAC

Digital World Acquisition Corp. (DWAC) shares are trading higher after the company reportedly reached an $18 million settlement with the SEC, ending the investigation into its merger with Truth Social.

Portfolio Pulse from Benzinga Newsdesk

July 05, 2023 | 3:01 pm

MIDD

Middleby Corporation (NASDAQ:MIDD) has acquired TERRY Water Treatment Solutions for an undisclosed sum. TERRY, which has $5 million in annual sales, offers an environmentally friendly solution to eliminate and prevent scale build up in commercial foodservice equipment. Middleby held $156.5 million in cash and equivalents as of April 1, 2023. MIDD shares are trading lower by 0.99% at $146.08.

Portfolio Pulse from Shivani Kumaresan

July 05, 2023 | 2:48 pm

EME

EMCOR Group Inc (EME) has agreed to acquire ECM Holding Group, Inc, a company specializing in energy efficiency retrofit services. The deal, set to close in Q3 2023, will strengthen EMCOR's position in energy efficiency specialty services and expand its nationwide energy conservation and sustainability solutions portfolio. ECM's estimated revenues for 2023 total $60 million. EMCOR reported Q1 revenues of $2.89 billion, beating the consensus of $2.87 billion.

Portfolio Pulse from Lekha Gupta

July 05, 2023 | 2:41 pm

LSDI

Lucy Scientific Discovery Inc. (NASDAQ:LSDI) has acquired Wesana Health Inc.'s SANA-013 assets, a therapy being developed for several mental health and central nervous system related conditions. Lucy Scientific also announced the formation of Lucy Discoveries Holdings, a new entity that will focus on psychedelic medicine research and development.

Portfolio Pulse from Vuk Zdinjak

July 05, 2023 | 2:30 pm

AEL

BAM

BN

BNRE

Brookfield Reinsurance Ltd (BNRE) has agreed to acquire American Equity Investment Life Holding (AEL) for approximately $4.3 billion. AEL shareholders will receive $55.00 per share, a premium of 35% to the closing price as of June 23, 2023. The merger is expected to be completed in the first half of 2024, with AEL shares being delisted from the NYSE. AEL has also agreed to suspend the payment of dividends on its common stock through the closing of the transaction.

Portfolio Pulse from Akanksha Bakshi

July 05, 2023 | 2:20 pm

DWAC

Digital World Acquisition Corp (DWAC) has reached an $18 million settlement with the U.S. Securities and Exchange Commission (SEC) to end an ongoing investigation into its planned merger with Trump Media & Technology Group. The settlement is expected to remove uncertainty over DWAC and allow it to proceed with the merger. Following the news, DWAC shares were trading 12.6% higher.

Portfolio Pulse from Adam Eckert

July 05, 2023 | 1:51 pm