Streetbeat News

Acquisitions Mergers

LTCH

Latch, Inc. (NASDAQ:LTCH) has completed its acquisition of Honest Day's Work, a company dedicated to enabling residential service providers to operate more efficiently through technology. The deal was made in exchange for approximately 29 million shares and a $22 million aggregate principal amount. Latch also acquired all of HDW's assets, including its intellectual property and $8 million in cash. About 30 HDW team members joined Latch, and Jamie Siminoff, Ring founder and HDW's head, is expected to become Latch's CEO later this year.

Portfolio Pulse from Nabaparna Bhattacharya

July 03, 2023 | 4:58 pm

VSEC

VSE Corp (VSEC) has completed the acquisition of Desser Holding Company LLC for $124 million and sold Desser Aerospace's Proprietary Solutions businesses to Loar Group Inc for $30 million. The net cash consideration for the deal was $94 million. The acquisition is expected to increase VSE's exposure to the high-growth, higher-margin aviation distribution and MRO markets. VSEC shares are currently trading lower by 1.83% at $53.69.

Portfolio Pulse from Lekha Gupta

July 03, 2023 | 3:57 pm

CWST

GFL

Casella Waste Systems, Inc (NASDAQ:CWST) has completed the acquisition of the Pennsylvania, Delaware, and Maryland collection, transfer, and recycling operations of GFL Environmental Inc. (NYSE:GFL) for approximately $525 million. The deal was funded through a new $430 million term loan and proceeds from an equity offering. The acquisition is expected to generate annualized revenues of about $185 million and boost Casella's growth opportunities.

Portfolio Pulse from Shivani Kumaresan

July 03, 2023 | 3:44 pm

CS

UBS

UBS Group has signed a loss protection agreement with the Swiss government regarding its acquisition of Credit Suisse. UBS will cover potential losses of the first CHF 5 billion, with the Swiss government covering any losses exceeding this up to CHF 9 billion. The bank is also planning a US recruitment drive for wealth managers, having already hired 50 financial advisers from various firms in H1 2021. UBS shares are trading higher by 0.69% at $20.41 premarket on Monday.

Portfolio Pulse from Akanksha Bakshi

July 03, 2023 | 3:24 pm

MSFT

NVDA

Nvidia Corp (NVDA) continues to perform well, buoyed by the ChatGPT frenzy and the acquisition of AI startup OmniML. The acquisition could hint at Nvidia's desire to improve its AI chips for various applications. The company's stock has gained close to 200% YTD and was the first to join the trillion-dollar valuation club in 2023. Last week, Nvidia invested in DeepMind co-founder's Inflection AI startup, gaining access to 22,000 Nvidia H100 GPUs. Analysts from Daiwa Capital and Raymond James expressed confidence in Nvidia's position despite U.S. government's aggressive export controls.

Portfolio Pulse from Anusuya Lahiri

July 03, 2023 | 3:24 pm

TNXP

Tonix Pharmaceuticals Holding Corp. (NASDAQ:TNXP) has acquired two FDA-approved migraine products, Zembrace SymTouch and Tosymra, from Upsher-Smith Laboratories for about $25 million. The acquisition is expected to enhance Tonix's commercial capabilities and infrastructure. These products collectively generated sales of approximately $23 million in 2022. TNXP shares are trading higher by 2.04% to $1.6123.

Portfolio Pulse from Nabaparna Bhattacharya

July 03, 2023 | 2:56 pm

AJX

Great Ajax Corp. has announced a definitive merger agreement where it will be acquired by Ellington Financial. This has led to a rise in Great Ajax's share prices.

Portfolio Pulse from Benzinga Newsdesk

July 03, 2023 | 2:31 pm

ERES

East Resources Acquisition Co (ERES) has announced the closure of its merger with Abacus Life for $618.0 million. Following the merger, ERES has been renamed to 'Abacus Life, Inc.,' and its common stock and warrants are expected to start trading on the Nasdaq Capital Market under the ticker symbols 'ABL' and 'ABLLW,' respectively, from July 5, 2023. ERES shares are currently trading higher by 6.2% at $10.44.

Portfolio Pulse from Lekha Gupta

July 03, 2023 | 2:27 pm

FLR

HII

HON

Honeywell International Inc has sold its stake in the Savannah River Nuclear Solutions joint venture to partners Fluor Corporation and Huntington Ingalls Industries, Inc. The financial terms were not disclosed. Last month, Honeywell agreed to buy Saab AB heads-up-display (HUD) assets for use in several avionics offerings for undisclosed terms.

Portfolio Pulse from Lekha Gupta

July 03, 2023 | 1:58 pm

BTM

Bitcoin Depot's shares opened at $3.95 on its first day of trading following a merger with a Special Purpose Acquisition Company (SPAC).

Portfolio Pulse from Happy Mohamed

July 03, 2023 | 1:57 pm