Streetbeat News

Acquisitions Mergers

MOH

Molina Healthcare, Inc. (NYSE:MOH) has announced its plans to acquire the California Medicare business of Bright HealthCare for approximately $510 million. The acquisition is expected to expand Molina's Medicare presence in California and add $1.00 per share to new store embedded earnings. The transaction is expected to close in the first quarter of 2024.

Portfolio Pulse from Happy Mohamed

June 30, 2023 | 12:17 pm

BAC

EVR

GS

Bank of America Corp (BAC) has announced executive changes as part of a global investment bank revamp. Jin Su has been named as the region's head of global markets, while Patrick Law and Neelkanth Parekh have been appointed leaders for fixed-income, currencies, and commodities trading and sales. The news follows Goldman Sachs Group, Inc (GS) losing its investment banker Tammy Kiely to Evercore Inc (EVR).

Portfolio Pulse from Anusuya Lahiri

June 30, 2023 | 12:13 pm

MEDS

Superlatus, Inc., a U.S.-based food products holding company, has signed a definitive agreement to be acquired by TRxADE HEALTH, Inc. (NASDAQ:MEDS), a pharmaceutical exchange platform provider. Upon closing, Superlatus shareholders will receive an aggregate of 173,463 shares of MEDS stock. MEDS plans to divest its existing operating business and assets shortly after the merger. The combined company will focus on creating a global consolidation platform for the food and healthy snack industry.

Portfolio Pulse from Happy Mohamed

June 30, 2023 | 12:09 pm

FXCOF

Foxconn Technology Co., Ltd. (OTC:FXCOF) has received approval from Vietnam to invest $246 million in two new projects in Quang Ninh, northern Vietnam. The projects, to be undertaken by Foxconn Singapore, will focus on manufacturing and assembling telecom and electric vehicle (EV) parts. Foxconn will spend $200 million on producing EV chargers and components, starting in January 2025, and $46 million to produce electronics and telecommunication components in October 2024. The company's total investments in Vietnam amount to about $3 billion.

Portfolio Pulse from Nabaparna Bhattacharya

June 30, 2023 | 12:07 pm

AMZN

Amazon has hired several former Federal Trade Commission (FTC) officials in preparation for an antitrust battle with the regulator. The company is facing charges of forcing third-party sellers to use its logistics network. The FTC has already filed three lawsuits against Amazon and may bring an antitrust suit to break up the company. Some speculate that the FTC may force Amazon to spin off its Amazon Web Services unit, divest its logistics business, or unwind significant acquisitions like MGM and Whole Foods.

Portfolio Pulse from Anusuya Lahiri

June 30, 2023 | 12:07 pm

BNIX

Bannix Acquisition Corp. (NASDAQ:BNIX) has announced a definitive agreement to acquire Evie Autonomous Group Ltd, a private company based in England and Wales. The acquisition will be conducted through an exchange of 85,000,000 shares of Bannix's common stock, resulting in Evie Autonomous becoming a wholly owned subsidiary of Bannix. The deal is subject to approval from Bannix's shareholders and other customary conditions.

Portfolio Pulse from Happy Mohamed

June 30, 2023 | 12:05 pm

BXRX

Baudax Bio, Inc. (NASDAQ:BXRX) has announced the acquisition of TeraImmune, a biotechnology company focused on Treg-based cell therapies for autoimmune diseases. The merger will add TeraImmune's TI-168 asset to Baudax's portfolio, a promising cell therapy candidate for Hemophilia A patients. Baudax Bio CEO Gerri Henwood will serve as CEO of the combined entity. No financial terms were disclosed.

Portfolio Pulse from Happy Mohamed

June 30, 2023 | 12:03 pm

GD

The U.S. State Department has approved potential ammunition and logistics support deals worth up to $440 million for Taiwan. The principal contractors for these deals will be Alliant Techsystems Operations and General Dynamics (NYSE:GD). This comes as China intensifies pressure on Taiwan, with Xi Jinping's forces sending military aircraft and warships near Taiwan.

Portfolio Pulse from Navdeep Yadav

June 30, 2023 | 11:35 am

DCI

Donaldson Company Inc (NYSE:DCI) has announced the acquisition of Univercells Technologies for €136 million. Univercells is a global producer of biomanufacturing solutions for cell and gene therapy research, development, and commercial manufacturing. The acquisition is expected to expand Donaldson's life sciences product portfolio.

Portfolio Pulse from Akanksha Bakshi

June 30, 2023 | 11:20 am

NNDM

SSYS

Stratasys' board has unanimously rejected Nano Dimension's revised partial tender offer, stating it substantially undervalues the company and is not in the best interests of Stratasys shareholders.

Portfolio Pulse from Benzinga Newsdesk

June 30, 2023 | 11:06 am