Streetbeat News

Acquisitions Mergers

BWA

BorgWarner (BWA) has agreed to acquire the Electric Hybrid Systems (EHS) business segment of Eldor for €75 million. The acquisition is expected to generate €25 million of revenue for FY23 and €250 million in 2027. Oppenheimer analyst Noah Kaye reiterated an Outperform rating on BWA shares.

Portfolio Pulse from Shivani Kumaresan

June 20, 2023 | 6:05 pm

BWA

BorgWarner announced it is acquiring Elder's Electric Hybrid Systems business, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

June 20, 2023 | 5:25 pm

AFRI

BOF

DFLI

DICE

FFIE

MMMB

SRGA

VCIG

US stocks traded lower with Dow Jones dropping over 300 points. DICE Therapeutics shares spiked 37% after Eli Lilly agreed to acquire the company for $48 per share in cash. Housing starts in the US surged 21.7% month-over-month in May.

Portfolio Pulse from Lisa Levin

June 20, 2023 | 4:29 pm

BDX

STE

Becton Dickinson (BDX) has agreed to sell its Surgical Instrumentation platform to Steris (STE) for $540 million. The deal will help BDX focus on its capital allocation priorities and support its BD 2025 expansion strategy. Approximately 360 BDX employees will transfer to Steris upon completion of the transaction.

Portfolio Pulse from Nabaparna Bhattacharya

June 20, 2023 | 4:08 pm

DICE

LLY

Eli Lilly (NYSE:LLY) has announced the acquisition of DICE Therapeutics (NASDAQ:DICE) for $2.40 billion in cash, expected to be completed in Q3 of 2023. Eli Lilly is a drug firm focused on neuroscience, cardiometabolic, cancer, and immunology, while DICE Therapeutics is a biopharmaceutical company developing oral therapeutic candidates for chronic diseases.

Portfolio Pulse from Benzinga Insights

June 20, 2023 | 3:10 pm

BX

NI

NiSource Inc has agreed to sell a 19.9% stake in its NIPSCO unit to Blackstone Inc for $2.15 billion. The deal values NIPSCO at $10.8 billion in equity and $14.3 billion in enterprise value. NiSource will use the proceeds to de-lever its balance sheet, and Blackstone Infrastructure Partners will provide an additional $250 million for ongoing capital requirements.

Portfolio Pulse from Nabaparna Bhattacharya

June 20, 2023 | 2:55 pm

NVEE

NV5 Global Inc (NVEE.O), a US engineering consultant, is exploring a sale due to its business being negatively impacted by its exposure to commercial real estate.

Portfolio Pulse from Happy Mohamed

June 20, 2023 | 2:53 pm

AAL

ERJ

American Airlines has ordered seven new Embraer E175s for its subsidiary Envoy Air, with a contract value of $403.4 million. Deliveries will begin in Q4 2023, expanding Envoy's fleet to over 141 aircraft by the end of 2024.

Portfolio Pulse from Happy Mohamed

June 20, 2023 | 2:52 pm

DDD

DM

NNDM

SSYS

Stratasys has filed a preliminary Form F-4 and provided revenue and EBITDA estimates for its proposed combination with Desktop Metal, which is expected to generate over $1.6 billion in revenue and more than $300 million in EBITDA in 2026. The Stratasys board has determined that the unsolicited proposal from 3D Systems does not constitute a superior proposal to its agreement with Desktop Metal.

Portfolio Pulse from Happy Mohamed

June 20, 2023 | 2:27 pm

DDD

DM

SSYS

Stratasys' Board of Directors has unanimously determined that the proposal from 3D Systems to acquire Stratasys does not constitute a superior proposal to its agreement with Desktop Metal. The board has not changed its approval of the previously announced transaction with Desktop Metal.

Portfolio Pulse from Happy Mohamed

June 20, 2023 | 2:26 pm