Streetbeat News

Acquisitions Mergers

GGAA

Genesis Growth Tech Acquisition Corp. (NASDAQ: GGAA) has entered into a definitive Merger Agreement with travel technology company NextTrip Holdings, Inc. The merger will make NextTrip a publicly traded company on NASDAQ. The transaction is expected to be completed in the second half of 2023.

Portfolio Pulse from Benzinga Newsdesk

May 22, 2023 | 9:59 pm

PARAA

Paramount Global will merge its streaming services Paramount+ and Showtime on June 27, with the premium tier increasing to $11.99 from $9.99 and the lower-priced tier increasing to $5.99 from $4.99. The standalone Showtime app will be sunset by the end of the year, and the premium Showtime cable-TV network will be rebranded.

Portfolio Pulse from Benzinga Newsdesk

May 22, 2023 | 9:43 pm

AVIR

Concentra Biosciences, an affiliate of Tang Capital, has proposed to acquire Atea Pharmaceuticals (NASDAQ: AVIR) at $5.75 per share, a 55% premium to Friday's closing price. The deal is expected to close by July 2023. Tang Capital and Concentra have disclosed a 3.6% stake in Atea. William Blair maintains an Outperform rating for Atea.

Portfolio Pulse from Vandana Singh

May 22, 2023 | 9:37 pm

BRO

Brown & Brown, Inc. (NYSE:BRO) has entered into an agreement to acquire Kentro Capital Limited, an insurance industry group managing over £500 million of gross written premium. The transaction is expected to close in Q4 2023, subject to regulatory approvals. Kentro's companies include Nexus, Xenia, Millstream, Capstone Brokers, and Spectrum Risk Management.

Portfolio Pulse from Benzinga Newsdesk

May 22, 2023 | 9:31 pm

TGNA

TEGNA's merger agreement with an affiliate of Standard General L.P has been terminated. TEGNA is entitled to receive a $136 million termination fee from Standard General. The company's board and management team are reviewing the return of additional excess capital accumulated during the pending merger.

Portfolio Pulse from Benzinga Newsdesk

May 22, 2023 | 9:13 pm

RNR

RenaissanceRe Holdings Ltd. (NYSE:RNR) has commenced an underwritten public offering of 6.3 million common shares. The proceeds will be used to fund a portion of the cash consideration for the acquisition of certain subsidiaries of American International Group, Inc., including Validus Holdings, Ltd., Validus Specialty, LLC, and Validus Reinsurance Ltd.

Portfolio Pulse from Benzinga Newsdesk

May 22, 2023 | 9:08 pm

EQS

Equus Total Return (EQS) subsidiary Morgan E&P has acquired 4,747 net acres in the Bakken/Three Forks formation in North Dakota. Morgan is required to drill and complete a minimum of six wells within 18 months, with an average cost of $8 million per well.

Portfolio Pulse from Benzinga Newsdesk

May 22, 2023 | 9:03 pm

RNR

RenaissanceRe Holdings has entered into an agreement to acquire AID's Treaty Reinsurance business for $2.985 billion.

Portfolio Pulse from Benzinga Newsdesk

May 22, 2023 | 8:27 pm

CNM

Core & Main has signed an agreement to acquire Foster Supply, a distributor of construction materials. The terms of the deal have not been disclosed.

Portfolio Pulse from Benzinga Newsdesk

May 22, 2023 | 8:17 pm

YOTA

Yotta Acquisition Corporation (NASDAQ: YOTA) has extended its combination period to June 22, 2023, after its sponsor, Yotta Investment LLC, deposited $120,000 into the company's trust account. The extension aims to provide more time for the company to complete a business combination.

Portfolio Pulse from Happy Mohamed

May 22, 2023 | 8:13 pm