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Acquisitions Mergers

TAP

TLRY

Tilray Brands, Inc. (NASDAQ:TLRY) has announced a definitive agreement to acquire four craft breweries from Molson Coors Beverage Company (NYSE:TAP). This strategic acquisition is expected to strengthen Tilray's craft beer leadership in the U.S. and solidify its position as the #1 craft brewer in the Pacific Northwest and Georgia. The acquisition is projected to grow Tilray's beverage division's new beer accounts by 30%. Financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

August 13, 2024 | 6:16 pm

TAP

TLRY

Tilray Brands is reportedly in talks to acquire certain labels from Molson Coors, according to Bloomberg. This potential acquisition could expand Tilray's portfolio and market presence.

Portfolio Pulse from Benzinga Newsdesk

August 13, 2024 | 5:51 pm

GNLN

Greenlane Holdings (NASDAQ:GNLN) announced a $6.5 million private investment deal with a large institutional investor. The funds will be used for working capital and general corporate purposes. The deal includes issuing 3.36 million units, each consisting of one share of stock and two warrants. The news follows Greenlane's plan to distribute Safety Strips, Inc.'s fentanyl detection test strips, which caused shares to skyrocket by 244.40%. However, shares traded 9.57% lower at $10.40 during Tuesday's pre-market session.

Portfolio Pulse from Nina Zdinjak

August 13, 2024 | 5:05 pm

BX

LBO

PSP

Blackstone Inc. (NYSE:BX) and Regis Group plc's Sage Homes sold over 3,000 shared-ownership homes to Universities Superannuation Scheme Limited for £405 million ($519 million). This marks the largest shared ownership portfolio acquisition since 1990. Additionally, Blackstone is exploring options for Clarion Events, potentially valuing it at up to $2.6 billion. Investors can gain exposure to BX stock via EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF (BATS:LBO) and Invesco Global Listed Private Equity ETF (NYSE:PSP). BX shares are up 2.37% at $132.35.

Portfolio Pulse from Lekha Gupta

August 13, 2024 | 5:02 pm

JCI

Aliaxis has signed a definitive agreement to acquire Johnson Controls' CPVC pipe and fittings business, which serves residential and light commercial sprinkler systems in the Southern U.S.

Portfolio Pulse from Benzinga Newsdesk

August 13, 2024 | 4:33 pm

SNDL

SNDL Inc. (NASDAQ:SNDL) will acquire the remaining 34.8% of Nova Cannabis Inc. (TSX:NOVC) shares for approximately $29.1 million. The deal, approved by both companies' boards, offers Nova shareholders $1.75 per share in cash or 0.58 SNDL shares per Nova share. The transaction is expected to close by October 18, 2024, and aims to enhance SNDL's retail portfolio and generate cost savings.

Portfolio Pulse from Jelena Martinovic

August 13, 2024 | 4:32 pm

CVSI

CV Sciences, Inc. (OTCQB:CVSI), a hemp-focused wellness company, reported flat revenue of $4 million for Q2 2024 but saw an 8% YoY increase in gross profit. The company achieved a gross margin of 47%, the highest in 13 quarters, and reduced its net loss to $584,000. Operating expenses decreased, and the company plans to grow revenue in the second half of 2024 through acquisitions and new product innovations.

Portfolio Pulse from Jelena Martinovic

August 13, 2024 | 3:25 pm

BAX

CG

Baxter International Inc (NYSE:BAX) has agreed to sell its Kidney Care segment, Vantive, to The Carlyle Group Inc (NASDAQ:CG) for $3.8 billion. Baxter will receive approximately $3.5 billion in cash, with net after-tax proceeds estimated at $3 billion. The transaction is expected to close in late 2024 or early 2025. Following the sale, Baxter aims for operational sales growth of 4% to 5% annually and an adjusted operating margin of 16.5% for 2025. The company plans to use the proceeds to repay debt and focus on higher-growth opportunities. BAX stock is down 6.9% at $34.37.

Portfolio Pulse from Vandana Singh

August 13, 2024 | 3:07 pm

FLS

Flowserve Corporation (NYSE:FLS) has announced a $290 million acquisition of MOGAS Industries, a provider of severe service valves. The deal includes a potential $15 million earnout and is expected to enhance Flowserve's offerings in the mining and process industries. MOGAS is anticipated to contribute approximately $200 million in revenues with high teen adjusted EBITDA margins. The acquisition is expected to be accretive to Flowserve’s adjusted EPS in the first full year and to close in Q4 2024. Flowserve expects at least $15 million in cost synergies within two years.

Portfolio Pulse from Akanksha Bakshi

August 13, 2024 | 2:00 pm

BAX

Baxter shares are trading lower after announcing a definitive agreement to divest its Vantive Kidney Care segment to Carlyle for $3.8 billion. The stock initially gained but has since reversed.

Portfolio Pulse from Benzinga Newsdesk

August 13, 2024 | 1:42 pm