Streetbeat News

Acquisitions Mergers

MSFT

Krafton has acquired Tango Gameworks and the Hi-Fi Rush IP from Xbox, ensuring the continued development of the game studio. This acquisition comes after Microsoft's decision to close several Bethesda studios, including Tango Gameworks. Krafton plans to collaborate with Xbox and ZeniMax to ensure a smooth transition and maintain continuity at Tango Gameworks.

Portfolio Pulse from Franca Quarneti

August 12, 2024 | 5:48 pm

SOUN

SoundHound AI, Inc. (NASDAQ:SOUN) shares are trading higher after the company announced the acquisition of Amelia and reported strong second-quarter earnings. The company beat analyst expectations and raised its full-year and 2025 revenue guidance. Analysts are bullish on the stock, with an average 1-year price target of $7.25, representing a 40.64% upside.

Portfolio Pulse from Erica Kollmann

August 12, 2024 | 5:36 pm

AMD

Advanced Micro Devices (AMD) shares are slightly up on Monday following the announcement of its $665 million acquisition of Silo AI, Europe's largest private AI lab. The acquisition aims to enhance AMD's AI capabilities and customer solutions. Despite the positive news, AMD's stock is trading below its 50-day moving average.

Portfolio Pulse from Dylan Berman

August 12, 2024 | 4:58 pm

Carlyle Group is exploring a €3 billion sale of Dutch salt and chemicals producer Nobian. The sale process is expected to start next year. Nobian, co-owned by Carlyle and GIC, produces high-purity salt and specialty chemicals for various applications, including clean energy solutions. Carlyle has a history of investing in energy-intensive businesses and aims to decarbonize its portfolio companies.

Portfolio Pulse from Benzinga Newsdesk

August 12, 2024 | 4:54 pm

GFI

Gold Fields shares are trading lower after the company announced the acquisition of Osisko Mining for $1.57 billion in cash.

Portfolio Pulse from Benzinga Newsdesk

August 12, 2024 | 4:08 pm

ENSV

STRR

Star Equity Holdings, Inc. (NASDAQ: STRR, STRRP) has completed an investment in Enservco Corporation (NYSE: ENSV) by issuing 250,000 shares of its 10% Series A Cumulative Perpetual Preferred Stock to Enservco in exchange for 12.5 million ENSV common shares and share equivalents. Additionally, Star made a $1 million short-term loan to Enservco to facilitate the acquisition of Buckshot Trucking, LLC. Star will also receive a seat on Enservco's Board of Directors.

Portfolio Pulse from Benzinga Newsdesk

August 12, 2024 | 4:02 pm

ABBV

RVNC

Crown Laboratories, Inc. is set to acquire Revance Therapeutics, Inc. (NASDAQ:RVNC) for $6.66 per share in cash, valuing the deal at $924 million. This represents an 89% premium over Revance's closing price on August 9, 2024. Revance's lead product, Daxxify, competes with AbbVie's Botox and has shown strong sales growth. The transaction is expected to close by year-end, after which Revance will be delisted from Nasdaq.

Portfolio Pulse from Vandana Singh

August 12, 2024 | 3:50 pm

BNS

KEY

Bank of Nova Scotia shares are trading lower after the company announced it acquired a 14.9% stake in KeyCorp worth $2.8 billion.

Portfolio Pulse from Benzinga Newsdesk

August 12, 2024 | 3:36 pm

BEKE

KEY

MNTK

NFE

RVNC

SBUX

U.S. stocks were mostly lower on Monday, with the Dow Jones index falling around 150 points. However, several stocks saw significant gains. KE Holdings (NYSE:BEKE) rose 6.9% after reporting better-than-expected Q2 results and increasing its repurchase authorization. Revance Therapeutics (NASDAQ:RVNC) surged 85.4% following a merger agreement with Crown Laboratories. KeyCorp (NYSE:KEY) shares jumped 13% after Scotiabank acquired a 14.9% stake. Other notable gainers included Montauk Renewables (NASDAQ:MNTK), New Fortress Energy (NASDAQ:NFE), and Starbucks (NASDAQ:SBUX).

Portfolio Pulse from Avi Kapoor

August 12, 2024 | 2:09 pm

NEWT

PALT

Paltalk, Inc. (NASDAQ:PALT) has entered into a definitive agreement to acquire Newtek Technology Solutions, Inc. from NewtekOne, Inc. (NASDAQ:NEWT) for $4 million in cash and 4 million shares of a newly created series of Paltalk's preferred stock. The acquisition will enhance Paltalk's offerings in server hosting, cloud hosting, data storage, and managed security services.

Portfolio Pulse from Benzinga Newsdesk

August 12, 2024 | 1:08 pm