Streetbeat News

Acquisitions Mergers

BZFD

Social media personality Pulte X announced that the Pulte family has acquired an activist position in BuzzFeed and supports changes proposed by Vivek Ramaswamy. Following this announcement, BuzzFeed's shares were halted on a circuit breaker to the upside and are now up 17.1%.

Portfolio Pulse from Benzinga Newsdesk

July 16, 2024 | 4:51 pm

BX

JPM

LBO

MS

PSP

Blackstone Inc. (NYSE:BX) shares are trading higher following the announcement of a definitive agreement to acquire Trystar. Additionally, Blackstone and CVC Capital Partners are considering bids for StandardAero, potentially valuing it at over $10 billion. Carlyle is working with JP Morgan Chase & Co. (NYSE:JPM) and Morgan Stanley (NYSE:MS) to explore options for StandardAero, including a sale or IPO. Investors can gain exposure to private equity through EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF (BATS:LBO) and Invesco Global Listed Private Equity ETF (NYSE:PSP).

Portfolio Pulse from Nabaparna Bhattacharya

July 16, 2024 | 4:23 pm

APO

LBO

WBIL

Apollo Global Management (NYSE:APO) shares are trading higher after announcing a definitive agreement to acquire The Travel Corporation (TTC). The transaction includes 18 leading travel brands and is expected to close in Q4 2024, subject to regulatory approvals. Apollo's aviation lending platform also recently closed its first aircraft loan asset-backed securitization. Investors can gain exposure to Apollo via EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF (BATS:LBO) and WBI BullBear Quality 3000 ETF (NYSE:WBIL).

Portfolio Pulse from Lekha Gupta

July 16, 2024 | 3:40 pm

DLTNF

SNDL

Delta 9 Cannabis Inc. has obtained creditor protection under the CCAA due to aggressive actions by SNDL Inc., which acquired Delta 9's senior secured debt. SNDL's strategy involves pressuring companies into bankruptcy to bid for their assets. FIKA Company has agreed to act as a plan sponsor for Delta 9's CCAA proceedings, proposing to acquire certain assets and provide interim financing.

Portfolio Pulse from Jelena Martinovic

July 16, 2024 | 3:35 pm

APD

Air Products And Chemicals shares are trading higher following reports that Aramco will acquire a 50% stake in Air Products Qudra's Blue Hydrogen Industrial Gases Company.

Portfolio Pulse from Benzinga Newsdesk

July 16, 2024 | 3:26 pm

APD

USO

Saudi Aramco is set to acquire a 50% stake in Air Products Qudra's Blue Hydrogen Industrial Gases (BHIG) to develop a lower-carbon hydrogen production business. This move aims to support the growth of Aramco's new energies portfolio. Upon completion, Aramco and APQ will each own a 50% stake in BHIG.

Portfolio Pulse from Benzinga Newsdesk

July 16, 2024 | 2:56 pm

PM

VDC

XLP

Philip Morris International Inc (NYSE:PM) is investing $600 million to establish a manufacturing facility in Aurora, Colorado, expected to create 500 direct jobs and generate $550 million in annual economic impact. The plant will produce Swedish Match ZYN nicotine pouches, aiming to shift adult smokers away from traditional cigarettes. The construction phase will create nearly 5,000 jobs and contribute nearly $1 billion to the economy. PMI's stock has gained over 7% in the last 12 months.

Portfolio Pulse from Shivani Kumaresan

July 16, 2024 | 2:42 pm

PAG

Penske Automotive Group shares are trading higher following the announcement of its acquisition of Bill Brown Ford.

Portfolio Pulse from Benzinga Newsdesk

July 16, 2024 | 2:30 pm

SNDL

SNDL Inc. (NASDAQ:SNDL) announced a restructuring project that includes consolidating its cannabis segments into a single unit. The project aims to enhance efficiency, reduce corporate overheads, and save over $20 million annually. The restructuring will require an $11 million investment over 18 months, with savings expected by mid-2025.

Portfolio Pulse from Jelena Martinovic

July 16, 2024 | 2:26 pm

PAG

Penske Automotive Group (NYSE:PAG) has acquired Bill Brown Ford, adding an estimated $550 million in annualized revenue. This acquisition expands PAG's retail operations in the Midwest and includes over 200,000 square feet of facilities. Year-to-date, PAG's acquisitions represent nearly $2 billion in estimated annualized revenue.

Portfolio Pulse from Benzinga Newsdesk

July 16, 2024 | 2:26 pm