Streetbeat News

Acquisitions Mergers

AJG

Arthur J. Gallagher & Co. has acquired Cornerstone Commercial & Personal Insurance Services, Inc. The terms of the transaction were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

July 01, 2024 | 4:01 pm

BW

Babcock & Wilcox Enterprises, Inc. (NYSE:BW) shares surged after selling its Denmark-based subsidiary for $87 million. The company plans to use the proceeds to reduce debt and increase liquidity. BW reiterated its full-year 2024 adjusted EBITDA outlook and highlighted a strong pipeline of opportunities.

Portfolio Pulse from Lekha Gupta

July 01, 2024 | 3:55 pm

TMTC

TMT Acquisition's merger partner, eLong Power, has announced an $11 million contract for an energy storage system. The business combination is expected to close in the second half of 2024, with the energy storage system delivery for intelligent charging robots in Beijing to be completed by the end of 2024.

Portfolio Pulse from Benzinga Newsdesk

July 01, 2024 | 3:50 pm

BA

SPR

Boeing (NYSE:BA) shares are rising after announcing the acquisition of Spirit AeroSystems (NYSE:SPR) for $37.25 per share, a 30% premium. The total equity value is $4.7 billion, with the transaction valued at $8.3 billion including net debt. The acquisition includes most of Spirit's business linked to Boeing's commercial planes and other operations.

Portfolio Pulse from Dylan Berman

July 01, 2024 | 3:23 pm

RELI

Reliance Global Group, Inc. (NASDAQ:RELI) shares are trading higher after a 1-for-17 reverse split. The company announced a new Real Estate division, set to launch after acquiring Spetner Associates in the second half of 2024. Shares are up 10% at $4.23, despite a year-to-date loss of 95.09%.

Portfolio Pulse from Erica Kollmann

July 01, 2024 | 3:17 pm

XTIA

XTI Aerospace (NASDAQ:XTIA) has secured a $55 million investment from FC Imperial Limited to accelerate the development of its TriFan aircraft. The investment values XTI at $275 million post-money and aims to support key milestones, including design reviews and the assembly of the first test aircraft. Despite the positive news, XTIA shares are trading lower by 6.31% at $0.4141.

Portfolio Pulse from Shivani Kumaresan

July 01, 2024 | 3:06 pm

NNE

Nano Nuclear Energy Inc. (NASDAQ:NNE) shares are trading higher, up nearly 50% over the past five days. The surge follows the company's MOU with Curio Solutions, the U.S. Senate's approval of the ADVANCE Act, a price target increase by Benchmark, and the acquisition of ALIP intellectual property.

Portfolio Pulse from Erica Kollmann

July 01, 2024 | 3:03 pm

QSR

THCH

Restaurant Brands International Inc. (NYSE:QSR) has announced two strategic transactions in China, acquiring Popeyes China and co-investing in TH International Limited (NASDAQ:THCH), also known as Tims China. The total capital outlay for these transactions will be up to $45 million, with plans to accelerate restaurant growth and establish local partnerships.

Portfolio Pulse from Shivani Kumaresan

July 01, 2024 | 2:39 pm

GFS

GlobalFoundries (NASDAQ:GFS) has acquired Tagore Technology's GaN technology, enhancing its portfolio in high-power density solutions for automotive, IoT, and AI datacenter applications. Financial terms were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

July 01, 2024 | 2:25 pm

LLY

Radionetics Oncology has entered a strategic agreement with Eli Lilly, receiving a $140 million upfront payment. Eli Lilly gains the exclusive right to acquire Radionetics for $1 billion. The partnership will focus on developing GPCR targeting radiopharmaceuticals for solid tumors using Radionetics' proprietary discovery platform.

Portfolio Pulse from Benzinga Newsdesk

July 01, 2024 | 2:04 pm