Streetbeat News

Acquisitions Mergers

EVC

Entravision Communications Corporation (NYSE:EVC) has announced the sale of its digital advertising representation business to Aleph Group. The transaction has been approved by the Entravision Board of Directors and is expected to close by the end of June. Financial terms were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

June 14, 2024 | 1:01 pm

FOXO

FOXO Technologies shares are trading higher after the company announced it entered into share exchange agreements with Rennova Health.

Portfolio Pulse from Benzinga Newsdesk

June 14, 2024 | 12:56 pm

FOXO

RNVA

FOXO Technologies has entered into share exchange agreements with Rennova Health, acquiring equity in Myrtle Recovery Centers for $500K in common stock and Rennova Community Health for $20M in convertible preferred stock. These transactions are subject to shareholder approval. The combined entities generated $18.7M in revenue and $5.2M in net income in 2023.

Portfolio Pulse from Benzinga Newsdesk

June 14, 2024 | 12:33 pm

PSX

Phillips 66 (PSX) is selling a 25% stake in the Rockies Express Pipeline to Tallgrass Energy for $1.275 billion. This transaction will generate $685 million in pre-tax cash proceeds and supports Phillips 66's $3 billion asset divestiture commitment and strategic priorities, including shareholder returns.

Portfolio Pulse from Benzinga Newsdesk

June 14, 2024 | 12:30 pm

CRH

FMAT

PKB

CRH plc (NYSE:CRH) shares are trading lower after the company announced that Adbri’s independent shareholders approved the Scheme of Arrangement for CRH and the Barro Group to acquire Adbri Ltd. The deal, valued at A$2.1 billion, is expected to close on July 1, 2024. CRH will purchase the remaining 57% of Adbri’s shares not held by Barro for A$3.20 per share in cash. The acquisition is expected to bolster CRH's presence in Australia.

Portfolio Pulse from Lekha Gupta

June 14, 2024 | 12:19 pm

FOUR

Shift4 has acquired a majority stake in German Point-Of-Sale company Vectron Systems AG and completed its previously announced acquisition of Revel Systems. Financial terms were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

June 14, 2024 | 12:07 pm

EIPX

KEAT

TTE

TotalEnergies SE (NYSE:TTE) is selling its subsidiary TotalEnergies EP (Brunei) B.V. to Hibiscus Petroleum Berhad for $259 million. This move aligns with TotalEnergies' strategy to optimize its portfolio. The transaction is expected to close in Q4 2024. TTE shares were trading lower by 3.22% premarket.

Portfolio Pulse from Lekha Gupta

June 14, 2024 | 11:41 am

CRH

CRH and Barro Group's A$2.1 billion acquisition of Adbri has received court and shareholder approval. CRH will acquire the remaining 57% of Adbri shares for A$3.20 per share, with completion expected by July 1, 2024.

Portfolio Pulse from Benzinga Newsdesk

June 14, 2024 | 7:31 am

BITF

RIOT

Riot Platforms Inc. (NASDAQ:RIOT) has increased its stake in Bitfarms Ltd. (NASDAQ:BITF) to 14% as part of a hostile takeover bid. Riot purchased an additional $3.87 million worth of Bitfarms shares, bringing its total ownership to 57.62 million shares. Bitfarms has implemented a 'poison pill' strategy to prevent the takeover. Riot's CEO criticized this move and expressed intentions to call for a special shareholder meeting. Bitfarms announced plans to develop a large-scale mining site in Pennsylvania.

Portfolio Pulse from Aniket Verma

June 14, 2024 | 6:00 am

HITI

High Tide Inc. (NASDAQ:HITI) reported strong financial performance in Q2 2024, with $9.4 million in free cash flow and a net income of $0.2 million. Revenue increased by 5% to $124.3 million, and adjusted EBITDA grew by 52% year-over-year. The company plans to expand its cannabis footprint by opening 20-30 new stores by year-end, supported by a strong cash position of $34.5 million.

Portfolio Pulse from Nicolás Jose Rodriguez

June 14, 2024 | 3:35 am