Streetbeat News

Acquisitions Mergers

CTSH

Cognizant (NASDAQ:CTSH) announced its acquisition of Belcan, LLC for $1.3 billion. The acquisition is expected to deliver over $100 million in annual revenue synergies within three years and be EPS accretive by 2026. This move will significantly expand Cognizant's ER&D capabilities and diversify its client base into the aerospace, defense, space, and marine sectors.

Portfolio Pulse from Benzinga Newsdesk

June 10, 2024 | 11:03 am

SGC

Safe and Green Development Corporation (SGC) has acquired the AI technology MyVONIA for up to 500,000 shares of its common stock. The acquisition includes a non-compete agreement with Dr. Axely Congress, who will also continue to develop MyVONIA under a consulting agreement.

Portfolio Pulse from Benzinga Newsdesk

June 10, 2024 | 10:55 am

ICCH

Mutual Capital Group is set to acquire ICC Holdings, Inc. for $73.8 million in an all-cash deal, offering a 48% premium to ICCH's recent stock price. The acquisition has been approved by both companies' boards and will allow ICC Holdings to continue operating independently with increased support.

Portfolio Pulse from Benzinga Newsdesk

June 10, 2024 | 7:10 am

DO

NE

Noble Corporation (NE) is set to acquire Diamond Offshore (DO) in a cash and stock transaction valued at $600 million, representing an 11.4% premium. Diamond shareholders will receive 0.2316 Noble shares and $5.65 per share in cash for each Diamond share. The transaction is expected to close by Q1 2025, pending regulatory and shareholder approvals.

Portfolio Pulse from Benzinga Newsdesk

June 10, 2024 | 7:05 am

LUV

Elliott Investment Management has acquired a nearly $2 billion stake in Southwest Airlines (NYSE:LUV) and plans to push for changes to address the airline's underperformance. Southwest's share price has dropped over 50% in the last three years, contrasting with the performance of other airlines. Elliott is known for driving significant changes in underperforming companies.

Portfolio Pulse from Benzinga Neuro

June 10, 2024 | 2:15 am

INTC

NVDA

TSLA

This week in AI saw major developments from Nvidia's stock split announcement, Intel's new AI-focused chips, and Tesla's chip diversion. Nvidia announced a 10-for-1 stock split, Intel unveiled its Lunar Lake AI chips, and Elon Musk explained the redirection of Nvidia chips from Tesla to X and xAI.

Portfolio Pulse from Benzinga Neuro

June 09, 2024 | 1:00 pm

BRK

OXY

Warren Buffett's Berkshire Hathaway has purchased an additional 2.57 million shares of Occidental Petroleum, increasing its stake to about 250.6 million shares. This investment, worth over $150 million, follows a joint venture between Occidental's subsidiary TerraLithium and Berkshire's BHE Renewables to extract lithium from geothermal brine.

Portfolio Pulse from Rounak Jain

June 08, 2024 | 7:45 am

BAYA

Bayview Acquisition has entered into a merger agreement with Oabay Inc. As a result of the mergers, Oabay shareholders will receive ordinary shares of PubCo valued at $300 million. The transaction involves multiple mergers, ultimately making Oabay a wholly-owned subsidiary of PubCo.

Portfolio Pulse from Benzinga Newsdesk

June 07, 2024 | 9:16 pm

AAPL

BK

HOOD

NVDA

SOXX

The stock market hit record highs with the S&P 500 and Nasdaq 100 indices leading the charge. The tech sector, especially chipmakers tracked by the iShares Semiconductor ETF (SOXX), drove gains. Nvidia (NVDA) briefly surpassed Apple (AAPL) in market valuation. Central banks cut rates, but a tight US jobs report dampened hopes for Fed rate cuts. Robinhood (HOOD) surged after acquiring Bitstamp. BlackRock (BK) and Citadel Securities plan a new stock exchange in Texas.

Portfolio Pulse from Piero Cingari

June 07, 2024 | 8:25 pm

FCPT

Four Corners Property Trust (NYSE:FCPT) has acquired a MercyOne outpatient clinic property for $3 million. The property is located in a strong retail corridor in Iowa and is under a long-term, triple net lease with approximately six years remaining. The transaction was priced at a 7.2% cap rate.

Portfolio Pulse from Benzinga Newsdesk

June 07, 2024 | 8:16 pm