Streetbeat News

Acquisitions Mergers

GLPI

Gaming & Leisure Properties (GLPI) has acquired three casino resorts in South Dakota and Nevada for $105 million.

Portfolio Pulse from Benzinga Newsdesk

May 16, 2024 | 8:40 pm

GLPI

Gaming And Leisure Properties (GLPI) has acquired three casino resorts in South Dakota and Nevada for $105 million. The deal includes two cross-defaulted triple-net lease agreements with Strategic Gaming Management, LLC, and an additional $5 million in capital improvement proceeds, totaling a $110 million investment. The leases have an initial 25-year term with two ten-year renewal periods, an 8.4% capitalization rate, and an initial annualized rent coverage ratio of 2.0x. Rent will escalate annually by 2.0% starting in year three and by the greater of 2.0% or CPI (capped at 2.5%) starting in year 11.

Portfolio Pulse from Benzinga Newsdesk

May 16, 2024 | 8:39 pm

AMG

AMG has acquired a minority equity interest in Suma Capital, a pan-European private markets firm focused on the transition to a lower carbon economy. The terms of the transaction were not disclosed. Suma's partners will retain a significant majority of the equity and continue to manage day-to-day operations.

Portfolio Pulse from Benzinga Newsdesk

May 16, 2024 | 8:35 pm

PNTG

Pennant Group, Inc. has acquired Nurses On Wheels. The financial terms of the acquisition were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

May 16, 2024 | 8:31 pm

AKR

JPM

J.P. Morgan Real Estate Income Trust (JPMREIT) and Acadia Realty Trust (NYSE: AKR) have jointly acquired a grocery-anchored retail shopping center in Queens, NY for $48 million. This acquisition is part of a strategic joint venture to pursue retail opportunities.

Portfolio Pulse from Benzinga Newsdesk

May 16, 2024 | 7:42 pm

PFG

Principal Financial Group (PFG) is set to acquire the Employee Stock Ownership Plan (ESOP) business from Ascensus, adding approximately 800 plans and over 165,000 participants to its Workplace Savings and Retirement Solutions Business. The acquisition includes ESOP recordkeeping, consulting, and software assets, with the transition expected to complete by the end of Q2 2024.

Portfolio Pulse from Benzinga Newsdesk

May 16, 2024 | 7:32 pm

AMZN

BABA

FXI

GOOG

META

MSFT

NVDA

PDD

David Tepper, founder of Appaloosa Management, has increased his holdings in Chinese companies, making Alibaba his top holding. He has trimmed stakes in major U.S. tech companies like Nvidia, Microsoft, Amazon, Meta, and Alphabet. Tepper's bullish stance on China has driven up stocks like Alibaba and the iShares China Large-Cap ETF.

Portfolio Pulse from Surbhi Jain

May 16, 2024 | 6:34 pm

Waste Management is considering a $3 billion sale of its renewable natural gas unit, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

May 16, 2024 | 6:31 pm

AMC

COIN

DIA

GME

KWEB

WMT

The Dow Jones Industrial Average surpassed 40,000 points, marking a historic milestone. Chinese tech stocks, represented by the KraneShares CSI China Internet ETF (KWEB), reached 15-month highs. Meme stocks like GameStop (GME) and AMC Entertainment (AMC) experienced significant declines. Walmart (WMT) surged 6.5% after strong earnings, while Coinbase (COIN) fell over 8% amid a broader cryptocurrency market drop. Berkshire Hathaway's purchase of Chubb Limited (CB) shares led to a 4% rise in CB's stock.

Portfolio Pulse from Piero Cingari

May 16, 2024 | 5:44 pm

JNJ

SWAV

Johnson & Johnson (NYSE:JNJ) has agreed to acquire Proteologix Inc., a biotechnology company focused on bispecific antibodies for immune-mediated diseases, for $850 million in cash with potential milestone payments. This acquisition includes Proteologix's early-stage treatments for atopic dermatitis and asthma. Additionally, J&J recently agreed to acquire Shockwave Medical Inc. (NASDAQ:SWAV) for $13.1 billion.

Portfolio Pulse from Vandana Singh

May 16, 2024 | 4:36 pm