Streetbeat News

Acquisitions Mergers

CRGY

Crescent Energy shares are trading lower after the company announced a definitive agreement to acquire SilverBow.

Portfolio Pulse from Benzinga Newsdesk

May 16, 2024 | 4:11 pm

CVX

HES

IYE

XLE

Chevron Corp. (NYSE:CVX) is exiting its North Sea operations as it prepares for a $53 billion acquisition of Hess Corp. (NYSE:HES). This move is part of a broader strategy to streamline its portfolio and focus on more profitable assets. The sale of its North Sea assets, including a stake in the Clair oilfield, is expected to generate up to $1 billion. This decision aligns with a trend among major oil companies to divest from the aging British basin.

Portfolio Pulse from Shivani Kumaresan

May 16, 2024 | 3:55 pm

CRGY

KKR

SBOW

WFC

Crescent Energy Co (NYSE:CRGY) is set to acquire SilverBow Resources Inc (NYSE:SBOW) for $2.1 billion. SilverBow shareholders will receive 3.125 shares of Crescent Class A stock per SilverBow share, with an option for cash at $38 per share, capped at $400 million. The deal, which includes adding two SilverBow directors to Crescent's board, expands Crescent's operations in the Eagle Ford shale basin. The transaction is expected to close by the end of Q3 2024.

Portfolio Pulse from Shivani Kumaresan

May 16, 2024 | 3:45 pm

AGFY

NMHI

Nature’s Miracle Holding Inc. (NASDAQ:NMHI) and Agrify Corporation (NASDAQ:AGFY) have signed a definitive merger agreement. Agrify will become a wholly-owned subsidiary of Nature’s Miracle, with Agrify shareholders receiving 0.45 shares of Nature’s Miracle for each Agrify share. The merger is expected to close in the second half of 2024, subject to shareholder approval. The deal aims to leverage Agrify's SaaS and AI technology to enhance Nature’s Miracle’s vertical farming business.

Portfolio Pulse from Jelena Martinovic

May 16, 2024 | 3:35 pm

PENN

Macquarie's Head of US Research, Chad Beynon, discussed PENN Entertainment at Benzinga's Sports Betting & Gaming Conference. PENN has received three downgrades from major banks in the past month. They have acquired Score in Canada and Bar Stool, and started a deal with ESPN Bet. ESPN holds stock and a warrant in PENN. Macquarie has a $28 price target for PENN, valuing its land-based business at ~$20 and the ESPN Bet deal at $8.

Portfolio Pulse from Benzinga Newsdesk

May 16, 2024 | 3:15 pm

AIG

CRBG

AIG sold 120 million shares of Corebridge Financial to Nippon Life for $3.8 billion, reducing its stake to 9.9%. The deal aligns with AIG's strategy to reduce its life and retirement business stake. AIG shares rose by 0.89% and Corebridge shares by 10.44% following the announcement.

Portfolio Pulse from Akanksha Bakshi

May 16, 2024 | 2:18 pm

ANSS

SNPS

Synopsys received a notice from the Chinese regulator stating that its acquisition of Ansys is below the Chinese merger notification thresholds but still requires notification. The transaction is expected to close in the first half of 2025, pending shareholder and regulatory approvals.

Portfolio Pulse from Benzinga Newsdesk

May 16, 2024 | 1:40 pm

AAUKF

BHP

BHP shareholders are anticipating a final bid for Anglo American as the regulatory deadline approaches. Anglo American has rejected two previous offers and is focusing on restructuring. Analysts expect BHP to enhance its offer by 5% before the May 22 deadline.

Portfolio Pulse from Stjepan Kalinic

May 16, 2024 | 1:32 pm

MAC

Macerich has acquired the remaining 40% of Arrowhead Towne Center and South Plains Mall for $36.5 million plus debt from its joint venture partner.

Portfolio Pulse from Benzinga Newsdesk

May 16, 2024 | 1:30 pm

AAPL

AMD

AMZN

CVX

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