Streetbeat News

Acquisitions Mergers

PWFL

Powerfleet, Inc. (NASDAQ:PWFL) has changed its fiscal year end from December 31 to March 31, effective immediately, to align with MiX Telematics's fiscal year following their business combination on April 2, 2024. Powerfleet reiterated its revenue and adjusted EBITDA guidance for the year ending March 31, 2024.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 10:30 pm

WINV

Xtribe, a technology platform for matching sellers with local buyers, is set to go public on Nasdaq through a business combination with WinVest Acquisition Corp. (NASDAQ:WINV). The transaction will result in the newly combined company, to be named Xtribe Holdings Limited, becoming publicly listed.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 10:26 pm

BOWL

Bowlero Corp. (NYSE:BOWL) announced its agreement to acquire Thunderbowl Lanes, the largest bowling center in the U.S., located in Allen Park, Michigan. The deal includes the business and the 8 acres of land it sits on, expected to close in June 2024 through an all-cash transaction. This acquisition marks Bowlero's sixth location in Michigan.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 9:51 pm

ACIC

American Coastal (ACIC) shares surged following the announcement of Q1 financial results surpassing expectations. Additionally, ACIC disclosed the sale of its entire stock of Interboro Insurance Company to Forza Insurance Holdings, marking a significant transaction for the company.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 9:49 pm

ACIC

American Coastal Insurance Corporation (ACIC) has agreed to sell 100% of Interboro Insurance to Forza Insurance. The sale is pending approval from the New York Department of Financial Services and marks the completion of ACIC's run-off of its personal lines portfolio, allowing it to concentrate on its commercial specialty property portfolio. Additionally, Interboro and SageSure have signed service agreements for policy and claims administration.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 9:31 pm

LNKB

LINKBANCORP, Inc. (NASDAQ:LNKB) has announced the sale of its New Jersey operations, including $105M in deposits and $123M in loans, to American Heritage Federal Credit Union. The sale encompasses 3 branches previously part of Liberty Bell Bank, a division of The Bank of Delmarva, which merged with LINKBANK following LINKBANCORP's merger with Partners Bancorp.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 9:26 pm

KNTK

Kinetik Holdings Inc. (KNTK) has announced a series of strategic transactions including the acquisition of Durango Permian LLC for $765 million in cash and equity, a new 15-year service agreement in Eddy County, New Mexico, and the sale of its 16% stake in the Gulf Coast Express pipeline (GCX) for $540 million. These moves aim to expand Kinetik's operations in the Permian Basin, doubling its pipeline mileage and processing capacity, and adding over 60 new customers. The transactions are expected to be over 10% accretive to Kinetik's free cash flow per share starting in the second half of 2025.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 9:22 pm

TLLTF

TILT Holdings Inc. (OTC:TLLTF) has entered into a financing agreement to expand its subsidiary, Standard Farms, in Pennsylvania. The deal allows borrowing up to $10.5 million with escalating interest rates starting at 20%, aimed at constructing dispensaries under a new permit. This strategic move is expected to strengthen TILT's market position in Pennsylvania, a state showing resilience in cannabis sales despite broader market downturns. TILT's financials indicate a leveraged but manageable position, with a need to address liquidity challenges.

Portfolio Pulse from Nicolás Jose Rodriguez

May 09, 2024 | 9:19 pm

ANAB

AnaptysBio, Inc. (NASDAQ:ANAB) has amended its agreement with Sagard Healthcare, receiving a $50 million upfront cash payment in exchange for additional Jemperli royalties. The agreement now extends until Sagard achieves a capped payoff, with the terms set at $600 million by March 31, 2031, or $675 million if received thereafter. AnaptysBio plans to use the proceeds to further develop its immune cell modulators, including checkpoint agonists for autoimmune and inflammatory diseases.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 9:04 pm

ALTI

AlTi Tiedemann Global has acquired Envoi, a family office managing $3.0 billion in assets, as part of its strategy to expand its ultra-high-net-worth wealth management business. This acquisition follows the purchase of East End Advisors and is supported by up to $450 million in funding from Allianz X and Constellation Wealth Capital. AlTi Global, Inc. (NASDAQ:ALTI) aims to become the leading global independent wealth management platform for the UHNW segment.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 8:53 pm