Streetbeat News

Acquisitions Mergers

ALE

CSB

WCEO

ALLETE, Inc. (NYSE:ALE) has agreed to be acquired by a partnership led by Canada Pension Plan Investment Board and Global Infrastructure Partners for $6.2 billion, including debt. The deal, at $67.00 per share in cash, represents a premium over recent share prices and is expected to close in mid-2025. Post-acquisition, ALLETE will become a private company. The acquisition is seen as a move to bolster ALLETE's clean energy initiatives. ALLETE's recent financial performance showed a miss on both EPS and sales estimates. Investors can gain exposure to ALLETE through ETFs like CSB and WCEO.

Portfolio Pulse from Lekha Gupta

May 06, 2024 | 2:39 pm

BAK

Braskem shares are trading lower following an announcement by shareholder Novonor that Adnoc is no longer interested in pursuing a potential transaction.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 2:11 pm

HII

HII, a leading manufacturer of underwater unmanned vehicles (UUVs), announced the sale of three REMUS 100s and five REMUS 300s to the Royal Navy, marking a significant milestone in the partnership between HII and the UK military. This sale is part of a long history of collaboration, with the UK's Ministry of Defence acquiring various REMUS models over the past 20 years for mine countermeasure operations. The REMUS UUVs are known for their versatility, reliability, and advanced sensor capabilities, enhancing the Royal Navy's operational efficiency in maritime missions. HII has sold over 600 UUVs globally, including to 14 NATO member countries.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 2:03 pm

BWMX

Betterware de Mexico S.A.P.I. de C.V. (NASDAQ:BWMX), known for its innovative consumer products, has expanded into the U.S. market with a new office in Dallas, Texas. This move is part of its growth strategy, leveraging its multi-year period of consistent, organic growth. The U.S. expansion aims to tap into an untapped customer base and capitalize on Dallas's distribution network and talent pool. Betterware, a leading direct-to-consumer company in Mexico, plans to introduce over 250 new products in 2024 and expand its direct selling arm in Texas.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 2:02 pm

AAPL

META

Apple Inc (NASDAQ:AAPL) reported its fiscal Q2 results with a slight revenue increase over Wall Street expectations but saw a drop in overall revenue and iPhone sales. The company announced a $110 billion share buyback, its largest ever, representing a 22% increase YoY. Revenue fell 4% YoY to $90.75 billion, with iPhone sales down 10% YoY. However, services revenue was a highlight, growing 14.2% YoY to $23.9 billion. Apple did not provide official guidance but expects low single-digit sales growth in the June quarter. The company remains secretive about its AI plans, with more details expected at its June developer event.

Portfolio Pulse from Upwallstreet

May 06, 2024 | 1:41 pm

PARA

SONY

Sony Pictures Entertainment and Apollo are in talks to acquire Paramount for around $26 billion, after Paramount's exclusive negotiations with Skydance lapsed. The deal faces regulatory hurdles, especially concerning foreign ownership of CBS by Sony's Japan-based parent company. The strategy may involve Apollo holding the CBS broadcast license. The deal, supported by many shareholders as an alternative to a merger with Skydance, would make Sony a controlling shareholder with Apollo owning a minority stake. Paramount is also exploring other options, including a streaming joint venture with potential partners like Comcast.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 1:33 pm

MODN

Model N announced it will not provide Q3 guidance or FY24 outlook due to its pending acquisition by Vista Equity Partners, announced on April 8, 2024. Consequently, there will be no conference call or live webcast for discussing financial results.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 1:12 pm

BURU

NUBURU, Inc. (NYSE:BURU) has been awarded an $850,000 Phase II contract by NASA to advance its blue laser power transmission technology for Lunar and Martian applications. This technology aims to reduce the size and weight of power beaming equipment, offering a unique solution for power management in space. The contract builds on a successful Phase I SBIR project and aligns with NASA's Artemis program goals. NUBURU's technology has potential applications in various sectors including industrial, medical, defense, and more.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 1:11 pm

CIVI

CVX

OXY

IOG Resources II has acquired oil and gas working interests and royalty interests in the DJ Basin from Civitas Resources. The assets consist of around 1,480 developed and undeveloped wellbores, mainly in Weld County, Colorado, with a current net production of about 4.7 mboe/d. Key operators of these assets include Occidental Petroleum and Chevron Corporation. The terms of the acquisition were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 1:08 pm

TURB

Turbo Energy, S.A. (NASDAQ:TURB) has filed a patent application in Spain for its Sunbox Commercial & Industrial product, a leading solution in photovoltaic energy storage that enhances efficiency and adaptability for both isolated and grid-connected solar projects. The product's software allows integration with existing solar installations of any brand, promising to lower costs and standardize systems. CEO Mariano Soria expressed optimism for the OEPM's approval and plans for international patent applications to drive global revenue growth.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 1:04 pm