Streetbeat News

Acquisitions Mergers

PAAS

Pan American Silver (PAAS) has agreed to sell its entire interest in La Arena S.A. to Jinteng (Singapore) Mining Pte. Ltd. for a total consideration of $295M, comprising $245M in cash upfront and a $50M contingent payment.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 9:17 am

CNI

CN (NYSE:CNI) announced a public debt offering of C$1.25 billion, split into C$700 million 4.60% Notes due 2029 and C$550 million 5.10% Notes due 2054, aiming to close on May 2, 2024. The proceeds are intended for general corporate purposes including debt refinancing, share repurchases, and acquisitions.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 6:56 am

AMD

BYDDY

PLTR

Cathie Wood's Ark Invest made notable trades by purchasing shares of BYD Co Ltd (BYDDY), Palantir Technologies Inc (PLTR), and Advanced Micro Devices Inc (AMD) through its ARK Autonomous Technology & Robotics ETF (ARKQ). The investment in BYDDY, a Tesla rival, and the continued accumulation of PLTR shares, alongside a new acquisition of AMD stock, reflect Ark Invest's strategic positioning in the technology and electric vehicle sectors.

Portfolio Pulse from Shivdeep Dhaliwal

May 01, 2024 | 3:26 am

OPGN

OpGen announced a deal on Monday, potentially impacting its stock performance in the short term.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 10:04 pm

OPGN

OpGen shares surged following the announcement of its agreement to sell its commercial customer contracts and installed base of Unyvero systems to Camtech. This strategic move could potentially streamline OpGen's operations and focus on core areas, possibly improving its financial health and market position.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 10:01 pm

PCG

PG&E announced in an emailed statement that its deal with KKR is expected to reduce rates by over $100 million in the next 20 years. PG&E will retain majority ownership of Pacific Generation.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 10:00 pm

FSUN

HMST

FirstSun Capital Bancorp and HomeStreet have amended their merger agreement, increasing FirstSun's total equity capital raised by an additional $45M-$60M, up to $235M. The exchange ratio for HomeStreet shareholders has been revised to 0.3867 shares of FirstSun common stock, valuing each share at $13.53. The termination fee for HomeStreet has been reduced to $2.6M plus expenses under certain conditions. Post-merger, the banking operations will be under a Texas state charter, with Sunflower Bank converting to a Texas state chartered bank and seeking Federal Reserve System membership. FirstSun will issue $48.5M of subordinated debt to support Sunflower Bank's capital, and HomeStreet will sell approximately $300M of its Commercial Real Estate loans post-merger.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 9:39 pm

ESGR

Enstar Group Limited (NASDAQ:ESGR) has entered into a loss portfolio transfer agreement with SiriusPoint Ltd., to reinsure a $400 million Workers' Compensation business portfolio covering 2018 to 2023. Enstar will provide $200 million of cover in excess of the ceded reserves, with claims management transitioning to Enstar. The deal, brokered by Guy Carpenter, awaits regulatory approval.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 9:38 pm

KKR

PCG

Pacific Gas & Electric Co. (NYSE:PCG) is close to finalizing a deal to sell a 49.9% stake in a new subsidiary, Pacific Generation, to KKR & Co. Inc. (NYSE:KKR). This subsidiary will include PG&E's hydroelectric, natural gas, solar, and battery facilities, valued at nearly $3.5 billion. The deal, estimated to be worth between $2 billion and $3 billion, aims to fund infrastructure upgrades and mitigate fire risks. However, the California Public Utilities Commission has concerns about the sale and has considered blocking it, pending a final decision.

Portfolio Pulse from Erica Kollmann

April 30, 2024 | 9:36 pm

VRNT

Verint has secured a contract worth over ten million dollars to enhance customer experience (CX) automation for a retailer using its AI-powered Verint Open Platform Cloud and a team of AI bots. This move aims to significantly improve the retailer's customer service capabilities.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 9:35 pm