Streetbeat News

Acquisitions Mergers

AVGO

MRVL

JPMorgan analyst Harlan Sur highlights Broadcom (AVGO) and Marvell (MRVL) as key beneficiaries of increased AI infrastructure spending by tech giants like Microsoft (MSFT), Alphabet (GOOG/GOOGL), and Meta (META). These companies are investing heavily in GPUs, custom AI compute processors (ASICs), and networking infrastructure, benefiting chip manufacturers. Broadcom's collaboration with Meta and Google on custom silicon chips and Marvell's involvement with Microsoft's next-gen AI processor ASIC indicate significant revenue opportunities for both companies.

Portfolio Pulse from Surbhi Jain

April 29, 2024 | 12:28 pm

HTLF

UMBF

Heartland Financial shares are trading higher following the announcement that UMB Financial will acquire the company.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 12:26 pm

UMBF

UMB Financial Corporation's stock is trading lower following the announcement of its acquisition of Heartland Financial and the pricing of an underwritten offering.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 12:25 pm

DOOR

OC

Owens Corning (OC) announced the expiration of the Hart-Scott-Rodino waiting period for its acquisition of Masonite (DOOR), moving closer to finalizing the deal in May 2024 after Masonite shareholders approved the acquisition.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 12:24 pm

FEBO

Fenbo Holdings reported a FY23 EPS of $(1.86) with revenue of $15.25M, a slight decrease from the previous year. The company saw a decrease in sales of curling wands and irons by 14.5%, but increases in flat irons and hair straighteners, and other products. Geographically, sales in South America dropped to zero, while North America and Asia saw increases. Gross profit increased due to controlled COVID-19 impacts and stable raw material costs, leading to a higher gross profit margin of 18.6%. However, net income turned to a loss of $0.2M from a profit last year, mainly due to a decrease in other income. Fenbo Holdings also announced the closing of its IPO, offering 1 million shares at $5.00 each, and began trading on the Nasdaq under the symbol 'FEBO'.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 12:18 pm

WEC

WEC Energy Group (NYSE:WEC) is set to acquire a 90% stake in the Delilah I Solar Energy Center, a 300-megawatt project near Dallas, Texas, developed by Invenergy. The investment totals $459 million, with commercial operations expected by end of June. The project, part of the larger Samson & Delilah solar portfolio, will supply renewable energy to a global automaker under a long-term agreement. This acquisition aligns with WEC's focus on expanding its renewable energy portfolio, which includes over 2 gigawatts of solar and wind capacity.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 12:09 pm

EFSH

1847 Holdings LLC (EFSH) is advancing the sale of its subsidiary, 1847 Cabinets Inc., to a strategic buyer for $27.6 million, including $11.5 million in earn-out payments over three years. This sale, based on a 5.91x multiple of 2023 EBITDA ($4.7 million), is moving through due diligence with an expected close within 90 days.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 12:08 pm

VVPR

VivoPower International PLC has sold its non-core business unit, Kenshaw Electrical, to ARA Group Limited for A$5M. This sale is part of VivoPower's strategy to concentrate on its high-growth businesses, including Tembo.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 11:38 am

DCPH

Deciphera Pharmaceuticals (DCPH) shares surged following the announcement of its acquisition by ONO Pharmaceutical for $25.60 per share in cash.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 11:35 am

HTLF

UMBF

The acquisition deal between UMB Financial Corporation (UMBF) and Heartland Financial USA, Inc. (HTLF) is expected to close in the first quarter of 2025. This strategic move is anticipated to significantly impact both entities by potentially enhancing their market presence and financial stability.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 11:33 am