Streetbeat News

Acquisitions Mergers

NOC

Northrop Grumman reported Q1 2024 net awards of $6.5 billion and a backlog of $78.9 billion, with significant awards in restricted programs across Aeronautics Systems, Space Systems, and Mission Systems. The company also noted a $1.6 billion reduction in unfunded backlog due to a termination in its restricted Space business.

Portfolio Pulse from Benzinga Newsdesk

April 25, 2024 | 10:50 am

HCP

IBM

IBM announced a definitive agreement to acquire HashiCorp, Inc. (HCP) for $35 per share, valuing the company at $6.4 billion. This acquisition aims to enhance IBM's hybrid and multi-cloud offerings, addressing a $1.1 trillion total cloud opportunity. HCP shares rose in premarket trading, while IBM shares fell. The deal, approved by both boards, is expected to close by the end of 2024 and is subject to HashiCorp shareholder approval.

Portfolio Pulse from Nabaparna Bhattacharya

April 25, 2024 | 10:21 am

CX

Cemex, through its subsidiary Cemex Asia B.V., has agreed to sell its operations in the Philippines to DACON Corporation, DMCI Holdings, Inc., and Seminara Mining & Power Corporation. The sale includes 100% equity interest in Cemex Asian South East Corporation, which owns about 89% of Cemex Holdings Philippines, Inc. (CHP), and a 40% indirect equity interest in APO Land & Quarry Corporation and Island Quarry and Aggregates Corporation. The transaction is part of Cemex's strategy to rebalance its portfolio, with proceeds aimed at funding growth investments and reducing debt.

Portfolio Pulse from Benzinga Newsdesk

April 25, 2024 | 10:18 am

LITM

Snow Lake Resources has signed a binding Letter of Intent (LoI) with shareholders of a private Australian company to acquire a 100% interest in the Black Lake Uranium Project, which includes 20 mining claims over 18,908 hectares. The acquisition terms involve an initial cash payment, issuance of Snow Lake shares, and a milestone payment in Snow Lake shares.

Portfolio Pulse from Benzinga Newsdesk

April 25, 2024 | 10:18 am

IBM

IBM shares are trading lower following mixed Q1 financial results and the announcement of its acquisition of HashiCorp.

Portfolio Pulse from Benzinga Newsdesk

April 25, 2024 | 10:15 am

CDTX

Cidara Therapeutics' stock price increased following the announcement of the divestiture of rezafungin to Mundipharma, the reacquisition of global development and commercial rights to CD388, and securing $240 million in private placement financing.

Portfolio Pulse from Benzinga Newsdesk

April 25, 2024 | 10:13 am

PRGO

Perrigo has received a binding offer to sell its HRA Pharma Rare Diseases business to ESTEVE for up to €275 million, including €190 million upfront and up to €85 million in earnouts. The deal, pending consultation with the HRA Pharma Works Council in France, is expected to close in Q3 2024.

Portfolio Pulse from Benzinga Newsdesk

April 25, 2024 | 10:02 am

MU

Micron Technology has signed a preliminary memorandum with the Biden-Harris Administration for $6.1B in funding under the CHIPS and Science Act. This funding will support Micron's $50B investment in U.S. memory manufacturing in Idaho and New York through 2030, including the construction of three leading-edge memory fabs.

Portfolio Pulse from Benzinga Newsdesk

April 25, 2024 | 9:36 am

AAUKF

AVDE

BHP

PTIN

BHP Group Ltd (NYSE:BHP) has proposed to acquire Anglo American Plc (OTC:AAUKF) (OTC:NGLOY) in a significant industry move. The deal, valued at $34 billion, is contingent on Anglo divesting its South African units. This merger could create the world's leading copper producer. BHP's stock gained over 3% in the last 12 months, with exposure through PTIN and AVDE ETFs. However, BHP shares dropped 3.12% in premarket trading.

Portfolio Pulse from Shivani Kumaresan

April 25, 2024 | 9:30 am

EWC

HMC

Bloomberg reported that Honda is planning an $11 billion investment in electric vehicles, which includes receiving government aid from Canada. This strategic move is part of Honda's broader initiative to expand its electric vehicle (EV) lineup and production capabilities, signaling a significant commitment to the EV market.

Portfolio Pulse from Charles Gross

April 25, 2024 | 9:27 am