Streetbeat News

Acquisitions Mergers

BX

Blackstone (BX) has agreed to acquire Tropical Smoothie Cafe from Levine Leichtman Capital Partners. The terms of the deal were not disclosed. This acquisition marks the first transaction from Blackstone's latest flagship private equity vehicle. The move aims to accelerate Tropical Smoothie Cafe's expansion by investing in menu innovation, operating excellence, and marketing.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 9:19 pm

CHX

SLB

ChampionX has announced it will no longer provide quarterly guidance or host conference calls due to its pending deal with SLB. This decision reflects the company's focus on finalizing the acquisition and may impact investor relations and stock performance in the short term.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 9:14 pm

ARES

AmWest Funding Corp, Ares Management Corporation (NYSE:ARES), and Park Capital Management have finalized a joint venture to purchase and invest in Non-QM loans. Ares will provide 90% of the capital, with AmWest providing the remaining 10%. The venture aims to leverage AmWest's strong mortgage origination and servicing capabilities, alongside Ares' significant experience in asset-based credit investment, to capitalize on the current market environment and build large-scale Non-QM investment and securitization platforms.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 9:07 pm

CDTX

JNJ

Cidara Therapeutics reacquires global rights to CD388 from Johnson & Johnson for $85M and announces a $240M private placement financing led by RA Capital Management. The financing, with significant contributions from Bain Capital Life Sciences, BVF Partners, and Canaan Partners, will fund the Phase 2b trial of CD388, a universal preventative against influenza A and B. The reacquisition and financing are seen as transformational for Cidara, with CD388 positioned as a key asset in its pipeline.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 8:47 pm

CDTX

Cidara Therapeutics, Inc. (CDTX) has divested its antifungal drug, rezafungin, to Mundipharma, enabling an estimated $128 million in cost savings. This strategic move allows Cidara to concentrate on advancing its Cloudbreak DFC pipeline, including the development of its lead oncology candidate, CBO421. The divestiture includes transferring future royalties, milestones, and other assets related to rezafungin to Mundipharma, which already held commercial rights outside the U.S. and Japan. This decision follows Cidara's successful development and approval of rezafungin in the US, EU, and UK for life-threatening fungal infections.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 8:46 pm

HCP

IBM

IBM reported Q1 earnings with a slight revenue miss and an EPS beat. Revenue grew 1% YoY to $14.46 billion, missing estimates by $0.09 billion, while EPS at $1.68 exceeded expectations. The company highlighted growth in software revenue and its AI strategy, including the success of watsonx. IBM also announced the acquisition of HashiCorp Inc for $35 per share, a deal valued at $6.4 billion, expected to close by end of 2024. IBM anticipates mid-single digit revenue growth and $12 billion in free cash flow for the full year.

Portfolio Pulse from Adam Eckert

April 24, 2024 | 8:23 pm

WHR

Whirlpool projects FY24 EPS of $13.00-$15.00, with revenue around $16.9B, aligning with estimates. The outlook includes the impact of the Europe transaction, expected cost actions of $300-$400M, and a GAAP tax rate of about 25%. The company plans to maintain its dividend payments at approximately $400M, subject to board approval.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 8:14 pm

HCP

IBM

IBM announces the acquisition of HashiCorp Inc. for $35 per share in cash, totaling an enterprise value of $6.4 billion. This acquisition adds HashiCorp's hybrid and multi-cloud lifecycle management products to IBM's portfolio, aiming to address the complexities of AI-driven application growth. HashiCorp's capabilities are expected to synergize with IBM's strategic areas such as Red Hat, watsonx, data security, IT automation, and consulting. The transaction is anticipated to be accretive to IBM's Adjusted EBITDA within the first year post-close and to free cash flow in the second year. HashiCorp, with a client base of over 4,400, including 85% of the Fortune 500, is set to enhance IBM's hybrid cloud platform for the AI era.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 8:08 pm

AMZN

FXI

GOOGL

META

White House National Security Adviser Sullivan stated efforts are ongoing to work through TikTok's divestment in a manner that aligns with national security concerns. He emphasized that China should permit the sale of TikTok, noting there are several interested buyers.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 7:38 pm

BX

Blackstone is reported to be in the process of acquiring Tropical Smoothie Cafe, with the deal valued at nearly $2 billion, including debt.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 6:56 pm