Streetbeat News

Acquisitions Mergers

TRNS

Transcat, Inc. (NASDAQ:TRNS) has acquired Becnel Rental Tools LLC for $50M, aiming to expand its higher margin rental business. The acquisition, paid with $32.5M in company stock and $17.5M in cash, brings Becnel's expertise in rental tools for oil well decommissioning and maintenance into Transcat's portfolio. This move is expected to enhance Transcat's gross and EBITDA margins, offer cross-selling opportunities, and support future growth in the decommissioning sector.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 1:13 pm

SATL

Satellogic Inc (NASDAQ:SATL) shares surged after announcing its subsidiary, Nettar Group, Inc., entered a note purchase agreement with Tether Investments Limited for $30 million in floating rate secured convertible promissory notes. The deal, which could expand to $50 million, aims to support Satellogic's mission to democratize geospatial data access. SATL shares rose 15.7% to $1.76 in premarket trading.

Portfolio Pulse from Shivani Kumaresan

April 15, 2024 | 1:05 pm

CRM

Salesforce Inc (CRM) shares are trading lower following reports of talks to acquire Informatica. The potential acquisition price is reportedly below Informatica's current share price. Informatica has seen a 35% increase in share price since the start of the year, following its public re-listing in 2021 after being taken private in 2015. Salesforce's earnings growth and valuation metrics, such as a compressed price to earnings ratio compared to last year and its sector peers, are also highlighted.

Portfolio Pulse from Adam Eckert

April 15, 2024 | 12:48 pm

SPTN

SpartanNash (NASDAQ:SPTN) announced the acquisition of Metcalfe's Market, a Wisconsin-based three-store grocery chain. The deal, expected to close in spring 2024, aims to preserve Metcalfe's branding and employee positions, while expanding SpartanNash's footprint in Wisconsin to seven stores. Metcalfe's Market, known for its focus on premium quality foods and local products, will join SpartanNash's portfolio, enhancing its offerings with SpartanNash's private label products and loyalty programs. The terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 12:33 pm

BECN

Beacon (BECN) has acquired General Siding Supply, expanding its product offerings and market presence. The financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 12:33 pm

HTCR

HeartCore Enterprises, Inc. (NASDAQ:HTCR) has signed its 14th Go IPO consulting service agreement with Koei Shoji, expecting to generate $500,000 in initial fees and receiving a warrant to acquire 3% of Koei Shoji's common stock. Despite challenges in the 2023 IPO market, HeartCore's CEO Sumitaka Kanno Yamamoto remains optimistic about the demand for U.S. equity markets among Japanese companies, driven by effective marketing strategies and the depreciated yen. The agreement aims to assist Koei Shoji in going public on Nasdaq or NYSE, with services including audit and legal firm hiring, document translation, and IPO preparation.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 12:32 pm

REZI

SNPO

Snap One Holdings Corp. (SNPO) shares surged in premarket trading after announcing a definitive acquisition agreement with Resideo Technologies, Inc. (REZI) for approximately $1.4 billion, including net debt. The deal, valued at a 32% premium over Snap One's closing price on April 12, 2024, and a 7.4x multiple on its adjusted EBITDA, is expected to close in the second half of 2024. Post-acquisition, Snap One will become part of Resideo's ADI Global Distribution business, anticipated to enhance Resideo's non-GAAP EPS and revenue growth. Resideo plans to finance the acquisition through debt, cash, and a $500 million investment from Clayton, Dubilier & Rice.

Portfolio Pulse from Lekha Gupta

April 15, 2024 | 12:10 pm

SATL

Satellogic Inc. (NASDAQ:SATL) announced a $30M strategic investment from Tether Investments Limited through secured convertible notes issued by its subsidiary, Nettar Group, Inc. This investment, which provides Satellogic with additional operating liquidity and financial flexibility, is aimed at advancing the company's U.S. strategy, National Security market focus, and global Space Systems opportunities. The notes, bearing interest at SOFR plus 6.50%, are convertible into Class A ordinary shares at $1.20 each, subject to CFIUS approval, and are secured by the company's assets.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 12:10 pm

EQIX

Equinix, Inc. (NASDAQ:EQIX) and PGIM Real Estate have announced a $600 million joint venture to develop and operate the first xScale data center in the U.S., located in Silicon Valley. The facility, named SV12x, will offer over 28 MW of power capacity and is part of Equinix's global xScale data center portfolio, expected to exceed $8 billion and 725 MW across more than 35 facilities. PGIM Real Estate will hold an 80% equity interest, with Equinix holding the remaining 20%. This venture marks PGIM Real Estate's first investment through its global data center strategy.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 12:09 pm

ARQQ

Arqit Quantum Inc. (NASDAQ: ARQQ), a leader in quantum-safe encryption, announced that D2BW Limited, owned by Arqit's founders, will purchase 1,241,379 shares at $0.725 each, totaling about $900,000. This is part of an agreement allowing for up to 7,586,206 shares to be bought at the same price, dependent on additional loan proceeds. Founders David Williams and David Bestwick now own 30.5% of Arqit's shares. The transaction underscores their confidence in Arqit's technology and commercial potential.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 12:08 pm