Streetbeat News

Acquisitions Mergers

APG

APi Group Corporation (NYSE:APG) is set to acquire Elevated Facility Services Group for approximately $570 million in cash, aiming to expand its safety services market. The acquisition, expected to close in Q2 2024, is anticipated to add $220 million in annual revenue and be accretive to adjusted earnings per share. APi has revised its Q1 FY24 revenue outlook upwards and expects increased adjusted EBITDA and free cash flow. APG shares closed down 2.08% at $38.56.

Portfolio Pulse from Shivani Kumaresan

April 15, 2024 | 1:22 pm

DJT

Trump Media & Technology Group Corp (NASDAQ:DJT) shares fell after announcing the potential issuance of up to 21.49 million shares and the sale of up to 146.1 million shares by certain stockholders. The company reported a $58.19 million net loss for 2023, with revenues of $4.13 million and warned of continued losses in 2024. This follows the company's recent Nasdaq listing after merging with Digital World.

Portfolio Pulse from Adam Eckert

April 15, 2024 | 1:18 pm

NVAX

Novavax Inc (NASDAQ:NVAX) shares rose after Shah Capital Management disclosed a 6.66% stake and nominated two directors for its board, criticizing the company's performance and suggesting strategic changes to improve business and share price.

Portfolio Pulse from Adam Eckert

April 15, 2024 | 1:14 pm

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