Streetbeat News

Acquisitions Mergers

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

EQNR

EQT

EQT Corporation has agreed to sell a 40% interest in its non-operate natural gas assets in Northeast, PA, to Equinor USA Onshore Properties and affiliates for $500M in cash and upstream assets. The assets EQT will receive include approximately 26,000 net acres in Monroe County, Ohio, and 10,000 net acres in Lycoming County, Pennsylvania, with expected net productions of ~135 MMcfe/d and ~15 MMcfe/d by 2025, respectively. Additionally, EQT will gain a 16.25% ownership in EQT-operated gathering systems in Lycoming County and a gas buy-back agreement with Equinor through Q1 2028.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 12:06 pm

MCHP

Microchip Technology has completed the acquisition of Neuronix AI Labs, although the financial terms of the deal were not disclosed. This move could potentially enhance Microchip's capabilities in the AI sector.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 12:04 pm

VCIG

VCI Global Limited (NASDAQ:VCIG) has acquired two AI gamification platforms, ENGAGE and Interact, from a UK-based developer, aiming to tap into the growing mobile advertising market projected to reach $400 billion by 2024. These platforms, which have shown significant user engagement and brand partnerships during trials, are expected to open new monetization channels for VCIG in brand marketing globally. The acquisition aligns with VCIG's strategy to expand its technology venture portfolio and anticipates future Nasdaq listings for these platforms.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 12:02 pm

STGW

Stagwell (NASDAQ:STGW) has announced the acquisition of Brazil-based PROS Agency, a brand and marketing consultancy. This move aims to enhance Stagwell's presence in Brazil and the broader Latin America region, integrating PROS into Allison, a global marketing and communications consultancy within Stagwell. The financial terms of the acquisition were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 11:52 am

MPW

Medical Properties Trust's shares are trading higher following the announcement of the sale of its majority interest in Utah Hospitals.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 11:45 am

CRM

Salesforce shares are trading lower after reports emerged that the company is considering acquiring Informatica. This news has led to a negative reaction in the market, impacting Salesforce's stock price in the short term.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 11:43 am

APG

APi Group has announced a definitive agreement to acquire Elevated Facility Services Group for approximately $570 million in cash, subject to adjustments. This acquisition is aimed at expanding APi's leadership in safety services, particularly in non-discretionary, regulatory-driven applications. It is anticipated to add around $220 million in annual revenue and be accretive to APi's '13/60/80' shareholder value creation framework, thanks to Elevated's strong EBITDA margin, significant revenue from inspections, service, and repair, and an efficient, asset-light business model. The deal is expected to close in the second quarter of 2024.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 11:32 am

SNPO

Snap One Holdings is set to be acquired by Resideo Technologies, leading to an increase in Snap One's share prices.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 11:30 am

MVPA

PRYMF

WIRE

ZIG

Encore Wire Corporation (NASDAQ:WIRE) has agreed to be acquired by Prysmian S.P.A. (OTC:PRYMF) for $290.00 per share in cash, a premium of around 20% to the 30-day VWAP and 29% to the 90-day VWAP as of April 12, 2024. The deal, valued at approximately €3.9 billion, represents multiples of 8.2x and 6.3x EV/2023A EBITDA, with and without run-rate synergies, respectively. The acquisition, expected to close in the second half of 2024, is anticipated to generate €140 million in EBITDA synergies within four years. Investors can gain exposure to Encore Wire through ETFs like MVPA and ZIG.

Portfolio Pulse from Lekha Gupta

April 15, 2024 | 11:22 am