Streetbeat News

Acquisitions Mergers

WIRE

Encore Wire's stock is trading higher following the announcement of its acquisition by Prysmian for $290 per share in cash.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 11:19 am

LUXH

LuxUrban Hotels (LUXH) projects Q1 2024 net rental revenue to be between $27M-$30M, below the consensus of $41.97M but up from $22.8M in Q1 2023. The company aims to enhance its portfolio with 3.5 to 4.5-star properties, increase TRevPAR and EBITDA, and improve working capital and cash flow by slowing acquisition pace and focusing on higher-end properties.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 11:14 am

GLRY

GPI

IHCPF

PSCD

Group 1 Automotive, Inc. (NYSE:GPI) announced the acquisition of the U.K. automotive retailing business from Inchcape PLC (OTC:IHCPF) for $439 million in an all-cash deal, expected to close in Q3 2024. The purchase includes $279 million of real estate and adds $2.7 billion in annual revenues from Inchcape's U.K. dealerships. The acquisition will expand Group 1's U.K. presence and is financed through debt and cash, maintaining a pro-forma leverage ratio of 2.2x. Investors can also gain exposure through GLRY and PSCD ETFs.

Portfolio Pulse from Lekha Gupta

April 15, 2024 | 10:59 am

CRM

GEV

MMM

GE has sold its historic Crotonville management academy as part of its corporate restructuring, marking a significant shift in corporate training paradigms. The sale, for $22 million to real-estate investors and family offices, reflects a broader trend among major companies like 3M, Boeing, and Salesforce, which are moving away from traditional in-person training retreats in favor of remote and on-site training methods. This move is seen as more efficient and cost-effective. GE Aerospace was launched as an independent company following the spin-off of GE Vernova Inc.

Portfolio Pulse from Shivani Kumaresan

April 15, 2024 | 10:40 am

Babcock & Wilcox (B&W) has secured a contract exceeding $7 million to upgrade waste-fueled boilers and combustion equipment at a waste-to-energy plant in Southeast Asia, following a successful FEED study by its subsidiary B&W Renewable Service.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 10:33 am

REZI

SNPO

Resideo Technologies has agreed to acquire Snap One for $10.75 per share in cash, valuing the transaction at approximately $1.4 billion, inclusive of Snap One's forecasted net debt of $460 million. The deal, expected to close in the second half of 2024, has already received approval from private investment funds managed by Hellman & Friedman LLC, which hold about 72% of Snap One's outstanding shares. Upon completion, Snap One will be integrated into Resideo's ADI Global Distribution business.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 10:05 am

TSLA

Tesla Inc. has reportedly signed a strategic agreement with Tata Electronics to source semiconductor chips for its global operations, highlighting Tesla's focus on the Indian market. This partnership is expected to position Tata Electronics as a key supplier in the semiconductor industry, boosting India's role in the global value chain. The deal, which was signed a few months ago, comes as Tesla plans to invest $2-3 billion in India for EV production, aiming to capitalize on the growing automotive market and recent policy changes favoring EV manufacturing.

Portfolio Pulse from Shomik Sen Bhattacharjee

April 15, 2024 | 9:47 am

AEYE

ALLR

MPW

PLL

PSNY

Medical Properties Trust, Inc. (MPW) shares surged 13.1% in pre-market trading after selling its majority interest in Utah Hospitals. Other stocks also showed significant movement in pre-market trading, with notable gainers including Allarity Therapeutics, Inc. (ALLR), Longeveron Inc. (LGVN), and Piedmont Lithium Inc. (PLL), among others. Conversely, several stocks experienced declines, such as AudioEye, Inc. (AEYE), NextPlat Corp (NXPL), and Polestar Automotive Holding Uk Plc (PSNY), driven by various company-specific news and analyst actions.

Portfolio Pulse from Avi Kapoor

April 15, 2024 | 9:45 am

FFND

LCID

RIVN

TSLA

Rivian Automotive, Inc. (RIVN) and Lucid Group, Inc. (LCID) face market challenges similar to Tesla, Inc. (TSLA), with significant stock declines. Elon Musk commented on a 2021 optimistic prediction for Rivian that did not materialize, as its market cap fell below $9 billion from a forecasted $70 billion. Rivian's production struggles and the broader economic downturn have impacted its performance, despite initial high expectations and backing from Amazon. Meanwhile, Tesla's Future Fund (FFND) reduced its Tesla stake, reflecting concerns over near-term prospects, although it remains bullish on Tesla's long-term potential.

Portfolio Pulse from Shanthi Rexaline

April 15, 2024 | 9:10 am

GPI

Group 1 Automotive (GPI) has announced a definitive agreement to acquire Inchcape plc's U.K. automotive retailing business, including 54 dealership locations and related real estate, for $439 million in cash. The acquisition, subject to Financial Conduct Authority approval, is expected to close in Q3 2024. Inchcape U.K. dealerships generated $2.7 billion in annual revenues in 2023.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 6:37 am