Streetbeat News

Acquisitions Mergers

LCID

Lucid Group Inc (NASDAQ:LCID) shares surged after announcing an agreement with Ayar Third Investment Company, an affiliate of the Public Investment Fund (PIF), to purchase $1 billion of convertible preferred stock. The funds are intended for general corporate purposes, including capital expenditures and working capital. CEO Peter Rawlinson highlighted the PIF's continued support and Lucid's focus on growth and the upcoming launch of the Gravity SUV.

Portfolio Pulse from Shivani Kumaresan

March 25, 2024 | 8:36 pm

MDU

MDU Resources Group, Inc. (NYSE:MDU) has filed a confidential draft registration statement on Form 10 with the SEC for the spinoff of its construction services business, Everus Construction Group, expected to be completed in Q4 2024. This move follows the rebranding of MDU Construction Services Group to Everus Construction Group and is aimed at transforming MDU Resources into a pure-play regulated energy delivery business, enhancing focus on individual business growth and maximizing shareholder value.

Portfolio Pulse from Benzinga Newsdesk

March 25, 2024 | 8:33 pm

DWAC

The SPAC merger between Digital World Acquisition Corp (NASDAQ:DWAC) and Trump Media & Technology Group was approved, making Trump's company public. Despite DWAC's 250% increase over the past year, U.S. Rep. Marjorie Taylor Greene faces losses on her investment in DWAC shares due to buying at peak prices. The merger completion will see Greene owning shares in the new entity, with Trump holding 80 million shares.

Portfolio Pulse from Chris Katje

March 25, 2024 | 8:25 pm

CNM

Core & Main has signed an agreement to acquire substantially all assets of EGW Utilities, a Texas-based distributor of underground utility products and services. The terms of the deal were not disclosed. EGW Utilities, located in Carrollton, Texas, has been a reliable provider of underground utility infrastructure products and services since 2001.

Portfolio Pulse from Benzinga Newsdesk

March 25, 2024 | 8:22 pm

LICY

Li-Cycle has successfully closed a $75 million investment from Glencore, marking a significant financial infusion into the battery recycling company. This investment could enhance Li-Cycle's operational capabilities and expand its market presence.

Portfolio Pulse from Benzinga Newsdesk

March 25, 2024 | 8:15 pm

OPGN

OpGen, Inc. (NASDAQ:OPGN) announced a $3M acquisition of 3M shares of Series E Convertible Preferred Stock by David Lazar, who will also take over as CEO. The proceeds will be used to settle outstanding liabilities and for general corporate purposes. Lazar's investment and his appointment, along with new board members, aim to explore strategic options to enhance shareholder value. The company also settled its outstanding liabilities with the European Investment Bank and Curetis GmbH.

Portfolio Pulse from Benzinga Newsdesk

March 25, 2024 | 8:10 pm

ACI

KR

A Colorado court has scheduled a hearing for the Kroger-Albertsons merger before the FTC case, indicating progress in the proposed deal. The companies have revised their divestiture plan, aiming to address regulatory concerns and secure approval.

Portfolio Pulse from Benzinga Newsdesk

March 25, 2024 | 7:59 pm

GBTG

Global Business Travel Group's stock is trading higher following the announcement that its American Express Global Business Travel division has entered into an agreement to acquire CWT.

Portfolio Pulse from Benzinga Newsdesk

March 25, 2024 | 7:57 pm

AAL

BA

RYAAY

Boeing Co's CEO David Calhoun and chairman Larry Kellner are stepping down following an FAA investigation into a safety incident with Alaska Airlines. The investigation revealed failures on safety issues, leading to leadership changes including the departure of Stan Deal, president of Boeing's Commercial Airplanes division. Despite a 23% drop in share price after the Alaska Airlines incident, shares rose 1.3% following the announcement of the leadership changes. The FAA has increased scrutiny on Boeing, and the industry awaits the impact of these changes on Boeing's delivery commitments.

Portfolio Pulse from Neil Dennis

March 25, 2024 | 7:38 pm

MSFT

Microsoft Corp. (NASDAQ:MSFT) has finalized a partnership with game developer Toys for Bob, known for Crash Bandicoot and Spyro, to finance the development of an undisclosed game. This follows Toys for Bob's announcement of becoming an indie developer and leaving Microsoft-owned Activision. The partnership fuels speculation about the revival of popular franchises like Crash Bandicoot and Spyro. Microsoft's acquisition of Activision Blizzard brings major franchises under its umbrella, including Call of Duty and Halo.

Portfolio Pulse from Franca Quarneti

March 25, 2024 | 7:29 pm