Streetbeat News

Acquisitions Mergers

ENB

Enbridge Inc. (NYSE:ENB) plans to expand the Gray Oak oil pipeline capacity in Texas by 80,000 barrels per day in 2024 and an additional 40,000 barrels per day in 2025, revising its initial target to a total increase of 100,000-200,000 barrels per day. The expansion aims to enhance the pipeline's connection between the Permian basin and Corpus Christi. Enbridge's Ingleside Energy Center, noted as the largest crude oil storage and export terminal in the U.S., is positioned to compete effectively against SPOT. The company also reported a Q4 FY23 adjusted EPS of C$0.64 and reaffirmed its 2024 financial guidance.

Portfolio Pulse from Lekha Gupta

March 20, 2024 | 11:25 am

JMPLY

Johnson Matthey has entered into an agreement to sell its medical device components business for $700 million. This strategic move is part of the company's efforts to streamline its operations and focus on its core businesses.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 11:15 am

MDXG

TELA

Tela Bio has sold the distribution rights for its NIVIS Fibrillar Collagen Pack to MiMedx, with an initial payment of $5M and future payments ranging from $3M-$7M based on NIVIS's net sales over the next two years.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 11:13 am

SFL

SFL Corporation Ltd. (NYSE:SFL) has announced the acquisition of three new LR2 product tankers for $230 million, along with securing long-term charters with a leading energy company. The tankers, featuring the latest eco-design, are under construction in China and are being purchased from affiliates of SFL's largest shareholder, Hemen Holding Ltd.

Portfolio Pulse from Charles Gross

March 20, 2024 | 10:53 am

ENSV

Enservco has agreed to acquire Buckshot Trucking LLC for an initial consideration of $5M, comprising $3.75M in cash and the remainder in Enservco common stock, with a potential additional payout of $0.5M based on performance. The deal is expected to close by the end of Q2.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 10:48 am

INTC

Intel's stock price increased following the announcement of a non-binding preliminary memorandum for up to $8.5B in direct funding under the CHIPS and Science Act.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 10:07 am

UL

Bloomberg reported that Unilever is considering the sale of its China water purification unit, Truliva, in a deal that could be worth around $300 million. This move is part of Unilever's strategy to streamline its portfolio and focus on its core business segments.

Portfolio Pulse from Charles Gross

March 20, 2024 | 10:04 am

STLA

Stellantis N.V. (NYSE:STLA) has invested in SteerLight, a developer of advanced LiDAR technology, through its corporate venture fund, Stellantis Ventures. This new LiDAR technology offers higher resolution, precision, and lower production costs than existing systems, aiming to enhance ADAS in future Stellantis vehicles. SteerLight's technology, a spinoff from CEA-Leti, utilizes FMCW LiDAR based on silicon photonics, providing accurate depth and velocity data while resisting environmental interference.

Portfolio Pulse from Shivani Kumaresan

March 20, 2024 | 10:00 am

BA

SPR

During the BofA Securities Global Industrials Conference, Boeing's CFO mentioned that if a deal with Spirit AeroSystems were to occur, it would be financed through a combination of cash and debt.

Portfolio Pulse from Charles Gross

March 20, 2024 | 9:57 am

EIS

Jared Kushner, former senior White House Advisor and Donald Trump's son-in-law, faced criticism for his comments on Gaza's waterfront property, suggesting its potential value if focused on development rather than conflict. Kushner's remarks, made during an interview, implied a controversial stance on relocating Gaza's population for property development, which was criticized as advocating for ethnic cleansing. Despite the backlash, Kushner, known for his role in the Abraham Accords, continues to engage in property development, recently securing a deal in Serbia.

Portfolio Pulse from Shanthi Rexaline

March 20, 2024 | 9:24 am