Streetbeat News

Acquisitions Mergers

IFF

IFF has agreed to sell its Pharma Solutions business to Roquette for up to $2.85 billion, with an enterprise value to EBITDA multiple of approximately 13x. The sale includes the Global Specialty Solutions business and is aimed at aligning customers, businesses, and manufacturing footprint.

Portfolio Pulse from Benzinga Newsdesk

March 19, 2024 | 10:48 am

MMM

SOLV

Solventum, set to spin off from 3M on April 1, 2024, and list on the NYSE as 'SOLV', introduced its 2024 guidance with organic revenue growth between -2% to 0%, adjusted EPS of $6.10 to $6.40, and free cash flow of $700M to $800M.

Portfolio Pulse from Benzinga Newsdesk

March 19, 2024 | 10:36 am

UL

Unilever plc (NYSE:UL) announced plans to separate its Ice Cream business, including top brands like Wall's, Magnum, and Ben & Jerry's, aiming for a more focused growth by operating in four Business Groups. The separation, part of its Growth Action Plan, is expected to complete by end of 2025, alongside a productivity program expected to save €800 million over three years. This strategic move is anticipated to impact 7,500 roles globally and aims for mid-single-digit sales growth and modest margin improvement post-separation.

Portfolio Pulse from Shivani Kumaresan

March 19, 2024 | 10:16 am

BYND

DLO

MSTR

STNE

DLocal reported mixed Q4 results, missing EPS estimates but beating sales forecasts, and announced a new CFO, causing shares to drop 13.3% in pre-market trading. Other stocks like StoneCo, MicroStrategy, Bitdeer Technologies, Beyond Meat, Brand Engagement Network, Coinbase, CleanSpark, and PagSeguro also saw pre-market declines due to various factors including financial results, shelf offerings, and market conditions.

Portfolio Pulse from Avi Kapoor

March 19, 2024 | 10:06 am

CSL

Carlisle Companies Inc (NYSE:CSL) has agreed to acquire MTL Holdings, which includes brands Metal-Era and Hickman, from GreyLion Partners for $410 million in cash. The acquisition aligns with Carlisle's Vision 2030 strategy and is expected to be $0.60 accretive to adjusted EPS in the first full fiscal year post-acquisition. MTL, known for its pre-fabricated edge metal products, generated $132 million in revenue for the twelve months ending February 29, 2024. The deal is expected to close in Q2 2024, with Carlisle anticipating $13 million in cost synergies within the first three years.

Portfolio Pulse from Shivani Kumaresan

March 19, 2024 | 9:50 am

PRTC

PureTech Health plc (NASDAQ:PRTC) announces a proposed capital return of $100 million to shareholders via a Tender Offer at 250 pence per share, a 25% premium to its trailing three-day VWAP. This follows the $14 billion acquisition of Karuna Therapeutics by Bristol Myers Squibb, from which PureTech will receive approximately $293 million gross proceeds. The Tender Offer is set to launch after the publication of the company's Full Year Results in April 2024.

Portfolio Pulse from Benzinga Newsdesk

March 19, 2024 | 7:11 am

AZN

FUSN

AstraZeneca (NASDAQ:AZN) is set to acquire Fusion Pharmaceuticals Inc. (NASDAQ:FUSN) for $2 billion in cash plus additional contingent payments, totaling a potential $2.4 billion. This acquisition aims to enhance AstraZeneca's oncology portfolio with Fusion's next-generation radioconjugates. The offer represents a significant premium over Fusion's recent market prices.

Portfolio Pulse from Benzinga Newsdesk

March 19, 2024 | 7:06 am

BTCUSD

Changpeng Zhao, former head of Binance, announced his new venture, Giggle Academy, a free educational platform for kids with no revenue model, using gamification and NFTs for engagement. Despite his legal challenges, including a $50 million fine and potential prison time for inadequate anti-money laundering measures at Binance, Zhao is focusing on creating a positive impact through education. Bitcoin's price is currently $65,824, down 4%.

Portfolio Pulse from Mehab Qureshi

March 19, 2024 | 6:53 am

PGTI

PGT Innovations, Inc. (PGTI) stockholders approved a merger agreement with MIWD Holding Company LLC (MITER Brands), where MITER Brands will acquire all outstanding shares of PGTI for $42.00 per share in cash. The deal, partly financed by Koch Equity Development LLC, is expected to close later this month, resulting in PGTI becoming a privately held company.

Portfolio Pulse from Benzinga Newsdesk

March 19, 2024 | 6:46 am

CSL

Carlisle Companies (CSL) announced its acquisition of MTL Holdings, a provider of pre-fabricated edge metal for commercial roofing systems, for $410 million. This strategic move aims to enhance CSL's product offerings in the roofing industry.

Portfolio Pulse from Benzinga Newsdesk

March 19, 2024 | 6:41 am