Streetbeat News

Acquisitions Mergers

ITRI

Itron, Inc. (NASDAQ:ITRI) has acquired Elpis Squared, a provider of software and services for utility grid operations, to expand its Grid Edge Intelligence portfolio. This acquisition aims to accelerate the energy transition by enhancing grid planning, operations, and engineering with Elpis Squared's expertise. Elpis Squared's solutions, including the RE|Grid Suite, will be integrated with Itron's solutions to improve grid modeling, analytics, and scenario planning, among other benefits. The combined offerings are expected to address operational challenges and support utilities in navigating the energy transition, with integrated solutions available in Q4 2024.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 2:10 pm

DXPE

DXP Enterprises has announced the acquisition of Pro-Seal. The terms of the deal were not disclosed. This acquisition complements DXP's rotating equipment division by adding scale, new geography, and enhanced capabilities. It also supports the company's strategy to accelerate end market diversification.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 2:09 pm

MSTR

MicroStrategy Inc (NASDAQ:MSTR) shares fell after announcing a $600M offering of convertible senior notes to buy more Bitcoin. The company's stock has surged due to rising Bitcoin prices, with a 111% increase year-to-date. MicroStrategy, focusing on Bitcoin accumulation, held 193,000 Bitcoin as of Feb. 25.

Portfolio Pulse from Adam Eckert

March 05, 2024 | 2:09 pm

CDNS

Cadence Design Systems, Inc. (CDNS) announced its acquisition of BETA CAE Systems International AG for approximately $1.24 billion, aiming to expand its system analysis portfolio into structural analysis. The deal, paid 60% in cash and 40% in Cadence common stock, is expected to close in Q2 2024. BETA CAE, known for its engineering simulation solutions, will enhance Cadence's offerings in automotive, aerospace, and other sectors. The acquisition is anticipated to be dilutive to Cadence's 2024 EPS by 12 cents but accretive in 2025.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 2:06 pm

RDDT

Reddit's IPO has sparked a polarizing debate among its users, with discussions focusing on concerns over unpaid moderators, lack of user loyalty, financial viability, copyright issues, and the purpose of going public. Some Redditors are considering shorting the stock, citing these issues as potential risks to the company's future success.

Portfolio Pulse from Surbhi Jain

March 05, 2024 | 2:01 pm

ESLT

Elbit Systems Ltd. (NASDAQ:ESLT) shares fell after announcing expected non-cash expenses of $52 million for Q4 2023, due to the write-off of inventory and contract assets from closing an underperforming subsidiary and discontinuing a project. The company plans to release its Q4 and full-year 2023 financial results on March 26, 2024. Despite this, Elbit secured a $300 million contract last month for military systems for European armored vehicles. ESLT shares dropped 1.63% in premarket trading.

Portfolio Pulse from Lekha Gupta

March 05, 2024 | 1:45 pm

CARR

Carrier Global Corporation (NYSE:CARR) has agreed to sell its Industrial Fire business to Sentinel Capital Partners for $1.425 billion, as part of its portfolio transformation. This follows Carrier's acquisition of Viessmann Climate Solutions and sales of its Global Access Solutions and Commercial Refrigeration businesses. The proceeds will be used to pay down debt, with the transaction expected to close in Q3 2024. Carrier had $10 billion in cash and equivalents as of the end of 2023. CARR shares dipped slightly in premarket trading.

Portfolio Pulse from Shivani Kumaresan

March 05, 2024 | 1:37 pm

BLDP

Ballard Power Systems (NASDAQ:BLDP) announced a 15 MW fuel cell system order from a UK-based renewable off-grid power generation company. The order, to be delivered between late 2024 and 2025, signifies growth in Ballard's supply relationship and showcases the performance of its fuel cell technology in stationary power applications. This first order under a new multi-year supply agreement could expand to 446 systems if the customer exercises an option to purchase an additional 296 systems by March 2026.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 1:35 pm

WDC

Western Digital Corp. (NASDAQ:WDC) is progressing with its plan to separate into two independent, publicly traded companies, focusing on HDD and Flash businesses, by the second half of 2024. The company has made significant advancements in preparation, including establishing legal entities, transferring contracts, and appointing executive leaders for both future companies. David Goeckeler is appointed as CEO Designate for the Flash company, while Irving Tan will become CEO of the standalone HDD company, continuing as Western Digital.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 1:31 pm

NCTY

The9 Limited (NCTY) has announced its plan to acquire a 51% stake in Shenma, with the deal comprising a $1M cash payment and the issuance of Class A ordinary shares to Shenma valued at $14.3M.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 1:23 pm