Streetbeat News

Acquisitions Mergers

LAAC

Ganfeng Lithium agrees to acquire a 15% interest in PGCo, a subsidiary of Lithium Argentina (LAAC), for $70M. The investment will support the development of the Pastos Grandes Basin with a focus on utilizing Ganfeng's DLE technology. The deal, expected to close in Q2 2024, aims to enhance LAAC's balance sheet and foster the global lithium supply chain.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 2:29 pm

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First Quantum Minerals is considering selling a minority stake in its Zambian copper operations, including the Sentinel and Kansanshi mines, amid efforts to consolidate its portfolio and focus on reopening its key asset in Panama. The company has signed non-disclosure agreements with several interested parties for due diligence. Despite previous rumors of selling these assets to Jiangxi Copper, First Quantum remains committed to its Zambian operations and has raised around $1 billion to reduce debt and improve liquidity.

Portfolio Pulse from Stjepan Kalinic

March 05, 2024 | 2:23 pm

WAVD

Firefly Neuroscience, Inc. announced findings from a white paper titled 'Brain Network Analytics (BNA) in the Psychiatric Practice: Real-Life Data Analysis', showcasing the significant impact of its BNA™ Platform on disease management in 2,253 U.S patients. The FDA-approved tool demonstrated improvements in treatment compliance, medication selection, and overall patient outcomes for major depressive disorder, generalized anxiety disorder, and ADHD. Additionally, Firefly is set to merge with WaveDancer, Inc. (NASDAQ:WAVD), pending stockholder approval.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 2:18 pm

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UBER

IWG Plc, a provider of flexible office solutions, is considering a U.S. stock market listing to align its valuation with tech giants like Uber and Airbnb. The company, known for Regus office spaces, is transitioning to report in dollars and adopting U.S. GAAP standards, reflecting its earnings generation in the region. CEO Mark Dixon highlighted the move as part of IWG's growth strategy and adaptation to post-pandemic work trends. Despite efforts to reposition as a tech-forward platform, IWG faces investor skepticism, partly due to the lack of direct competitors for valuation benchmarking.

Portfolio Pulse from Akanksha Bakshi

March 05, 2024 | 2:15 pm

TWLO

Twilio announced the conclusion of its operational review of its Segment business, targeting break-even non-GAAP income from operations by Q2 2025 and GAAP operating profitability by Q4 2025. The company also announced a $2B expansion of its share repurchase authorization and the appointment of Thomas Wyatt as President of Twilio Segment. Twilio aims to address Segment's underperformance through operational changes and believes retaining Segment will enhance shareholder value. The share repurchase reflects confidence in Twilio's strategy and improved cash flow. Twilio affirms its Q1 2024 guidance and provides targets for FY 2024 and FY 2025.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 2:11 pm

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