Streetbeat News

Acquisitions Mergers

TPR

Tapestry (NYSE:TPR) has received mixed analyst ratings over the last three months, with a shift towards a more cautious outlook in the last 30 days. The average 12-month price target for TPR has increased to $48.44, indicating a 20.35% rise from the previous target. Analysts from firms like Jefferies, Goldman Sachs, and Wells Fargo have updated their ratings and price targets, reflecting changes in market dynamics and company performance. Tapestry, owning brands like Coach, Kate Spade, and Stuart Weitzman, has shown solid financial performance with a notable revenue growth rate, exceptional net margin, and strong ROE and ROA, despite a high debt-to-equity ratio. In August 2023, Tapestry announced the acquisition of Capri, adding brands like Michael Kors, Versace, and Jimmy Choo to its portfolio.

Portfolio Pulse from Benzinga Insights

February 29, 2024 | 1:00 pm

MSFT

NVDA

Figure AI announced it has raised $675 million at a valuation of $2.6 billion and signed a collaboration agreement with OpenAI. The funding round includes investments from Microsoft, OpenAI Startup Fund, Nvidia, and Jeff Bezos.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 12:59 pm

GXO

GXO Logistics, Inc. (NYSE:GXO) has made a cash offer to acquire UK's Wincanton plc, outbidding CEVA Logistics with an offer representing a 26% premium over CEVA's final bid. The offer is also a 104% premium over Wincanton's share price before the offer period. GXO expects the acquisition to be immediately accretive to earnings per share and anticipates £45 million in annual net run-rate synergies by the end of the third year post-integration. GXO has secured irrevocable commitments for 34% of Wincanton's shares, with the deal enhancing GXO's technological capabilities and global reach.

Portfolio Pulse from Nabaparna Bhattacharya

February 29, 2024 | 12:45 pm

AGFY

Agrify Corporation (NASDAQ:AGFY), a leader in cultivation and extraction solutions for the cannabis industry, has secured a $3.4 million sales order from HarvestWorks Farm, a woman-owned business in New Jersey. The deal includes 156 Vertical Farming Units, a Turnkey Pure Pressure Solventless extraction Lab Package, a 2-year Service Support Agreement with $350 per pound Production Success Fees, and a 5-year SaaS Fee Agreement worth approximately $1 million.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 12:38 pm

MEG

Montrose Environmental Group, Inc. (MEG) has acquired Two Dot Consulting, LLC, an environmental consultancy specializing in regulatory services for the oil and gas, and renewables sectors in the Rocky Mountain region. The financial terms of the acquisition were not disclosed. Two Dot's senior leadership, including CEO Todd Spivey, will join Montrose's Consulting and Engineering division.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 12:37 pm

AUVI

Applied UV (AUVI) announced that its subsidiary, Munnworks, has entered into a multi-year exclusive global licensing agreement with the purchase of the continuing business of Element Designs Collaborative. This strategic move aims to expand Applied UV's market presence and product offerings.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 12:31 pm

BRP

BRP Group has entered into a definitive agreement to sell its wholesale E&S insurance brokerage, Connected Risk Solutions, for an undisclosed sum. The transaction details, including the buyer and the financial terms, were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 12:28 pm

THC

Tenet Healthcare Corporation (THC) has agreed to sell two hospitals in San Luis Obispo County to Adventist Health for approximately $550 million. Additionally, Tenet's Conifer Health Solutions will provide revenue cycle services to Adventist Health. The sale includes Sierra Vista Regional Medical Center and Twin Cities Community Hospital, along with affiliated physician practices.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 11:46 am

TTE

TotalEnergies SE (NYSE:TTE) has signed a 16-year sale and purchase agreement with Sembcorp Fuels to deliver up to 0.8 million tons of LNG annually starting in 2027. This deal builds on an existing agreement running until 2029. Additionally, TotalEnergies recently announced partnerships for methane emission detection in India and a majority stake acquisition in the Tungsten Explorer drillship. The company also reported a revenue of $59.237 billion for Q4 FY23, surpassing estimates, despite a 12% decline in hydrocarbon production, and increased its quarterly dividends by 7.1% to €0.79.

Portfolio Pulse from Lekha Gupta

February 29, 2024 | 11:39 am

ENVB

Enveric Biosciences (NASDAQ:ENVB) has signed three non-binding term sheets with an undisclosed biotech company for the out-licensing of three classes of compounds from its drug portfolio for mental health treatments. These agreements include exclusive, royalty-bearing global licenses, cash buyout options, and future rights to related assets. The compounds, part of Enveric's over 1,000 novel molecules, are aimed at treating depression, anxiety, and addiction disorders. The potential licensing deals could bring Enveric up to $200 million in milestone payments and fees, plus royalties ranging from 2.5% to 10% on future sales.

Portfolio Pulse from Lara Goldstein

February 29, 2024 | 11:35 am