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Acquisitions Mergers

AVGO

KKR

NVDA

Broadcom Inc (NASDAQ:AVGO) has halted the sale of its security software division, Carbon Black, after offers did not meet expectations. Despite a potential reattempt, Broadcom remains silent. This follows Broadcom's $61 billion acquisition of VMware Inc, including Carbon Black. Meanwhile, KKR & Co Inc (NYSE:KKR) agreed to buy Broadcom's end-user computer unit for about $4 billion. Nvidia Corp (NASDAQ:NVDA) is entering the custom AI chip market, challenging Broadcom's position. Broadcom CEO Hock Tan's pay surged to $161.8 million, mainly from stock awards. Broadcom stock is up 21% YTD, while Nvidia has gained over 64%.

Portfolio Pulse from Anusuya Lahiri

February 27, 2024 | 2:11 pm

DIS

Nelson Peltz ended his proxy contest with Disney in February 2023. Despite the board's efforts to maintain open dialogue and extend invitations for meetings, Peltz declined. Disney remains optimistic about Disney+ achieving profitability by the end of FY24.

Portfolio Pulse from Benzinga Newsdesk

February 27, 2024 | 2:10 pm

M

Macy's Inc (NYSE:M) reported Q4 earnings with an adjusted EPS of $2.45, surpassing analyst expectations but missing revenue forecasts with $8.12 billion. Sales declined by 1.7% YoY, with digital sales down 4% and comparable sales also falling. The company announced a strategy to close 150 stores by 2026, aiming to focus on growth areas like Bloomingdale's and Bluemercury. Macy's expects FY24 adjusted EPS of $2.45-$2.85 and net sales of $22.20 billion-$22.90 billion, both below analyst estimates.

Portfolio Pulse from Nabaparna Bhattacharya

February 27, 2024 | 2:09 pm

AGBA

AGBA Group Holding Limited, a leading financial supermarket in Hong Kong, is poised for growth in 2024, leveraging Hong Kong's recovering macro environment. The company has refined its business model, implemented cost-cutting measures, and secured funds through equity private placement. Despite a significant share price decline since its Nasdaq listing in 2022, AGBA sees a disconnect between its share price and business value, indicating potential upside for shareholders. Strategic partnerships and expansion plans, including to Singapore, are expected to bolster AGBA's market position.

Portfolio Pulse from Benzinga Newsdesk

February 27, 2024 | 2:09 pm

CLSK

CleanSpark, Inc. has completed the acquisition of three bitcoin mining data centers in Mississippi, effectively boosting its operating hashrate to over 15 EH/s. Operations at these facilities have already commenced, with an expected hashrate of 2.4 EH/s once fully equipped. CEO Zach Bradford highlighted the expansion as a significant milestone, emphasizing the company's commitment to community partnership and economic growth through job creation and investment in local infrastructure. CleanSpark's history of contributing to community development in Georgia is cited as a precedent for its expected positive impact in Mississippi.

Portfolio Pulse from Benzinga Newsdesk

February 27, 2024 | 2:01 pm

RIOT

Riot Blockchain, Inc. has acquired 31,500 miners from MicroBT for a total of $97.4 million, aiming to expand its mining capabilities.

Portfolio Pulse from Benzinga Newsdesk

February 27, 2024 | 2:01 pm

EEIQ

EpicQuest Education Group International Limited (NASDAQ: EEIQ) announced that Davis University received HLC approval for two new STEM programs, expected to significantly increase revenue from students in India and China. The company plans to double the number of students from China and sees India as a significant revenue source, especially with the US being a top choice for Indian students. The recent opening of a recruiting office in Sri Lanka aims to attract students from Southeast Asia and the Middle East. Previously, HLC approved Davis University's online programs, indicating no further approvals are needed for online education.

Portfolio Pulse from Benzinga Newsdesk

February 27, 2024 | 1:49 pm

EGY

VAALCO Energy is in discussions with the owner of Svenska Petroleum Exploration AB about a potential debt-free corporate transaction to acquire the company. This move could significantly impact VAALCO's market position and financial structure.

Portfolio Pulse from Benzinga Newsdesk

February 27, 2024 | 1:49 pm

ABVC

ABVC BioPharma, Inc. (NASDAQ:ABVC) is advancing in the oncology and hematology fields with its development of combination therapy for cancer treatment and immunity booster dietary supplements, both derived from Maitake Mushroom. The company has initiated marketing and sales of these dietary supplements in the US, Canada, and Asia, and expects revenue generation through its CDMO subsidiary, BioKey, Inc. The US FDA has approved four INDs for various cancer treatments. ABVC is set to begin Phase II clinical trials to study the efficacy and safety of its drug formulation as a combination therapy for oncology. The company's R&D efforts have been recognized with FDA approvals, and it is working on co-development projects with Rgene Corporation. The global markets for cancer therapeutics, dietary supplements, pharmaceutical CDMO, and botanical drugs are projected to grow significantly by 2032.

Portfolio Pulse from Benzinga Newsdesk

February 27, 2024 | 1:45 pm

AUUD

Auddia Inc. has entered into a purchase agreement to acquire Radio FM for a total of $15M, with $13M in cash at closing and an additional $2M contingent on meeting specific performance milestones six months post-closing.

Portfolio Pulse from Benzinga Newsdesk

February 27, 2024 | 1:35 pm