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3:10 a.m. Today - By Ciara Linnane
Apollo to acquire Griffin Capital's wealth and asset management business with more than $5 billion in AUMApollo Global Management Inc. said Thursday it has agreed to acquire the U.S. wealth distribution and asset management businesses of Griffin Capital, adding more than $5 billion in assets under management. Terms of the deal were not disclosed, although the private-equity giant said it expects to close in the first half of 2022 and to be breakeven to per-share earnings in 2022 and become a "meaningful" driver of earnings growth in the coming years. Griffin was formed in 1995 and has built a track record as a provider of alternative investments to advisors in the U.S. "Griffin's approximately 60 client-facing distribution professionals work across the wealth management landscape and are particularly well-established in the independent channel, a complement to Apollo's focus to-date on private banks, wirehouses, RIAs and family offices," the company said in a statement. "Apollo intends to integrate the team into its Global Wealth business, rapidly scaling the strategic initiative. The acquisition also adds valuable technology, infrastructure and hundreds of distribution agreements to the Global Wealth platform." Apollo shares were not yet active premarket, but have gained 44% in the year to date, while the S&P 500 has gained 20%.
12:55 a.m. Today - By Steve Goldstein
Abrdn to buy Interactive Investor for £1.49 billionFund manager Abrdn said it's buying Interactive Investor for £1.49 billion ($2 billion) from J.C. Flowers & Co. and management. Interactive Investor has over 400,000 customers and assets under administration of approximately £55 billion. Abrdn said the deal will help it achieve scale in the high-growth direct investing market, accessing new customer segments and capabilities. Abrdn said the deal will be double-digit earnings accretive in the first full financial year following completion.
5:13 a.m. Dec. 1, 2021 - By Tomi Kilgore
Skechers stock surges after activist investor boosts stake, calls for 'aggressive' buybacks and dividendShares of Skechers USA Inc. surged 5.1% in morning trading Wednesday, after Tremblant Capital Group disclosed that it increased its equity stake in the footwear seller to 5.1%, and said it has "engaged in discussions" with the company in an attempt to boost value. The new stake of 6.87 million shares comes just two weeks after the company said in a 13F filing that it owned 2.73 million Skechers shares and calls to buy 1.07 million shares as of Sept. 30. In a letter to Skechers' board of directors, that it was "puzzling" that despite revenue growing faster than many peers, such as Nike Inc. , Under Armour Inc. and Crocs Inc. , Skechers stock trades at less than half of the earnings multiples of those peers. Among Tremblant's suggestions to grow value were to initiate an "aggressive" share repurchase program and a dividend, and to eliminate the dual share class structure. Tremblant believes its suggestions could create more than $4 billion of value over the next 10 years. The stock has shed 6.0% over the past three months, while the S&P 500 has gained 2.5%.
2:01 a.m. Nov. 22, 2021 - By Barbara Kollmeyer
Vonage shares surge on $6.2 billion deal announced by EricssonEricsson has agreed to buy U.S.-based global cloud-communications provider Vonage for $21 a share, with an enterprise value of $6.2 billion, . The deal has been unanimously approved by Vonage's board of directors, and will build on Ericsson's aims to expand globally in wireless enterprise, "offering existing customers an increased share of a market valued at $700 billion by 2030," the Swedish telecoms-equipment maker said. The cloud-based Vonage Communications Platform (VCP) has over 120,000 customers and more than one million registered developers globally. Ericsson said the transaction would be earnings and free cashflow accretive before mergers & acquisitions from 2024 onwards. Vonage closed Friday at $16.37 per share and the stock was up 25% in premarket trading. Ericsson shares fell 3.4% in Europe,
3:57 a.m. Nov. 15, 2021 - By Tonya Garcia
Burger King parent acquires sub sandwich chain for $1 billion in cashRestaurant Brands International Inc. said Monday that it has agreed to acquire Firehouse Subs, a sub sandwich chain founded in Jacksonville, Fla., for $1 billion in cash, funded through cash-on-hand and debt. The acquisition is expected to be earnings accretive immediately. Restaurant Brands' existing chains include Burger King, Tim Hortons and Popeyes. Firehouse Subs was launched in 1994 by two brothers, Chris Sorensen and Robin Sorensen, who are former firefighters. Firehouse Subs has 1,200 locations across 46 states, Puerto Rico and Canada. The company is 97% franchised and is expecting 2021 system-wide sales of $1.1 billion and 20% U.S. comparable sales. Restaurant Brands estimates the value of the U.S. quick-service sandwich category at $30 billion. After the close of the transaction, the company will continue to be managed by Chief Executive Don Fox and Chief Financial Officer Vincent Burchianti. Restaurant Brands shares edged up nearly 1% in Monday premarket trading, and the stock has fallen 6.4% for the year to date. The S&P 500 index is up 24.7% for 2021 so far.
3:29 a.m. Nov. 15, 2021 - By Tomi Kilgore
Casper stock rockets after buyout deal for a 94% premiumShares of Casper Sleep Inc. skyrocketed 91.0% toward a three-month high in premarket trading Monday, after the mattress in a box company announced an agreement to be acquired by Durational Capital Management in a cash deal valuing Casper at about $286.0 million. Under terms of the deal, Durational Capital will pay $6.90 for each Casper share outstanding, representing at 94.4% premium to Friday's closing price of $3.55. The deal is expected to close in the first quarter of 2022. "The proposed acquisition offers shareholders immediate and substantial value, and ensures the business has the financial flexibility required to support continued growth," said Casper Chief Executive Philip Krim. Separately, Casper reported a third-quarter net loss that widened to $25.3 million, or 61 cents a share, from a loss of $16.1 million, or 40 cents a share, in the year-ago period. Revenue rose 26.8% to $156.5 million, while cost of sales jumped 68.6% to lower gross margin to 40.8% from 55.5%. The company also announced that it named Emilie Arel, formerly of Quidsi, Gap and Target, as its chief executive. Casper's stock has tumbled 42.3% year to date through Friday, while the S&P 500 gained 24.7%.
2:45 a.m. Nov. 15, 2021 - By Tomi Kilgore
WeWork loss narrows but revenue falls in first quarterly report as a public companyShare of WeWork Inc. edged up 0.2% in premarket trading Monday, after the flexible workspace company reported its first quarterly report through a merger with a special purpose acquisition company (SPAC), with losses narrowing but revenue falling. The company reported a third-quarter net loss of $802.4 million, or $4.54 a share, after a loss of $941.3 million, or $5.51 a share, in the year-ago period. Revenue dropped 18.5% to $661.0 million. The were no analyst expectations compiled by FactSet. The company said its global real estate portfolio included 764 locations in 38 countries, supporting about 932,000 workstations and 546,000 physical memberships. "Q3 saw a continuation of the strong momentum seen in the second quarter of 2021," the company stated. The company said it had 84,000 new desk sales in the quarter, and had 25,000 preliminary new desk sales in October. The stock has tumbled 10.1% so far in November, while the S&P 500 has gained 1.7%.
2:15 a.m. Nov. 15, 2021 - By Tomi Kilgore
CoreSite's stock rises toward another record after buyout deal with American Tower REIT valued at $10.1 billionShares of CoreSite Realty Corp. rallied 1.2% toward a sixth-straight record in premarket trading Monday, after the data center-focused real estate investment trust agreed to be acquired by American Tower REIT in a deal valued at about $10.1 billion, including debt. Under terms of the deal, American Tower will pay $170 for each CoreSite share outstanding, which represents a 2.0% premium to Friday's closing price of $166.59. The buyout price implies a market capitalization for CoreSite of $7.51 billion. CoreSite's stock had soared 16.9% amid a 10-day win streak through Friday. The deal is expected to close by the end of 2021, "or shortly thereafter." American Tower said said it has obtained financing from J.P. Morgan for the deal, which is expected to "modestly" add to earnings in initially, and be "increasingly accretive" over time. CoreSite's stock has run up 33.0% year to date through Friday, while American Tower shares have climbed 21.2%, the SPDR Real Estate Select Sector ETF has advanced 31.8% and the S&P 500 has gained 24.7%.
6:26 a.m. Nov. 12, 2021 - By Tomi Kilgore
Farfetch stock shoots up toward best day in 17 months after confirming talks to boost Richemont partnershipShares of Farfetch Ltd. shot up 16.5% toward a three-month high in morning trading Friday, after the platform for the luxury fashion industry confirmed that it was Switerland-based luxury goods maker Compagnie Financiere Richemont SA regarding an expansion of the existing partnership. The discussions included Farfetch making a minority investment in Richemont's Yoox Net-A-Porter business. "This would essentially team up [Farfetch] with its largest competitor, add greater negotiating leverage with brands and fuel a material [Gross Merchandise Value/Earnings Before Interest and Tax] ramp for the platform," wrote Wells Fargo analyst Ike Boruchow, in a note to clients. Farfetch's stock is on track for the biggest once day gain since it ran up 19.4% on June 25, 2020, and trading volume on Friday swelled 8.2 million shares, already well more than double the full-day average of about 3.7 million shares. Meanwhile, the U.S.-listed shares of Richemont jumped 10.4% toward a record. Farfetch's stock has still lost 28.1% year to date, while Richemont shares have soared 61.4% and the S&P 500 has advanced 24.6%.
3:17 a.m. Nov. 12, 2021 - By Tomi Kilgore
Wynn Resorts terminates merger with SPAC that would have taken sub Wynn Interactive publicWynn Resorts Ltd. said Friday that with special purpose acquisition company (SPAC) Austerlitz Acquisition Corp. I , which would have taken subsidiary Wynn Interactive Ltd. public, has been terminated effective immediately. Wynn's stock was little changed in premarket trading while Austerlitz shares fell 1.8%. "As we discussed on the Wynn Resorts, Limited third quarter earnings conference call earlier this week, in light of elevated marketing and promotional spend in the sports betting industry, we are pivoting our user acquisition efforts to a more targeted [return on investment]-focused strategy," said Wynn Interactive Chief Executive Craig Billings. "In so doing, we expect the capital intensity of the business to decline meaningfully beginning in the first quarter of 2022. WynnBET's best days lie ahead of us." The merger with Austerlitz was originally announced on May 10, with the enterprise value of the combined company estimated at $3.2 billion. Since then, Wynn's stock dropped 24.9% through Thursday while the S&P 500 has rallied 11.0%.
2:02 a.m. Nov. 12, 2021 - By Tomi Kilgore
Spectrum Brands results including HHI top profit and revenue expectationsSpectrum Brands Holdings Inc. reported Friday fiscal fourth-quarter profit and sales including HHI results that topped expectations, despite challenges resulting from ongoing COVID-19 pandemic-related supply chain disruptions. Shares of the household products company, which brands include Remington, George Foreman, SmartBones and Black Flag, were still inactive in premarket trading. The company had announced in September plans to for $4.3 billion to ASSA Abloy, in deal that has not yet closed. Including the HHI results, net income for the quarter to Sept. 30 rose to $50.3 million, or $1.16 a share, from $45.5 million, or $1.05 a share, in the year-ago period. Excluding nonrecurring items, adjusted EPS came to $1.11, above the FactSet consensus of $1.10. Sales slipped 1.2% to $1.16 billion, above the FactSet consensus of $1.10 billion, as home and personal care sales grew 2.3%, global pet care sales rose 9.1% and home and garden sales fell 7.3%. The company expects to fiscal 2022 sales to grow in the mid-to-high single-digits percentage range, even after absorbing an expected additional level of inflation of about $230 million to $250 million. The stock has rallied 17.2% over the past three months while the S&P 500 has gained 4.2%.
2:17 a.m. Nov. 9, 2021 - By Ciara Linnane
ADT posts Q3 loss and announces acquisition of Sunpro Solar for $825 million in cash and stockResidential and commercial security company ADT Inc. said Tuesday it had a loss of $109 million, or 13 cents a share, in the third quarter, narrower than the loss of $113 million, or 15 cents a share, posted in the year-earlier period. Revenue edged up to $1.317 billion from $1.299 billion. The FactSet consensus was for EPS of 8 cents and revenue of $1.299 billion. Revenue from monitoring and related services rose 5%, while gross recurring monthly revenue additions rose 7%. Along with earnings, the company said it has agreed to acquire Sunpro Solar, a provider of residential solar installation, for about $825 million in cash and stock. The deal is expected to close by year-end, at which time the company will be renamed ADT Solar. The company expects the deal to be earnings and cash flow positive and to boost EPS within the first 12 months after close. ADT narrowed its guidance range and now expects revenue to range from $5.200 billion to $5.250 billion, compared with earlier guidance of $5.050 billion to $5.250 billion. Shares were slightly lower premarket but have gained 15% in the year to date, while the S&P 500 has gained 25%.
3:45 a.m. Nov. 8, 2021 - By Ciara Linnane
McAfee to be acquired by group led by Advent, Permira, Crosspoint and CPPIB in deal with EV of more than $14 billion Cybersecurity company McAfee Corp. said Monday it has agreed to be acquired by an investor group led by Advent International Corporation, Permira Advisers LLC, Crosspoint Capital Partners, Canada Pension Plan Investment Board , GIC Private Limited, and a wholly owned subsidiary of the Abu Dhabi Investment Authority in a deal with an enterprise value of more than $14 billion and an equity value basis of about $12 billion. The news was first reported late Friday and sent McAfee shares up 20% in after-hours trade. The group will pay $26 per McAfee share in cash, equal to a premium of about 2.6% over McAfee's closing share price of $21.21 on November 4, the last trading day prior to media reports regarding the deal. The deal is expected to close in the first half of 2022. The company now has a 45-day "go-shop" period when it can solicit and review other deals. Shortly after the deal was announced, McAfee reported third-quarter earnings showing net income of $2.390 billion, including a $2.251 billion gain from the divestiture of its enterprise business. Revenue rose 24% to $491 million, ahead of the FactSet consensus of $466 million. Shares were down 3.4% premarket, but have gained 52.6% in the year to date, while the S&P 500 has gained 25%.
2:08 a.m. Nov. 8, 2021 - By Tomi Kilgore
Coty stock jumps after earnings beat, deal to sell more of its Wella stake to KKRShares of Coty Inc. shot up 9.6% toward a six-month high in premarket trading Monday, after the consumer beauty company reported better-than-expected fiscal first-quarter revenue and announced a deal to sell off more of its stake in hair care company Wella. Net income for the quarter to Sept. 30 fell to $103.0 million, or 13 cents a share, from $200.6 million, or 24 cents a share, in the year-ago period. Excluding nonrecurring items, the company swung to adjusted earnings per share of 8 cents from a per-share loss of a penny, beating the FactSet consensus of 3 cents. Revenue rose 22.0% to $1.37 billion, matching the FactSet consensus of $1.37, while "like-for-like" (LFL) sales grew 20.6% to beat the company's guidance of "high-teens" percentage growth. For fiscal 2022, the company raised its LFL sales growth outlook to low-to-mid teens growth from low teens growth. Separately, Coty announced an agreement to sell a 4.7% stake in Wella to KKR & Co. Inc. in exchange for the redemption of 56% of KKR's remaining convertible preferred shares in Coty. The Wella stake sale . Once the deal closes, KKR will have a 2.4% ownership stake in Coty. Coty's stock has rallied 8.0% over the past three months through Friday, while the S&P 500 has gained 5.9%.
1:18 a.m. Nov. 5, 2021 - By Ciara Linnane
EnPro to acquire chip maker NxEdge for $850 million in cashEnPro Industries Inc. said Friday it has agreed to acquire NxEdge, a manufacturing, cleaning, coating and refurbishment provider for the semiconductor industry, from Trive Capital for $850 million in cash. NxEdge will become part of EnPro's Advanced Surface Technologies (AST) segment, and is expected to bring new customers and geographic reach. Boise, Idaho-based NxEdge has customers across the semiconductor supply chain, including original equipment manufacturers, and has six facilities in Idaho and California. The company is expected to generate about $190 million in revenue in 2021 and to add about $1.70 of adjusted per-share earnings to EnPro's guidance of $5.35 to $5.55. The deal is expected to close by year-end. EnPro shares were not active premarket but have gained 22% in the year to date, while the S&P 500 has gained 24.6%.
1:26 a.m. Nov. 2, 2021 - By Tomi Kilgore
DuPont stock drops after earnings beat but outlook cut, and after $5.2 billion Rogers buyout dealShares of DuPont de Nemours Inc. dropped 4.1% in premarket trading Tuesday, after the materials and chemicals company reported third-quarter profit and revenue that beat expectations but cut its full-year outlook, citing decelerating order patterns resulting from the global semiconductor shortage. Separately, to buy Rogers Corp. for $5.2 billion in cash. DuPont swung to third-quarter net income of $391 million, or 75 cents a share, from a loss of $79 million, or 11 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose 89% to $1.15, above the FactSet consensus of $1.12. Sales rose 17.7% to $4.27 billion, beating the FactSet consensus of $4.16 billion, as cost of sales grew 14.9%. Among business segments, sales for Electronics & Industrial rose 21% to $1.5 billion, for Water & Protection increased 12% to $1.4 billion and for Mobility & Materials rose 30% to $1.3 billion. For 2021, the company cut its guidance ranges for adjusted EPS to $4.18 to $4.22 from $4.24 to $4.30 and for sales to $16.34 billion to $16.40 billion from $16.45 billion to $16.55 billion. DuPont's stock has shed 4.6% over the past three months through Monday, while the S&P 500 has gained 5.2%.
1:17 a.m. Nov. 2, 2021 - By Tomi Kilgore
Rogers stock rockets into record territory after $5.2 billion buyout deal with DuPontShares of Rogers Corp. rocketed 29.5% into record territory in premarket trading Tuesday, after the engineered materials company agreed to be acquired by DuPont de Nemours Inc. for $5.2 billion in cash. DuPont's stock fell 3.5%, as the company also that beat expectations but cut its full-year outlook. Under terms of the deal, Rogers shareholders will receive $277 in cash for each Rogers share they own, a 33.0% premium to Monday's closing price of $208.23, and well above the Aug. 30 record close of $213.82. The deal is expected to close in the second quarter of 2022. DuPont expects to realize $115 million in cost synergies by the end of 2023, and expects the deal to add to revenue, free cash flow and adjusted earnings per share upon closing. As part of the deal, DuPont plans to divest a "substantial portion" of its mobility and materials business segment, predominantly in the engineering polymers and performance resins lines of business, as well as DuPont's stake in the DuPont Teijin Films joint venture. Rogers stock has rallied 34.1% year to date through Monday and DuPont shares have edged up 0.2%, while the S&P 500 has gained 22.8%.
3:46 a.m. Nov. 1, 2021 - By Steve Gelsi
Franklin Resources buying private equity investment firm Lexington PartnersFranklin Resources Inc. said Monday it agreed to pay $1.75 billion to acquire Lexington Partners L.P., a manager of secondary private equity and co-investment funds. "This acquisition will bolster Franklin Templeton's alternative asset capabilities, complementing its existing strengths in real estate, private credit, and hedge fund strategies, at a time when investors are increasingly allocating capital across the full spectrum of alternative asset offerings," the company said. Founded in 1994, Lexington has raised more than $55 billion in commitments and invested in more than 4,500 secondary, co-investment and primary interests, with $34 billion of assets under management currently. Franklin Templeton is buying 100% of Lexington from its current owners, for $1 billion at close and $750 million of additional payments over the next three years. Lexington will operate as a specialist investment manager within Franklin Templeton under its current management team. The deal will be immediately accretive to adjusted earnings after it closes as expected in the second fiscal quarter of 2022. Franklin Resources stock is up 3% in pre-market trades.
5:21 a.m. Oct. 14, 2021 - By Tomi Kilgore
Plug Power's stock pulls back to snap long win streak after unveiling highlights of annual SymposiumIn an apparent case of buy the rumor, sell the news, shares of Plug Power Inc. pulled back 4.4% in morning trading, putting them on track to snap a seven-day win streak, after the after the hydrogen and fuel-cell systems company unveiled some highlights of its much-anticipated annual Symposium. The stock had soared 12.8% on Wednesday, , and had soared 38% over the past seven days. The company said it now expects 2022 sales of $825 million to $850 million, which is above the FactSet consensus of $759.7 million. Plug also established 2025 sales guidance of $3 billion, which compares with the current FactSet consensus of $2.22 billion. Among other highlights, Plug said it was partnering with Fortescue Future Industries to form a 50-50 joint venture to build a gigafactory in Australia, entered into an agreement to buy liquified hydrogen transportation company Cryo Technologies and confirmed plans to generate 500 tons per day of liquid green hydrogen by the end of 2025. The stock has run up 21.0% over the past three months, while the S&P 500 has gained 1.1%.
2:18 a.m. Oct. 12, 2021 - By Tomi Kilgore
Columbia Banking, Umpqua to merge in a deal valuing Umpqua shares at a 12% premiumColumbia Banking System Inc. and Umpqua Holdings Corp. announced Tuesday an all-stock merger deal that would bring together two West Coast regional banks with a combined market capitalization of about $7.7 billion and a combined more than $50 billion in assets. Under terms of the deal, Umpqua shareholders will receive 0.5968 Columbia Banking shares for each Umpqua share they own. Based on Monday's stock closing prices, that implies a value of $23.44 for each Umpqua share, a 12.1% premium. After the deal closes, which is expected to occur in mid-2022, Umpqua shareholders will own 62% of the combined company. Umpqua shares are rallying 5.2% in premarket trading while Columbia Banking shares are still inactive. The deal is expected to deliver about 25% cash earnings-per-share accretion to Umpqua in 2023, and about $1.1 billion in value creation based on "highly achievable" cost synergies. Umpqua shares have rallied 38.1% year to date through Monday and Columbia Banking's stock has gained 9.4%, while SPDR S&P Regional Banking ETF has run up 34.5% and the S&P 500 has advanced 16.1%.
2:13 a.m. Oct. 11, 2021 - By Ciara Linnane
Flexion Therapeutics shares soar 39% premarket on news to be acquired by Pacira BiosciencesTampa, Fla.-based Pacira BioSciences Inc. said Monday it is acquiring Flexion Therapeutics Inc. , based in Burlington, Mass., for $8 a share in cash, plus a non-tradeable contingent value right (CVR) worth up to $8.50 a share in cash, in a deal aimed at expanding its position in non-opioid pain management. The CVR is payable based on the company meeting certain sales and regulatory milestones. Flexion's lead product, ZILRETTA(R) (triamcinolone acetonide extended-release injectable suspension) is the first and only FDA-approved treatment for osteoarthritis knee pain using extended-release microsphere technology, the companies said in a joint statement. It also offering non-opioid treatments for musculoskeletal conditions, including postsurgical pain and low back pain. "We believe the Flexion portfolio further solidifies Pacira as a leader in opioid-sparing pain management as we continue to redefine the role of opioids as a last resort rescue medication," Pacira CEO Dave Stack said in a statement. The deal is expected to immediately boost revenue and to lift 2022 earnings and be strongly accretive after that. The deal is expected to close in the fourth quarter. Flexion shares jumped 39% on the news, but are down 50% in the year through Friday's close, while the S&P 500 has gained 17%.
2:10 a.m. Oct. 6, 2021 - By Ciara Linnane
Boston Scientific to acquire Baylis Medical Co. for $1.75 billionBoston Scientific Corp. said Wednesday it has entered an agreement to acquire Baylis Medical Co. Inc. for an upfront payment of $1.75 billion. The deal will "expand the Boston Scientific electrophysiology and structural heart product portfolios to include the radiofrequency (RF) NRG(R) and VersaCross(R) Transseptal Platforms as well as a family of guidewires, sheaths and dilators used to support left heart access," Boston Scientific said in a statement. "These platforms have advanced transseptal puncture and are clinically proven to enhance safety, efficacy and efficiency when crossing the atrial septum to deliver therapies in the left side of the heart, such as atrial fibrillation ablation, left atrial appendage closure (LAAC) and mitral valve interventions." Baylis is expected to generate net sales of almost $200 million in 2022, after achieving double-digit sales growth in each of the past five years. The deal is expected to close in the first quarter of 2022 and to boost adjusted per-share earnings by one cent. On a GAAP basis, the deal is expected to be less accretive or dilutive, based on closing charges and amortization costs. Boston Scientific shares were down 1% premarket, but have gained 18% in the year to date, while the S&P 500 has gained 15.7%.
7:10 a.m. Oct. 4, 2021 - By Steve Gelsi
Home BancShares buying Happy Bancshares to enter Texas marketHome BancShares Inc. said Wednesday it'll buy Happy Bancshares in an all-stock merger valued at about $919 million to establish a presence in Texas, with more acquisitions in the state on the horizon. Arkansas-based Home BancShares said Happy Bancshares shareholders will receive 2.17 shares of Home BancShares stock for each share of Happy Bancshares. Home BancShares said the deal will result in increases to earnings per share of 5.5% and 9.2% for 2022 and 2023. With a combined $23.3 billion in assets, $13.4 billion in loans and $18.7 billion in deposits, the bank will rank as one of the 75 largest banks based in the U.S. Home BancShares will continue to operate as Centennial Bank in its current markets. The merger is expected to close by March, 2022. Shares of Home BancShares are up 8% so far this year, compared to a rise of 27.2% by the Financial Select Sector SPDR ETF .
1:59 a.m. Sept. 29, 2021 - By Ciara Linnane
Asbury Automotive to acquire Larry H. Miller Dealerships and Total Care Auto in $3.2 billion dealAsbury Automotive Group Inc. shares jumped 4% in premarket trade Wednesday, after the company said it has agreed to purchase Larry H. Miller Dealerships, the eighth largest dealer group in the U.S., and Total Care Auto, powered by Landcar, in a deal valued at $3.2 billion. The deal is expected to close in the fourth quarter and to add about $5.7 billion to annualized revenue. "This acquisition is a unique opportunity to rapidly expand Asbury's presence into these desirable, high-growth Western markets with strong accretion from day-one, with this impressive group and its rich history," Chief Executive David Hult said in a statement. Asbury will gain entry to six Western states, namely Arizona, Utah, New Mexico, Idaho, California, and Washington, and add to its growing Colorado footprint. The assets acquired include 54 new vehicle dealerships, seven used vehicle dealerships and 11 collision centers. Larry H. Miller sells more than 115,000 new and used vehicles every year. The deal is expected to boost Asbury Automotive's per-share earnings by 14% in 2022, assuming equity financing of $600 million, rising to 20% by 2024. The company has other strategic acquisitions under contract that are expected to add another roughly $900 million in annualized revenue, which will be about 20% accretive to 2022 EPS. Shares have gained 39% in the year to date, while the S&P 500 has gained 16%.
1:59 a.m. Sept. 23, 2021 - By Steve Gelsi
Valley National buying U.S. unit of Bank Leumi Le-IsraelValley National Bancorp said Thursday it agreed to pay $1.15 billion in cash and stock to buy Bank Leumi Le-Israel Corp., the U.S. unit of Bank Leumi Le-Israel B.M., and parent company of Bank Leumi USA. The New York-based bank said the deal will broaden its technology and venture capital banking business, and create the 29th largest publicly traded U.S. bank by assets. As of June 30, Bank Leumi counted total assets of $8.4 billion, deposits of $7.1 billion, and gross loans of $5.4 billion. Valley National said the acquisition will add 7% to its 2023 earnings. Bank Leumi Le-Israel B.M. will own more than 14% of Valley's common stock when the deal closes. Valley National shares are up 23.8% so far this year, compared to a rise of 25.9% by the Financial Select SPDR Fund .
1:45 a.m. Sept. 20, 2021 - By Tomi Kilgore
Brooks Automation to sell chip solutions business for $3 billion, scraps plan to split upBrooks Automation Inc. announced Monday a deal to sell its Semiconductor Solutions Group business for $3.0 billion in cash to Thomas H. Lee Partners L.P. Brooks' automation business recorded revenue of $613 million in revenue in the last 12 months through June 30, which compares with total revenue of about $1.1 billion over the same time, according to FactSet data. Brooks expects the deal to close in the first half of 2022. As a result of the deal, Brooks said it will no longer pursue its previously announced , one a life-sciences company and the other an automation-technology company. Brooks' stock slipped 0.2% in premarket trading Monday, but outperformed its chip-sector peers and the broader stock market, as the VanEck Semiconductor ETF dropped 1.3% and futures for the S&P 500 slid 1.3%.
2:21 a.m. Sept. 16, 2021 - By Tomi Kilgore
Great Western Bancorp's stock soars on buyout deal with First Interstate valued at $2.0 billionShares of Great Western Bancorp Inc. soared 11.9% in premarket trading Thursday, after the South Dakota-based bank announced an agreement to be acquired by Montana-based First Interstate BancSystem Inc. in an all-stock deal valued at $2.0 billion. Under terms of the deal, Great Western shareholders will receive 0.8425 First Interstate shares for each Great Western share they own. First Interstate's stock was still inactive in the premarket. Based on Wednesday's stock closing prices, the deal terms value Great Western shares at $35.655 each, or a 24.7% premium. First Interstate said it expects the deal, which is expected to close in the first quarter of 2022, to be 20% accretive to earnings per share in 2023. "We'll be able to offer customers access to additional branch locations and new products and services, provide new growth and professional development opportunities to our employees, deliver additional returns to our shareholders, and have an even greater impact on our communities," said Great Western Chief Executive Mark Borrecco. Shares of Great Western have tumbled 17.5% over the past three months and First Interstate have lost 6.3%, while the SPDR S&P Regional Banking ETF has declined 7.9% and the S&P 500 has gained 6.1%.
1:20 a.m. Sept. 13, 2021 - By Ciara Linnane
Transunion confirms to acquire Neustar for $3.1 billion in cashTransUnion said Monday it has agreed to acquire Neustar from a group led by Golden Gate Capital Communications for $3.1 billion in cash, confirming a report in the Wall Street Journal Sunday. The Chicago-based consumer-credit reporting company said it expects the deal to close in the fourth quarter. Neustar, an identify-theft and fraud company, is expected to generate about $575 million of revenue in 2021. The deal "expands TransUnion's powerful digital identity capabilities through the addition of Neustar's distinctive data and analytics, enabling consumers and businesses to transact online with greater confidence," the company said in a statement. TransUnion is expecting material cost synergies from the deal and expects it to boost adjusted per-share earnings starting in 2023. TransUnion shares were not active premarket, but have gained 22% in the year to date, while the S&P 500 has gained 18.7%.
2:17 a.m. Sept. 10, 2021 - By Tomi Kilgore
Vista Outdoor to pay $474 million to buy Foresight Sports, to boost golf technology offeringsVista Outdoor Inc. announced Friday an agreement to buy San Diego-based golf performance analysis and game enhancement company Foresight Sports for $474 million. The deal could also include up to $25 million if sales milestones are reached. Vista Outdoor expects the deal to close in the third quarter of fiscal 2022, which for the company ends December. The company expects the deal to immediately add to earnings after closing. "The addition of Foresight Sports immediately positions Vista Outdoor as one of the top technology players in the golf industry," said Vista Outdoor Chief Executive Chris Metz. "Together under the same roof, Bushnell Golf and Foresight Sports will elevate their brands' strengths, engage and expand into new segments of the industry and drive growth and brand awareness at unprecedented scale." Vista Outdoor's stock, which is still inactive in premarket trading, has run up 69.5% year to date, while the S&P 500 has advanced 19.6%.
2:07 a.m. Sept. 8, 2021 - By Ciara Linnane
TopBuild to acquire Distribution International for $1 billion in cashTopBuild Corp. , an installer and distributor of insulation and building material products to the U.S. construction industry, said Wednesday it has entered an agreement to acquire Distribution International (DI) for $1.0 billion in cash. The deal "is highly strategic for TopBuild," Chief Executive Robert Buck said in a statement. "DI provides us with a direct entry and immediate leadership position in the $5 billion mechanical insulation market which is a highly attractive and complementary new growth platform for TopBuild." The deal is expected to close in the fourth quarter and to boost GAAP per-share earnings in the first full year after close. TopBuild is expecting $35 million to $40 million of run-rate cost synergies. DI had pro forma revenue of about $747 million in the 12 months through June 30. TopBuild shares were not yet active premarket, but have gained 18% in the year to date, while the S&P 500 has gained 20.3%.
1:53 a.m. Sept. 8, 2021 - By Ciara Linnane
Perrigo to acquire consumer self-care company HRA Pharma for about $2.1 billion in cashPerrigo Co. Plc said Wednesday it has signed a binding offer to acquire Héra SAS, or HRA, a global self-care company, from funds affiliated with private-equity firm Astorg and Goldman Sachs Asset Management for about $2.1 billion in cash. HRA is an over-the-counter products company with with three self-care brands in blister care with Compeed, in women's health with ellaOne and in scar care with Mederma. The deal is expected to "complete Perrigo's transformation to a global leader in consumer self-care, bolster its presence in high-potential European markets and meaningfully improve its already strong operational and financial profile," the company said in a statement. Dublin-based Perrigo is expecting the deal to boost adjusted per-share earnings by about $1 in full-year 2023 and to add 400 million euros ($472.6 million) in sales. About 15% of HRA's sales are derived from a rare disease portfolio of three leading prescription products, said the statement. The deal is expected to close by the end of the first half of 2022. Perrigo shares were not yet active premarket, but have fallen 7% in the year to date, while the S&p 500 has gained 20.3%.
1:12 a.m. Sept. 8, 2021 - By Tomi Kilgore
Vertiv to buy E&I Engineering for up to $2 billion, cuts profit and sales outlook citing supply challengesVertiv Holdings LLC announced Wednesday an agreement to buy E&I Engineering Ireland Ltd., and its affiliate Powerbar Gulf LLC, in a deal valued at up to $2 billion. Separately, Vertiv cut its financial outlook, as worse-than-expected supply chain challenges are offsetting continued "robust" demand. Under terms of the deal, Vertiv, a digital infrastructure company, will make an upfront payment of $1.8 billion, consisting of $1.17 billion in cash and $630 million worth of Vertiv shares. The deal could also include up to an additional $200 million in cash for achieving certain profit milestones. E&I provide electrical switchgear and power distribution systems. The company cut its guidance ranges for third-quarter adjusted earnings per share to 17 cents to 20 cents from 26 cents to 30 cents and for sales to $1.21 billion to $1.25 billion from $1.26 billion to $1.30 billion. The FactSet consensus is for EPS of 29 cents and sales of $1.28 billion. Vertiv's stock, which was still inactive in premarket trading, has run up 50.2% year to date, while the S&P 500 has gained 20.3%.
1:40 a.m. Sept. 7, 2021 - By Tomi Kilgore
Avantor to buy Masterflex for $2.7 billion in cashAvantor Inc. announced Tuesday an agreement to buy Materflex, a maker of perstaltic pumps and aseptic single-use fluid transfer technologies, in an all-cash deal valued at $2.7 billion. Avantor's stock is still inactive in premarket trading. Masterflex is being acquired from Antylia Scientific, a portfolio company of investment firms GTCR and Golden Gate Capital. Avantor said the deal is expected to add to adjusted earnings per share in the first year after closing, which is expected to occur in the fourth quarter of 2021. "The acquisition of Masterflex reflects our commitment to the biopharma industry, and our ability to identify and execute on value-creation opportunities," said Avantor Chief Executive Michael Stubblefield. "The business enhances our portfolio of proprietary technologies and strengthens our position in the highest growth segments of the market." Avantor's stock has soared 29.8% over the past three months, while the S&P 500 has gained 7.3%.
1:33 a.m. Sept. 7, 2021 - By Ciara Linnane
State Street to acquire Brown Brothers Harriman's Investor Services business for $3.5 billion in cashState Street Corp. said Tuesday it has entered an agreement to acquire Brown Brothers Harriman's Investor Services business for $3.5 billion in cash. The deal includes BBH's custody, accounting, fund administration, global markets and technology services, and is expected to close by year-end. BBH will continue to own and operate its private banking and investment management businesses, while employees at its Investor Services business will move to State Street, and Seán Páircéir, currently partner and Global Head of Investor Services at BBH, will join State Street's Management Committee. The deal is expected "to advance State Street's strategy as an enterprise outsource solutions provider by creating the number one asset servicer globally,1 strengthening competitive positioning, expanding geographic coverage and enhancing client experience," the company said in a statement. The deal is expected to boost State Street's per-share earnings in the first year after close. It will generate cost synergies of $260 million in year three. The deal will be financed by issuing common stock, suspending a share buyback program and with cash on hand. State Street shares rose 1.4% premarket and have gained 28% in the year to date, while the S&P 500 has gained 20.8%.
2:06 a.m. Sept. 2, 2021 - By Ciara Linnane
Quanta Services to acquire renewable energy infrastructure company Blattner Holdings for $2.7 billion in cash and stockQuanta Services Inc. said Thursday it has entered an agreement to acquire Blattner Holding Co. for $2.7 billion in stock and cash. Under the terms of the deal, Quanta will pay about $2.36 billion in cash and $340 million in its common shares with Blattner owners eligible for up to $300 million more in earnout payments on achieving certain financial targets. Blattner is a utility-scale renewable energy infrastructure provider, founded in 1907 and based in Avon, Minnesota. The company offers front-end engineering, procurement, project management and construction services to renewable energy developers for wind, solar and energy storage projects. The company chalked up revenue of about $2.4 billion in 2020. Quanta is expecting the deal to add 80 cents to $1.00 to its adjusted per-share earnings in 2022, and revenue of $2.5 billion to $2.7 billion. The deal is expected to close in the fourth quarter. Quanta Services shares were not yet active premarket, but have gained 41% in the year to date, while the S&P 500 has gained 20%.
3:29 a.m. Sept. 1, 2021 - By Tomi Kilgore
Medical Properties Trust raised earnings outlook, announces deal to sell an interest in 8 hospitals for a premiumShares of Medical Properties Trust Inc. rose 0.6% in premarket trading Wednesday, after the real estate investment trust announced a deal to sell an interest in acute care hospitals it owns and raised its earnings outlook. The REIT (MPT) said it reached an agreement with Macquarie Infrastructure Partners V (MIP V) to form a partnership in which an MIP V subsidiary buys a 50% stake in eight Massachusetts-based hospitals currently owned by MPT and operated by Steward Health Care System, in a deal that values the portfolio at $1.78 billion. "This transaction's portfolio valuation is a 48% increase over our original investment in these hospitals made in 2016, and the compelling value creation reflects the strength of MPT's underwriting process, which allows our team to identify operators and strategies that are likely to result in long-term and sustained improvement in operating results," said Medical Properties Trust Chief Executive Edward Aldag. Separately, MPT said based on year-to-date transactions, it raised its guidance for annual net income to $1.81 to $1.85 per share for normalized funds from operations, from $1.72 to $1.76. MPT's stock has lost 6.0% year to date through Tuesday, while the SPDR Real Estate Select Sector ETF has soared 30.4% and the S&P 500 has advanced 20.4%.
3:00 a.m. Sept. 1, 2021 - By Steve Gelsi
FAT Brands pays $300 million for sports lodge chain Twin PeaksFAT Brands Inc. said Wednesday it agreed to pay $300 million to buy Twin Peaks, a Dallas-based chain of more than 100 sports lodges offering cold draft beer, from seller Garnett Station Partners LLC, the New York-based private equity firm. Los Angeles-based FAT Brands said the business will increase its systemwide sales to $1.8 billion from $1.4 billion and increase its normalized Ebitda (earnings before interest, taxes, depreciation and amortization) by about $25 million to $30 million. Fat Brands plans to use proceeds from $250 million of new securitization notes and an issuance to the sellers of shares of Series B preferred stock to fund the acquisition. Twin Peaks counts 82 stores currently open, plus six more opening by year-end 2021, and 18 target for development in the next 18 months. FAT Brands CEO Andy Wiederhorn said the acquisition fits the company's plan to expand into sports and polished casual dining. Shares of FAT Brands rose 0.7% in pre-market trading. It has soared 125.6% year to date through Tuesday, while the S&P 500 has gained 20.4%.
6:10 a.m. Aug. 31, 2021 - By Steve Gelsi
Valens buys craft grower Stash CannabisThe Valens Company Inc. shares fell 0.7% on Tuesday after the cannabis company said it agreed to acquire all of the outstanding shares of premium marijuana brand Citizen Stash Cannabis Corp. in a deal that values the target company at about $43 million on an enterprise value basis. Shares of Citizen Stash rose 11.8%. Under terms of the deal, Citizen Stash shareholders will receive 0.1620 of a Valens common share for each Citizen Stash common share. Valens said the transaction will add to earnings in 2021 and 2022 before synergies, along with an expansion into premium flower and pre-rolled cigarettes, which account for more than 70% of retail sales. Valens Company CEO Tyler Robson said the acquisition will help the company "significantly expand its presence in the recreational market."
4:08 a.m. Aug. 30, 2021 - By Tomi Kilgore
Cloudera's adjusted profit, revenue beats expectations as merger deal remains on trackCloudera Inc. , which remains on track to be . this year, reported a fiscal second-quarter adjusted profit and revenue that beat expectations, citing "strong" annualized recurring revenue (ARR) growth. The enterprise data cloud company's stock was little changed in premarket trading. The net loss for the quarter to July 31 narrowed to $33.2 million, or 11 cents a share, from $36.0 million, or 12 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to 15 cents from 10 cents, topping the FactSet consensus of 10 cents. Revenue rose 10.1% to $236.1 million, above the FactSet consensus of 226.8 million, as AAR grew 13%. The company said its shareholders have approved the acquisition by Clayton, Dubilier & Rice and KKR, and the deal is expected to close in the second half of 2021. The stock has rallied 24.0% over the past three months, while the S&P 500 has tacked on 7.3%.
8:55 a.m. Aug. 19, 2021 - By Tomi Kilgore
Illumina's stock suffering biggest selloff in a year after warning of fines for closing GRAIL merger too soonShares of Illumina Inc. tumbled 9.8% in afternoon trading Thursday, enough to pace the S&P 500's decliners, after the life sciences tools disclosed that it is likely to be fined for completing its acquisition of GRAIL Inc. while the European Commission was still reviewing the merger. The stock was headed for the biggest one-day drop since the 10.9% plunge on Aug. 7, 2020 after . Illumina said late Wednesday that it completed the GRAIL merger, which was . In an late Wednesday, the company said its decision to proceed with the completion of the acquisition "during the pendency of the European Commission's review," the EC was likely to seek to impose a fine of up to 10% of Illumina's consolidated annual turnover. The company said the EC, as well as the U.S. Federal Trade Commission and other regulatory authorities, may seek other fines, but it plans to "vigorously defend" against any fines. Illumina's stock has still gained 19.1% over the past three months while the S&P 500 has tacked on 7.0%.
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