Market Buzz: BAE Systems to Buy Ball Aerospace for $5.6B; Bilibili Beats Estimates
- August 17th, 2023
- 503 views
Shares of Ball Corporation (NYSE: BALL) surged over 5% in pre-market trading following the announcement of a deal to sell its aerospace business to BAE Systems for $5.6 billion in cash.
This transaction, valued at 19.6x Ball Aerospace's LTM comparable EBITDA as of June 30, 2023, is projected to conclude in the first half of 2024, contingent on regulatory approvals and customary closing conditions.
$BALL was trading at $57.30 in pre-market, up $2.79 (+5.12%).
In other news, Bilibili Inc. (Nasdaq: BILI), a leading Chinese online entertainment platform, disclosed a second-quarter 2023 loss of $(0.32) per share, surpassing the consensus estimate loss of $(0.35) per share. The company's quarterly sales amounted to $731.50 million, slightly exceeding analysts' projected revenue of $726.38 million for the period.
In pre-market, $BILI was trading at $16.21, reflecting an increase of $0.97 (+6.36%).
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