Mergers and acquisitions
Every Sainteur story on mergers and acquisitions, newest first.
H&R unitholders reject a sale to GO REIT and a group that includes a Blackstone affiliate
H&R ($HR.UN) terminated the agreement immediately, with no termination fee payable to the consortium, after the special resolution was not approved. Buyers included GO REIT, a fund affiliated with Blackstone Real Estate, and a company controlled by CEO Tom Hofstedter's family.
SpaceX and Tesla are said to be progressing in merger talks, with a deal possible as early as December
The companies have also discussed an announcement slipping into early 2027, and boards and advisers are negotiating price and control. SpaceX and Tesla could not be immediately reached for comment.
Nomura is considering a sale of crypto unit Laser Digital, Bloomberg reports
Bloomberg, citing people familiar with the matter, said Marex Group is evaluating a deal and that Nomura has not decided whether to sell the Zurich unit or keep it.
Oura is buying Counsel Health for $625 million after postponing an IPO
The smart-ring maker cited uncertainty in the IPO market, then moved to buy the physician-supervised service it says can take members to a doctor, often within minutes, in the app.
Western Union sends Intermex a termination notice; Intermex rejects it
Western Union sent a termination notice after California’s DFPI issued conditions Western Union called unacceptable. The 2025 deal was $16.00 a share. Intermex rejected a purported termination and will pursue its remedies including specific performance and substantial damages.
SoftBank faces AI-strategy scrutiny at earnings after tech selloff
SoftBank ($SFTBY) faces scrutiny over its AI strategy at Q2 earnings after an AI-stock rout. Its five-year CDS spread widened to 466 basis points Friday, and China blocked its planned $5.4 billion purchase of ABB's robotics division. It spent $64.6 billion for a 13% OpenAI stake and had 10.8 trillion yen of net interest-bearing debt at the end of June.
Fox holds investor calls ahead of an expected Roku-deal bond offering
Fox ($FOXA, $FOX) is holding investor calls Monday ahead of an expected multipart Roku-deal bond offering, Mononews reported, citing Bloomberg. The Nov. 6 close brought $10.4 billion of new loans, including a 364-day bridge it expects to refinance with senior unsecured debt.
NRG agrees to a $4 billion plant deal with LS Power and lifts its buyback plan
NRG Energy ($NRG) agreed to transfer 4.9 GW of gas plants to LS Power for $4 billion in cash, with expected proceeds to support $3 billion of share repurchases across 2026 and 2027 plus an additional $2 billion of debt reduction at close. Third-quarter GAAP EPS was $2.59, and NRG reaffirmed 2026 guidance.
China blocks SoftBank's takeover of ABB's China robotics arm as FT cites AI data fears
It's the second major deal China has blocked this year, after Meta's Manus purchase, and SoftBank is weighing whether to try again.
Marvell agrees to buy laser maker Lumentum in a $115 billion all-stock deal
The chipmaker agreed to acquire Lumentum, a maker of lasers and optical parts for data centers, in an all-stock deal expected to close in the first half of 2028.
DoorDash agrees to pay $65 a share for Instacart in a $17 billion deal
The deal is at least 75% cash and values Instacart at about $17 billion. Closing isn't expected until the end of 2027 or the first half of 2028.
Upwind reportedly rejects Datadog's offer because it only matched what its VCs said it was worth
Datadog reportedly offered no premium over the price Upwind's own venture backers had just set. So the backers invested at it instead.
Joshua Kushner's Thrive Holdings agrees to acquire ADT for $7.6 billion in cash
ADT holders would get $10.00 a share in cash. The deal is expected to close in the first quarter of 2027, and ADT can seek rival offers until Nov. 28.
GE Vernova agrees to buy grid equipment maker Trench Group for $9 billion
GE Vernova is buying the high-voltage grid equipment supplier from Triton Partners, expecting to fund it equally with cash and debt, with closing expected in late 2027.
Nelson Peltz's Trian offers to buy Wendy's for $1.4 billion, the Journal reports
The report comes after Reuters said in August that Trian, a longtime holder of about 16% of the burger chain, had no plans to bid at the time.
EQT is buying Range Resources in an all-stock deal Reuters values at $12.8 billion
Range holders get 0.987 EQT shares for each Range share. The "over $50 billion" figure is the combined company's enterprise value, debt included, not the price.
Trusts tied to GoPro's founder lent it $20 million in July. Its sale would repay them and cash out their warrants
GoPro's merger proxy says the $1.14-a-share deal repays notes held by trusts tied to CEO Nicholas Woodman and cashes out their warrants, estimated at $21.9 million. His votes alone can approve it.
Same $1 billion completes another lap of the billionaire carousel
Elon Musk reportedly put about $1 billion into the Ellisons' Skydance. Larry Ellison once put $1 billion into Musk's Twitter deal. A top hat is keeping count.
Elon Musk has put roughly $1 billion into Skydance, Semafor reports
Semafor says Musk's deal came together alongside other equity investments, including from board member Laurene Powell Jobs. Neither Skydance nor Musk has confirmed it.
Musk's public cheerleading created a "mess" for SpaceX-Tesla merger talks, Reuters reports
Musk recused himself from the merger committees, then called the deal a good idea. Reuters' source says that raises questions about whether Tesla shareholders are fairly represented, with SolarCity's long legal fight in mind.
Salesforce's Braze Deal: $5.66 Billion, All Cash, and a $300 Million Breakup Fee
The CRM giant is buying the customer-engagement platform for about $5.66 billion in enterprise value. The deal needs Braze shareholder and regulatory approval and isn't expected to close until Salesforce's fiscal 2028.
OpenAI buys Orchestra Bio, a startup whose AI agents babysit drug programs
The ChatGPT maker is folding Orchestra's scheduling-and-logistics agents into Rosalind. It didn't say what it paid. Rival Anthropic made its own biotech buy in April, reportedly for about $400 million.
Musk says a SpaceX-Tesla merger would be a good idea, but he can't be in the room
On SpaceX's earnings call, Musk said both boards have independent committees weighing a combination. No terms are agreed, and Tesla would need half of all its shares to vote yes.