New On The Block

• Super Bowl LX champion Seattle Seahawks are officially kicking off a sale process. The estate of Paul Allen hired Allen & Co. and Latham & Watkins as advisors. Allen bought the Seahawks in 1997 and oversaw the franchise's first Super Bowl victory in 2013. After his death in 2018, his sister, Jody Allen, became chair of the team. Under the terms of Allen's will, the Seahawks are to be sold at a future date. Proceeds will likely go toward charitable causes.

• Activist hedge fund Starboard Value is urging Tripadvisor to explore a sale — either in full or through divesting individual business units — citing years of stock underperformance and strategic missteps that it says have eroded shareholder value. In a letter disclosed earlier this week, Starboard called for "one or multiple transactions" to unlock value and said it plans to nominate a majority slate of director candidates at Tripadvisor's 2026 annual meeting, setting the stage for a potential proxy fight if the board does not engage. Starboard, one of Wall Street's most aggressive activist investors, previously pushed for changes at companies including Yahoo, Darden Restaurants and Salesforce.

Updates From The Block

• His & Hers Health (NYSE:HIMS) has struck a $1.15 billion deal to acquire digital health firm Eucalyptus, aiming to broaden its international footprint. Under the terms of the agreement, Hims & Hers will pay $240 million in cash at closing. The remaining purchase price will be made up of guaranteed deferred payments over the next 18 months, along with additional earnest payments contingent on meeting specified financial targets through early 2029.

• Hapag-Lloyd agreed to buy ZIM Integrated Shipping Services — a decisive move to build greater scale as freight rates remain subdued. Hapag-Lloyd will acquire ZIM for $35.00 per share in cash. The acquisition deal values ZIM at around $4.2 billion. The deal was unanimously approved by the ZIM board and is expected to close by late 2026. The merger is expected to enhance service offers through an expanded global network, particularly in key trade routes.

• Danaher Corporation will acquire global medical innovator Masimo Corporation for $180.00 per share in cash, for a total of $9.9 billion. The board unanimously approved the transaction. Masimo will become a standalone business unit and brand within Danaher’s Diagnostics segment and will operate autonomously. The transaction is expected to close in the second half of 2026, reports cited.

• AIT Worldwide Logistics entered into a definitive agreement with Greenbriar Equity Group. Financial terms were not disclosed. The agreement aligns with the early phases of AIT’s strategy to reach its cultural, financial and quality objectives by 2030. The transaction is expected to be finalized before the fourth quarter of 2026.

• Mister Carwash Inc. (NYSE:MCW) entered into an agreement to be acquired by private equity firm Leonard Green & Partners for a deal valued at $3.1 billion. Leonard Green will purchase all outstanding shares of the car wash company for $7 per share in cash. The deal is expected to close in the first half of 2026. Upon completion, the company’s shares will be delisted from Nasdaq.

• EBay has agreed to acquire Depop from Etsy for about $1.2 billion in cash. Etsy, which bought Depop nearly five years ago, said the sale will allow it to refocus on its core marketplace business. Depop has gained popularity among younger consumers as a platform for buying and selling secondhand goods.
• Warner Bros. Discovery (NASDAQ:WBD) rejected the latest hostile takeover bid from Paramount Skydance (NASDAQ:PSKY), giving the company until February 23 to submit its “best and final offer.” Netflix can match the offer.

Off The Block

• Devon Energy (NYSE:DVN) and Coterra Energy (NYSE:CTRA) finalized a $21.4 billion deal, the largest independent oil and gas transaction of 2026. The finalization of this deal marks the “Golden Age of Consolidation” in the U.S. shale space. The merger has a combined enterprise value of $58 billion, and aims to “provide a resilient, multi-commodity hedge against volatile energy prices, while securing a decade of top-tier drilling inventory,” the article stated.

• Virgin Music Group completed its acquisition of Downtown Music Holdings. Downtown Music, founded in 2007, serves more than 5,000 clients. The company’s portfolio of businesses includes FUGA, Downtown Artist and Label Services, CD Baby, Downtown Music Publishing and Songtrust. Downtown CEO Pieter van Rijn, now chief operating officer, will report to co-CEOs Nat Pastor and JT Myers. He will be based in Amsterdam.

Bankruptcy Block

• Saks Global is struggling to keep shelves stocked as dozens of luxury brands halt shipments during its bankruptcy proceedings. Vendors remain wary of not getting paid while the retailer disputes with Amazon, its largest creditor with a $475 million claim tied to a failed e-commerce partnership. Amazon is challenging Saks’ proposed $1.75 billion debtor-in-possession (DIP) financing package and is pushing for the sale of Saks’ Fifth Avenue flagship building in Manhattan to help repay debts. Although a judge has approved the $500 million in financing, roughly $700 million remains under dispute.

• Global Logistics and Fulfillment LLC filed for Chapter 11 bankruptcy. The logistics company did not indicate a specific reason for filing. The 30-year old firm listed $100,000 to $500,000 in assets against $1 million to $10 million in liabilities. The logistics sector has been struggling as of late due to the high costs of operating and the pressure from e-commerce brans such as Amazon, who want faster deliveries at a lower rate.

For the previous edition of Deal Dispatch, click here.

Image: Edited by Benzinga using Shutterstock

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