Updates From The Block
NextEra Energy (NYSE:NEE) is planning to buy Dominion Energy (NYSE:D) for $66.8 billion. The all-stock transaction, which is pending regulatory approval, will be the third-largest energy company behind Exxon and Chevron. The combined enterprise value is approximately $420 billion, with a market cap of approximately $249 billion, Reuters reported.
Broad-based chip maker Analog Devices has agreed to purchase Empower Semiconductor for $1.5 billion in cash. The transaction is expected to close in the second half of 2026, subject to regulator approvals.
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Authentic Brands Group has agreed to acquire global denim brand Lee from Kontoor Brands Inc. (NYSE:KTB). Upon closing the transaction, Authentic plans to convert the Lee business into a licensing model, leveraging its brand-building expertise. The company is in discussions with brand operators to support Lee’s existing business and expand it across content, experiences and heritage-driven lifestyle categories. The transaction is subject to certain standard closing conditions, including regulatory approval, and is expected to close in the second half of 2026.
Canadian enterprise AI company Cohere has acquired Reliant AI, a Montreal-based biopharma AI company, for $7 billion. Together, Cohere and Reliant AI will "equip health care and life sciences enterprises with a powerful combination of cutting-edge AI technology, secure deployment options for highly regulated environments, and deep domain expertise to improve processes and bring projects to market faster," the company said in a press release.
Mister Car Wash, Inc. (NASDAQ:MCW) entered into a definitive merger agreement. Investment funds managed by Leonard Green & Partners will purchase all outstanding shares of common stock for $7 per share in cash, valuing the company at $3.1 billion. The transaction is expected to close in the first half of 2026, subject to regulatory approvals and satisfaction or waiver of other customary closing conditions. Upon completion, Mister Car Wash's common stock will no longer be listed on Nasdaq. The company will become privately held by funds managed by LGP.
Fast-fashion retailer Shein is acquiring apparel brand Everlane in a deal valuing the company at $100 million, a steep discount to its prior valuation. The company's board signed off on the deal earlier this week, though neither company has publicly announced the acquisition, Bloomberg reported.
Private equity firm Yellow Wood Partners announced that its portfolio company, Scholl’s Wellness Company (parent company of Dr. Scholl’s), acquired VKTRY, an athletic performance brand specializing in carbon fiber insoles and footwear innovation. Terms of the transaction were not disclosed. VKTRY will continue operating under its existing brand identity and leadership team, with support from Dr. Scholl’s and Yellow Wood to further expand product innovation, consumer reach and operational scale, the company said.
Medtronic plc (NYSE:MDT), intends to acquire SPR Therapeutics, a privately held medical technology company. The transaction consists of an upfront cash payment of approximately $650 million for all the outstanding equity. The transaction is subject to customary closing conditions and regulatory approvals. The anticipated close date will fall within the first half of Medtronic's fiscal year 2027, which officially began on April 25, 2026, the company said in a release.
Liminatus Pharma (NASDAQ:LIMN) purchased InnocsAI, a biotechnology company focused on advanced CAR-T and antibody oncology therapies, for $320 million. Existing members of InnocsAI will receive 1.6 billion shares of Liminatus common stock at an issue price of 20 cents per share, as well as contingent value rights to receive 20% of future net proceeds from certain strategic transactions involving the acquired assets. The merger has been approved by the boards of both companies and is now subject to regulatory approval.
KKR & Co. (NYSE:KKR) and CIRCOR International, a global manufacturer of flow control products for industrial, naval and aerospace markets, plans to sell CIRCOR Aerospace, the company's aerospace division, to Parker Hannifin Corp (NYSE:PH), the global leader in motion and control technologies, for $2.55 billion. Funds managed by KKR first acquired CIRCOR for $1.8 billion in 2023 and will maintain ownership of CIRCOR's Naval and Industrial businesses. The transaction is expected to close in the second half of 2026, subject to customary closing conditions and regulatory approvals.
IMAX is considering a sale of its business, the Wall Street Journal reported. The company has been holding discussions with entertainment companies regarding the potential sales process. The plans remain in the early stages and could still change, including the possibility that no sale takes place.
Estée Lauder Companies Inc (NYSE:EL) and Puig have called off their plans for a merger, scrapping what could have been a $40 billion luxury beauty mega deal, Reuters reported. The collapse was attributed to “strategic differences and change-of-control complexities, allowing both companies to refocus on their respective standalone growth companies.”
Off The Block
Global medical technology company Embecta Corp. completed its acquisition of medical device manufacturer Owen Mumford Holdings in a deal worth $200 million. The transaction is expected to speed up the BD spinoff's evolution into a diversified medical supplies company with a broader focus beyond diabetes care.
Drone and robotics company Red Cat Holdings (NASDAQ:RCAT) has closed its acquisition of Quaze Technologies, a Québec-based developer of wireless power transfer technology for unmanned systems, drones and autonomous machines. Quaze will operate as an independent Red Cat business unit, a press release stated.
Bankruptcy Block
West Marine filed for Chapter 11 bankruptcy with plans to emerge from the process by mid-August, the company revealed in a press release. West Marine stores remain open for business, and the company expects no changes to its day-to-day operations.
Del Monte Foods Corp. won the approval of its bankruptcy plan to liquidate and wind down after the company sold off most of its major assets. The food distributor filed for Chapter 11 bankruptcy last July after accumulating more than $1.2 billion in debt.
Cryptocurrency ATM operator Bitcoin Depot (NASDAQ:BTM) announced it has filed for Chapter 11 bankruptcy protection and plans to wind down its operations, citing stricter regulatory oversight as a reason for its filing. The company's entire network of Bitcoin ATMs have been taken offline.
Midland, Texas-based environmental and industrial services company Warrior Technologies has filed for Chapter 11 bankruptcy. The company reports $10 million to $50 million in assets and $50 million to $100 million in liabilities. The filing indicates that there will be funds available for distribution to unsecured creditors.
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