New On The Block
Pitney Bowes Inc (NYSE:PBI) is launching the second phase of its strategic review, hiring BofA Securities, Goldman Sachs, and Sullivan & Cromwell to evaluate its current value creation plan alongside strategic alternatives, including acquisitions, divestitures, partnerships, or a potential sale of the company.
Sucro Limited, an integrated sugar trader and refiner, initiated a strategic review process including the sale of certain assets, divisions or business units, joint venture arrangements, share repurchases, corporate reorganization initiatives and other strategic transactions. The board is not considering a sale of the company or a controlling interest in the company.
Updates From The Block
Rocket Lab (NASDAQ:RKLB) agreed to buy Iridium Communications Inc (NASDAQ:IRDM) for $8 billion in cash and stock. The transaction is expected to be completed in mid-2027, subject to regulatory approval.
Alcoa Corp (NYSE:AA) entered into an agreement to acquire South32 Limited’s interests in bauxite mine, alumina refinery and aluminum smelter operations in a cash and stock transaction valued at $4.1 billion. The transaction is expected to close in the first half of 2027, subject to regulatory approvals.
U.S. supermarket chain Kroger Co. (NYSE:KR) agreed to acquire Giant Eagle, a family-owned food and pharmacy retailer, for $1.65 billion, comprising $1.25 billion in cash consideration and approximately $400 million in outstanding liabilities. The transaction is expected to close in 2027, subject to regulatory approval.
Authentic Brands Group agreed to acquire Care Bears from Ivest Consumer Partners and Cloverlay. Care Bears is on track to exceed $750 million in retail sales by year-end 2026 and has generated more than $12 billion in retail sales since its inception. The transaction is expected to close in the third quarter of 2026.
Ipsen agreed to acquire Kartos Therapeutics in a deal worth up to $1.75 billion. Ipsen will pay $450 million upfront at closing, with Kartos shareholders eligible for up to $1.3 billion in additional milestone payments tied to regulatory approval and future sales. The transaction is expected to close by the end of the third quarter of 2026, subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act.
KKR & Co. Inc (NYSE:KKR) agreed to acquire the U.S. and Canadian operations of EDF Power Solutions from EDF Group in a deal valuing the businesses at approximately $4.2 billion, with up to $390 million in additional milestone payments. The acquisition gives KKR ownership of EDF’s renewable power platform across the United States and Canada.
Cardinal Midstream Partners, an independent midstream energy company, agreed to sell its wholly owned subsidiaries, Cardinal Delaware Basin and Cardinal New Mexico, to San Mateo Midstream for $752 million. The transaction is expected to close in the third quarter of 2026, subject to regulatory approval and customary closing conditions.
CVC Capital Partners is purchasing Irca, a global B2B manufacturer of ingredient solutions for the food manufacturing, foodservice and artisanal channels, from Advent. The transaction is subject to regulatory approval and is expected to close in the fourth quarter of 2026.
Private equity firm Thompson Street Capital Partners has agreed to acquire Arrow Pest Control, a national provider of pest control services to residential and commercial customers. Terms of the deal were not disclosed.
Off The Block
QXO, Inc. (NYSE:QXO) closed its previously disclosed acquisition of TopBuild Corp., significantly expanding QXO’s scale and capabilities across the building products value chain. The company also announced that Alec Covington, TopBuild’s former chairman, joined QXO’s board of directors, effective immediately. Covington replaces Jared Kushner, who has resigned from the board of directors to focus on other commitments.
Pennzoil Quaker State Company DBA SOPUS Products, a wholly owned subsidiary of Shell USA, completed the previously announced sale of Jiffy Lube International and its subsidiary, Premium Velocity Auto (PVA) business, to an affiliate of Monomoy Capital Partners for $1.3 billion.
Bankruptcy Block
DISH DBS Corporation, a unit of EchoStar Corp. (NASDAQ:ECHO), filed for Chapter 11 bankruptcy protection and hopes to emerge from the plan before the end of the third quarter. The company listed assets between $1 billion and $10 billion and liabilities between $10 billion and $50 billion. EchoStar’s brands, customers, operations and employees will not be affected.
For the previous edition of Deal Dispatch, click here.
Image: Edited by Benzinga using Shutterstock
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