New On The Block
- ENDRA Life Sciences’ board initiated a sales process to evaluate a range of strategic alternatives to maximize shareholder value. The company has engaged Lucid Capital Management as its financial advisor and K&L Gates as its legal counsel. ENDRA has not set a timeline for the completion of this process.
- Verde Clean Fuels, Inc. (NASDAQ:VGAS) has hired Roth Capital Partners to explore strategic alternatives—including a potential sale of the company, signaling a possible shift toward a transaction as part of its ongoing restructuring. At the same time, the company appointed CFO George Burdette as CEO, replacing Ernie Miller, who is stepping down but will remain as a senior advisor. The leadership change and advisory engagement come as Verde continues cost-cutting efforts and evaluates its future direction, with a sale now clearly on the table.
Updates From The Block
- Consumer products company Aterian’s strategic alternative process is “progressing well,” the company said in an update. “We continue to approach this review thoughtfully and with an open mind, focusing on our goal of maximizing shareholder value, and would anticipate providing another update in mid-April,” said CEO Arturo Rodriguez. The company has engaged Alliance Global Partners to assist in the process. Paul Hastings LLP is serving as legal counsel for this strategic review.
- The Estée Lauder Companies Inc. (NYSE:EL) is holding discussions regarding a potential merger with Puig, the company. No final decision or agreement has been made; however, the potential deal is estimated at $40 billion.
- Corebridge Financial (NYSE:CRBG) and Equitable Holdings (NYSE:EQH) agreed to combine in an all-stock merger, valuing the combined company at $22 billion. The transaction will “create a leading retirement, life, wealth, and asset management company with formidable distribution capabilities, enhanced scale, and a diversified portfolio of businesses with well-established global brands. The transaction is expected to close by the end of the year. Following the closing, the combined company will operate under the ticker symbol “EQH.”
- KKR & Co Inc (NYSE:KKR) is acquiring Nothing Bundt Cakes from private equity firm Roark Capital for more than $2 billion. The company added 390 locations since Roark acquired the chain in 2021. The private equity firm has been looking for a buyer for the U.S. bakery chain since last year, Restaurant Business reported.
- Olaplex Holdings has entered into a definitive agreement to be acquired by Henkel AG & Co. for approximately $1.4 billion. The transaction is expected to close in the second half of the year, subject to regulatory approval. Following approval, Olaplex will no longer be listed on Nasdaq, and private equity firm Advent International will fully exit its investment in the company.
- Terns Pharmaceuticals has been purchased by Merck & Co for $6.7 billion. The acquisition is set to close in the second quarter. Merck will pay $53 per share in cash for the company. The deal will give Tern’s access to a promising new leukemia treatment, Bloomberg reports.
- Sealed Air Corporation has received all regulatory approvals to complete the company’s pending acquisition by funds affiliated with CD&R. The transaction is expected to close in April, subject to customary closing conditions. Upon completion of the transaction, Sealed Air will become a privately held company, and its common stock will no longer be traded on the New York Stock Exchange.
More Deal Updates
- Amazon (NASDAQ:AMZN) has acquired Fauna Robotics, Bloomberg reported. The company is developing a humanoid robot called Sprout, which focuses on everyday tasks. Fauna’s employees will join Amazon as the company. Terms of the deal were not disclosed.
- Mindjoin has acquired data center firm Solteir, adding its energy infrastructure platform and development pipeline to support Mindjoin’s AI compute strategy. The transaction follows several years of development, restructuring, and repositioning within Solteir during a challenging period for digital asset infrastructure markets. Terms of the deal were not disclosed.
- Victory Capital Holdings (NASDAQ:VCTR) announced that it has withdrawn its proposal to acquire Janus Henderson Group. The company’s acquisition strategy remains unchanged. Victory Capital plans to continue pursuing transactions that “increase competitiveness of the company through size, scale, product expansion and distribution access,” the company wrote.
- Brookfield Asset Management (NYSE:BAM) and La Caisse have reached an agreement to acquire Canadian renewable energy developer Boralex for approximately $6.5 billion. The transaction is expected to close in the fourth quarter, subject to regulatory approvals. Following completion, La Caisse will increase its ownership from around 15% to 30%.
- Otsuka Pharmaceutical Co. has announced it will acquire Transcend Therapeutics, a clinical-stage biotechnology company, through its wholly owned subsidiary Otsuka America, Inc. The transaction, expected to close in the second quarter of 2026, subject to customary closing conditions, will see Otsuka pay $700 million to Transcend shareholders at closing. Additionally, up to $525 million in contingent payments may be made based on future sales milestones for assets in development, bringing the total potential consideration to $1.225 billion.
- Excellergy, a biotechnology company developing a novel class of allergy therapeutics, will be acquired by Novartis in a transaction with a total potential value of up to $2 billion in upfront and milestone payments.
- CrossCountry Intermedia HoldCo, an affiliate of CrossCountry Mortgage, has agreed to acquire Two Harbors Investment Corp. Under the terms of the agreement, TWO stockholders will receive $10.80 in cash for each share of TWO common stock. The transaction is expected to close in the second half of 2026. Upon completion, TWO common stock will be delisted from the New York Stock Exchange.
Off The Block
- Generation Income Properties has concluded its strategic alternatives process, which was announced in May 2025. The special committee retained Cantor Fitzgerald & Co. as its financial advisor and Vinson & Elkins L.L.P. as its legal advisor. The company plans to continue operating as an independent, public company as it works to address its near-term debt.
- Abbott (NYSE:ABT) closed its Exact Sciences deal. “The transaction positions Abbott to advance diagnostics that are more preventative, predictive, and personalized while expanding the company’s presence in one of the fastest-growing areas of healthcare as global cancer incidence continues to rise.” The total merger amounted to approximately $21 billion, funded by both cash and debt financing.
- Thermo Fisher Scientific Inc. (NYSE:TMO) completed the acquisition of Clario Holdings, Inc. for $8.8 billion in cash. The Clario business will now become part of Thermo Fisher’s Laboratory Products and Biopharma Services segment. Clario was acquired from a shareholder group led by Astory and Nordic Capital, Novo Holdings and Cinven, the company reported.
Bankruptcy Block
- Genetic testing company 23andMe filed for Chapter 11 bankruptcy in Missouri as it seeks to facilitate a sales process. The company has received a commitment for debtor-in-possession financing of up to $35 million from JMB Capital Partners.
- Applebee’s franchisee, Neighborhood Restaurant Partners Florida (NRPF), has filed for Chapter 11 bankruptcy. The company has been seeking a buyer for its remaining 53 locations for the last year, but was unable to do so despite interest. NRPF listed its estimated assets at $o to $50,000 and its liabilities between $10 and $50 million.
- FTX will distribute $2.2 billion to creditors at the end of March as part of the crypto exchange’s Chapter 11 restructuring plan. This is the fourth round of distributions since the company filed for bankruptcy in 2022. Founder Sam Bankman-Fried is serving a 25-year prison sentence for fraud and the misuse of customer funds through his trading firm, Alameda Research.
- Callaway Arts & Entertainment has declared Chapter 11 bankruptcy in the Southern District of New York. The publishing company listed its assets at zero to $50,000, with liabilities between $1 million and $10 million. Funds will be available for distribution to unsecured creditors, of which is listed at 100-199.
- Crosby Enterprises has declared Chapter 11 bankruptcy for its three subsidiaries in an effort to restructure debt and strengthen its financial position. Crosby Enterprises operates tug, dredging, and marine transportation services along the Gulf Coast and inland waterways.
- Idaho-based dairy farm Cedar Arch Dairies filed for Chapter 11 bankruptcy with $24.4 million in assets and $19.6 million in liabilities.
For the previous edition of Deal Dispatch, click here.
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