New On The Block
Lulu’s Fashion Lounge Holdings (NASDAQ:LVLU) retained Solomon Partners as its financial advisor and Willkie Farr & Gallagher LLP as its legal advisor as the company evaluates strategic alternatives to maximize shareholder value. Alternatives may include a potential transaction or continued execution of Lulu’s standalone strategic plan.
Randian Capital, a retail activist investment firm and a shareholder of Loandepot Inc. (NYSE:LDI), published an open letter to the board, calling for them to consider evaluating strategic alternatives, including a potential sale of the company to maximize shareholder value.
• Uber Technologies stock is under selling pressure. Why is UBER stock retreating?
Updates From The Block
Uber Technologies, Inc. (NYSE:UBER) agreed to acquire German food-delivery company Delivery Hero in a $14.8 billion cash transaction. Delivery Hero reached a separate deal with New York investment firm SSW Partners to sell its businesses in 14 markets, primarily where its operations overlap with Uber Eats, for about $1.6 billion, contingent on the completion of Uber’s takeover offer and other customary closing conditions.
Eli Lilly And Co (NYSE:LLY) entered into an agreement to purchase AtaiBeckley Inc. (NASDAQ:ATAI), a clinical-stage biopharmaceutical company, for approximately $3.8 billion. The transaction is expected to close in the third quarter, subject to approval by AtaiBeckley stockholders and customary closing conditions.
Wynnchurch Capital, a middle-market private equity firm, entered into a definitive agreement to sell FWI Holdings to Ferguson Enterprises (NYSE:FERG) in a cash transaction of approximately $1.6 billion.
AE Industrial Partners, a private investment firm, acquired Powder Alloy Corporation, a producer of highly engineered metallic, ceramic and thermal spray powders. Financial terms of the deal were not disclosed.
First Hawaiian Inc (NASDAQ:FHB) will acquire TriCo Bancshares (NASDAQL TCBK) in an all-stock transaction valued at $2.01 billion. The parties expect to close the transaction by the end of 2026, subject to regulatory approvals.
Veritas Capital entered into a definitive agreement to acquire BGIS from CCMP Capital Advisors and Alberta Investment Management Corporation. Financial terms of the transaction were not disclosed. Veritas will partner with CEO Gord Hicks and the BGIS management team, who will continue to lead the company. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions.
Big Brand Tire & Service is acquiring Belle Tire, a Midwest tire and automotive service provider. The acquisition propels Big Brand past $1.5 billion in revenue. Together, the companies will build on a shared commitment to superior customer service and industry-leading employee satisfaction, the company stated. The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions.
Off The Block
Jasper Therapeutics Inc. (NASDAQ:JSPR) closed its all-stock acquisition of Kira Pharmaceuticals and expects to raise approximately $132 million in gross proceeds through a concurrent private placement. The capital is expected to fund the development of the combined company’s pipeline into the second half of 2028.
Construction Partners, Inc. (NASDAQ:ROAD) completed its acquisition of Ellsworth Construction, an asphalt manufacturing and construction business headquartered in Tulsa, Oklahoma. Financial terms of the deal were not disclosed.
Bankruptcy Block
Arizona-based Hardee’s franchise Superior Star LLC filed for Chapter 11 bankruptcy amid “unforeseen expenses” related to a 2023 acquisition. The company estimated it has between 1,000 and 5,000 creditors with estimated assets and liabilities between $10 million and $50 million.
For the previous edition of Deal Dispatch, click here.
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