Deal Dispatch: Unilever Buys Grüns, Pershing Square Eyes U...

New On The Block

Playtika Holding Corp. (NASDAQ:PLTK)) is conducting a review and reevaluation of strategic alternatives across its portfolio to enhance shareholder value. The mobile gaming entertainment company tapped Morgan Stanley as financial advisor.

Jorey Chernett delivered a letter to Neuronetics, Inc‘s (NASDAQ:STIM) board, arguing that the company has "chronically underperformed.” His solution: the "immediate initiation" of a sale process for Neuronetics’ TMS business. Chernett, who holds 14.14% of outstanding shares, is the company’s largest independent shareholder.

MyndTec has announced that it has been unable to secure the additional financing needed to continue operations. Even after pursuing additional funding—through its ongoing private placement and outreach to both current and prospective investors—the medical device company has run out of viable financing options, the firm explained in a press release. The MyndTec board has authorized management to consult with insolvency counsel to evaluate the company's options.

Bill Ackman's Pershing Square has offered to buy Universal Music Group (AMS: UMG) for approximately $63 billion. Under the terms of the potential agreement, Universal would merge with Pershing Square SPARC Holdings, the Wall Street Journal reported. Under the proposed plan, Hollywood power broker Michael Ovitz would serve as the board chairman. Universal Music would then shift its stock listing from Amsterdam to the NYSE.

Miami-based RIA Corient has acquired wealth manager Vivaldi Capital. Corient's assets under management will grow to $450 billion once the transaction wraps in the second quarter. Vivaldi will be integrated into Corient's "partnership" format, where advisor teams collaborate across clients, the CEO told Informa.

General Atlantic has agreed to acquire home-care company Team Services from Alpine Investors for approximately $3 billion, Bloomberg reported. The deal is understood to have closed last week. Team Services is a company that provides home healthcare services to disabled individuals.

Gilead Sciences has merged with Tubulis GmbH, a biotechnology company specializing in next-generation antibody-drug conjugates. Gilead will acquire Tubulis for $3.15 billion in upfront cash, plus up to $1.85 billion in contingent milestone payments. The deal is expected to close in the second quarter, financed through cash on hand and senior unsecured notes.

Neurocrine Biosciences has entered into a definitive agreement to acquire Soleno Therapeutics for $2.9 billion. The transaction is expected to close in the next three months, following regulatory approval. “This transaction will advance Neurocrine’s mission to deliver life-changing treatments while accelerating our revenue growth and portfolio diversification strategy," Kyle Gano, CEO of Neurocrine, said in a press release.

Ares Management has agreed to purchase Whitestone REIT in an all-cash transaction valued at $1.7 billion. The transaction is expected to close in the third quarter of 2026, subject to closing conditions, including approval by the Company's shareholders. Upon completion, Whitestone will become a private company, and shares of Whitestone's common stock will no longer trade on the NYSE.

Unilever has agreed to acquire gummy supplements maker Grüns. Axios Pro cited that the deal is worth around $1.2 billion. The transaction should close later this year, subject to regulatory approval.

Energy Capital Partners agreed to acquire EnergySolutions, a nuclear company, from TriArtisan Capital Advisors for an undisclosed price. The firm expects the transaction to close in 2026, subject to regulatory approval.

Uplift Investors acquired litigation services firm IMS Legal Strategies from growth-oriented private equity firm Trinity Hunt Partners for an unknown price.

Aeromax Industries, a provider of aftermarket support services for both commercial and military aerospace sectors, has acquired The Ely Company, a precision machining firm specializing in aerospace components. This marks Aeromax's first acquisition since its own purchase by Chimney Rock Equity Partners. Financial details of the transaction are not public.

FlexGen Power Systems, a provider of battery energy storage software and services, has acquired Clean Energy Services CES, a specialist in battery energy storage systems and utility-scale solar services. The transaction will accelerate FlexGen's deployment of battery systems, expand service offerings, and broaden its customer base. Terms of the deal remain undisclosed.

Capital One has completed the acquisition of Brex Inc. for approximately $2.56 billion in cash and 10,000,000 shares of common stock, subject to customary post closing adjustments.

Sealed Air Corporation has completed its acquisition of funds affiliated with CD&R. On Nov. 17, Sealed Air entered into a deal with CD&R at an enterprise value of $10.3 billion. Sealed Air is now a private company; its shares no longer trade on the NYSE.

HR and payroll platform Remote has acquired Bravas, a Paris-based software firm seeded by Super Capital and Evolem, in a deal valued by VCs at approximately $3 billion. The deal closed on March 31.

Spanish Broadcasting System (SBS) is moving forward with a prepackaged Chapter 11 bankruptcy filing under a restructuring support agreement. The agreement is backed by funds managed by Brigade Capital Management, subsidiaries of Man Group, and Bayside Capital, which hold more than 72% of the outstanding principal on SBS’s 9.7% Senior Secured Notes due 2026. The restructuring will “significantly” reduce debt, lower interest expense, and extend the maturity of its obligations.”

National Road Logistics has filed for Chapter 11 bankruptcy, citing rising debt obligations. The California-based logistics company listed its assets between $1 and 10 million and its liabilities between $10 and $50 million.

Pacific Rim Winemakers, owned by Banfi Wines, has filed for Chapter 11 bankruptcy protection and intends to liquidate the inventory, equipment, and real estate over the next several months. The company reported liabilities between $10 and $50 million and cited a decrease in sales due to a sharp decline in wine consumption, as well as inflation, tariffs, and oversupply as the reasoning behind their bankruptcy filing.

Saks Global Enterprises filed for a Chapter 11 plan of reorganization to restructure debt from its $2.7 billion Neiman Marcus acquisition. The company plans to emerge under a new brand called New Saks, with new board members and new vendor agreements. The company also plans to sell its corporate jet as a cost-cutting method.

Battery recycling company Asend Elements has filed for Chapter 11 bankruptcy, citing “insurmountable” financial difficulties following the Trump administration’s cancellation of a $316 million Department of Energy grant last year.

For the previous edition of Deal Dispatch, click here.

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