New On The Block
Cigna CEO Brian Evanko stated that the insurer is exploring strategic options for eviCore, which manages medical claims and reviews prior authorization requests. Cigna also plans to stop selling health insurance plans to individuals starting in 2027, as the company “aims to position Cigna for the future.”
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Updates From The Block
Sirius XM Holdings (NASDAQ:SIRI) is holding preliminary discussions to acquire iHeartMedia (NASDAQ:IHRT). Should the deal go through, it would merge the largest satellite radio provider and the largest radio station owner in America. Apollo Global Management (NYSE:APO) and Irving Azoff are involved in the potential deal process.
Stonepeak and Bernhard Capital Partners have acquired Cleco Group from a consortium of Macquarie Asset Management, British Columbia Investment Management and Manulife Investment Management. The deal values Cleco at approximately $5.75 to $6 billion, sources told Bloomberg.
German media conglomerate Bertelsmann SE has reached an agreement to acquire independent music company Concord. Bertelsmann will combine Concord with its BMG Rights Management division, creating one of the "world's largest music enterprises." While the terms of the acquisition were not disclosed, a source told Bloomberg the newly formed company is valued at approximately $14 billion.
Eli Lilly & Co. (NYSE:LLY) has acquired artificial intelligence startup Profluent Inc. in a deal worth up to $2.25 billion. The deal will give Eli Lilly the exclusive rights to new medicines that the AI company develops using DNA editing tools.
Lazard Inc (NYSE:LAZ) has bought London-based private markets advisor Campbell Lutyens. The deal, valued at up to $660 million, includes $575 million paid at closing, with the remaining amount due two years later, Bloomberg reported.
KKR & Co. Inc. (NYSE:KKR) announced it is working with investment bankers to explore a $10 billion sale of Flora Food Group. The private equity firm previously tried to offload Flora in 2024 to an Abu Dhabi sovereign wealth fund, but the deal collapsed over a pricing dispute.
Sun Pharmaceutical Industries and Organon & Co. (NYSE:OGN) announced they have entered into a definitive agreement under which Sun Pharmaceutical will acquire all outstanding shares of Organon for $ 14 per share in an all‑cash transaction with a valuation of $ 11.75 billion, a press release stated. The transaction is expected to close early next year, subject to stockholder and regulatory approval.
Chiesi Group will acquire KalVista Pharmaceuticals (NASDAQ:KALV) for a total cash value of approximately $1.9 billion. Under the terms of the merger, Chiesi will be adding Ekterly, the first oral treatment of hereditary angioedema, to its portfolio. The deal was unanimously approved by both Chiesi's and KalVista's boards of directors and is expected to close in the third quarter, pending regulatory approvals.
Hedge fund ADW Capital is considering a $3 billion deal to purchase Driven Brands from private equity firm Roark Capital for $18 per share in cash. ADW believes Driven Brands is “materially undervalued due to self-inflicted structural, capital allocational and governance failures,” a letter to Roark stated.
Uber Technologies (NYSE:UBER) has purchased Hong Kong-based FlyTaxi as part of its expansion plans in the region, Bloomberg reported. FlyTaxi and Uber will both continue their normal operations, and customers will not see any changes as a result of the acquisition. Terms of the deal were not disclosed.
Off The Block
Main Post Partners has successfully completed the sale of DeMert Brands, owner of haircare brand Not Your Mother’s, to Henkel. The acquisition aims to strengthen Henkel's North American consumer brand portfolio, particularly in the haircare and styling segment. Terms of the deal were not disclosed.
Communications infrastructure company Crown Castle Inc (NYSE:CCI) closed the transaction to sell its Fiber Solutions business to Zayo Group Holdings and its Small Cell business to Arium Networks for $8.5 billion.
Bankruptcy Block
Saint Augustine's University has filed for Chapter 11 bankruptcy. The Raleigh, North Carolina-based college lists its liabilities between $50 million and $100 million and assets of $100 million and $500 million. Enrollment has declined more than 80% in the past decade. Students will need to find another accredited institution to complete their degrees, Bloomberg reported.
Fresh foods platform FreshRealm announced it is filing for Chapter 11 bankruptcy following "a significant ingredient supply disruption in 2025 that materially impacted the company’s operations and financial performance," a press release stated. FreshRealm secured a commitment for debtor-in-possession financing from its existing lenders. FreshRealm will market and pursue a sale of its remaining business and operations through a Court-supervised process under Chapter 11.
Wren Kitchens, a partner brand of Home Depot, filed for Chapter 7 bankruptcy and has closed 15 of its East Coast showrooms and in-store Home Depot studio locations. "We regret to inform you that our showrooms and studios are now closed," the company wrote on its website.
Smokey Bones BBQ has filed for Chapter 11 bankruptcy and shuttered all of its U.S. locations. Parent company Fat Brands (OTC:FATAQ), which filed for Chapter 11 bankruptcy in January, cited a "challenging restaurant operation environment," CBS News reported.
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