Fresh Deals on the Table

Germany's Puma SE has become quite the hot commodity, attracting interest from multiple Asian sportswear players. According to reports, Chinese giants Anta Sports and Li Ning Co. are circling, along with Japan's Asics Corp. It's a fascinating dynamic watching Asian brands potentially snap up a storied German athletic brand.

The Netflix-Warner-Paramount Drama Gets Messy

Netflix (NFLX) is betting that regulators, not angry competitors, will be the final arbiters of its massive $82.7 billion acquisition of Warner Bros. Discovery. And boy, is there competition complaining.

The deal itself is sprawling: Netflix gets Warner's film and TV studios, HBO and HBO Max, plus valuable franchises like Harry Potter and the DC Universe. We're talking roughly $27.75 per share for WBD. Both companies' boards have approved it, but there's still a gauntlet ahead including regulatory clearance, WBD shareholder approval, and the completion of Warner's planned cable spinoff now slated for Q3 2026.

The financial structure breaks down to $23.25 in cash plus $4.50 in Netflix stock per WBD share, with the stock portion protected by a VWAP collar. Netflix shares dipped slightly on the news, suggesting Wall Street isn't entirely thrilled about shelling out billions for wizards and superheroes, Hollywood enthusiasm notwithstanding.

Meanwhile, Paramount Skydance Corp (PSKY) isn't taking this lying down. The company has publicly questioned whether the WBD auction was fair, suggesting a "special committee" should have overseen the process. There's an interesting wrinkle here: President Donald Trump reportedly has connections with the Ellison family that owns Paramount Skydance. The New York Post reported that Paramount Skydance CEO David Ellison met with the Trump administration on Wednesday to voice concerns about the Netflix transaction.

Deals That Fell Apart

Not every deal makes it to the finish line. EQT wanted to buy a minority stake in German soccer powerhouse Bayern Munich, but those talks collapsed in an almost comical fashion. The Financial Times reports that Bayern's CFO Michael Diederich, who was EQT's main contact at the club, left over the summer to join Deutsche Bank. Apparently losing your key contact is enough to sink a deal.

Blackstone is also pumping the brakes on a potential takeover of self-storage company Big Yellow, according to Sky News. Blackstone had been exploring the opportunity alongside the Canada Pension Plan Investment Board, and Big Yellow executives were hoping for an offer of at least £14 per share. Analysts initially thought a formal bid was coming, but a withdrawal now looks most likely.

More M&A Activity Worth Watching

Willis Towers Watson is in exclusive negotiations to acquire an 85% stake in workplace pension provider Cushon from NatWest Group. The deal could value Cushon at more than £150 million, which would represent a decent return considering NatWest bought the business for £144 million just two years ago. This fits with NatWest's broader strategy of dumping non-core operations. Reuters cautions that negotiations are still ongoing and could collapse.

Marvell Technology (MRVL) is reportedly in advanced discussions to acquire photonics startup Celestial AI in a deal worth over $5 billion combining cash and stock. The acquisition would give Marvell access to Celestial's photonics technology, which speeds up communication between AI compute and memory chips. Celestial has raised $515 million in funding, including a $250 million round backed by AMD's investment arm, and has Intel CEO Lip-Bu Tan on its board. The timing is notable: Marvell, a $78.5 billion networking-chip maker, just reported its Q3 results on December 2.

Targa Resources has agreed to acquire Stakeholder Midstream for $1.25 billion in cash, expanding its natural gas shipping and storage capabilities in the Permian Basin. The deal adds 480 miles of pipelines and is expected to close in Q1 2026.

Unilever (UL) agreed to sell its snack brand Graze to Katjes International and the Candy Kittens Group for an undisclosed amount. Unilever originally acquired Graze in 2019 and is reportedly also looking to offload British brands like Marmite and Colman's.

Deals That Closed

Stonepeak and Energy Equation Partners have wrapped up their acquisition of a 65% stake in JET Tankstellen Deutschland GmbH, a major fuel retailer in Germany and Austria, from a Phillips 66 subsidiary. The business was valued at approximately €2.5 billion. The partnership plans to leverage JET's extensive service station network and brand to drive growth and support energy-transition initiatives. Legal and financing advisory roles were handled by Akin Gump, Hengeler Mueller, and Paul, Weiss, Rifkind, Wharton & Garrison LLP.

Bankruptcy News

North American Builder's Supply, an Illinois-based rival to Home Depot (HD) and Lowe's (LOW), has filed for Chapter 11 bankruptcy but plans to keep operating while it reorganizes. The company reported between $500,000 and $1 million in both assets and liabilities. Among its largest unsecured claims are trade creditors and lines of credit, including Bluetape ($503,000), Kapitus Servicing ($150,000), and Central Bank Illinois ($94,000).