Fresh Deals

Elon Musk is apparently thinking about merging his entire business universe, and honestly, the logic is both obvious and bizarre at the same time. We're talking about potentially combining SpaceX, Tesla Inc. (TSLA), and xAI into some kind of super-conglomerate. A SpaceX-Tesla combination could theoretically leverage Tesla's energy storage and solar technology for space-based infrastructure projects. Meanwhile, a Tesla-xAI merger might make the most industrial sense, especially considering Tesla just dropped $2 billion into xAI. But here's the weird part: SpaceX is supposedly exploring an IPO. So why would you be talking merger while simultaneously prepping to go public? The timing feels off.

LIV Golf is getting into the dealmaking game, preparing to sell minority stakes in some of its teams for the first time. According to Bloomberg, the Saudi-backed league is targeting valuations of up to $300 million per team. They've hired Citigroup to run the sale process and expect to bring in new investors for two teams later this year. There's even talk of a full control sale for one team. The league, which is primarily owned by Saudi Arabia's Public Investment Fund, has set an ambitious goal: getting each of its 13 franchises valued at $1 billion. Team captains currently hold 25% ownership stakes. League executives say the fundraising push is all about boosting sponsorship revenue, building new team-level business operations, and monetizing name, image, and likeness rights.

Enterprise artificial intelligence software company C3.ai Inc. (AI) is reportedly in talks to merge with software company Automation Anywhere, according to The Information. If the deal goes through, Automation Anywhere would acquire C3.AI and then go public through a reverse merger. The market didn't love this news—C3 stock dropped 10.2% on Friday following the report.

Deal Updates

Brynwood Partners has agreed to sell Great Kitchens Food Co., which makes private-label take-and-bake pizzas, to family-owned food company Rich's.

China's Anta Sports is making a major play in the global sportswear market. The company agreed to buy a 29% stake in German athletic apparel maker Puma from the Pinault family for €1.51 billion, making Anta the largest shareholder in Puma. This is clearly part of Anta's strategy to position itself as a legitimate global competitor to Nike (NKE). Anta already owns an impressive portfolio of brands including Arc'teryx, Wilson, Fila, and Jack Wolfskin. Anta says it's not planning a full takeover, which would be triggered automatically at 30% ownership under German law. But the market loved the deal anyway—Puma shares jumped as much as 20% on the news. The investment positions Anta to capitalize on rising global demand for sportswear and athleisure, particularly in China where that market is exploding.

Steel Partners Holdings made an offer to acquire a controlling stake in InMode Ltd. (INMD) for $1.1 billion, and they weren't shy about their criticism. Steel Partners took shots at InMode's stock performance, capital allocation decisions, and repeated guidance cuts. The offer is for 51% of the company's outstanding shares at $18 per share, which represents a 29% premium to InMode's January 23 closing price before media speculation about a possible transaction started circulating. Steel Partners already has skin in the game, owning roughly 800,000 InMode shares—about 1.3% of the company.

Closed Deals

Francisco Partners wrapped up its $2.2 billion take-private acquisition of software company Jamf. The completion of this deal marks Vista Equity Partners' full exit from Jamf.

Mitsubishi Electric has completed its $1 billion acquisition of San Francisco-based Nozomi Networks, an industrial cybersecurity firm. Nozomi had previously raised about $250 million from a roster of notable investors including Notable Capital, Lux Capital, Energize Capital, Honeywell Ventures, and Partners Group.

Bankruptcy Watch

Federal prosecutors have indicted First Brands Group founder Patrick James and his brother Edward James on charges of defrauding lenders before the auto-parts company collapsed into Chapter 11 bankruptcy. The allegations are serious and wide-ranging: authorities claim the brothers falsified invoices and financial statements, double- and triple-pledged collateral, and hid liabilities to secure billions of dollars in financing while personally pocketing millions. The case surfaced after advisers discovered roughly $2.5 billion in questionable factoring invoices that couldn't be substantiated and were sometimes sold multiple times, according to The Wall Street Journal. Both brothers are denying the allegations. First Brands, now operating under new management, is cutting operations and relying on emergency funding to get through the restructuring process.

Amazon.com (AMZN), LVMH (LVMUY), and Chanel have been named to Saks Global's newly formed creditors committee, giving these retail and luxury giants an influential voice in shaping the luxury retailer's bankruptcy restructuring. The 10-member panel represents all junior creditors and also includes Zegna, Kering Americas, Brookfield Properties Retail, a union representing Saks employees, a logistics provider, and the Pension Benefit Guaranty Corporation. Saks is covering the committee's legal costs during the bankruptcy case.