Fresh Deals on the Table

I Squared Capital is exploring its options for BDx, its Asian data center business, according to Bloomberg. That's private equity speak for "we're thinking about selling this thing." The potential price tag? Up to $2 billion, which seems about right for data centers in Asia these days.

Deals Moving Forward

Kirin Holdings has agreed to sell the Four Roses bourbon brand to E. & J. Gallo Winery, the Modesto, California-based wine and spirits giant, for an estimated $775 million (around 120 billion yen). It's a notable exit for the Japanese beverage company from the American whiskey market.

SiTime Corp. (SITM) is making a big bet on timing solutions, agreeing to acquire Renesas Electronics Corp.'s timing unit in a cash-and-stock deal valued at approximately $2.9 billion. The transaction breaks down as $1.5 billion in cash and 4.13 million shares of SiTime, valued at $347.96 each. SiTime will fund the cash portion using its own resources plus a $900 million debt financing from Wells Fargo. As part of the deal, Renesas CEO Hidetoshi Shibata will join SiTime's board when the transaction closes, which is expected by year-end.

Genius Sports has agreed to acquire Legend, a digital sports and gambling media company, for $1.2 billion, according to Sportico. The deal structure includes $900 million upfront—$800 million in cash and $100 million in stock—along with an earnout of up to $300 million over two years. The market wasn't thrilled with the news. Following the announcement, Genius' stock dropped by 27%, closing at $6.19 per share. The acquisition will be financed with an $850 million loan, and the company expects its debt-to-EBITDA ratio to stay below 3x after the deal closes in Q2 2026.

Concorde International Group Ltd (CIGL) shares rose 61.11% in after-hours trading to $4.35 on Tuesday, following the announcement of a merger agreement with Hong Kong-based YOOV Group Holding Limited valued at $600 million. According to a regulatory filing, YOOV—which provides artificial intelligence-as-a-service solutions focused on business automation through a cloud platform—will become a wholly owned subsidiary of CIGL through the merger.

Deals That Fell Apart

Sometimes the biggest deals are the ones that don't happen. Billionaire Ivan Glasenberg had been chasing what you might call the White Whale of mining M&A: a merger between Glencore (GLCNF) and Rio Tinto (RIO). For much of the past month, it looked like Glasenberg—the former Glencore CEO and the company's largest shareholder—would finally succeed. The two companies were locked in their most serious talks yet, discussing a $200 billion-plus merger, which would have been the fourth attempt in 20 years. And then, according to the Financial Times, the talks collapsed. Back to the drawing board for one of mining's most persistent dealmakers.

Deals That Closed

Ares Management Corp (ARES) has completed its acquisition of BlueCove Limited, a London-based systematic fixed-income manager. The BlueCove business will now operate as Ares Systematic Credit, the company said in a press release. Ares Systematic Credit is comprised of 60 professionals based in London and specializes in investment and portfolio management, research and engineering. The group will be led by BlueCove's CEO Alex Khein.

Here's the big one: Elon Musk's SpaceX has merged with xAI. The deal values SpaceX at $1 trillion and xAI at $250 billion. That's a lot of zeros, even by Musk standards. Analyst Dan Ives predicts that Musk may eventually merge Tesla (TSLA) with the SpaceX/xAI combination, creating an "AI juggernaut" and boosting Tesla's position in the AI revolution. Whether that happens or not, the SpaceX-xAI merger creates one of the most valuable combined entities in tech.

Bankruptcy Watch

Nine Energy Service Inc., saddled with roughly $388 million in debt and $340.7 million in assets, has reached an agreement with debt holders to eliminate $320 million of senior secured notes, which will reduce annual interest expenses by $40 million. Nine will continue operating during the court-supervised process and has secured $125 million in debtor-in-possession financing to support its operations while it restructures.

Carbon Health has filed for Chapter 11 bankruptcy relief in Texas, reaching a restructuring agreement with its lenders to facilitate recapitalization and new ownership. The company plans to pursue a dual-track process, including a debt-for-equity exchange and asset sale, with up to $19.5 million in debtor-in-possession financing to support operations during the restructuring. Carbon Health, which listed assets and liabilities between $100 million and $500 million, aims to strengthen its financial foundation and continue delivering patient care with minimal disruption.

Catalyst Brands—responsible for the operations of several brands in Authentic Brands Group's stable—is readying a bankruptcy filing for the entity that runs Eddie Bauer's locations, according to Retail Dive. Another sign that retail continues to be a tough business, even for established outdoor apparel brands.