Let's talk about deals. Some are just whispers on the block, others are signed and sealed, and a few are ending in bankruptcy court. Here's the latest dispatch from the world of mergers, acquisitions, and corporate exits.
New On The Block
First up, the rumors and fresh proposals. In the world of defense, private equity firm Advent is reportedly considering selling Ultra Maritime. With geopolitical tensions running high, demand for naval defense companies is surging, and a sale could value Ultra at around $4 billion. Talks with banks are underway, and a process could kick off in the coming months.
Over in packaging, Blackstone (BX) is preparing to sell Chinese company ShyaHsin Packaging. The auction, run by Citigroup and set for later this year, could see a valuation hit the $1 billion mark.
Now, for the headline grabber. Irth Capital Management has submitted a takeover proposal for Papa John's International (PZZA), valuing the pizza chain at $1.5 billion. They've got financial backing from the global asset manager Brookfield Asset Management. Papa John's hasn't accepted yet, and as these things go, other interested parties might still emerge. Could your next pizza be funded by private equity? Maybe.
In healthcare tech, GI Partners has hired Centerview and Guggenheim to sell Clinical Ink, a clinical trial technology company it bought back in 2020.
Speaking of Brookfield, they're also exploring a potential acquisition of World Freight Co., an air cargo forwarding services company. The current owners, EQT AB and PAI Partners, are looking to get between $1.2 and $1.3 billion from a deal. Conversations are ongoing, so it's not a done deal yet.
In insurance, Warburg Pincus has tapped Citigroup to explore options for Oona Insurance, a Southeast Asian insurer. A potential deal could be worth several hundred million dollars, but it's unclear if Warburg will actually pull the trigger.
And in media, there's potential regulatory drama. California, Colorado, and New York are in talks to file an antitrust lawsuit against Nexstar Media Group (NXST) over its proposed $6.2 billion purchase of rival broadcaster Tegna (TGNA). The states argue the deal would create "excessive concentration in certain local television markets." They need regulatory approval from the FCC before they can sue, so this one has a long runway.
Updates From The Block
These are the deals that have moved from rumor to reality.
In a fitting union, uniform supplier UniFirst Corp. has been sold to Cintas Corp. for $5.5 billion in cash. Together, they'll supply uniforms to 1.5 million businesses across North America. The deal is set to close in the second half of this year, pending shareholder approvals.
In the casino world, Tilman Fertitta has been discussing a potential acquisition of Caesars Entertainment for around $7 billion. This comes after an initial offer from Carl Icahn's firm. Caesars operates over 50 resorts nationwide.
In a major move for its downstream business, Shell PLC (SHEL) is selling Jiffy Lube International and its subsidiary, Premium Velocity Auto, to Monomoy Capital Partners for $1.3 billion. This transaction isn't closing until the second half of 2026, so don't expect changes at your local Jiffy Lube tomorrow.
In real estate advisory, Guggenheim Investments and Temasek Holdings have agreed to sell New York-based Eastdil Secured Holdings to global brokerage Savills. The deal is valued at approximately $1.1 billion, including assumed debt.
In the life sciences sector, Agilent Technologies (A) is acquiring Biocare Medical for $950 million. The deal is expected to close by the fourth quarter of 2026, after which Biocare will become part of Agilent's Life Sciences and Diagnostics Markets Group.
In healthcare, Universal Health Services (UHS) has agreed to acquire virtual behavioral health platform Talkspace (TALK) for $835 million. UHS plans to finance the purchase through borrowings on its existing credit line, with closing expected in the third quarter of 2026.
In a more niche but rapidly growing market, private equity firm Oak Hill Capital Partners has agreed to acquire Guild Garage Group for $800 million. Since launching in 2024, Guild Garage Group has been on a buying spree, acquiring nearly 30 residential-focused garage door repair businesses.
On the tech front, OpenAI is acquiring cybersecurity startup Promptfoo. The team will join OpenAI and be integrated into the Frontier platform for AI agents. The terms, as is often the case with these tech talent acquisitions, were not disclosed.
Similarly, Meta (META) has acquired Moltbook, a social network designed for AI agents. The price wasn't revealed. Moltbook's founders, Matt Schlicht and Ben Parr, will join Meta as part of the deal.
And in defense tech, Anduril Industries has hired Janes Capital Partners as it moves to acquire ExoAnalytic Solutions, a firm specializing in space sensing and missile defense. Terms weren't disclosed, and the deal awaits regulatory approvals.
