Let's talk about deals. Not the kind you make on a used car, but the multi-billion-dollar kind where companies decide they're better off together, or sometimes, that it's just time to sell the bakery. This week's M&A carousel has everything from potential beauty empire mergers and insurance mega-deals to robot acquisitions and, yes, a very specific cake transaction.

New On The Block: Companies Putting Up the 'For Sale' Sign

First, the companies that have officially decided to see what's out there.

Verde Clean Fuels, Inc. (VGAS) has hired Roth Capital Partners to explore strategic alternatives, which is corporate-speak for "we might be for sale." This move signals a potential shift toward a transaction as part of its ongoing restructuring. In a related shuffle, the company appointed CFO George Burdette as CEO, replacing Ernie Miller, who is stepping down but will stick around as a senior advisor. The leadership change and the hiring of an advisor come as Verde continues cost-cutting efforts and evaluates its future. A sale is now clearly on the table.

Meanwhile, over in the medical tech world, ENDRA Life Sciences' board has initiated a sales process to evaluate strategic alternatives to maximize shareholder value. They've brought in Lucid Capital Management as their financial advisor and K&L Gates as legal counsel. No timeline has been set for this process, so it might be a slow dance.

Updates From The Block: Deals in Progress

This is where the action is heating up.

Consumer products company Aterian says its strategic alternative process is "progressing well." In an update, CEO Arturo Rodriguez said, "We continue to approach this review thoughtfully and with an open mind, focusing on our goal of maximizing shareholder value, and would anticipate providing another update in mid-April." The company has Alliance Global Partners and Paul Hastings LLP on board to help.

Now, for the potential blockbuster. The Estée Lauder Companies Inc. (EL) is holding discussions regarding a potential merger with the Spanish fashion and fragrance giant Puig. No final decision or agreement has been made, but the chatter puts the potential deal value at a staggering $40 billion. That's a lot of lipstick.

In the world of finance, Corebridge Financial (CRBG) and Equitable Holdings (EQH) have agreed to combine in an all-stock merger, valuing the combined company at $22 billion. The idea is to create a "leading retirement, life, wealth, and asset management company with formidable distribution capabilities, enhanced scale, and a diversified portfolio." The deal is expected to close by year-end, after which the combined entity will trade under the ticker "EQH."

In a move that proves there's always money in the baked goods stand, private equity firm KKR & Co Inc (KKR) is acquiring the Nothing Bundt Cakes chain from fellow private equity firm Roark Capital for more than $2 billion. Roark, which bought the chain in 2021, has seen it grow by 390 locations. They've been looking for a buyer since last year. KKR clearly thinks the bundt is yet to come.

Hair care company Olaplex Holdings (OLPX) has entered into a definitive agreement to be acquired by German consumer goods company Henkel AG & Co. for approximately $1.4 billion. The deal should close in the second half of the year, after which Olaplex will leave the Nasdaq and private equity firm Advent International will cash out completely.

Over in biotech, Terns Pharmaceuticals is being purchased by Merck & Co (MRK) for $6.7 billion. Merck will pay $53 per share in cash, with the deal set to close in the second quarter. The prize for Merck is access to a promising new leukemia treatment.

Packaging company Sealed Air Corporation (SEE) has received all regulatory approvals for its pending acquisition by funds affiliated with Clayton, Dubilier & Rice (CD&R). The transaction is expected to close in April, turning Sealed Air into a private company and delisting its stock from the NYSE.

More Deal Updates: From Robots to Renewable Energy

The deal flow doesn't stop there.

Amazon.com, Inc. (AMZN) has acquired Fauna Robotics, according to reports. Fauna is developing a humanoid robot named Sprout focused on everyday tasks. Fauna's employees will join Amazon. The terms were not disclosed, but it's another piece in Amazon's automation puzzle.

Mindjoin has acquired data center firm Solteir, adding its energy infrastructure platform to support Mindjoin's AI compute strategy. The deal follows a challenging period for digital asset infrastructure markets. Terms were not disclosed.

In a deal that didn't happen, Victory Capital Holdings (VCTR) announced it has withdrawn its proposal to acquire Janus Henderson Group (JHG). Victory says its acquisition strategy remains unchanged and it will keep looking for deals that "increase competitiveness of the company through size, scale, product expansion and distribution access."

Brookfield Asset Management (BAM) and Canadian pension fund La Caisse have reached an agreement to acquire Canadian renewable energy developer Boralex for approximately $6.5 billion. The deal is expected to close in the fourth quarter, after which La Caisse will increase its ownership stake from about 15% to 30%.

Otsuka Pharmaceutical Co. will acquire clinical-stage biotech Transcend Therapeutics through its subsidiary Otsuka America, Inc. The transaction, expected to close in Q2 2026, involves a $700 million upfront payment to shareholders and up to $525 million in contingent payments based on future sales milestones, for a total potential value of $1.225 billion.

Novartis is acquiring biotechnology company Excellergy, which is developing a novel class of allergy therapeutics. The deal has a total potential value of up to $2 billion in upfront and milestone payments.

Finally, CrossCountry Intermedia HoldCo, an affiliate of CrossCountry Mortgage, has agreed to acquire Two Harbors Investment Corp. (TWO). TWO stockholders will get $10.80 in cash per share. The deal is expected to close in the second half of 2026, after which TWO will be delisted from the NYSE.

Off The Block: Deals That Are Done

Some processes have concluded, one way or another.

Generation Income Properties has wrapped up its strategic alternatives process, which began in May 2025. After advice from Cantor Fitzgerald & Co. and Vinson & Elkins L.L.P., the company plans to continue operating as an independent, public company as it works on its near-term debt.

Abbott (ABT) has officially closed its acquisition of Exact Sciences. The total merger value was approximately $21 billion, funded by cash and debt. Abbott says the deal "positions Abbott to advance diagnostics that are more preventative, predictive, and personalized while expanding the company’s presence in one of the fastest-growing areas of healthcare."

Thermo Fisher Scientific Inc. (TMO) has completed its $8.8 billion cash acquisition of Clario Holdings, Inc. The Clario business will now become part of Thermo Fisher's Laboratory Products and Biopharma Services segment. Clario was sold by a shareholder group led by Astory and Nordic Capital, Novo Holdings, and Cinven.

Bankruptcy Block: When the Music Stops

Not every story has a happy ending. The bankruptcy court saw some notable arrivals this week.

The genetic testing company 23andMe has filed for Chapter 11 bankruptcy in Missouri as it seeks to facilitate a sales process. It has a commitment for debtor-in-possession financing of up to $35 million from JMB Capital Partners to keep the lights on during the process.

An Applebee's franchisee, Neighborhood Restaurant Partners Florida (NRPF), has also filed for Chapter 11. The company had been trying to sell its remaining 53 locations for a year but couldn't seal a deal despite interest. NRPF estimates its assets at $0 to $50,000 and its liabilities between $10 million and $50 million.

In the ongoing saga of the collapsed crypto exchange, FTX will distribute $2.2 billion to creditors at the end of March as part of its Chapter 11 restructuring plan. This is the fourth such distribution since the 2022 bankruptcy filing. Founder Sam Bankman-Fried is serving a 25-year prison sentence for fraud related to the misuse of customer funds through his trading firm, Alameda Research.

Callaway Arts & Entertainment, a publishing company, has declared Chapter 11 bankruptcy in New York. It lists assets at $0 to $50,000 and liabilities between $1 million and $10 million, with funds potentially available for distribution to unsecured creditors.

Crosby Enterprises has filed Chapter 11 for three subsidiaries in an effort to restructure debt. The company operates tug, dredging, and marine transportation services along the Gulf Coast.

And from Idaho, dairy farm Cedar Arch Dairies filed for Chapter 11 with $24.4 million in assets and $19.6 million in liabilities.

So there you have it. A week where beauty giants flirt, insurers merge, private equity buys cake, and robots find a new home at Amazon—all while a few companies head to bankruptcy court. The market, as always, is a mix of ambition, strategy, and, occasionally, surrender.